One indicator that a market is running hot is a dramatic fall in ‘days on market’. Just last week a TVNZ story noted that days on market were in decline across the country with Wellington the lowest of them all. So we pose the question, do low days on market equate to higher prices? Sold in 24hrs Every time I hear someone crowing about how quicky they sold their property, my eyes roll a...
It’s been a hot topic for as long as I have been in the industry but I still think the public at large can be forgiven for feeling somewhat blindsided by the announcements of last month. A Government that was voted in on a minor increase to the top tax rate and a promise of ‘that’s it’ for this term, but that wasn’t it. The five-year extension to the bright line test and removal of the interest...
Wellington wastewater issues continue to plague the city as our aging infrastructure haunts us. Last month trucks blocked main CBD routes as they were put to work removing wastewater to prevent another environmental issue in the harbour. No sooner had the trucks taken the sewage and buried it at the rubbish dump, did the pipes burst in Aro Valley. No wonder rates are on the (significant) rise! So what...
Most New Zealanders are back into the swing of things with the summer tan fading away under the office desk. Over summer we noticed a large number of real estate related articles on sites like Stuff and The New Zealand Herald. And we’re still seeing them now. The vast majority of these articles are positive for property owners but less so if you’re looking to buy. So, what does 2021 have in store for...
Post the 1950’s, the world has lived in relatively peaceful times. Yes there have been terrorist attacks. The Korean, Vietnam and Gulf wars. But it’s nothing that has threatened the overall safety of the world’s population. In fact, despite everything, we’ve always felt the human race has everything under control. But our complacency has left us vulnerable. And this black swan event, in the...
I suspect most people reading this blog have some interest in real estate and therefore are aware that the market is booming. Since emerging from lockdown in late April the Wellington market has moved around 13%. Why? Well, it’s been a perfect storm of low interest rates, loosening of LVR restrictions, rents holding (and actually increasing) and population growth. In March, when life as we knew it...
Buying a property in 2020 is a very different kettle of fish to buying a home even ten short years ago. Gone is that classic Kiwi ‘she’ll be right’ approach to real estate. Today’s buyers are knowledgeable and well researched. They can access a wide range of information and services quickly which means they know everything about your property before offering. So, as a seller, you need to as...
For anyone who has battled addiction and won, you will know it is best tackled one day at a time. A time frame longer than that is often too hard to fathom or comprehend. So, what do the current property market and recovering from addiction have to do with each other? There is little point trying to predict what the property market might look like in the short to medium term. If we’ve learnt anything...
I think we can all be forgiven for acting as if life has returned to a pre-Covid state. Wishful thinking. You only need to switch on the news to be reminded that the pandemic is, in fact, still raging across the world. So here we are in our beautiful country making the most of our backyard. But are we fooling ourselves, just as those in Melbourne were a short time ago. Will the virus permeate our shores...
Selling your house can be a nervous time. Especially for a first-time vendor. What if I choose the wrong agent? What happens if no one offers at the tender? Is a tender even the right method to sell my house? How much commission should I pay? The stakes are huge and getting it wrong can be an incredibly costly exercise. At a presentation the other day a potential vendor asked about my negotiating...