Local real estate experts anticipate an upswing in homes going on the market for sale as warmer weather approaches.
After an economically challenging winter for households and businesses, east Auckland real estate leaders are preparing for a busy final quarter of 2024.
Ian Taylor, branch manager for Ray White Howick, says his agency and generally across Auckland’s eastern suburbs saw an increase in residential property for-sale listings at the beginning of the year, peaking in mid-February.
This was followed by a “slight decrease” until the start of July, the “lowest point” for new listings this year.
“Since then, we’ve seen a steady increase, and over the last two weeks that has increased significantly.
“We’re forecasting more properties will come to market in spring. The number of appraisals has increased significantly over the last few weeks, indicating more choices for the buyers,” Taylor says.
Barfoot and Thompson Howick branch manager Steve Maserow says his agency also experienced a “little more buoyant” activity between January and May.
“But we felt winter this year both in volumes and sale prices.
“Over the last four weeks, it feels like there’s a little more buyer activity but there’s no movement on price.”
Maserow says for a buyer to purchase a property it needs to be a “value proposition” because there’s a lot of choice.
Barfoot and Thompson Howick has seen “a few more buyers attending open homes” in the past few weeks, Maserow says, “but I would not say this is a trend as it’s a little patchy”.
It had two auction sales with five bidders as well as a tender with eight tenders being submitted last week.
“This is very different and encouraging, but it’s still too soon to say and there has been no increase in sale prices that we can report.
“We may well be at the bottom of the market and with interest rates dropping and banks being keen to lend money, I expect a slow recovery and, yes, a little more action in the spring and through the summer.”
Maserow believes it’s the right time for people to be considering investing in residential real estate.
“And with the increase in activity a good time to sell your property over the coming warmer months, but vendors should bear in mind there’s a lot of stock on the market.”
Lauren Mirabito, branch manager for Bayleys Howick and Beachlands, says she expects to see “a strong period” from October to Christmas with high numbers of homes coming onto the market from next month.
“The market is certainly improving. There is certainly more confidence. People are now acting fast as a result of a general belief we have hit the bottom and are on the way back up.
“People are buying now to avoid higher prices later, which is the belief that prices are on the way back up,” Mirabito says.
“We’re expecting to see an upswing in October, November and December due to a number of clients that have been sitting on their hands waiting for ‘timing’ (both buyers and vendors).
“We have seen evidence of this, with a large number of our homes that have been on the market for some time, some as long as two-three years, all of a sudden getting multiple parties interested and being sold unconditionally at prices the vendors are very happy with.
“We are seeing two types of buyers in the market, those leftover from the ‘buyers’ market’ we have been in.
“These buyers are still digging their heels in at low prices hoping for bargains and distressed vendors.”
Mirabito also says Bayleys Howick and Beachlands is also seeing new purchasers entering the market “happy to pay fair and reasonable prices and make decisions quickly”.
“It’s no longer a buyer’s market. It’s an even and fair market where parties that want to be reasonable and converse with equal power in the negotiations are getting great results.”
One of its new listings recently attracted 68 viewing groups to an open home in Cockle Bay.
“This is unheard of with most numbers hovering around three to eight groups.
“It has been a tough market over winter with many people feeling financial pressure and stress around ‘what next’.
“There is now light at the end of the tunnel. Everything feels like it’s moving in the right direction,” says Mirabito.
