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Wellington Shifts to a 'Seller's Market!'

Thu, 04 Aug 2011 18:23:00 -0500

Wellington shifts to sellers market - August 5th 2011

The Wellington market has tightened over the last 4 months and is now tilted towards sellers - in July, total housing stock available on the market fell to 20.9 weeks*, down from 28.9 weeks in April (a fall of 28%) and 17% below July last year**. This confirms what we’ve been seeing – steady sales, good open home attendances, more multiple offer situations, and buyers saying they can’t find enough new quality listings. NOW is a great time for sellers to come to market with strong buyer interest and a shortage of listings. If you or someone you know is thinking of selling get in touch early for the right advice and a plan (leonie@leoniesnook.com). Buyers, have clear criteria but be flexible, do homework on comparable sales, be able to move quickly in competitive situations (obtain finance pre-approval, work out who you’ll use for checks and have these lined up) as unconditional offers, or as near or quick as possible, carry weight!

* Time in weeks to clear the current inventory of homes for sale at the present rate of sale
** NZ Property Report – July 2011 (realestate.co.nz)

Leonie Snook and Steve Welsby, Top Wellington Real Estate Agents
#1 Agents, Harcourts Active Wellington City and Suburbs 2010-2011

How do I get the BEST results for my property? 5th August 2011

Thu, 04 Aug 2011 18:21:00 -0500

Success starts with preparation!

There are a range of things to look at when getting a property ready for market – whether attending to areas of maintenance (e.g. freshening-up key paint areas or an entrance), presentation touches (e.g. house wash and paths), and/or staging arrangements (arranging furniture to best show space and a vision that works). As well as being award winning agents, we have also been landlords for a long time and have done-up a lot of property. Let’s bust some popular myths – MYTH #1 – ‘it’s expensive’ – WRONG! You should be able to recoup $3 for every $1 spent. Focus on the right things – it’s often little things that count and that aren’t expensive…think ‘Trinny and Susannah’ :-/. MYTH #2 – it ‘takes too long’ – WRONG! We connect you with tradespeople so a make-over happens fast, and what else are evenings for… And the big one – MYTH #3 – ‘it doesn’t matter’. WRONG! Buyers make a crucial first impression in an instant which determines how they feel about your property – whether they connect or run for the door. Don’t score an own goal, work with an agent that gets this and can help you with a tailored plan. For a free assessment give us a call (027 518 0008).

Leonie Snook and Steve Welsby, Top Wellington Real Estate Agents
#1 Agents, Harcourts Active Wellington City and Suburbs 2010-2011

Building Consents Down - 5th August 2011

Thu, 04 Aug 2011 18:19:00 -0500

June numbers show a house building industry still struggling.

995 consents were issued for new homes nationally, down 28% on June 2010***. Consents are thought to be running around 1,000 per month below where they need to be for normal population growth, with estimates of a current national shortage of around 45,000 homes (inclusive of losses from the Christchurch earthquakes)****. FACT – New Zealand has an undersupply of property which has cushioned the extent of fall in prices through the recession and will lead to some upward pressure on prices as the recovery gathers pace. This is most acutely being seen in Auckland.

*** Statistics New Zealand
**** BNZ Weekly Overview

Leonie Snook and Steve Welsby, Top Wellington Real Estate Agents
#1 Agents, Harcourts Active Wellington City and Suburbs 2010-2011

How Long Are Houses Taking to Sell?

Sun, 24 Jul 2011 17:31:00 -0500

The median days to sell in Wellington stretched out to 55 days in June, 8 days up on May (47 days) and 11 days up on June 2010 and June 2009 (each 44 days). Houses are taking longer to sell though as always, depending on who you work with and the approach taken, your own results can vary markedly. We sold 10 homes in the 12 weeks ending 30 June, with a median days to sell of 23 days…yes that is a lot lower :-). In THIS market, strategic marketing is critical for top results and is not just about placing an ad. Find out if your agent has a marketing qualification, how they market homes and the number and type of viewings and offers they receive in campaigns. If they can’t answer these questions…put simply…move on! Remember it costs no more to work with a top agent but can save you thousands (www.leoniesnook.com).

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

Will interest rates move early?

Sat, 23 Jul 2011 16:57:00 -0500

Will interest rates moves early? The Reserve Bank dropped the official cash rate (OCR) back in March to a record low of 2.5%, as stimulus following the Christchurch earthquake and a weak economy. Economists were expecting interest rate rises to start in early 2012 though this now looks likely to come forward. Official figures for economic growth released last week (March Quarter = 0.8%**) and for inflation this week (June Quarter = 1.0%**) were both higher than expected and have economists now expecting interest rate rises to start as early as September this year. Banks have generally eased lending criteria over the last few months so if you are buying or trading up it pays to shop around. For those with mortgages, now is a good time to consult the old crystal ball :-) and review your split between floating and fixed rates. We have a mortgage broker that has received great feedback from clients. If you need advice in this area, drop us an e-mail (leonie@leoniesnook.com).

Leonie Snook and Steve Welsby Top Wellington Real Estate Agents

** Statistics New Zealand

Listings remain tight

Fri, 22 Jul 2011 16:54:00 -0500

We have talked with quite a few buyers over the last few weeks, eager to buy but simply unable to find something to offer on. Why? Sales have been really active over the June quarter while listings have fallen significantly. This has seen us go from 28.9 weeks of housing stock on the Wellington Market in April (long term average is 22 weeks), down to 23.9 weeks in June (a fall of five weeks in 3 months to a more balanced market!!). We have sellers taking advantage of the current listing shortage and listing their properties NOW. If you (or someone) you know is thinking about selling and would like a free appraisal and plan give us a call (027 518 0008). We believe in doing this properly for top results and can connect you with cost effective tradespeople to get your properties spruced up and in shape fast. Attention to the right things needn’t cost much but can save you thousands!

2011 Budget and the Property Market

Sun, 22 May 2011 00:14:00 -0500

Bill English delivered his budget yesterday. No major surprises…though a lively debate in parliament :-). So, what does it mean for property? Employment and income are key drivers for housing demand, and the forecast economic growth (1.8% for the year to March 2012, then 4% and 3% for the next two years), job creation (170,000 net new jobs by 2015), and wage growth bodes well for the property market medium term. First home buyers are currently active…with low interest rates, flat prices, and banks loosening criteria, realising now is a great time to buy or climb the property ladder. Working in the other direction, however, Wellington will face some uncertainty from significant cuts to public sector spending over the next 3 years (almost $1b).

Leonie Snook and Steve Welsby, Top Wellington Real Estate Agents

Ronald McDonald House Wellington

Sun, 22 May 2011 00:09:00 -0500

I went on a baking spree and then we visited Ronald McDonald House last week. It was fantastic and uplifting to meet people absolutely passionate about what they do. They are camping in temporary premises, ready for the old house to be demolished and building to start on a new bigger and better house to help even more families. If you want to get involved with this great cause visit their facebook page or website - http://www.givealotoflove.org.nz/.

Leonie Snook and Steve Welsby, Top Wellington Real Estate Agents

Spring Fizzer for the Property Market

Thu, 07 Oct 2010 14:30:00 -0500

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?

Thu, 07 Oct 2010 14:30:00 -0500

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

Thu, 07 Oct 2010 14:23:00 -0500

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)

All Real Estate Agents Are Not Created Equal 17 August 2010

Tue, 17 Aug 2010 02:27:00 -0500

All things equal? I’m sure you’ve heard the expression but in real estate they are simply not! The market is flat with sales volume down, average days to sell edging up and prices static. Against this my last three properties have all sold in 3 weeks, all sold above RV and all started with first open homes of 20-25 groups, the latest one selling just this week!

Simply put, real estate approaches differ so if you want top results you need to work with a top performing agent. I have built a real estate business with capabilities and systems which most others can’t deliver. What does this mean for you? Better results! If you know anyone thinking of moving put them in touch - the difference can save them money and you will enjoy generous referral rewards.

Leonie Snook, Top Wellington Real Estate Agent Harcourts

Property Market FLAT - 17 August 2010

Tue, 17 Aug 2010 02:24:00 -0500

House Prices Flat - Wellington region property values are 3.2% up on last year and 5% below their early 2008 peak*. Prices are expected to continue to be static, and in areas decline, over the short term though beyond this New Zealand’s growing housing shortage is expected to cushion and lead to some mild recovery next year. Annual residential building consents are currently just 16,167, 33% below the ten year average and well below the 23,000 level calculated as necessary to meet population changes**.

Now is a good time to move up the property ladder (they certainly are here in Aussie)! If you, a friend or workmate want to know where your property sits in the market, get in touch for a no-obligation and free market opinion at www.leoniesnook.com.

* Quotable Value Residential Price Index – 3 months to July
** BNZ Weekly Overview

Leonie Snook, Top Wellington Real Estate Agent Harcourts

Leonie Snook's Award Winning Property Update - July 30th 2010

Thu, 29 Jul 2010 15:19:00 -0500

To subscribe please click the link on the front page for VIP Weekly Update

Quick news/update

Interest Rates – The Reserve Bank increased the Official Cash Rate (OCR) yesterday by 25 basis points (from 2.75% to 3.0%), though Alan Bollard’s comments took on a softer stance than last month, signalling a slower and more gradual path of increases ahead, given the weaker economic recovery*. With an OCR of 3.0%, we continue to be in monetary policy stimulation mode, as prior to the financial crisis the OCR had not gone below 4.5%. In a nutshell we should expect to enjoy lower interest rates for longer, relative to historical levels …yay! The Reserve Bank does, however, have an eye on reigning in potential inflation ahead and this may see a similar level of OCR increase in 6 weeks time.
Household Growth – The number of households in NZ is projected to increase an average of 1.2 percent a year between 2006 and 2031, exceeding projected population growth of 0.8 percent a year. Households are projected to increase from 1.55 million in 2006 to 2.09 million in 2031, with one or two people households projected to account for nearly all this growth. Why? More couple-without-children families mainly due to the large number of people born during the 1950s to early 1970s reaching older ages**. I am meeting more people looking to downsize, and some demand pressure is expected to come onto 1-2 bedroom homes alongside this trend. Now is a great time to get ahead of the wave! If you hear of anyone thinking of downsizing, put them in touch for a no-obligation and free market opinion (Leonie 027 664 6063).
All things Property – My job is to make your real estate experience easy and successful. If you or anyone you know wants more information on the property market then check out my website. There you will also find useful and free resources, which I continue to add to. Please pass the link onto anyone we can help (www.leoniesnook.com). And if you need real estate advice at any time just drop me an e-mail (leonie@leoniesnook.com) or call (Leonie 027 664 6063).

* Economic growth is happening, and was 0.6% for the March 2010 quarter, up 1.9% on the same quarter last year. Economists expect GDP growth to reach around 3.0% this year.
** Statistics New Zealand Media Release - July

Leonie Snook, Top Wellington Real Estate Agent, Harcourts Active Wellington (REAA 2008)

Leonie Snook - Number One in Wellington for Harcourts

Thu, 29 Jul 2010 15:00:00 -0500

What a great surprise this week to be recognised as #1 in Wellington and in the Top 5% of Harcourts Agents across the country at the Harcourt’s Awards!!

Most importantly it means my clients are achieving greater real estate success and better results, and this is why I do it!

These awards are shared with my supporters as if it wasn’t for your belief in the fresh and innovative approaches I use this success wouldn’t be possible. Thank you for all your support to-date and if you know anyone thinking of selling in the future, please pass my details on. Your recommendation is my biggest compliment! And I love giving referral rewards :-)

THANKS!

Leonie Snook, Top Wellington Real Estate Agent, Harcourts Active Wellington (REAA 2008)

Interest rate moves - July 2010

Tue, 13 Jul 2010 01:03:00 -0500

Interest rate moves - Fixed mortgage rates from all the major banks dropped last week reflecting lowered global interest rates. This is a moving dynamic, however, with the Reserve Bank expected to increase the official cash rate (OCR) again on 29 July by 25 basis points (from 2.75% to 3.00%), followed by further gradual increases in step with the economic recovery. Now is a good time to review your mortgage lending to ensure you are getting the best deal. I use an excellent mortgage broker who my clients have used with great feedback. If you want independent and quality advice just drop me an e-mail…it may save you a lot of money! Email me at - leonie@leoniesnook.com.

Leonie Snook, Top Wellington Real Estate Agent

Wellington property market stable

Tue, 13 Jul 2010 01:01:00 -0500

Wellington property market stable - Wellington’s property market continues to attract sellers with 766 new listings in June (up 29% on June 2009)**, though overall sales volumes remain subdued with 548 sales in May (down 19% on May 2009)***. 2008 and the recession saw the property market bottom out…followed by a strong recovery over the second half of 2009…then stabilising and flattening out over the first half of 2010. With 23 weeks of housing stock on the market (against a long-term average of 21 weeks)**, the Wellington market is skewed slightly towards buyers. For sellers it is a good time to sell, but only if you follow the right plan! If you, or your friend, family member or work mate want to know how to get top results in THIS market, call me anytime for real estate advice (Leonie 027 664 6063).

** REINZ Property Report (July 2010)
*** REINZ Market Trends Report

Leonie Snook, Top Wellington Real Estate Agent

Economic recovery slow - July 2010

Tue, 13 Jul 2010 00:55:00 -0500

Economic recovery slow – Good news…the economic recovery is real and on-track (now four quarters of positive growth)! International credit rating agency Moody’s is upbeat about NZ, expecting a ‘strengthening upswing and self-sustaining economic expansion during 2011 and 2012’. Leonie says the Rugby World Cup won’t hurt either :-) . Our export sector is leading the charge, and Moody’s note ‘NZ is well placed to continue benefiting from Australia and Asia’s strong growth prospects, though at this stage the non-exporting part of the economy remains subdued’. Bad news is the recovery is very slow with some indicators easing off :-( . While business confidence is at a good level and consumer confidence has improved*, consumer spending has remained weak so far, and the tax cuts in October will be a much needed shot in the arm. Infometrics is forecasting economic growth to peak at 4.7% in the year to March 2012, before easing off to about 3%. This is good for the medium term property market.

* UMR Consumer Comfort Index (July 2010) & National Bank of New Zealand Business Outlook Survey (June 2010).

Leonie Snook, Top Wellington Real Estate Agent

Property Values Fairly Flat

Sun, 13 Jun 2010 00:56:00 -0500

Property values fairly flat – Quotable value figures released yesterday show overall values have flattened and in some cases declined - Wellington region values for the year to May are up 6%, down from 7.1% reported for the year to April*****. This reflects that the second half of 2009 was a strong growth period recovering from the market low of 2008. Fewer listings and pent up buyer demand pushed through into prices. The early part of this year saw a surge in property listings, uncertainty about tax changes and interest rates, and the market move from a sellers market to more of a buyers market generally, with prices flattening out at a well recovered level. The Wellington market remains healthy and fairly balanced compared with the national picture (22.9 weeks of property stock on the market compared to 46.9 weeks of stock nationally, new listings up 53% on last year compared with 17% nationally, and asking prices down only -0.2% from the prior 3 months compared with –2.0% nationally******). The market is expected to continue to be flat for the short term. In this market, the value of your agent really comes into play (or not), and its critical to pick an agent who can add greater value and demonstrate top results (www.leoniesnook.com).

* Reserve Bank of New Zealand (rbnz.govt.nz)
** The Treasury, March quarters
*** National Bank Business Outlook Survey - May 2010
**** BNZ Weekly Overview
***** Quotable Value – 3 months ending May 2010, compared to same period last year
******REINZ NZ Property Report – 1 June 2010

Economic Outlook Improving!

Sun, 13 Jun 2010 00:55:00 -0500

Economic Outlook Improving – Economic growth of around 3.5% is forecast for the next two years. The export led recovery continues with signs of a sustained recovery, in particular among our major trading partners of Australia and Asia* (New Zealand recently posting its first annual trade surplus in almost 8 years). The labour market has turned sharply (unemployment forecast at 6.2% for March 2011, down from 7.1% for March 2010**) and a net 16% of business confidence survey respondents expect to hire more people over the coming year, the strongest result since early 2002. Business confidence is strong (a net 45% of survey respondents expect better times ahead for their own business in a year’s time – the highest own activity reading since May 1999***). Residential construction is also recovering with building consents rising 5.8% over the last 3 months, compared to the previous 3 months****. The indicators are positive and shaping up nicely for sustained economic growth, all good for medium term house prices and the property market.

Leonie Snook, Top Wellington Real Estate Agent