The Coromandel Residential Property Market had experienced substantial growth in volume from 2001-2007. The volume of sales peaked in 2003 and maintained a high level through to late 2007 which is clearly evident in the graph below. During 2008 the volume dropped significantly and in turn as did values which became more evident towards the second half of 2008.
From late 2008 through to 2012 there was a significant slow down in the volume of sales and purchaser confidence waning notability which reflected the “recession and global financial crisis” was having on the local Coromandel Property Market. This has been well documented by the media which we considered also had some influence on the market during this period
Towards the second half of 2009 there was some renewed activity which was clearly evident by a 30% increase in volume from 2008. However, this was short lived with a notably stagnet period during 2010 and 2012.
From the 1st January 2013 to date, there has been a positive increase in the volume of sales when compared to the same period last year. To date there have been a total of 539 sales for the first 6 months of the year when compared with 396 sales in the year prior, which is a 30% increase in volume.
We consider the catalyst for the increase in volume of sales is attributable to a higher business confidence and more importantly, significantly lower interest rates.