Leonie's blog

Wellington Sees Modest Price Increase - House prices in Wellington rose just 2.0% in the last year, compared with rises of 12.0% in Auckland and 9.4% in Christchurch**.  Real estate has no recommended retail price and for Wellington sellers, the single biggest influence on their price is the approach taken (or not) to prepare, present, promote and price the property and who they work with.  We are delighted with our client's results and success stories - the last 14 client sales this year averaging a sale price 10.0% above RV. 

Steve Welsby and Leonie Snook - Top Wellington Real Estate Agents 2013

NZ Housing Shortage Worsens - Building consents for new homes are rising, but not nearly enough. In the year to March annual building consents rose 18.9% to 17,397, still well below the average of 22,000 for the last 10 years*...so the housing shortage worsens as time goes by. The upshot, as textbook Economics 101 would predict, particularly in Auckland and Christchurch, is price rises. This fundamental continues to underpin why property is a good long term investment, and for buyers gives good reason to get into the market now rather than putting it off for a few years.

Steve Welsby and Leonie Snook - Top Agents Wellington City and Suburbs 2013

Housing supply shortage - Good to see housing consents are rising but it's off a low base leaving New Zealand in a position of housing shortage, in particular Auckland and Christchurch. The 12 month total number of consents issued for new houses now stands at 17,432 from a multi-decade low of 13,269 in July 2011. This is below the ten year average of 22,200 and means that still as each month goes by the housing shortage in New Zealand gets worse rather than better***. It remains a great time to buy property whether as a home or investment.

* Real Estate Institute of New Zealand
** NZ Property Report (realestate.co.nz).
*** BNZ Weekly Overview

Leonie Snook and Steve Welsby - Wellington Real Estate 2013

Price is Down (or Up :-)) to What YOU Do - The Wellington market is more active, ticking over on a trend of increased sales activity helped by low interest rates, but prices remain generally flat - just 1.7% growth****.   BUT, sellers preparing their properties well and utilising best practice real estate are getting very different results.  So far this year, 89% of our client's sales were over their RV with the sale price they achieved on average 7% above RV.  It always pays dividends to work with top agents applying top real estate practices and on results is always cheaper.  If you are thinking of making a move in coming months, drop us an e-mail to find out what your home may be worth and what you can do to prepare for the best results possible (email us here).
 
* Statistics New Zealand
** Real Estate Institute of New Zealand - Market Trends
*** NZ Property Report - March 2013
**** Quotable Value House Price Index

Listing Supply Constraining Property Sales - Home sales in Wellington are up following normal seasonal trend, though for January and February were up 23.9% and 11.7% respectively on last year** showing a continuing trend of a more active market.  New listings in the same two months haven't kept pace with growth of 14.2% and -2.4% respectively, compared to last year***.  The upshot is that the market is now leaning towards sellers and properties are continuing to sell more quickly than for the same period last year.  For buyers, this market is more competitive so doing the homework upfront and putting in solid offers that are as clean as possible is key.  Sellers, there is strong demand in the market right now and we have a lot of buyers still waiting to buy.  If you want to be sold before winter give us a call (027 518 0008).

 
* Statistics New Zealand
** Real Estate Institute of New Zealand - Market Trends
*** NZ Property Report - March 2013
**** Quotable Value House Price Index

Steve Welsby and Leonie Snook - Top Harcourts Agents 2013

Economy Stronger Than Expected - Statistics NZ figures just out show the economy grew by 1.5% in the December quarter, the strongest quarterly growth since December 2009.  15 of the 16 industries tracked showed an increase this quarter reflecting a broad recovery.  Annual growth for the year to December 2012 was 2.5%*.  Modest but positive!

Steve Welsby and Leonie Snook - Top Harcourts Agents Wellington 2013

* Statistics New Zealand

Statistics NZ figures show that the number of new houses consented has risen by 50% since March 2011, with shortages being most severe in Auckland and Canterbury. Consents haven't been as high since 2008, with record low interest rates, a catch-up in meeting population demand from under-building and of-course Canterbury rebuild driving activity.

Leonie Snook and Steve Welsby, Top Wellington Real Estate Agents 2013

The current market has strong levels of demand and while listings have risen, as seasonally expected at this time of year, the growth in listings is not matching the growth in buyer demand...so the market is tighter. What does this mean? Buyers aware of this need to be savvy and do as much as they can to stack the odds in their favour. Getting as close to cash offers as possible is important as is homework on recent sales to make a competitive offer. For helpful tips on buying see our website LeonieAndSteve.com or give us a call (LeonieAndSteve.com). Sellers, buyers are still cautious and choosy and so presenting and marketing a home to its best potential are criticaleven in this market to create the demand. For professional advice call us anytime, we always love to talk property (027 518 0008).

Leonie Snook and Steve Welsby - Top Wellington Real Estate Agents 2013

At the coal face there's strong demand for well-presented and located property - this month saw our second highest first open attendance with 34 groups through a new listing (a number of other properties also had attendances in the mid-20's).  One of two properties we sold this week also had a total of 9 offers.  The common thread?  (1) Sellers preparing their homes incredibly well (Read 'doing the right things right'), and (2) Strategic Marketing and other Buyer Matching Systems available to our clients to get higher numbers of suitable buyers into their homes.  If you (or someone you know) are thinking of selling, book in now for a no-obligation and quick chat to find out how to get the best results possible. 

Leonie Snook and Steve Welsby, Top Wellington Real Estate Agents 2013

A number of buyers we've spoken to are saying they are ready to buy now but there is not enough to look at. The good news is more properties are now coming onto the market...and the property books are getting fatter J. Official figures are not out yet but at the coalface it still looks like there is a relative shortage of stock compared with demand. We've listed 11 new properties since mid-January and don't see this slowing down...most of our business coming from word of mouth, so THANK YOU to all our loyal clients and supporters. There are still a few slots still left so if you are thinking of making a move in coming months let us know and we will hold one for you (LeonieAndSteve@Harcourts.co.nz).

Leonie Snook And Steve Welsby - Top Wellington Agents 2013