The tide continues to turn for New Zealand property prices, meaning first-time buyers should begin planning their move before the value recovery starts to pick up pace.
A total of 14 territorial local authority areas registered an increase in residential prices, according to a June market survey issued by OneRoof.
Its Valocity House Index shows the brightest spots in New Zealand right now are Northland, Otago and the West Coast.
Most other areas around the country registered minimal drops, culminating in a national fall of just 2.3% in the three months to the end of May.
As a respected real estate agency in our area, we believe the price performance witnessed over the past 12 months due to higher interest rates is decelerating, and confidence is returning to the market.
We recommend you talk to our agents to understand the local real estate picture.
In recent weeks, we’ve seen a steady increase in buyer interest, and this bodes well for owners considering selling, either to upgrade to downsize.
Also, be aware that Auckland heavily influences our national numbers. The city benefited more from the property value spike than any other centre during the pandemic. As a consequence, it has seen values retreat since sentiment changed. The Auckland average fell another 3.2% in the three months to the end of May, but prices remained significant at almost $1.3 million.
The near-term trend in Auckland values is currently one of the industry’s big talking points.
If you want to put your property on the market soon, here are a few tips for selling in the current market.
Be competitive – Don’t hold out for a price you might have achieved two years ago. That’s not realistic. Buyers are market-savvy and, as a result, will dismiss properties that have been optimistically priced, leaving them to languish on the market. Work out your pricing strategy and stick to it.
Unique approach – Work with your agent to ensure you highlight the facets of your home that make it unique and desirable. This is an important conversation because too many owners still fail to think about the wow factor of their properties and take steps to maximise it.
Good faith – If you want to strike a deal, you should be flexible in negotiations. That does not mean you discount to please the buyer. You can discuss other issues, such as an extended exchange period or include furniture. It’s essential to understand the buyer.
Be pristine – It’s amazing how many properties go on the market with visible problems. Your best chance of maximising the value of your home is to prepare it meticulously. Buyers will pay a premium for a high-quality property.
Big impression – Enhancing your curb appeal is the optimal way to impress buyers. Make sure the front of your home looks fantastic. You may need to repaint the frontage, revamp the front garden and fix cracks in the driveway and garden path or fix fences.
Stagecraft – Furnishings can often be a problem when selling your home. While yours might be comfortable for everyday living, they might not accentuate your home’s best features. Consider engaging a professional to stage your home. They will hire furniture that will enhance the appeal of your property.