Withyourlocalmarketexperts

MikeBeazley BUSINESSOWNER HARCOURTSWHANGAREI

The realestateenvironmentiscurrently experiencing areset phase, whichallowsthe market to getbacktoevenkeel after severalyearsofveryrobust,franticactivity.The property market iscyclical;it’s constantlychangingandit’s easy to getcaughtupinthe media’s portrayalofthe conditions.

Despitethis,the mostimportantaspecttoconsider whenbuying or sellingis one’sindividual situationandcircumstance. Whetherthe goalisthatinitialstep onto the propertyladder, aforever home,aninvestment opportunity,ora relocation,the keyistoput thisintoperspective whendecision making.Current conditionsareinsignificant when youare buyingandsellinginthe samemarket. Northland’spropertymarketwassignificantlyimpactedby Cyclone Gabrielle duringthemonth of February.Thepositivenewsisthatalthoughnew listingsdipped slightly, inventorylevels arenow showing areturntostandardlevels after afew yearsat historically lowlevels.This meansmore choice forbuyers,especially first-home buyers, andin turn, vendorsmustadjusttheir expectations to meet themarket.

In Northland,the median house pricefor February decreasedby8.3% annually to $715,000,and themediandays to sellincreased to 85days,thehighestit’sbeensince February 2013.Thesestats highlighttheimportance of sound, well-crafted marketingcampaignsthatplace vendorsinthebest possible positiontoreach everybuyerinthe market,aswellashavingasalesperson on sidewith strongnegotiatingskills to ensure nostone, or potentialdeal,isleftunturned.

As we look to thefuture, weexpect mortgage rateswillslowlydecrease,and moreimportantly when purchasing property, fixedborrowing rateswillalsosoften,havingpeakedinJanuary.With increasesinnetmigration andwages comesmoredemand for housingand moresecurityfor lending.

RachaelDennis RESIDENTIALSALES LEADER,BAYLEYS WHANGAREI

Februarysaw aquietermarketthan we would typically experience at thistime of the year,withthe impactofcycloneGabrielle reflected inthemediandays on the market.Though,withanincreasein salesintheWhangarei region -from45inJanuary 2023to74 in February 2023- this reflectstheactivity we seeatBayleys, with buyers activelyengaginginnegotiationsandattending open homes.

With11 people on averagethrough ourfirst open homes, we have achievedsomeexcellent outcomes forour clients,allowingthemtomoveon with the next phase of theirlives.Our detailed printanddigitalcampaigns ensure optimumexposurefor ourlistings, reaching potentialbuyers quickly andacross multipleplatforms.

Our client’s marketinginvestmentis reflectedin the success of recent sales.611 Crane Road,Kauri, received athree-waymultiple offerafter the first open homeandwassoldunconditionally withineightdays.18Augusta Place in Kamowassold withintwelve daysof hitting themarket, receiving anunconditional offer6.8% over CV.32Dundas Road in Riversidewas popularwith buyers;agent WendyRuddellreceived89email inquiriesand had24partiesthroughthe open homes.

As arealestate companyinbusiness fornearly 50 years, we have been throughchangingmarkets. We understandhow to getresultsinanymarket with multi-platformmarketing,ournetwork,our relationships,andour abilitytonegotiate thebest pricethemarket has to offer.

Weare allawarethatthemarket has beenmovingthrougha recessionaryadjustment,and although we gotofflighter thanotherparts of the country there can be no denyingthatCycloneGabriellehasleft hermark.The combinedeffectsofcleaning up propertydamage, road closureslimiting travelmovementsfrom Auckland,theinterest rates,lendingcriteriaandlocal cost of living areall havinganimpact. ForFebruary, REINZ reported amedian priceof$710,000 for Whangarei whichisa year-on-year decline of 10.1%.Themillion-dollar questionis‘arewe atthe bottom?’ Formethe truthfulanswer is, whilethere areindicators to sayso, Ireally don’t know, butI certainlyhopeso!

In the Tait RealEstateoffice, we arestill seeing and long se