The property market has always been known for its highs and lows, and there’s no doubt the latest numbers coming out of the OneRoof-Valocity House Value Index shows there’s great buying across New Zealand.
Investment opportunities abound in Auckland, where even the prestigious areas are seeing sellers offering discounts to get deals done.
Figures for July showed New Zealand’s average property values down 0.9% to $969,000 in the last three months. However, national data is instructional up to a point. The most important facts and figures will come from asking the local agents in your area.
New Zealand is not one big property market but thousands of micro-markets, each with its own characteristics and profile in terms of price trends and buyer demand.
So, it’s important to focus your research on our local market rather than listen only to national averages and media commentary. One thing is for sure: the property pundits won’t be talking about your street.
Another factor often forgotten when a market hits a rough patch: While you may sell for less than you might have expected before the Official Cash Rate (OCR) began rising to quell post-Covid inflation, you’ll also buy more property for a lower price.
As our experienced agents will tell you, we are in a swings and roundabouts situation. And the reality is that if you wait for property prices to rise before selling, then you’ll likely pay more for your next property.
The best advice is to not worry about market vagaries and focus on your personal situation. Here are six tips for selling in today’s market.
- Create Competition: Work with your agent on strategies that will encourage competition between buyers. In the current market, this is the best way to achieve your desired price.
- Price It Right: Conduct thorough research of recent sales of comparable properties in your area. Talk to a trusted agent. Consider setting your price expectation at market value or a touch lower to attract attention and create a sense of urgency.
- Quick upgrades: Consider making minor renovations that offer a high return on investment. A fresh coat of paint, updated light fixtures or new kitchen appliances can significantly improve your home’s appeal without breaking the bank.
- Stage for Success: Invest in professional staging. While it might cost perhaps $2,000 to do, our experience suggests you’ll attract stronger buyer interest. As we said, in the current market, you need to work hard to create competition among buyers.
- Do the basics: It’s essential to declutter to create a spacious and inviting atmosphere. Depersonalise your space by removing family photos and personal items to help buyers envision themselves living there. Also, look at how you can enhance your curb appeal.
- Picture this: Invest in high-quality property photography. Insist on each photo being totally compelling to attract as many potential buyers as possible.