October 2019 Newsletter

 

The median sale price for September has taken another big jump, rising to $485,000. Again this is a record high. Compare this to 12 months ago where our median was sitting at $400,000, giving a 21% increase overall in the comparative stakes.

Number of sales rises to 205 for the month, up 13 sales from the corresponding time of last year (192) and a significant increase from this Augusts figure of 165. Currently there are 222 homes and sections displaying on realestate.co.nz. This figure remains steady but also shows there is only a month’s supply of property currently available to buyers, hence many buyers are competing with each other for that elusive home. Case and point at our recent open home in Barr Street some 48 groups viewed the property over the first weekend.

Days on the market are sitting at 22, giving strong signs property is turning over very quickly and as a buyer you need to be in a position to act promptly. We suggest talking to your Salesperson and working with them to put your best offer forward.

 

Donald Muldrew

Sales Manager

 

In the earlier years of the decade the rental market was quite different to what it is today.  There were empty flats around campus for a variety of reasons and the residential rental market was flat with rents generally stagnant for a number of years.

Come October 2019, things have completely flipped.  One of the contributing factors that lead to there being empty flats around campus was that more students realized they could rent a nice family home a little further away and pay less rent than they would for a normal student flat.  They would have a group all splitting the costs and therefore willing and able to pay more than a family supported by one or two incomes.

With residential rent prices increasing significantly over the last 18 months, it now makes more sense for landlords that previously rented homes in the suburbs to students to now rent them to families as they can achieve the same if not more rent than they would with a group of students but without the extra wear and tear and yearly change of tenants.

We’ve had a number of groups come into the office over the last 2 weeks trying to find a flat for 2020 and there is very little out there for them.  Without the extra option of living a little further away from campus, these groups are really going to struggle to find a flat for 2020.

 
Matt Cutler
Managing Director

 

Preparing a home for sale can be a big task. After so many years living in the place, it can be hard to see the areas of appeal that will seal the deal for a buyer. Try to take a step back and see the property with fresh eyes – or ask a friend or your real estate agent to help you. Next, think about the sorts of people who may want to buy your house. Are they young families, or retirees?

Once you understand your home’s strengths and weaknesses, and how they might appeal to, or put off, your audience of potential buyers, you can get to work preparing your property for sale.

Here are five ways to create buyer appeal when selling your house. 

Fix minor defects

Cracked tiles, peeling paint, faulty door handles and dripping taps are all minor defects that aren’t expensive to fix. Even a fresh coat of paint can go a long way towards helping your property sell for the price you want. Simple steps like mowing your lawn, repainting fences and checking that paving slabs are free from weeds are great ways to boost kerb appeal and ensure your house makes the right kind of first impression.

Consider home staging

Think of home staging like a shopfront window. Retail stores use mannequins to display items to help shoppers picture themselves wearing the clothes or using the products. Similarly, home staging helps showcase the property in the best possible light and show off the property’s best qualities. By making the most of the space and décor available, you can help buyers picture themselves living in the property. A home staging company can craft an environment that’s stylish enough to make a statement while remaining simple enough to appeal to a wide range of tastes.  If you’re styling the place yourself, keep in mind that different things will appeal to different sorts of buyers.

Declutter and depersonalise

While family photos and a fridge covered in your kid’s art are part of what makes your house your home, buyers want to imagine their family living in the place – not yours. Depersonalising the house and removing unnecessary clutter will create a blank canvas for your buyer’s imagination. While it’s not always possible, a good rule of thumb is to aim to reduce the number of items in the house by around half. A great place to start can be hiring a skip bin. When it comes to decluttering, you’ll be surprised at how much stuff you find to throw away once you’ve got a skip bin’s worth of space to fill. As an added bonus, you’ll have fewer items to shift when it comes time to officially move out of the house.

Focus on living areas

A home is where we live and make memories with our families. When preparing your house for sale, focus on key, functional living spaces where the new owners will spend most of their time, such as the kitchen, living room and, very important in Kiwi summers, the deck or backyard. The areas of focus might vary depending on the time of year you’re looking to sell. For example, an outdoor patio will look much more impressive in sunny February when filled with a BBQ and outdoor furniture. If you need to, borrow items from friends and family for the open home. A children’s swing set in the back garden might be the icing on the cake that turns a “maybe” buyer into the family who makes an offer. See how property owners Amy and Ewan turned their dated backyard into a functional outdoor space.

Small touches at open homes

Small touches can make a big impression at open homes. Smells evoke emotion, so the scent of brewing coffee, cookies in the oven or fresh bread can do wonders to help make a house feel like a home. Fresh flowers, new a welcome mat or bright fruit in a bowl in the kitchen are all inexpensive ways to help you paint a picture to impress potential buyers.

 

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Interesting links:

Check out All Blacks coach Steve Hansen’s home for sale!