July 2024: Could our winter of discontent nearly be over?

From my experience on the coalface, many are finding the current economic climate tough. With high interest rates and declining business and consumer confidence, it's been a challenging time. However, there's a glimmer of hope on the horizon. Retail banks are starting to adjust their fixed-term rates downwards, hinting at a possible reprieve soon.

?? Market vibe check

I've noticed a significant uptick in open home attendance, particularly in the $500,000 to $750,000 price bracket. My recent listing at 14 Fieldmoor Place saw over 50 groups inspecting over a four-week campaign. However, with 19% more new properties for sale compared to last year, buyers are enjoying greater choice and becoming more selective. Overpriced properties or those with obvious shortcomings are lingering on the market longer or not selling at all. The key to a successful sale is returning to basics: presenting your home at its best, investing in marketing, engaging a skilled negotiator, and listening to the market.

?? What's driving the increase in properties for sale?

Several factors are contributing to the rise in properties for sale:

• Investor sell-offs: Investors who purchased in 2021 and 2022 are now feeling the pinch with interest rate increases and are selling after changes to the Bright Line test.
• Migration: More Kiwis are moving to Australia in search of higher wages.
• Financial pressures: Sadly, financial stress can strain relationships, leading to property sales as people go their separate ways.
• Young families upsizing: Young families ready to upsize are taking advantage of a more stable market, finding the craziness of 2021 and early 2022 too daunting to enter.

?? The top-performing suburbs for value growth

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?? How we took the stress out of getting ready for market

One of our recent sellers was downsizing from her four-bedroom home, and here's how we ensured the property was presented in its best light:

• Decluttering: We connected her with Philippa Smith at Estate Matters, who supported her in sorting through belongings to sell, donate, or dispose of.
• Building inspection: Jamie Chapman at Red LBP provided a building inspection report, identifying areas needing attention before marketing.
• Repairs: Mark Reynolds at Jim’s Handyman completed the necessary repairs outlined in the inspection report.
• Garden Tidy-Up: Roy Ford at Rapid Refresh made the gardens look their best, even painting the grass green!

We wrapped up the cost of decluttering, the building inspection, garden tidy-up, and marketing into a competitive commission package for our owner. Contact me today to discuss if your property could benefit from this kind of package.

?? The groundwork for a spring sale begins in winter

Thinking about selling your property this spring? Now’s the perfect time to start the conversation. Winter is ideal for laying the groundwork for a successful spring sale. By starting early, we can plan out everything from minor repairs and touch-ups to a high-impact marketing strategy. This way, your home will be in top shape to attract buyers when peak selling season hits. Let's chat about your goals and create a game plan to make sure your property stands out this spring.

?? Ready to make your move?

To discuss any of the above or start your real estate journey, feel free to:

• Schedule an appraisal
• List your property
• Book a discovery call

As always, I'm only a phone call or message away if there's anything further I can do to assist with your plans.

Caleb Griffioen

0276 370 231

[email protected]