Auckland market retains its strength
April was a strong month in the property market all around the country and Auckland was no exception. Sales continued to flow with a 2.4% year-on-year increase in volumes sold. While median prices in Auckland decreased marginally by 0.6% to $850,000 (down from $855,000 in April 2017), this reflects a more stable market.
This slight decrease can also be explained when the numbers are analysed even further. The number of properties sold for between $250k to $750k increased and the number of properties sold in the $750k and above brackets fell, thereby, bringing the overall median price down. More sales in the more affordable price brackets shows a return of first home buyers into the market, which is great news for those wanting to get their first rung on the property ladder.
The preference for Auckland vendors to sell by auction still rings true, although for the third month in a row, Gisborne actually had the highest percentage of auctions across the country! In Auckland, almost a quarter of all properties sold under the hammer during April.
As we move into the colder months of the year, these latest results demonstrate a solid market. This augurs well for the rest of the year as Auckland’s popularity as a place to work, study or migrate to, continues its strength. While the temperatures may be falling, the real estate market marches on regardless and in fact, if you are thinking of making a move, putting your home on the market during winter can reap exceptional results.
Source: REINZ, April 2018
Selling your home in winter is a smart move
Spring is traditionally a sought after time for vendors to place their home on the market, yet this is also the time when other sellers are doing exactly the same. The property game is a fine balance between supply and demand, so if you’re thinking of selling, winter can be an opportune time to do this.
- Benefit from less competition
Homes do sell all year round as people need to move for work purposes, school zones or because they need a larger home. Yet during winter, listings always dip. If you’re selling you want less competition for your property, in order to stand out to the home buyers who are ready to buy. Don’t be worried that the flowers aren’t in bloom; having a warm and well-lit open home shows potential buyers how wonderful spending winters in your home can be.
- Winter buyers aren’t just browsing
Summer brings a new type of attendee to open homes – the serial browser. They may be thinking of placing their own home on the market in future or may even be interested in what the home down the road looks like. During winter, it’s a different story. It takes more motivation and a real intention to buy to don the winter coat, umbrella and look at homes when the weather is cold. This means that those who do visit your open homes are serious about buying, so less time is wasted with those who are simply browsing!
- Interest rates remain low
The current record interest rates remain compelling for buyers, especially those getting into their first home or raising their mortgage with a larger home. Although New Zealand is economically stable and all signs point to continuing low interest rates for the foreseeable future, a few percentage points can really make a difference and motivated buyers are out there who want to take advantage of the low rates now.
- Show off your winter home
If your home has features that a buyer wants during winter, there’s no better time to show them off than during the colder months. Cranking up the gas fireplace, putting blankets on the couch and showcasing your underfloor heating is a fantastic way to help buyers make a decision. If you have newer or double-glazed windows, exceptional insulation and a heat pump, these really come into their own during winter open homes. Many people view a home during summer when the sun is at its peak, but wonder whether the warmth will continue when the temperature dips. Selling during winter gives you the chance to show that your property flourishes during all seasons.
Hope you feel warmer already after reading this! If you are thinking of placing your home on the market at any point this year, give us a call to see how we can help.