The lag effect of significant movements in listings and sales results was evident in September’s sales volumes, which were lower than usual for this time of year.
Prospective vendors should take note of the following. Because there simply weren’t as many properties for sale over the past few months, many buyers who had been waiting for the spring listings surge still remain disappointed.
While sales volumes were lower than expected, Auckland prices have remained welcomingly stable, with a median price of $850,000 – exactly the same level as September last year.
REINZ CEO, Bindi Norwell, says that this price stability is positive for everyone: “positive for first home buyers who are desperately saving to get a foot on the property ladder. It’s also good for investors, buyers and sellers too, as it means that everyone knows what the market is doing.”
And with no major changes to market conditions or interest rates expected in the foreseeable future, this stable and steady spring market is looking to remain the same over the summer months.
In fact, due to the later influx of listings, the prediction is that sales volumes in October and November will be much stronger, as many people’s goal is to make a move before the year is out.
Source: REINZ, September 2018
Just like the weather, the Kiwi property market starts to heat up in spring, with vendors traditionally waiting until September to list their homes while buyers are waiting in the wings for more choice to enter the market. These days though, New Zealander’s penchant for moving and strong migration numbers means that buyer demand is now a constant all year round.
Vendors have been asking us recently how far up until Christmas can they list their property for sale. Our answer is – as close to Christmas as you wish. Both purchaser demand and our auctions run right up until Christmas. Add to that the fact that this year spring in the property market arrived a little later than usual, means that November listings are a good choice for those wanting to sell their home.
Not only can you capture demand from those who have sold their property earlier in the season and are now searching for their next move, you’re also marketing your property to buyers who have been searching for the perfect property for a while, but haven’t quite found it yet, due to the lower spring listings.
With technology and the power of digital advertising, you no longer need to wait for print deadlines to promote your home and once the photography has been done, your campaign can be up and running on the internet quickly. And as we move into finer days, the easier it is to find sunshine to get the right photos to showcase your home.
Now is the time to talk to us about marketing your home before the end of the year. What helps at this stage of the year is to get your home up to scratch and prepared for sale. Three simple tips to remember at this time are: make sure you tidy the garden, declutter items inside that you don’t need, and be realistic about price. A well-presented property can achieve excellent results, but the current market is stable and steady, so don’t harbour huge price expectations that the market just isn’t prepared to pay.
If you’re a buyer, do take advantage of the pre-Christmas listings choice. Over the past month, listing numbers and variety have increased. Make sure you’re one of the first to see the latest homes on the market by setting up your internet buyer alerts and get your finance and pre-approval sorted so that once you find the right home, you’re ready to make an offer. And with the current low interest rates, and compelling fixed rates from banks, it’s a great time to buy.