Leonie's blog

Under the new Real Estate Agents Act 2008, it is now against the law for an agent to over quote an expected sale price of a property.  They must base their 'quote' price on actual sales for the area and provide a copy of this to the person seeking the appraisal.  For more information check out www.reaa.govt.nz.

New Rateable Values are out for Wellington (check out online services on the Wellington City Council website).  Many have fallen to some degree.  Will this have an effect on prices?  It’s no secret that buyers start by benchmarking using RV’s.  However, as you can see from the latest sold properties below, RV can vary greatly from the actual price paid.  Buyers have usually visited many properties before they put an offer in.  They make their decision based on what others have recently paid for similar properties.  Unless we see a move in interest rates causing the numbers of buyers to reduce, we should continue to achieve similar prices for properties over coming months.

Leonie Snook, Licensed Sales Person, Johnsonville Churton Park, Harcourts