With house prices surging upwards as they have done in the last couple of years it is difficult to even contemplate a reversal of this trend but like it or not, that is exactly what is happening at the present time. We are not for a minute suggesting house values will tumble back to the levels of pre-Covid days, but there is plenty of evidence to tell us we are witnessing a price correction and for homeowners who want or need to sell, they may need to trim their price expectations a little.
When it comes to taking a full landscape view, Tommy’s Wellington is ahead of the pack.
It’s easy to see the changes that need to be made in our own backyards: a lick of paint here, a fresh bit of foliage there. But what about our big backyard: the diverse and lush landscapes of Aotearoa New Zealand?
Homeowners are adjusting to a “new market” that’s led to a “spring rush” of listings and the re-emergence of first-time buyers.
“It’s hard to start thinking about a winter market when we have had the most amazing weather but what we have noticed is a large amount of properties coming to the market in May,” Tommy’s Real Estate Sales Director Nicki Cruickshank says. “It’s almost like a ‘spring rush’.
Entering into a legal contract of any description is unlikely to be a regular occurrence for most of us so there will be times when it is prudent to obtain expert advice before entering into a legal and binding contractual relationship. Buying or selling a house or commercial property is no exception and unless you are familiar with this process, we recommend the involvement of specialist legal consultation in particular. If the property is an investment property, there are additional considerations pertaining to taxation and tenancy laws that a new buyer should be aware of. In this blog post, we will briefly cover some areas in the buying and selling process you may need to seek advice on.
Wellington house prices have fallen since Christmas but are still probably 20 per cent higher than this time last year, Tommy’s Real Estate director Nicki Cruickshank says. “It feels to us that the market may have corrected somewhere between 5-10 per cent since the end of last year. A lot of sellers have rushed to market hoping to catch the peak but that ship has sailed.”
Everything, from COVID to inflation to lending policies, is impacting the market, Tommy’s Real Estate Sales Director Nicki Cruickshank says. “The level of COVID in Wellington has made the city feel like a lockdown over the past couple of have weeks and numbers been well down at open homes, but we expect this to improve in the coming weeks.
Real estate is often “top of mind” with large sections of our populace and is certainly a topic that gets more than its fair share of media attention. In a nation where homeownership is the goal of most people this is hardly surprising though we are at times, receiving mixed messages about the market. We are constantly getting advice, opinions, [...]
Howzat? Two top Kiwi sportsmen have joined the ranks of Tommy’s Real Estate’s most valuable players.
Former Blackcap Grant Elliott is the new Business Development/Team Culture Manager and rugby player Ben Castle is the General Manager of Tommy’s new commercial real estate division. [...]
In our fortnightly blog posts and articles in our magazine, Tommy’s has attempted to offer worthwhile real estate news and articles of real estate interest to home buyers and sellers continuously since 2006. We trust that we have been successful in this quest and that our client base has found these articles informative. Regular readers [...]
Buying a home in Wellington has become easier because there’s now so much more choice, Tommy’s Real Estate Sales Director Nicki Cruickshank says. “This time last year we couldn’t get enough houses, and we had so many buyers on each one. But this year we have twice as many houses, and probably a few less [...]
If we learned nothing else last year, we certainly learned how to adapt our customary business practises to accommodate the ever-present threat of Covid-19. The entire business community has had to abide by stringent rules to protect both clients and staff from the spread of Covid – a responsibility that we have accepted, and we [...]