Maximising the property market turnaround

For the first time in more than a year, New Zealand’s property prices have started to edge higher after a long period of interest rate rises.

The average price of a home has been benchmarked at $952,000 in the latest House Price Report for October released by the OneRoof website and industry researcher Velocity.

Auckland and Canterbury properties have driven the increase of 0.8% in the three months ending September.

The change may be only marginal, but it is a signal that values have turned the corner and grow stronger as the spring sales season continues.

Value increases have been registered for the first time in more than a year in Greater Wellington, Bay of Plenty, Hawke’s Bay and Gisborne.

The report says that Christchurch may soon recoup all its losses over the past 16 months, which would be a significant signal for New Zealand’s property price recovery. Its values were up 3.1% over the past three months to $765,000, which was just $37,000 shy of its peak value of $802,000, recorded in June 2022.

Auckland’s average property value rose 1.6% with strong buying in the city’s North Shore and Manukau districts. Wellington’s average property value is within a whisper of $1 million again.

The research also shows that the housing stock has increased, although it remains in the doldrums.

If you’re considering selling your home soon, this could be the ideal time to make your move. Certainly, you don’t want to get caught in a tsunami of sellers hitting the market simultaneously, as this might dampen prices.

These six tips will help you prepare your home quickly if you want to strike while the iron is hot.

Get it fixed

Fix cracked paths and pavers, sort out leaky taps, squeaky doors and damage that is visible. If you have time, consider repainting your home to give it a refresh.

Go deep

If you don’t have time to clean your home from top to bottom, it might be worth hiring a professional service. You want to focus on cleaning carpets, windows and walls.

Big declutter

Remove unnecessary items, personal belongings, and excess furniture. This includes family photos, personal memorabilia and decor that might not appeal to everyone.

You want to create a blank canvas that allows buyers to imagine their lives in your home.

Make an impression

Spruce up the exterior, mowing the lawn, trimming bushes and planting annuals to give your flower beds some colour. If you haven’t painted the exterior for 10 years or more, this could be a worthwhile investment.

Be competitive

To make the most of the market turnaround, be competitive with your pricing. Buyers are still worried about overpaying, so if you shoot high you’ll probably scare them off. A home priced appropriately and in pristine condition usually sells quickly.