June 2022

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As we head into the second half of the year, I find myself reflecting on the last four months since my leap of faith into real estate business ownership, and I can confidently say it’s been a fantastic ride so far. The real estate market has certainly changed and I remain very grateful for the team I have by my side. Thank you to Max Zhang and Mark Garratt who are invaluable members of Team Millwater!

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Looking at the local property market, it’s neither good nor bad, the glass is neither full nor empty, it’s just how you look at it and prepare for it. The cooling housing market means opportunity for some and stress for others. There has certainly been some change this year and with this change comes definite opportunity for both buyers and sellers. Well presented, well priced homes continue to sell but the full-throttle ‘pedal to the metal’ price rises of 2021 have definitely eased.

The reality is this: if you are thinking about purchasing in Millwater at any stage in the future, now is the time to do it. Try keeping things in perspective and see the wood for the trees. Yes, house prices have shifted downward and there are additional pressures on the market such as interest rates and the CCCFA, but as long as your intention is not to flip the house in the short term the market will catch up. Such is the lifecycle of the New Zealand property market.

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Try not to let the media hype of a property crash lead you to make poor decisions that could mean you miss out on something you really want. If you can’t find what you want on the market now, chances are you are looking for something that doesn’t exist, or possibly is so sought after it will always be in strong demand.

If you’re wanting to buy in Millwater and don’t have an unlimited budget, you are better served focusing on the fundamentals of real estate: location, orientation and size. Don’t worry about curtains, tiles, kitchens and bathrooms that you may not love. Ask yourself: Is it in the right area? Can the kids walk to school? Does it get great sun? Smart buyers are out there buying right now. They are buying houses with good fundamentals and investing their significant savings in changing the things that they don’t like.

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There is some talk about Auckland suffering no shortage of housing within the next 18 months. This will be based not just on the population decline and brain drain, but also a boom of close to 21,000 consents over the past year compared to less than 4,000 ten years ago. Construction of new homes are slowly filling in the gaps.

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For those of you thinking about selling or currently trying to, the focus needs to be on what you are going to do next, rather than fixating on the potential value of your current home. The ultimate sale price on your property may be lower than you expected, but it will put you in a strong cash position and the cost of your next place will most likely be much lower than you would have paid six months to a year ago. Overall, you have a win and get to move on.

If you would like a better understanding of how this all may impact on you, we would love to hear from you. We are always happy to chat through current and future plans and maybe offer some advice and differing viewpoints.

 

Vanessa Jardim

021 614 771

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