Alternative Facts: Ben’s Barometer March 2017
January 20th 2017 will go down history for two reasons. Firstly, and perhaps most obviously, Donald J Trump became the 45th President of the United States. The second event, not so obvious (but equally outrageous) was the coining of a new phrase “alternative facts”. So what are alternative facts and how does this impact the real estate market?
The way a consumer receives information has changed significantly over the last few years and this has a lot to do with the rise and rise of social media. In the past, we used to rely on a few reputable media outlets to provide us with well-considered opinions on important events. These days, with the touch of a button, you will generally be able to source a headline to support your opinion in any aspect of day to day life. This happens a lot when it comes to the reporting of the property market. Just last week the Auckland Herald wrote an article that quoting Barfoot and Thomson. It stated that the market was still strong with property prices on the rise. But the very next day they printed a contradictory article quoting an ASB economist indicating the market was flat lining and possibly even experiencing a downturn.
As a vendor contemplating selling you would be more inclined to believe the first article whereas if you were a buyer you would seek comfort in the opinion of the second. How can a single market be reported so differently? It all comes down to the source of the data used to research the article and their motives trying to influence the story one way or another. The best opinions come from media organisations who have nothing to gain from trying to influence those consuming it, leaving consumers to form their own opinions.
The Wellington Market is on Fire (Alternative Fact)
As we are now well and truly under way for the year it appears that the market has peaked and is now starting to level out. It is still a sellers’ market with well-presented homes receiving multiple offers, but many of these will fall within a similar and often predictable range. Properties that require work are becoming harder to sell especially if there is a perception that they are overpriced. Buyers are responding well to marketing with a price indication, one which should be carefully considered prior to hitting the market.
Wellington Market Quick Facts
Average sale price by area:
This weekend thousands of Wellingtonians will flock to the Wairarapa for the Martinborough Fair. We thought it would be fun to look into the history of this popular event.
Did you know?
- The first Martinborough Fair happened in 1977 – that’s 40 years old this year!
- The Fair started with just 35 stalls. These days demand for stalls exceeds space available.
- Approx 25,000 people from all over NZ attend the Martinborough Fair, including people from Wellington, New Plymouth, Wanganui, Palmerston North and Hawke’s Bay.
- The Fair is run by the South Wairarapa Rotary Club. Proceeds from the rental of stall space and facilities are used to fund South Wairarapa community projects.
- Hours of operation are 8-4pm on the first Saturday of February and March each year.
If you or anyone you know could benefit from a considered market assessment by Wellington’s only licensed agent and registered property valuer, please do not hesitate to call. We are always very happy to help.