Leonie's blog

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

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

Best Time is? - We're often asked ‘when is the best time to sell'? Our answer? Always...'when you are ready'. Preparing a home properly and bringing best practice real estate to it always pays dividends. We are proud of our sellers and the work they put in to do the right things to get their home ready and promoted in the right ways, and it pays off. So far this year, 91% of our client sales are over RV with an average sale price of 9% over RV. If you are thinking of selling in coming months drop us an e-mail for a no-obligation and free appointment and professional advice on how you can prepare properly...it could save you tens of thousands! (leonie@leonieandsteve.com).

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

So... house prices are fairly static in Wellington, up just 1.4% on last year*. Sellers, what to do? Actually lots! The agent you choose to work with, approach taken, and actions to prepare and present your property will make a substantial difference to your sale result (or not as the case may be). Given a premium price when achieved can easily be 8-15% more it's always worth doing things properly. We we're delighted to help over 120 families achieve their property success in the last year. We work with clients to look at all aspects and DEAL in what actually works in THIS market. If you (or someone you know) is thinking of moving this year get in touch early for an updated price opinion and tailored recommendations (leonie@leoniesnook.com).

* Real Estate Institute of New Zealand
** NZ Property Report, www.realestate.co.nz
*** Quotable Value House Price index, June 2012

Leonie Snook and Steve Welsby, Top Wellington Real Estate Agents

1.Good Buyer Interest - We have sold or achieved contracts on 7 homes in the last 5 weeks! Official sales figures just out for June confirm what we've being seeing at the coalface, another steady selling month with good levels of buyer interest. 602 homes were sold in Wellington in June, and although dipping from 735 sales in May (which is normal seasonal pattern from May to June and remembering May was the highest May sales month in Wellington for 4 years) the number of sales is up 4.9% on June last year (574). So, a continued trend of good buyer demand. This, and that there are less properties on the market in Winter to compete with, can make NOW a great time for astute sellers to act. Interested to find out more? drop us an e-mail (leonie.snook@harcourts.co.nz).

2. Prices Steady - Wellington house prices in June remain steady and are up 1.4% on last year. This market, like any, is a time when sellers can have a large influence on their own results (or not), depending on the approach taken and who they are working with. We were delighted to see 4 clients in the last month achieve sale prices (or contracts for sale) 10% or more above their RV. These had an average of 38.5 groups through during their campaigns ...yes that is huge J....and their average days to sell was 26 days compared to a market median of 42-43 days over the same time. Working with a real estate professional who can add measureable value to your sale results is essential at any time and will save you money! If you or someone you know is thinking of making a move this year, book in now for an no-obligation price opinion and a tailored plan on how you can prepare for success (leonie.snook@harcourts.co.nz).

3. Days to Sell Holds - The median days to sell in Wellington in June is 43 days, up 1 day on May and down 12 days on June last year. There is still a lot of buyer interest in the marketplace with good attendances at open homes and enquiry levels.

Quick News/Update 5th July 2012

1. Not Enough Houses For Sale - There has been a sharp drop in housing stock on the Wellington market, the combined effect of a big increase in property sales to 735 sales in May, up from 572 sales in April (an increase of 28.5%), AND a fall in new listing numbers from 881 in May to 691 in June (a fall of 22%). At the coalface, we've seen more people coming through our open homes over recent weeks, and though sales figures aren't out yet for June it's been another strong selling month on the ground. With proportionately more sales than listings typical in the winter months, if the normal season pattern continues there will be a further tightening in the market. The take out is NOW is a great time to sell and the start of spring could be very strong for those quick off the mark! Interested in making a move in coming months? Book in now for a no-obligation price opinion and a tailored plan for success (leonie@harcourts.co.nz).

2. Everyone Loves a Good Headline - Three property media headlines over the last two weeks have not lacked for drama ‘No Joy in Housing Market' (this one was for buyers), ‘Property Market Favours Sellers' and ‘Rising Rents a Trap Harder to Escape'...yikes! Though jazzed up, as well all know what sells papers, the economics and figures underneath show a picture that looks like this - low interest rates that have gotten lower, a persistent trend of more first home buyers about, the recent appearance of more investors on the scene (remember rents are on the move, interest rates are very low, and the market is in a slow recovery cycle), a backdrop of improving building consents but off a very low base (READ supply-side shortage) and selling outpacing listing as pent up demand catches up...oh and loan approvals are well up with banks much more happy to lend. For buyers, be decisive in THIS market. Have clear criteria to buy, pre-approval, study the comparable sales to be competitive, and be able to get due diligence checks out the way quickly before offering. For helpful tips on buying and an exclusive buyers guide check out our website resources (LeonieAndSteve.com).

3. ‘Best Practice = Best Results' - Living and breathing real estate and being stats mad J, we track the impact of real estate practice against market and rely on cold hard evidence of what works in THIS market to advise clients and not anecdote, story or legend. The result? Our clients consistently get better results through applying ‘best practice approaches'...the benefits of which can be tens of thousands in savings. If you or anyone you know is thinking of making a move this year, get in touch first for quality and professional real estate advice. The best part is that it costs no more to work with a top performing real estate agent. In fact it saves you money (027 518 0008)!

* NZ Property Report - June (realestate.co.nz)
** Real Estate Institute of New Zealand

Leonie Snook and Steve Welsby, Top Real Estate Agents Wellington

Listings Behind Sales - While demand is up, a number of buyers are saying they want to buy but can't find the right property. Interesting to note the rate of year-on-year sales growth in Wellington over the first 6 months of 2012 (12.6%) was twice the rate of listings growth (6.3%)**. A HUGE selling month in May (see above) followed by a sharp fall in listings in June has exasperated this situation tilting Wellington towards a sellers market. Buyers need to act quickly in THIS market to secure good quality properties as they come up. Sellers, create qualified demand for your property (READ higher numbers of the right type of buyers) by making your property stand out through Preparation, Presentation and Promotion...the results of doing things properly are more than worth it! For professional and helpful advice give us a call. We love talking property!! (027 518 0008).

* Real Estate Institute of New Zealand
** NZ Property Report, www.realestate.co.nz
*** Quotable Value House Price index, June 2012

Leonie Snook and Steve Welsby, Top Real Esate Agents Wellington

Buyers Want to Buy - June was the fifth consecutive quarter in which the number of property sales in Wellington (READ buyer demand) was up on the previous year. We've also just seen the highest May sales month in Wellington market in 4 years (up 28% on April and up 28% on May last year*). Having sold (or achieved contracts on) 3 properties in the last 3 weeks we're not seeing any slowdown in buyer enquiry at the coalface despite the weather. Why? Record low interest rates, rents on the move, more first home buyers,

* Real Estate Institute of New Zealand

Steve Welsby and Leonie Snook, Top Wellington Real Esate Agents