We have a somewhat interesting situation going on right now, where Auckland has well and truly become a buyers market, while Wellington remains the total opposite. One of the clearest ways to see this play out is by looking at inventory levels… Imagine if, as of today, no more houses came on the market in Auckland. Not a single one. Based on the current rate…
Real estate tips, advice and market commentary brought to you by Andrew Duncan, with some off-topic ranting occasionally thrown in for good measure. I love working with nice people, enjoying plant-based food, CrossFit, NFL and living in Wellington, where I help run Relatable, an independent real estate agency where we help buyers and sellers make smart property decisions.
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Please note: Figures below are generated from REINZ stats and ‘Wellington City’ covers Tawa to Seatoun and everything in between… The big talking point this month… The median sale price for non-apartment properties (houses, townhouses and units) in Wellington increased to $744,373 in February 2018. That’s the highest median every recorded for that segment of the market. Just beating out November 2017’s high of $744k,…
Supply and demand. It makes all the difference. Teachers have been preaching to us about it since 5th form but sometimes we just forget the basics. It’s easy to pick on the Auckland property market, I know I certainly have. After years of ridiculous growth, surely it was bound to endure a correction? North Shore City Median Sale Price, 2010 – 2017 How could prices…
The big talking point this month… There are now 671 properties for sale in Wellington City (as at 16/11/17). Up 46% from what we had only 6 weeks ago (there were 460 properties on the market at the start of October). The delayed Spring rush is in full effect now that the election is all wrapped up and we have a new government in place….
An extreme shortage of properties caused the Wellington median sale price to jump 8.7% in September. Read on to find out how this came about. But first… Uber sees 100% increase in new driver applications! An underwhelming 181 properties changed hands in Wellington City in September (based on REINZ stats). To put this in perspective, nearly twice as many properties (334) sold in September last…
What effect does the election have on the Wellington real estate market? REINZ figures show 210 sales for Wellington City in August. This was up 5% from the month before (199 sales in July) but down a whopping 27% from August 2016 (290 sales recorded). So volume is down… Quite a bit! To be fair, this is pretty typical, especially in Wellington where most potential…
I see changing market’s everywhere I look. Reports from Wellington describe buyers being more judicious and increasingly tentative. Priced properties are attracting lots of interest but some Tender dates are coming and going with no offers being received. Meanwhile there are 51% more houses on the market in Auckland than there were this time last year, and buyers are harder to come by. Suddenly agents are chasing…
Please note: I am not a qualified financial adviser and the opinions offered here are purely my own. It is critical that you seek professional advice from a solicitor before embarking on any property purchase. Read: Don’t buy a home without speaking to these 5 people first ————————————————- According to CoreLogic, average property values in Wellington’s Northern Suburbs have increased 8.7% in the last 12 months….
In a market where the majority of properties are marketed by Tender / Auction / Deadline Sale, it is critical that you become proficient in valuing property as quickly as possible, so you can: A: Avoid missing out on your dream property by pitching your offer too low, and… B: Avoid paying too much for a home you fall in love with. First up: Valuing…
MARCH 2019 UPDATE: For the latest information on the accuracy of rateable values in Wellington city, head over to the blog section at https://relatable.co.nz/blog According to Wellington City Council, new Rateable Values are set to be released mid November 2015. With that in mind I thought it would be an excellent time to examine the relevance of current RV’s. We are going to look at…