Team Griff’s predictions for 2016

Team Griff's predictions for 2016-1Welcome to 2016! After a well-earned break, we’re pleased to report that Team Griff has hit the deck running, having held its first two auctions for the year and taking on a number of new listings. We’re excited for what the year ahead may hold and are ready to assist you with your real estate decisions – whatever they may be.

While we don’t possess a crystal ball (or even some sophisticated forecasting algorithm) we thought we’d share our expectations and quasi-predictions of what the 2016 property market may look like. So here goes:

 

A steady market with subdued price growth

With Christchurch chalking up a mere 2.3% increase in residential sale prices (2015 overall median cf. 2014 median), we’d expect of more the same for 2016 as more properties are built and repaired properties come on to the market.

Westpac chief economist Dominick Stephens has a rather bullish outlook for the Christchurch market.

“My expectation was that Christchurch house prices would also fall but actually the last couple of months have belied that and there’s been a modest upward trend,” he said.

 

First home buyers more active

A combination of low interest rates and recent changes to KiwiSaver withdrawals has resulted in an up-tick of first-home buyer activity in the marketplace. This was backed up by strong price growth in entry-level suburbs such as North New Brighton, Avonside and Wainoni – all around the 7% mark according to Core Logic.

 

Builders and tradies to dominate the ‘as is, where is’ market

As earthquake repair work for EQC and the major insurers dries up, we’re starting to see a number of small-to-medium sized construction companies buying up uninsured ‘as is’ properties to repair and on-sell. In other words, they’re buying work for themselves. We see this subset of ‘as is’ buyers as the predominant players in this niche market for 2016.

 

The end (almost) of the fully furnished rental market

“It was good while it lasted but the end is in sight. The rental pendulum is now swinging more towards tenants’ desires than landlords’ returns, so take care if this part of the rental market dominates your portfolio,” cautions Harcourts Gold business owner, Lynette McFadden.

“Carefully considered rents and unfurnished are the order of the day.”

 

While Christchurch certainly won’t be the ‘rock star’ of the New Zealand property market, we believe 2016 will provide a balanced market for both sellers and buyers. The fundamentals of real estate marketing still reign supreme: presentation, promotion and price. Get these correct and the stage will be set for a stellar result!

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About Peter Griffioen

Peter Griffioen - or simply Griff to those who know him - has an established reputation as a high-producing Harcourts Canterbury salesperson. With a focused approach to customer service you can rest assured that you are in good hands, whether it be a relaxed chat about the state of the market or an in-depth discussion regarding your next property transaction. The key advantage of engaging Team Griff’s services is their local knowledge and experience. Currently in this post-seismic era, it is vital to have true professionals working on your behalf, ensuring that you are guided through the process professionally and with a caring approach. The advent of the ‘as is, where is’ market means specialised expertise are required and Team Griff has taken it on themselves to both understand and explain the pros and cons of this now accepted sale/purchase option. For over 26 years the Griff brand has become synonymous with achieving results. Griff now prides himself with his five member team and takes much satisfaction from empowering them to both achieve and reach their own goals. A team with a proven track record placed with the highest ranking Harcourts Million Dollar Club members, exceeding the $275m level. Such accomplishments highlight the team’s exceptional marketing and negotiating skills. Team Griff are recognised as industry leaders for their online presence and regular blog posts of current and relevant real estate information. E-marketing and readily available property specific detailed info means Team Griff’s clients have the edge when it comes to selling their homes, not forgetting purchasers who benefit first hand. A simple Google search says it all – the Griff brand ranking with the most frequent. Griff’s life focus extends beyond business, with quality time and fun being high priorities, while mountain biking, boating and fishing provide that vital time out. His Christian faith is his anchor for daily living, and his community is important to him. For a team approach to optimize the result for your next property transaction, be sure to talk to this award winning team - synonymous with hard work and results! Griff and his trusted team welcome your enquiry today.

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