Each month, the Real Estate Institute of NZ (REINZ) reports to members and to the general public on the state of the real estate market, and it provides commentaries and opinions based on sales activity for the previous month. The information provided is useful for comparison with our own sales patterns and results, and it is also of interest to homeowners or those in the market to buy or sell. The REINZ are the source of the most complete and accurate real estate data available in New Zealand. We repeat below segments from the latest REINZ news release.

Jen Baird, Chief Executive at REINZ, says: “October shows a marked increase in sales activity on September and August boosted by the usual spring uplift. Despite the restraints the market is operating under, this is a stronger than average October month. We’re seeing the continuation of what is a firm market, despite the pandemic. Lockdown restrictions are having a reduced impact. Real Estate professionals have the resources to conduct business remotely and customers/clients have the confidence to move forward and to make decisions.

Comparing listing and sales activity over this lockdown to the country’s first one in 2020, shows a sharp difference. Namely, the impact has not been so severe, and the recovery has been quicker. It is expected that sales activity across New Zealand will continue to rise in the coming months as restrictions ease further, travel limitations lift and those who previously held back listing their property do so. The demand is certainly there.” Jen Baird observes.

These comments are based on a nationwide market overview and are influenced to a degree by the Auckland/Waikato Covid limitations. They are however an accurate reflection of the Wellington market based on Tommy’s sales results and market observations. More detailed information relevant to a specific area can be provided to readers if required.

There is a perception that selling your home or apartment is a mere formality; a function that anyone can perform. On a market that has an imbalance of supply v demand such as we are currently experiencing that may be true, but there is a big difference between selling to the first buyer who makes an offer and identifying and working with buyers, one of whom may pay a premium price.

On today’s market, it is difficult to accurately determine what a property is worth, and this is where the services of a large company and careful handling of potential buyers is so important. All properties listed for sale by Tommy’s are group inspected so whilst you are dealing directly with one or perhaps two agents, the remainder of the sales team all have an opportunity to introduce a buyer for your property. The method of sale is important in creating competition and establishing the best price the market will pay. Our sales team will be pleased to discuss this aspect with you.

As a home seller it is important that you get the best advice and the best price possible particularly if you are buying again on the same market. A good agent will likely achieve this objective.

We all know that Wellington (and the rest of NZ) shuts down for about 10 days over the Christmas/New Year period! This issue of Tommy’s Lifestyle Magazine is due for public release on 23rd November so in effect that leaves about a 30-day maximum window of opportunity for pre-Christmas sales so time is of the essence. If a pre-Christmas sale is part of your plans, call Tommy’s today.

If you are in the market to buy or sell over the Christmas break, Tommy’s will have salespeople available to meet your needs. Advertising in Tommy’s magazine pre-Christmas will give your home market exposure over the entire Christmas/New Year season.

If a January/February sale is part of your plan for the new year, we urge you to contact us now! January/February are usually months when buyer activity is high. People are holidaying and often make time to look at property. Other buyers may be moving to the capital early in the year for job or educational opportunities. Bearing in mind the limitations of the MIQ system, more expat Kiwis will continue to return home and will also be seeking housing opportunities.

In summary, we are entering into some of the busiest months of real estate activity, Prices are still escalating and demand continues to be strong, so if a sale is on your agenda, we invite you to consult with a member of our sales team. Tommy’s will be releasing the first 2022 issue of our magazine on 25th January 2022. Sellers should ensure they have their property advertised in this popular publication.

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