Chelsea Kennedy, Napier Sales Manager for New Zealand Sotheby’s International Realty (NZSIR), provides her insights into the Hawke’s Bay residential property market and the traditional spring selling season.
Currently, the Hawke’s Bay property market is experiencing an increase in listings (35.6% increase year on year), presenting the highest number of available properties seen in many years. This offers a wide array of choices across various segments and locations. As we bid farewell to winter for another year, we enter the Spring/Summer market, traditionally the period where many vendors prfer to sell.
This surge along with the expected rise in spring/summer listings means sellers face competition from a larger number of properties. Now, is the ideal time to act and gain an advantage in this busy period. Leveraging our premium marketing initiatives will put you in good stead to beat the competition and sell smart. While the market offers numerous choices, the high number of listings does not translate to lower prices.
While it’s difficult to predict with certainty whether the market has hit rock bottom, the current trends suggest that the worst may be over, and a slow recovery is on the horizon. The Reserve Bank’s recent signals of lowering interest rates, following signs of easing inflation, and the corresponding reduction in mortgage rates by major banks create a more favourable financial landscape for buyers.
This shift is likely to further stimulate the market, potentially leading to gradual price increases over the coming months. Additionally, the reduction of the Brightline test and mortgage interest deductibility create opportunities for investors looking to capitalise on market conditions for future gains. Even if properties are not at bargain prices, the overall cost of purchasing a home is likely more manageable, enhancing the long-term value of your investment.
While the old adage, ‘your first offer is always your best’ may not always be correct, our statistics show that your best offers are likely to occur within the first month or two of listing. Sellers need to be strategic. Get the marketing for your home right from the beginning.
Don’t skimp; first impressions matter, and high-quality marketing attracts potential buyers. Ensure your price expectations are realistic and competitive. Buyers are more price-sensitive and looking for the best value. It’s crucial to partner with an agent and brand offering advanced marketing strategies to ensure your home stands out. NZSIR’s expertise ensures your home reaches the right buyers quickly and efficiently.
At NZSIR, we provide clients with comprehensive market insights, enabling informed decisions. Understanding the current market allows our clients to take advantage of the best opportunities available. The real estate market is showing signs of stability. The steady stream of new listings indicates that sellers are optimistic about achieving favourable outcomes, while buyers are motivated by the promise of lower borrowing costs.
This balanced dynamic fosters a healthy and sustainable market environment where transactions are driven by genuine demand and realistic expectations. In summary, the current real estate market is indeed a buyers’ market. With the highest number of listings in many years, the choice has never been better.
While it is not a market for bargains, the potential for long-term value is significant. Now is the perfect time to explore your options and secure your ideal property, whether it be a home or investment. Let the expertise of the NZSIR team guide you to find a home that meets your aspirations and enhances your investment portfolio.
Chelsea Kennedy – Napier Sales Manager, New Zealand Sotheby’s International Realty. A business degree in marketing and a decade in real estate sales add substance to Chelsea Kennedy’s natural affinity with people, making her an effective leader of New Zealand Sotheby’s International Realty’s Napier office.
