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Big Picture Trends Healthy for Property
Harcourts TOP 100 agents in the country got together in in Wellington this week to talk real estate which was great. One of the speakers was Tony Alexander (BNZ Economist) who made some interesting observations about the current market, which we have been seeing at the coal-face and are summarised below:
- Interest rates won't be put up anytime soon and are insulating the market and helping market demand.
- There's a catch-up period of buying happening as 4 years of young first home buyers who were previously putting off their buying have entered the market.
- More investors are entering the market at the low end, attracted by rising rents and capital gains.
- There will later be people bringing their buying plans forward (more so in Auckland).
- Housing supply-side response will be limited by shortages in construction: Christchurch rebuilding, new licensing requirements for builders seeing some older builders dropping out, a large drop in building apprenticeships over the last 4 years, and a void left by finance companies no longer there to finance.
- New Zealand didn't enter the recession and global financial crisis with an over-supply of property. This is a fundamental underpinning for THIS market.
Leonie Snook and Steve Welsby, The Best Wellington Real Estate Agents!
Days to Sell Holds!
Days to Sell Holds
The median days to sell in Wellington in July was 43 days, the same as for June and 2 days faster than for July last year (45 days)*. This will be expected to shorten over spring. Our own median days to sell is lower and consistently around 22 days!
Leonie Snook and Steve Welsby, Top Wellington Real Estate Agents
2012 Spring Lift Is Just Around the Corner!
Spring Lift on its Way
There's currently a shortage of quality property listings in Wellington, brought on by more houses selling this year compared with last year (sales volume up 13.3% for the 7 months to July*), a surge in sales before winter (Wellington had its highest May sales month in 4 years), growth in new listings has lagged behind sales (up only 4.3% for the 7 months to July**), listings dropping sharply in June, and winter (as it seasonally does) seeing more sales relative to listings. Buyers, expect to see more listings coming to market soon as the SPRING lift starts to happen....ladies and gentlemen start your engines :-). Sellers, spring is expected to start strong so if you are thinking of making a move get in touch early to prepare and hold a place - great results will come from doing the Right Things Right and being cashed-up buyers.
For no-obligation and hassle-free advice give us a call (027 518 0008).
Steve Welsby and Leonie Snook, Top Wellington Agents
Properties Keep Moving!
Properties Keep Moving
While July figures aren't out yet it's been another active month at the coalface - we sold 3 properties, one receiving 4 offers and another with 2 offers. The Wellington market is tight RIGHT NOW with more demand than properties, and officially a sellers market*. Why? (1) Market activity (buyer demand) has trended above last year for some time (Wellington just had its highest May sales month in 4 years - up 28% on April and on May last year)**, (2) New listings, while improving, are lagging behind the growth in sales*, and (3) Winter seasonal pattern is exasperating the market situation, with buyer interest in the market relatively higher than new listings available to meet it. Buyers, work quickly and do some homework on recent sales to put in competitive offers. Sellers, look for a very strong start to spring. If thinking of selling, drop us an e-mail to hold a place or get an appraisal as it will get busy fast (email@example.com).
* Realestate.co.nz - housing stock currently on Wellington market is 19 weeks of equivalent sales and below the long term average of 23 weeks (NZ Property Report - June).
** Real Estate Institute of New Zealand, Market Trends (June).
Building Consents Up!
Building Consents Up
Good to see building consents improving - the June quarter up 27% on a year ago***. This improvement is off a very low base though so there remains, as there has been for some time, an underlying shortage of property in New Zealand. This was an underpinning reason why prices didn't fall as low as some pundits predicated through the recession. The New Zealand market is in a slow recovery cycle, led by Auckland with transactions up across the country. Building supply tends to follow a pick-up in demand with a lag but good to see it improving. Interest rates remain at record lows with no sign of that changing for a while given the global outlook, and we are starting to see a small lift in household borrowing and debt levels ****. All good signs for a healthy property market!
Leonie Snook and Steve Welsby - Top Wellington Real Estate Agents
*** Statistics New Zealand
**** BNZ Weekly Overview - annual household debt up 1.8% compared to 1% six months ago
First Impressions Count!
First Impressions Count
We've all heard the expression, ‘first impressions count' and this is never truer than in marketing a home. While market demand is up, the end sale result will still be highly influenced (or not as the case may be) by factors sellers can control themselves. Preparation and Presentation needs to be right for the best results, and there are always actions and touches that will improve this and that are cheap to do. Attending to maintenance, paint freshen-ups, de-cluttering, staging and placement, the right shots and the list goes on.... We work with clients to prepare their properties with a tailored plan and the results are amazing and speak for themselves. Now is a great time to be getting ready, so for professional advice and a plan that will save you money call now (027 518 008).
Leonie Snook and Steve Welsby - Award Winning Wellington Real Estate Agents