However, listings are alarmingly light
The real estate market remains solid as summer approaches. However, listings remain at an absolute premium, according to Century 21 New Zealand owner Derryn Mayne.
Mayne’s comments follow the Real Estate Institute of New Zealand (REINZ)’s Monthly Report for October, which revealed that the national median house price increased by 19.8% compared to the same time last year – with 10 regions and 28 districts seeing record median prices.
Auckland took the spotlight last month, with a median price increase of 16.3% from $860,000 in October 2019 to a new record high of $1 million.
“This summer will be a great time to market your house with limited competing listings, but very strong buyer demand resulting in more and faster sales. Mortgage rates keep hitting rock bottom, and the economy is doing better than was earlier expected,” Mayne said.
“However, 2021 is proving difficult to predict. When you consider the likes of the mortgage holiday scheme ending in March and possibly the return of LVRs also then, if I were contemplating selling, I’d be listing now – in a rising, hungry market.”
Read more: Property market values continue to increase – CoreLogic
However, REINZ revealed that the number of properties available for sale across New Zealand dropped by 18.7% last month compared to 12 months earlier.
Mayne said online presentation and putting a price on the property are making a significant difference for vendors currently selling their property.
“First-home buyers are telling us they won’t go near properties without a price. They have a budget and are tired of going into multi-offer situations and being blown out of the water. Not advertising an asking price can, of course, benefit a vendor, but they also run the risk of putting off many potential buyers who think it’s just too hard or beyond them,” she continued.
“Staging an empty house can add tens of thousands of dollars, especially if buyers are making their determinations via their computer. Professional photography is also critical, including the likes of virtual tours, video, and drone footage. 3D floor plans also bring a property to life.”
