Local Property Update

With Mike Pero Real Estate Millwater

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May 2022

This week I was looking at stats for properties sold in Millwater over the past couple of years and the current market in Millwater is strikingly similar to what we were experiencing around the same period in 2019. The median days to sell getting close to breaking 50, up from the late 30’s the month before, but any seasoned real estate professional can attest to the fact that this too shall pass.

Most experts now agree we are in the throws of a buyer’s market and with that knowledge and confidence, buyers are holding a lot of the power. The solution to our local Millwater market is fairly simple; we either need a drop in vendor expectation or an increase in active buyers. Sellers will need to meet the market price expectations if they want to achieve a quick sale.

Another good strategy is selling and buying in the same market, with good buying to be had throughout Auckland. The difficulty seems to come when sellers are leaving Auckland, with most of the rest of NZ holding their prices at high levels, meaning that there is less left in the pocket to enjoy the move.

As many readers will experience, the construction of new homes doesn’t seem to be slowing down, but it should come as no surprise that builders are struggling with shortages in both labour and materials. This is impacting on the time required to complete a new build. The supply chain to the construction sector has even affected property renovations and that has brought immense pressure to bear on all parts of the housing market. Buyers experiencing delays and price increases throughout the build process and sellers unable to take a home to market because repairs, or those long put-off renovations, are incomplete.

So, for the immediate future at least, we can expect some more downward pressure on prices. We are seeing a slight release of pressure with a number of sellers deciding to withdraw their property from the market and wait it out. That means there are a number of sellers not able to sell their homes in Millwater right now, primarily because they are not prepared to accept the prices being offered by the market, but for some there are simply no buyers seemingly at any price. If you’re thinking of putting your property on the market, you’ll need to have some tough conversations, be prepared to meet the market and accept reasonable offers.

Our expectation is that the current disparity between sellers’ and buyers’ expectations will close up over the winter months and some equilibrium will return to the market in the latter part of the year.

As always, the Millwater team are happy to discuss any matters relating to property and welcome your calls.


 

Vanessa Jardim

021 614 771

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About Mike Pero Real Estate Millwater
 

Vanessa Jardim is the new franchise owner of Mike Pero Real Estate Millwater.

Vanessa has worked with Grayson and Sarah for seven years as their client services manager and a licensed salesperson. 

The sale to Vanessa is seen as a seamless way of ensuring strong business continuity for past, present and future clients. Vanessa joined the company in 2015 as a licensed real estate salesperson and in 2019 took on the client services manager role. Turning her focus to managing the business, Vanessa will put her efforts into building a new team and pursuing some exciting projects for the franchise. 

Mike Pero Millwater is a successful real estate franchise covering Long Bay, Okura, Weiti Bay, Stillwater, Milldale, Wainui and Ara Hills. With a grand opening of the first office in 2015, this business has been a staple of the Millwater community and will continue to serve its clients with integrity.

Contact Vanessa at Mike Pero Real Estate Millwater for more information on residential sales in the Millwater area.

Local Property Update

with Mike Pero Real Estate Orewa

May 2022

A changing market


Welcome to my latest monthly Property Talk – a chance to share some general knowledge about the property market in our local area.

Firstly, I’d like to congratulate our team in Orewa. At our quarterly awards with Mike Pero, the team were finalists for both Top Producer and Top Sellers in the North Island (Top 5 of 32 franchises). An additional congratulations to Gary Davey and Robyn Beard, who took out Top Seller for the North Island. I took out the award for Top Producer Nationally for the quarter. I also sat in the finalists for Top Marketing Achievement. All around, it has been a very successful quarter, especially considering the change in the market.

The inventory in Rodney has continued to increase. Trade Me has gone from 1,395 listings at the end of February to having 1,496 active listings in early April. The median days to sell have decreased, from 53 days in February to 33 days in March and sales have increased from 23 sales to 33 sales. While we can call it a ‘buyers’ market’, that doesn’t mean sales successes aren’t happening. We’ve found that with an effective campaign and a home that is presented and positioned well within the market, properties are still moving.

At this point in time, nationally, first home buyers have the lowest share of the purchasing market that they have had since 2017 (they bought only 21% of sales in March) as a direct result of the tightening of lending and the increased deposit requirements. We are starting to see small changes and lessening of the requirements, however, the Reserve Bank’s announcement regarding increasing the OCR from 1 to 1.5% will have ramifications for the industry. Looking forward, there will likely continue to be a saturation of homes for sale, and the pricing will likely level to match.

At this point in time, if you’re looking to sell, it is imperative that you have an agent that is well versed in the market and can position you and your property to sell. This includes a current and very precise marketing scheme that will put your property first in line (it would not be surprising to see that more capital is spent on advertising in the coming months). It is important for the success of your sale that you choose timing, positioning and planning with accuracy. I can assure you that the market is ever changing and the most successful teams in real estate are the ones who can change with it.

Lane
021 215 9718

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About Mike Pero Real Estate Orewa

We are highly professional specialists with extensive experience marketing homes in Orewa, Red Beach, Puhoi, Wainui and the surrounding suburbs. We know these areas like the back of our hands and commit to deliver more, go further and operate with the highest integrity.

I love helping my clients achieve their real estate dreams. I put my comprehensive knowledge of the local real estate market, providing them with accurate data on relevant market trends, and giving honest assessments on the value of their property.

I fully utilise my strong negotiation skills for the benefit of my clients in getting them the best deal possible. My substantial career experience in negotiating complex deals with multinational companies, is brought to my role in real estate to ensure my clients get their desired outcome.

I find that success in residential real estate is all about client satisfaction. A key skill to achieving this is my determination to ensure clients are kept fully informed throughout the process.

Contact us at Mike Pero Real Estate Orewa for more information on residential sales in the Orewa area.