Rugby and Real Estate

A few years back, due to some financial pressures, we had to say goodbye to Sky TV. It was about then that my love of rugby started to wane.  The game has struggled to maintain its dominance in the New Zealand psyche, so I was surprised to hear that the opening game of the 2023 Rugby World Cup was free to air.  Having not seen a game in years, I quickly rediscovered my passion for rugby. There I was once more, pacing the lounge for eighty minutes and expressing my frustrations to anyone who would listen. We lost. I was gutted and as I moved around for the rest of the day, I couldn’t understand why it impacted me so much. Was it that I hate losing? That I dislike the French? No, it was neither of those. Was it the fact that no matter how bad things are we have always had the All Blacks to fall back on? Not anymore. As a small nation we have always prided ourselves on being able to punch above our own weight in rugby, although recently it appears we have a broken hand (not that Italy would agree). 

Why Rugby Matters

Rugby was our cultural connection and was the one sport that brought everyone together. And if you were skilled enough and made it to the pinnacle of the sport you had the great privilege of wearing the black jersey. During the amateur era the sport suited our way of life. The provinces dominated thanks to their strong rural communities. Players worked all day; they were naturally fit and strong, and a protein shake was a bottle of Tui after shearing 300 ewes.

As we moved away from amateur rugby into the professional era the provinces started to fade on the back of declining rural communities. Rugby clubs were replaced by gyms amidst the farming reforms of the 1980’s. This shift away from the provinces also had an impact on property prices as the population stagnated in rural towns and in many cases started to decline.

Cities benefitted from this change as people left to secure better jobs and an urban lifestyle. But this has all changed post covid. With remote working an option, a better “lifestyle” is a distinct possibility for many, and city dwellers are eyeing up the country once again. 

Number Eight Wire

As a nation we used to pride ourselves on our ingenuity. Problem solving was our thing. We invented the electric fence, the jet boat and even the eggbeater. In fact, we loved inventing so much that in the early 20th Century we had the most registered patents in the world. Nothing was ever a problem and as the saying went, with a little bit of number eight wire we could solve anything.

But times have changed and you can see our lack of ingenuity reflected in the demand for real estate with ‘potential’. Most buyers will opt for a nice shiny property over one that needs work. This was never more obvious to our team than this year. Two sales in the same neighbourhood of near comparable three-bedroom properties, one was immaculate and the other needed work. The difference in sale price was nearly $600,000.

As the number eight wire mentality starts to fade it’s important to highlight once again that staying on top of property maintenance will pay dividends at the time of sale. The buying masses will pay top dollar for immaculate homes and discount them heavily at the opposite end of the scale.

The Wellington Market

We are just four days out from the election and sitting with the low stock associated with the traditional “Wellington election pause”. 

For the last 12-18months, owner/occupier buyers have had the market to themselves, but as rates stabilise and the media represents green shoots in the market, the investors have started to show their heads again. 

Over the past two weeks we have secured nearly ten listings for post-election launch, I imagine this will be a common theme across the board. So be ready to have a lot of choice in the upcoming selling season. It will be a welcomed change. 

Wellington Market Quick Stats

What’s on this October in Wellington?

Royal New Zealand Ballet: Hansel and Gretel, St James Theatre, 26th October – 29th October 2023

Follow the breadcrumbs, and venture into the fantastical realm of ‘Hansel & Gretel’. Inspired by the old-fashioned magic of silent movies, this ballet will transport you to a magical world with large-scale cinematic effects.

With choreography by Loughlan Prior and a score by Claire Cowan, expect a wonderful ballet experience for all ages.

Click here to find out more info

Wellington Jazz Festival, Various Locations, 25th- 29th October 2023

An electrifying line-up of talent is descending on the city for the Wellington Jazz Festival this October. The festival features a line-up of exciting international names ​and leading homegrown musicians. Over 100 events are planned in an action-packed five days.

Among the first batch of announcements is vocalist Cécile McLorin Salvant. The multi-GRAMMY award winner will travel from the United States. According to Rolling Stone magazine “Salvant, regularly and rightly, is considered one of the greatest jazz singers of her generation”.

Click here to find out more info

Chet Faker, The Opera House, 18th October 2023

The award-winning indie electronic performer brings his live show to Wellington’s Opera House.

Singer-songwriter Chet Faker’s mix of electronica, soul, and trip-hop has endeared him to a devoted international following. The Australian has won a slew of ARIA Awards, collaborated with Flume, and sold out headline shows around the world. Having taken the stage at international music festivals like Coachella and Lollapalooza, he is on his way to The Opera House in Wellington.

Click here to find out more info

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 happy to help.

Click here to book your free appraisal today. 

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