Lincoln Market Report

Lincoln

Sha Jega | Market Report

Market Commentary

The 2024 property market has presented intriguing dynamics. House listings hit an eight-year high, with many struggling to keep up with high interest rates and economic strains. While The Reserve Bank of New Zealand (RBNZ) has kept the Official Cash Rate at 5.5% in an effort to bring down inflation and stabilise the economy for future growth.

Over the past six months, Lincoln's median house sale price has increased by 6.9% compared to the preceding half-year period. However, when examining the entirety of 2023, there was a decline of -4.12% in median house prices compared to the figures from 2022.

Interestingly, we saw a decrease in market activity pre-election, and increased activity post-election, indicating confidence. With the National government taking over, the outlook for the real estate market in the long term is a good one.

In 2023, house sales in Lincoln reached record levels. As a result, Lincoln is increasingly viewed as an appealing destination for many families, with significant potential for further growth.

With inflation rate still relatively high, at 4% in the March 2024 quarter, homes will continue to be worth less into late 2024. Many people will soon be subject to the end of their fixed term mortgages. As long as you’re in a position to pay your mortgage still, factoring in the current high rates, it’s a matter of riding out the storm for now.

National Government is actively working to restore normalcy in New Zealand by implementing a single mandate. Their primary objective now is to reduce inflation to around 2%. This shift means that the sustainable unemployment rate will no longer receive primary attention, resulting in the current trend of rising unemployment rates.

If however you are looking to sell now, it is a better time now than it will be in the near future. At this point in the market, buyers simply have a lot

of options, and that's only going to get worse. We also have continued interest from buyers for properties in the Lincoln area.

Sellers just need to be realistic about the prices that they can achieve in the current market. I recommend marketing with a realistic price guide to get the best possible price for your home in the shortest time possible. If a home is priced too highly or has no price guide on it, it sits on the market for a longer period of time. The longer a home sits on the market for, the lower its sale price will be, and it will likely end up even selling for below market value.

Looking ahead to the remainder of 2024 and early 2025, and considering the potential bottoming out of the market, what can we expect? House prices are currently holding steady, yet they're not reaching the heights seen in 2021. We anticipate a gradual decline in the house prices as we move into the later stages of 2024. Once the market hits its lowest point, it typically takes 12 to 18 months to stabilise. As such, we anticipate a return to a normal, healthy growth of between 2% to 4%.

As of now, the interest rate has decreased marginally, and we don’t expect it to see much change this year. Even if it does move down by then, the restrictions placed by the Reserve bank are there to slow the economy down, by making it harder to buy. It is also now even harder for investors to borrow money. If active listings keep growing as they have been in recent months, it is a given that in a crowded market, the price of a home has to drop in order for it to sell. This is simple economics, and the only figure that needs to be looked at is the number of active listings.

Should you ever need any real estate advice, I am always here to help. As your area specialist, please reach out to me at any time.

Sha Jega

A little about Sha Jega

The first thing you'll notice when you meet Sha is her infectious energy and her ability to connect.

Raised in Sri Lanka, Malaysia, before moving to New Zealand, Sha has learned to connect with people regardless of their background along with the discipline required to succeed.

Originally joining the Najib team as a Property Manager, Sha quickly found a passion for sales and a unique ability to help her clients achieve their dream results.

Sha works closely alongside Nathan Najib, having been mentored and coached by him on her journey to become one of our best agents. With a variety of experience behind her, Sha is knowledgable and passionate about helping clients and works alongside them to be their greatest problem solving ally. Sha has a passion for giving back and enjoys being able to share her knowledge, passed down from Nathan, with the rest of the team. She aspires to be a coach and mentor herself one day and enjoys assisting Nathan with management and leadership decisions here at Najib.

Sha is an early-riser and pushes hard throughout the entire day: Listing, selling, negotiating, meeting with customers and following up, she is always driving the sale forward. Her phone battery will always be full, and she has an internal battery to match!

Sha is currently building her family home in Lincoln, and absolutely loves the locals and surroundings.

In real estate, they say the job never ends, but when she does pause from time to time, you'll find Sha sipping on a cool glass of riesling in some fulfilling places or spending time with her miniature schnauzer, Whiskey.

Lincoln Breakdown in the last 6 months

Residential Sales

November 2023 - April 2024

$890,000

Median Selling Price

48

Average Days on the Market

6.9% increase No Change

107 Properties Changed Hands

$1,850,000 Highest Selling Price

7.8% decrease No change

Sha made selling my home a breeze

Sha made the whole process of selling my home a very straight forward one. I appreciated the time she took to get me know me and what was important for me in the sale process. Clear, timely communication about each step mattered to me, and this was exactly what Sha and her team delivered. A painless process from start to finish! Sha connected with my buyers and got to know them well too, ensuring very happy purchasers and one thrilled vendor (me!) who was absolutely delighted with the price that Sha negotiated for my property. I am so pleased that I chose Sha as my agent - she did an amazing job.

Verified by RateMyAgent

12/10

We are very grateful for Sha's hard work. She sold our house not just in a timely manner, she accommodated all our specific requirements and used the method that suited our situation the best, made the whole process as smooth as possible. She's very knowledgeable. She communicated with us at every step and explained in detail so we have confidence that we were making the right decision. Thank you very much Sha.

Verified by RateMyAgent

Top Residential Sales in Lincoln

Lincoln Monthly Median House Sale Price

Lincoln Number of Houses Sold Monthly

Lifestyle Property Sales in Lincoln

Lincoln House Sales

Lincoln Annual Sales Data

Residential House and Section Sales

The market has changed.

It’s not good enough to install a signboard, conduct 2 or 3 property viewings, hand out flyers, and hope you can eventually sell a home for a reasonable price.

Those days are gone.

Today you need an agency that has a strategical approach in order to achieve a premium price. At Najib we are proud to say we have perfected the selling process from start to finish.

We don’t just sell homes, we maximise the value of your property each and every time.

Book your free property appraisal with Sha: najibrealestate.co.nz/Sell/Free-Property-Appraisal/

Najib Property Management

In 2023 we welcomed Bronwyn to Najib as our Head of Property Manager. Bronwyn has a passion for property management and her attention to detail, combined with her knowledge, is an asset to the property management team.

We manage properties all across Christchurch and Selwyn, providing the highest level of service to our landlords and tenants.

We know that the key to a successful investment is having great tenants who look after the property to a high standard and pay their rent on time.

Our passionate and proactive team focus on achieving optimum results. Najib prides itself on reading the market's ebbs and flows to ensure your property always attracts its maximum rental value, with minimal vacancy times.

With our finely-tuned documentation processes and a sound understanding of legislation front of mind, we leave fewer things for you to worry about. This brings you one step closer to securing a profitable future with a steady investment return.

If you would like to find out more about property management with Najib, please take a moment to touch base with Bronwyn. We would love to help you manage your investment.

Bronwyn Gin

m 021 432 684

@ bronwyngin@najibre.co.nz

Najib Sales Team

Nathan Najib West Melton Specialist

m 027 514 0775 @ nathan@najibre.co.nz

Sha Jega Lincoln Specialist

m 027 375 3670 @ shajega@najibre.co.nz

George Simpson Operations Manager

m 021 593 882 @ georgesimpson@najibre.co.nz

Renee Young Head Of Sales Support

Emily Herman Customer Success

m 021 701 308 @ reneeyoung@najibre.co.nz

m 03 326 7914 @ emilyherman@najibre.co.nz

A very professional lady who does not have an ego

I was very hesitant and cautious to start the selling process due to prior experiences with other agents. Sha allowed me to go at my own pace until I knew i was comfortable to let her take over. Advising without taking over. She was highly professional and listened to exactly what I wanted. At no stage was I left wondering what was happening as she kept me up to date every single step (this has not always happened with previous agents.) I had an offer very quickly due to the fact that she did not wait for a buyer, but went out and found them. I would have no hesitation in recommending Sha for an agent of any house. From a huge bouquet at the start to the bottle of champagne at the finish, Najib real estate far exceeds many companies I have dealt with in the past.

Verified by RateMyAgent

Trustworthy and authentic

Sha is the epitome of a fantastic real estate agent. Sha exudes a confidence and warmth that speaks to the depth of her care for the clients she deals with. Her authenticity and ability to connect relationally is what drew us to utilise her as an agent for the sale of our house. Prior to meeting Sha we were considering a private sale. However, we connected with Sha instantly and felt we could trust her. Sha brought a wealth of industry knowledge and skills that we lacked. Her ability to liaise between client and buyers is finessed and professional. We thank her for making a potentially stressful experience a positive one.

Verified by RateMyAgent

At Najib, the clients always comes first. They are dependent on us. We are dependent on them.

They are not an interruption to our work. They are the purpose of it. They are not an outsider of our business. They are part of it.

We are not doing them a favour by serving them. They are doing us a favour by giving us the opportunity to do so.

We would love to thank all our clients and customers for being a part of Najib Real Estate, and for the wonderful reviews you have provided.

Real Advice Nathan Najib

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m 027 375 3670 @ shajega@najibre.co.nz

116 Peterborough Street

Christchurch Central 8013

najibrealestate.co.nz