June 2011 Market Update
When asked to sum up the current real estate market on the North Shore, Hayden Stanaway, branch manager of our Takapuna office and associate of Bayleys North Shore, used the word ‘consistent’.
“The last couple of months have been the most consistent we’ve had for over two years in terms of volume and results,” says Hayden.
“Vendors are finding their bottom line and selling, while buyers have taken their hands out of their pockets and made the commitment to purchase. That’s the formula for deals to be made and I think people are now more accepting of the market and of where values are sitting.”
Properties up to $2.5 million have been selling well with a great sale under the hammer in the auction room this week for $1.65 million.
“Our auctions are going well and you can’t beat them for a transparent, market-defining price. It is great to be working with motivated vendors who take the auction process on board and accept that it’s the fast-track way to an unconditional sale. Both parties know exactly
where they stand and can streamline the next step in their lives,” says Hayden.
There have also been many multiple offer situations for properties marketed without an auction campaign and one example of a home being on the market for just three days before a sale was made.
“People are no longer sitting on their hands when it comes to property as they did for the best part of 2010. In my experience, Kiwis can only sit for 12 months before they make a decision and with interest rates low and signs of some stability in the market place, people are again feeling comfortable about making purchases and about selling,” says Hayden.
“When we receive several offers on a property and they are all at around the same level, that’s the market talking and vendors are starting to listen.”
Meanwhile, there have been some recent property sales made to former Cantabrians affected by the devastating earthquakes in that region although Hayden says he expects any significant enquiry from displaced Cantabrians to trickle through over the next six months or so as insurance and Government payouts become more tangible and the natural process takes its course.
