Millwater Property Update

With Mike Pero Real Estate Millwater

December 2018

The accompanying sales statistics for October make for some interesting, if not slightly confusing reading. The turnover at 16 units is right on average for the last 12 months, which is great; however, with the record high stock levels in the market, this figure really needs to be higher. A good month in Millwater is 25-30 units and we would expect that this is where we should be heading now with the choices available to purchasers.

Equally misleading is the median price, which appears to be very high. This is an unfortunate skewing, based on a higher than usual proportion of the houses sold being in the $1.25 to $1.35m range. The average this month is within $1,000 of the average for the last 12 months and better reflects the stability in market pricing.

This really is a great time to buy, with a wide variety of options and most vendors having adjusted their mindset to accepting prices now well below the peak of 2016. They are now at the point that they are more likely to withdraw their property than they are to reduce prices further. We also expect to see a reduction in properties on the market over coming months (Feb / March excluded) as vendors who are not selling decide to stay where they are or rent out, so right now is the time to buy.

On the subject of buying, there are now some new rules in play that you need to be aware of. First up is that every buyer now needs to make a declaration identifying their eligibility to purchase property in NZ. If you are an NZ Citizen or permanent resident living here, then generally this is a simple procedure. However, you will need to make your position clear at the time of purchase. Information can be found on this website:

As part of the new Anti-Money-Laundering (AML) regime you will also now need to be able to positively identify yourself to your solicitor. Again, for most people, this will be the relatively simple process of providing a passport and proof of address; but for those purchasing through a Trust or Companies then some more information can be needed. The best idea is to contact your solicitor as soon as you start considering purchase of a property; they will be able to assist you with what needs to be done.

From 1 January 2019 there will also be the same identification requirements for people wanting to sell. Again, this will be relatively simple in most cases. However, it is worthwhile discussing this early with your real estate agent or solicitor. If the necessary information is not available, the agent will not be able to list your property for sale.

In most of these situations the process is simple; however, it pays to get things right in advance as delays in buying or selling can be costly. If you are considering buying or selling in the coming months, please give us a call. We are happy to discuss your obligations and point you in the right direction – early!

Grayson
021 665 423

About Mike Pero Real Estate Millwater

Grayson and Sarah live and work in Millwater and know the market extremely well. Their clients attest to their enthusiastic and professional approach as well as the high value proposition that the Mike Pero Real Estate brand provides.

Clients appreciate that because they are locals they not only have an in depth knowledge of the current market but also strive to make a fabulous impression by delivering optimum results.

“We are proud to be the business owners of Mike Pero Real Estate Millwater, servicing the area from Millwater to Long Bay and across to Albany."

- Grayson and Sarah

Testimonials

"Having met Grayson at an open home locally he impressed us immediately with his true professionalism, in depth market-knowledge and above all, his honesty. Couple these attributes with the Mike Pero package and you have a great agent working with a great product that will deliver great results.

Once we decided to put our house on the market Grayson set realistic expectations on price and time frame to sell and then exceeded our expectations. We would highly recommend Grayson and Sarah as the dynamic duo to both vendors and purchasers – up front, honest and delivering results." - Kind regards Shane and Nicole

"After a rather spontaneous decision to buy a property we then had to prepare our house for sale to meet the settlement date. Grayson’s advice through the whole preparation and sale process was spot on and I have no doubt that it assisted us in achieving a higher than expected price for our property.

We are glad we trusted Grayson with the sale of our house and would not hesitate to recommend him (in fact we already have). Thanks Grayson." - Jason and Karen

"It's been a real pleasure to work with you in selling our place, you gained our trust in the process and enabled us to sit back and let you do your thing with a great outcome. Full credit to Mike Pero Real Estate for the professionalism and integrity of the organisation that you represent and the incredible value for money we received." - Ken and Leonie Irving

Grayson and Sarah were brilliant from the get go - the transparency and communication, including regular updates helped us feel connected to the marketing plan with the end goal always in mind. We felt like we were dealing with real people that understood us and our family needs. Being a part of Maddren Homes and in the business of building/selling homes, professionalism and quality are important to us and with Grayson and Sarah we felt we got looked after every step of the way. They were professional and approachable and we were constantly kept informed - we felt like our home was always a priority and they were focused on achieving a great outcome for us, which they did! We’d recommended listing with Mike Pero, as we would again in a heartbeat. We wish them every success. The kids were rapt their playhouse was even sold. The Anderson Family