Last month I was fortunate enough to travel to Australia to attend a tri-annual Ray White conference with over three thousand attendees. It was my first overseas trip in a few years, and it gave me some insight into the mindset of New Zealanders and the opportunity that is available to us. While this month’s barometer might not be real estate focused, hopefully it encourages you to look differently,...
One of many tactical mistakes made in WW1 was the lack of decentralised command. Simply put, lower ranked officers and soldiers on the ground were not permitted to make decisions in response to changing situations. This lack of real time data causes the same problems in the real estate market. The market has changed so rapidly and by the time the media releases sale data and trends it is too old to make...
Like all advice, it’s great to give but terrible to receive. That’s our warning before you read on. This Barometer is filled with the things we all know we should do, but put off. Long time consumers of the Barometer will have read many of my rants regarding deferred maintenance. The thing is, when the buyers have FOMO and the market is in full swing they overlook physical depreciation. This...
In July 2021 I wrote about the potential of the ‘silent killer’, that being inflation. I had an inkling that an abundance of cheap money and the rising cost of supplies may land us in the perilous position we are in now. Depending on your economic view, you may believe our current inflation rate is transitory, while others believe it is here to stay. Irrelevant of who is right, one thing we know is...
One of the upsides of testing positive for Covid is that it gave me a head start on this month’s Barometer, which consequently keeps the boss off my back. As Omicron spreads itself across the country, I ponder how the New Zealand property market has mirrored this Covid outbreak. When Auckland sneezes, New Zealand catches a cold (or maybe it’s Covid!) Toward the end of 2021 real estate agents started to...
Real estate agents are great at the ole’ humble brag. You know the ones: SOLD for a suburb record! SOLD 100% higher that the RV SOLD with 52 offers submitted at the tender! Want to know how I did it? Sadly, those days are gone (perhaps not the bragging). As we transition from a sellers’ market to a balanced, or perhaps even, a buyers’ market, now is the time you should be looking to...
We love to predict the future so let’s whip out the crystal ball and do our best to anticipate the factors that might influence the market in 2022. Cost of Construction Over the past year the cost of materials has gone up and up with no sign of slowing. In fact, there isn’t even a guarantee the stock will be available when you do need it. Anecdotal evidence indicates the cost of building a house is...
If it doesn’t cost, you anything it normally means somehow you are what’s for sale. It could be your personal details, your buying preferences, or, in the property market it is likely to be your ‘free’ online market assessment. In New Zealand there are several portals which now offer those, including: Homes, Property Insights (Trade Me) and One Roof. Traffic to these sites is significant, and large...
It’s not uncommon for agents and conveyancing lawyers to come head-to-head as they navigate their way towards a successful sale. But while the relationship can be strained at times, both parties play an important role in any property transaction. This month we take a look at what exactly that role is and why not all lawyers are created equally. Unlike the ability to sell your home privately, you will be...
After a long period of ‘normality’, community transmission is back and we find ourselves in a Level 4 lockdown. A place, quite arrogantly, I don’t think any of us thought we would ever be again. Unlike last year, there doesn’t appear to be the same level of fear. We have been here before. We understand the virus better. We have a vaccine. And working from home is a firmly established business...