As a local resident, whether you own your home, or are currently renting, it is good to be well informed of what is happening in our local property market.
Well the good news for home owners is that our market is quite buoyant at the moment. The majority of properties in Massey are selling quickly and achieving very good prices indeed. Days on the market are decreasing and it is not unreasonable to expect to achieve a house sale within four weeks. In fact, some properties are selling much quicker than this and some purchasers have to battle it out in multi-offer situations. The result of this means vendors can expect to achieve the very best price that the current market is prepared to pay for their home.
According to recent statistics from the Real Estate Institute of New Zealand, the housing price index for Auckland is now up 3.7% from our highest ever peak which was in July 2007. We are also experiencing the lowest level of homes available on the market since 2008 which is certainly a contributing factor to many successful sales of late.
Buyer demand still remains steady but as regularly occurs at this time of year, available properties are few and far between. Properties generally achieve a premium price when there are fewer homes available for sale on the market. So if you’re considering selling, now is a fabulous time to list and sell your property.
But what about if you are wishing to rent a property? Well, be warned, you will have to be quick! Demand for rental properties is also high and they are getting snapped up very quickly. Some landlords are feeling the financial strain of increased rates and insurance so rent prices seem to be increasing too. You can expect to pay anywhere from $350 to $400 per week for a three bedroom house in our local Massey area.
So whether you are renting, buying or selling, I hope this has provided some insight into what is going on behind the scenes in our local property market.
Until next time…keep smiling! J
Kay Wilson – is a Licensed Real Estate Salesperson and a member of the Massey & Birdwood Settlers Association