I found Olly Newlands latest article for the Herald interesting reading.
He is suggesting that owners are listing their properties like there is no tomorrow. This certainly isn’t happening in North Wellington! Listings are as scarce as an organic chicken in a commercial battery.
In recent months, the lower interest rates have prompted a bit of a lolly scramble in the first home buyers market ( in my market that is the smaller home bracket up to $400k). Just one example of this was seen in a basic unimproved and dated property in Newlands (no pun intended Olly). After a week of marketing, eight groups of young buyers were lined up with signed offers to buy the home. Multiple offer scenarios like this are common in my market at the mo as buyers scrabble for the few good homes on the market.
Is this a bubble or is it the market bottom?
I do believe we are in for a quiet winter in terms of turnover, but unless the stock on the market lifts dramatically, prices will most definitely be underpinned and then begin to lift as spring warms the market up (I talk specifically for the North Wellington market here!).
As for the present, if you are a North Wellington home owner considering a move, it is a great time to take advantage of the low levels of competition to maximise your sale price as much as possible. I would love to talk with you about how to market your home to achieve this. Our company is in the middle of a fully fledged listing drive with some VERY motivated buyers on our database we are seeking homes for.
April 19 2009 08:12 am | General Real Estate