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Spring Fizzer for the Property Market
Quick news/update (Friday 8 October 2010)
1. Spring lift a bit of a fizzer... The market hasn’t seen the large lift in activity that usually comes with spring. Sure... new property listings in Wellington rose 15% in September (836 new listings) compared with August (729 listings), but this is still 7% down on September 2009*. Despite this, we personally have been having a record period this year (good news travels fast)...7 new properties listed in the last 4 weeks! Remember... it costs no more to work with a top performing agent!
2. Some sit... some sell... 729 new listings came onto the market in August* and only 501 homes were sold**…get the picture :-)? Some properties sell and others sit (median days to sell is 43**). New listings are down (7%), and so are the volume of sales (19.5%)**. This means 24.1 weeks of housing stock on the market to choose from (long-term average = 21*)... the market is tilted slightly to buyers. Buyers are finding there’s a shortage of quality, well presented property and are taking their time and being picky. Sellers need to present their property well and those who do this and invest in great marketing are getting very good results! We work with our clients well before the first open home to ensure they get the best possible result.
3. House prices – Not much new here... QV just reported Wellington house prices sitting 0.3% up for September compared with the same month last year***... flat as a pancake! That said, we are breaking records on prices achieved - in this market. A fully resourced and high performing agent, using best practice systems and approaches, should save you tens of thousands of dollars in your sale process. If you or a workmate want to know where your property sits in this market and how to get a premium price give us a call (021 518 0008).
* NZ Property Report (1 Oct 2010) – realestate.co.nz
** REINZ – Wellington Sales in August 2010
*** Quotable Value Residential Price Index for September
Leonie Snook, Steve Welsby, Top Wellington Real Estate Agents
How bad is this FLAT market…really?
There’s a lot to be said for defining your own reality and for buyers and sellers working on what you can control. I often hear people say ‘oh the market is not good or it’s a bad time to sell’. Is it really? The market is flat…BUT…buyers are out there, they are making offers and houses are selling. Of the 9 properties we sold (or achieved contracts) on in the last 10 weeks, 331 buyers came through them, median days to sell was 23 (versus Wellington market median of 37 days), multiple offers were made on all but one property, and total offers made across the 9 homes was 31! Don’t get me wrong…its hard yakka out there :-)…but rest assured great results can be achieved if you do the right things well. What’s clear is sellers must work with a top agent who gets marketing and can deliver it. For buyers, there are some very good buys out there but there’s also competition for quality properties…if you see a home you really like act quickly! If you or someone you know would like a no-obligation and free market appraisal or advice give us a call (ph 027 518 0008) or visit our website (www.leoniesnook.com).
** Real Estate Institute of New Zealand
Leonie Snook and Steve Welsby, Top Wellington Real Estate Agents
The Aussies Are Coming
The word on the street is that the Aussie’s are here looking for bargains. If you (or someone you know) are thinking of selling – please call us to get the right advice up front. You want that bus of Aussies to go sailing past your SOLD sign… not stopping at the door. In this market, your agent needs to work harder, smarter and faster – as although sales are down, prices need not be. It’s our job to run a campaign that gets you the best price, in the shortest time.
Leonie Snook, Steve Welsby, Top Wellington Real Estate Agents (www.leoniesnook.com)