Auckland property steady despite interest rate rises

As the Reserve Bank moves to raise the Official Cash Rate a further 25 basis points, the latest sales figures from leading Auckland real estate company Barfoot & Thompson show the Auckland property market has yet to feel any impact from the two previous interest rate rises.

Barfoot & Thompson has today released the company’s sales data for May showing buoyant sales volumes and prices, and a significant influx of new listings for the month. Director Peter Thompson says the figures suggest vendors continue to have confidence in the ability of the market to deliver good prices within a reasonable selling time.

Barfoot & Thompson sold more than 1,100 properties during May for an average sale price of $557,546. This was up 4.7% on the April average of $532,482, 8.4% ahead of the average for the first quarter and 16.3% ahead of the same month last year.

Barfoot & Thompson reports settled sales, so many of the sales transacted during May would have been signed up at a time when the March and April movements in the Official Cash Rate would have been fresh in the minds of buyers. Mr Thompson says, “It’s interesting to see such underlying strength in the property market despite the prospect of higher home loan rates.”

“We’ve been consistent in our view that the market will continue to demonstrate an underlying strength and the figures for May continue to support that position. It was particularly pleasing to see more than 1,800 new listings come on stream during the month.”

“Our Property Management division turned in a similarly strong performance in May with the establishment of a new company record for average weekly rent. Average weekly rent for May was $375, up from $361 in April and significantly ahead of the previous record of $367 (March ‘07). A total of 627 houses and units were let during May.”

Investors/First Home Buyers

This funky apartment in Albany has everything the Investor, Student, Batchelor, Batchelorette or First Home Buyer, wants or needs - literally at their door step!

• Massey University down the road
• 2 bedrooms
• 1 car park
• Deck area
• Close to motorway access
• Close to all Bays beaches
• Close to cafes and bars
• Close to the new Albany Mega Centre
• Close to schools
• Adjacent units returning $290 per week

Price:
$285,000

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Phone me now to view 0275 365971

Barfoot&Thompson
MREINZ

Preparing Your Home for a Sure Sale

I have always found that some homes simply sell more quickly and easily than others. The reasons often have nothing to do with the price or the neighbourhood and everything to do with human nature.
Here is the secret: You don't get a second chance to make a first impression.

So what have I learned works best?

Kitchens
Stove, refrigerator and sink should be spotless, all work spaces should be clean.

Bathrooms
Neat, spotless and fresh. Repair any broken tiles, reseal around bath and basin, if necessary.

Wardrobes and Cupboards
Have a good clean out - untidy or overly crowded storage areas suggest inadequate space.

Children and pets
Children and pets can distract buyers from thinking positively. Keep them secluded or out of the house, if possible, at times when the house is being inspected by prospective buyers.

Lawns and Yards
Remove clutter, cut grass, edge paths, trim hedges, weed gardens.

Front of House
Paint fix or wash fences, steps, windows, screens and front door.

Other Exterior
Paint, fix or wash side or back door, gutters, wash windows.

Garage
Straighten up, paint, fix or wash doors and windows.

Plumbing
Repair dripping taps, leaky toilets.

Lights
Replace all burned out bulbs, faulty switches.

Halls and Stairs
Remove clutter to give a wide appearance.

Hardware
Oil hinges, tighten doorknobs and taps.

General Condition
Dust, wash, paint, fix defects.

Create a feeling of spaciousness
Store unnecessary items to enlarge room size. Open curtains in daytime, close at night. Turn on sufficient lights when showing. Spray with scented disinfectant especially if smokers live in the house, or put percolated coffee on before buyers arrive.

In Winter
If you have heating, use it when showing.


NICKY'S SELLING SECRETS:

The Real Estate Salesperson needs to have as much privacy as possible when showing your home. People are often reluctant to hurt your feelings but will offer honest feedback to an salesperson. This helps us work professionally with genuine buyers and will help your home sell more quickly.

If the buyer asks you questions about your home and neighbourhood, answer directly and honestly.

Questions about an offer or price should be referred to your salesperson.


Security I recommend you use Barfoot and Thompson's Lockbox system is able to provide your property with the greatest possible protection against unauthorised entry - and its always accessible, with your permission, to a Barfoot and Thompson salesperson accompanying prospective buyers - this makes the selling process more convenient for you and motivated buyers.