October 2011 Rental Update
“The signs are looking good as in the last few weeks, we've witnessed a noticeable increase in appraisal enquiries."
New Zealand may have held its breath during the Rugby World Cup, but in fact Geri Martin, Bayleys North Shore Rental Manager, had her busiest month ever in September, with a 33% increase in letting volumes.
Nicky Lewis, principal of Quinovic North Harbour who works closely with Geri through an alliance with Bayleys North Shore, says that once New Zealand reached the quarter final, people exhaled and began to focus again on life outside the stadium.
Despite a successful September Geri says that, "There's an element of unpredictability in the market – some weeks we are flat out, other weeks are quiet. People are wary of the market's stability and we're seeing an increasing number of people downsizing this year. With expenses going up, including food and rates for many North Shore owners, people are saving money by downsizing on accommodation."
"We're hoping that now that the Rugby World Cup has finished, and once we get over the November election, the rental market will get back to normal. The signs are looking good as in the last few weeks, we've witnessed a noticeable increase in appraisal enquiries," says Geri.
Nicky says that demand is exceeding supply for family homes, especially in the Bays area.
"We've been a lot busier over the last month, as people start to make their plans for 2012.The school ballot results have just been released for Rangitoto College and Westlake, and those families who have missed out on the ballot are searching to rent homes within these school zones. At this time of year, the ballot noticeably shapes the property management market in these areas," says Nicky.
