PHOTO: FILE
Local real estate experts are predicting a rise in home listings as the warmer months approach, signaling a potential upswing in the market.
After a challenging winter for both households and businesses, real estate leaders in east Auckland are gearing up for a busy final quarter of 2024.
Ian Taylor, branch manager at Ray White Howick, notes that the start of the year saw an increase in residential property listings in Auckland’s eastern suburbs, peaking in mid-February. This was followed by a slight decline until early July, which marked the lowest point for new listings this year.
“Since then, we’ve observed a steady increase, with a significant surge over the last two weeks,” Taylor says. “We anticipate more properties will come to market in spring, as the number of appraisals has significantly risen, indicating more choices for buyers.”
Steve Maserow, branch manager of Barfoot & Thompson Howick, reports that his agency also experienced a “more buoyant” market between January and May. However, winter brought a noticeable dip in both volumes and sale prices.
“In the past four weeks, there’s been a slight increase in buyer activity, but no movement in prices,” Maserow explains. He adds that buyers are focused on value propositions due to the abundance of choices available. Although more buyers have been attending open homes recently, Maserow cautions that this trend is still inconsistent.
Last week, Barfoot & Thompson Howick saw two auction sales with five bidders and a tender that attracted eight submissions—an encouraging sign, though still too early to call a market turnaround. Maserow believes the market may have reached its bottom and, with interest rates dropping and banks eager to lend, expects a slow recovery with more activity in spring and summer.
Maserow suggests that now might be a good time to invest in residential real estate and considers the upcoming months an ideal period to sell, though vendors should remember that there’s still plenty of inventory on the market.
Lauren Mirabito, branch manager for Bayleys Howick and Beachlands, shares an optimistic outlook, expecting a strong period from October to Christmas, with a high number of homes entering the market next month.
“The market is definitely improving, with more confidence among buyers,” Mirabito says. “People are acting quickly now, driven by the belief that we’ve hit the bottom and are on the way back up. Buyers are purchasing now to avoid higher prices later.”
Mirabito anticipates a surge in activity in October, November, and December as both buyers and sellers who have been waiting for the right timing are now moving forward. She notes that some homes that had been on the market for two to three years are suddenly attracting multiple interested parties and selling at prices that satisfy vendors.
“We’re seeing two types of buyers: those holding out for low prices in hopes of finding bargains, and new buyers willing to pay fair prices and make quick decisions,” Mirabito says. “It’s no longer a buyer’s market. It’s a balanced market where reasonable negotiations lead to great outcomes.”
One of Bayleys’ recent listings in Cockle Bay drew an impressive 68 viewing groups, a significant increase from the usual three to eight groups.
“It’s been a tough winter with financial pressures and uncertainty,” Mirabito concludes. “But there’s now light at the end of the tunnel, and everything feels like it’s moving in the right direction.”
SOURCE: TIMES