Property Market Stabilising

We note Quotable Value has come out this week with evidence of the property market now stabilising after a fall of 5.6% from the November 2007 peak – nationwide. This is a long way from the doomsayers’ predictions over the same period – makes you think.

Encouraging to see Kiwibank 2 year fixed rates fall to 6.59%. While most would agree, it’s been a tough year – there’s no doubt that for many, the current interest rate environment is providing a window of opportunity into home ownership.

Decision Time

With the last week of November upon us, decision time is looming for both buyer and seller as Christmas approaches. We observe the opportunity to sell for home owners is a brief moment in time, as buyers bid or offer, then move on – such is the current selection.

On-site Works!

We were encouraged to witness strong attendance and ‘under the hammer’ sales at this week’s Auctions. On site Auctions require more effort for everyone involved which, for us, includes both our management and sales team. However in the current ‘moment in time’ marketplace, it is this focus that is achieving results.

Flight to Quality

The flight to quality property has had us defy the industry trend to ever dwindling monthly sales volumes. We are thankful that, at last, discerning home owners are taking note that the achievement of a top result requires the dedicated hands-on approach and in-house marketing support we have refined over 16 years.

Spring Has Sprung

What a great Labour Weekend – Spring has definitely sprung! The week’s confirmation of an unchanged OCR will no doubt see buyers embrace the season and spring into action.

Have a great weekend!

We’re as busy as can be listing homes for those wanting decisions made before the end of the year, so the 3 day weekend is a welcome time out before the Christmas rush. Have a great weekend – Drive carefully.

Increase in Market Properties

With schools back the run to Christmas is now a reality signalled by a noticeable increase in the number of properties being marketed.

Spring Selling Season

An increase of excellent new listings has confirmed the start of our traditional spring selling season and run up to Christmas. Strong buyer interest would suggest a busy time already.

Things are hotting up!

Don’t you love daylight saving! Again this week we have witnessed the intensity of demand for family homes with outstanding competition resulting in under the hammer sales.

A Positive Further Outlook

In spite of some of the bleakest weather imaginable, buyers are undeterred and looking forward to an increase in the number of properties listed for sale. In theory, that begins to happen about now. A change with a weather pattern would be helpful.

Interest Rates Stabilize

Given the traumatic events of the last few weeks, it was hard to see the OCR decision be anything other than to remain stable. With the longer term view of slowing rises and the expectation of warmer weather, we expect activity to increase in the run to Christmas.

A Moment of Reflection

The Christchurch earthquake has consumed the mind of the Nation this week - we share their anguish - our thoughts and prayers are with them.

Demand Still Strong

Vendors of the homes we offered by Auction this week all had the satisfaction of seeing their homes sell under the hammer amid intense competition. Suffice to say the collapse of South Canterbury Finance has yet to affect buyer enthusiasm.

Beat the rush - list now!

Some of our recent sales are making a mockery of recent media reports of a sluggish market. Demand is favouring those currently listed for sale. This generally changes as homes flood onto the market in the traditional spring listing season. Summary – don’t wait – list now.

Renters re-entering the property market!

An easing in longer term interest rates has home loan affordability the best it has been for the last 18 months. An outlook that projects further easing in rates is encouraging an increasing number of renters to re-enter the market.

Get the full story!

The residential property news from Monday morning’s Herald to TV1 at 6pm – was full of the news that the market is sluggish – and yet Auckland’s average house price continues to increase – why? Because demand is still firm. There are two sides to the property story if you’re thinking of selling please phone me for the whole story.

Good family homes wanted

Steady as she goes sales numbers and an unchanged average Auckland house price belie the demand and competition for family homes in the preferred suburbs of Auckland in which we operate. The market is selective but actually quite active.

A great time to list your home

Newspaper headlines confirm that the medium Auckland house price is on the rise and we see the number of houses on the market has seasonally shrunk. Auction results continue to prove strong buyer demand; in short it is a great time to list your home.

We’ve passed the shortest day!

Roll on Summer. With school holidays upon us, we’re in a steady as she goes phase – we note a ‘shortage of family homes’ in the $1 - 2 million range.

Buying at Auction - or Not!

Auction provides buyers with an open forum in which they can purchase. If buyers choose not to bid in the hope of purchasing for less afterwards they must accept that their non performance at auction will have them end up in a ‘quasi tender’ multiple offer situation. Not our idea.

Finally a media headline that acknowledges what we knew

Quote – NZ Herald Wednesday 16th June “Auckland’s housing market is humming through the winter, with prices up in most suburban areas” – we’re selling homes – we’re short of good listings – it’s a great time to be for sale.

Statistics Out

We’ve seen a lot of statistics out this week – summary – good property in Central Auckland and peripheral areas continues to be in high demand and is increasing in value. Yes, interest rates have firmed slightly – we don’t expect this will impact significantly.

Headlines!

We’re always a little bemused at media real estate headlines. Generally speaking, it’s either out of date or doesn’t apply to the areas we are serving or both. The reality is we’ve just had an amazing May, achieved some great prices and we are short of stock.

Winter Marketing Makes Sense

Each year about now we note a shrinking of marketed homes for sale. Vendors presuming that they won’t get as much for their home in winter. Buyer demand is worth more than sunshine. Right now buyers are still out in force with less to look at. It’s a great time post Budget to be for sale.

Positive reaction to this years budget

We note the changes to some of the rules around investment property; this may influence some landlords to sell. Tax cuts however will allow many renters to become purchasers of these homes. On balance a good Budget.

Less homes being marketed in Auckland

We note a decrease in the number of marketed properties and a slowing of buyer activity. Could be all in anticipation of the budget next week.

Those currently for sale however are receiving strong attention.

Top end is begging to move

Wow, it’s busy. Don’t be fooled by the headlines. Buyers are hunting hard and making decisions. We’ve also noted a return to activity in the $2 million plus range.

Another strong month of activity

A stable spell of great weather, combined with this weeks announcement of a stable OCR has provided on going impetus to the market. Good homes, priced right, continue to be responded to quickly. In spite of the Easter break, we’ve had another great month.

Activity to date

Well priced property is in strong demand. We note offers on a high percentage of our marketed homes. Buyers are active but cautious. We also note a real shortage of rental homes in central Auckland.

Make no mistake.

Don’t allow the headlines about a sluggish market to confuse you. In the areas we service, demand remains consistent; values have increased 11% in the last year. There is fierce competition for family homes on full sites in particular.

Chalk and cheese

We note with interest the media contentions over Auction marketing. Just as the same recipe in the hands of different people can produce different outcomes, similarly the Auction process is subject to different interpretations. Please don’t assume ours is the same as theirs! Allow us to explain.

Financial year end

The week caps off the end of the financial year and, with it, we head for an Easter break and the start of the school holidays. We can report March as a very active month and continues the trend of an improving market in and around Central Auckland.

Auctions are working

The near 100% success of our Auctions highlighted two things. Firstly, our on site approach is a significant benefit for homeowners and, secondly, there is still good energy and competition in the market place.

Endless summer

The temperature within the market place is consistent with our extended summer, nice and warm. As a result attitudes remain upbeat. Property is selling. We note with interest the firming of rentals and with it a trend to purchase.

Two tier market

The flight to quality homes in top locations is becoming particularly evident. We have noticed something of a two tier market with first choice property being aggressively pursued. If you’re looking to buy right now don’t snooze on great property. It’s too competitive.

There is a reason why property is popular

Consider... while we are told that we need as a country to redirect our interest away from residential real estate purchasing, the question remains, would you advise your children to rent rather than buy if they could? The fact is that if you want to go forward in life, start a business etc.

There is only one form of security a bank wants – property!

Upper end is starting to move

Buyers are out, auctions are competitive and selling, offers are in play, and sales are being made.

Finally the city is back and getting on with business. We note with interest a resurgence of activity in the $2 million plus range.

Future of property tax, announced

This week’s announcements by Prime Minister John Key have brought to an end the speculation around Property Tax. This alongside schools now back, has seen activity very much on the increase.

Aucklands average house price

Put no store in today’s news of a significant drop in Auckland’s average house prices. It’s a statistical aberration, based on January’s low sales volumes. Buyers’ attitudes remain upbeat. Interest rates are low, activity is on the increase.

Stable start to the year

2010 seems to be developing on an even keel with Bollard’s decision this week to keep the OCR stable at 2.5%. Buyer demand is firm, no doubt fuelled by news of a net migration increase. We’re standing by for a significant increase in activity as the schools come back.

Demand remains strong

The decade has dawned with evidence of a strong recovery in the residential market. In the face of predictions of a substantial fall in values, the average price in Auckland is of an all time high. In short, the market is active, and demand for housing in the areas we service is strong and continues to be in short supply. If you’re thinking of making a change we need to talk.