REAL ESTATE UPDATE $780,000. A new bidder then came into play (as is often the case in this market) and we eventually sold after numerous increments of one and two thousand dollars at $857,000. I defy anyone to have predicted that result from the sales statistics before the auction and that is why I remain a devotee of the auction method. It’s a completely transparent process that allows the owners to see the very best offer on the day and gives all parties a chance to buy. HARCOURTS TEAM PONSONBY www.harcourts.co.nz NICOLA KELLAND Is the family home bubble going to burst? We all know that the demand for good family homes has been in hot demand for several years now in and around the desirable suburbs such as Ponsonby, Freemans Bay, Herne Bay and St Mary's Bay, but is this likely to continue? There has been some interesting editorial around the future of this market in the coming years as more and more baby boomers sell the big family home to downsize and either reduce or remove debt or save for their retirement. Some real estate commentators are predicting that the supply of family homes available to the market will increase in the coming years and potentially this market may see a downturn in pricing, while demand for apartments, terrace houses and the like will become the new hot market. Over the past few years with the recession there have been very few apartment and multi unit developments created, this lack of supply has already affected the current market with multiple purchasers for good quality stock. But if we see more purchasers seeking the lifestyle choice that these apartments provide, the pressure on stock levels will increase. If large numbers of baby boomers start downsizing out of their family homes it will provide purchasers with more opportunities and
increased stock levels created may result in lower pricing due to effect of supply versus demand. While none of us have a crystal ball to view into the future, this change in desirability of product may see some interesting changes in the coming years.
When you list your property for sale, it’s important your representative is highly skilled at answering these and other buyer’s questions to ensure you have competitive interest in your property resulting in the best possible price.
KELLANDS REAL ESTATE www.kellands.co.nz
BARFOOT & THOMPSON GREY LYNN www.barfoot.co.nz
ANDREW COSGROVE Many people are not aware that purchasers almost always buy a property through a process of elimination. i.e. they look for a reason not to buy your property (rather than the other way around) - so they can ‘cross it off their list’. Buyers will typically ask four common questions of your real estate salesperson, and the way in which these questions are answered can make the difference between a buyer presenting an offer (or coming to the auction), or looking elsewhere. Your salesperson needs to be skilled at handling these questions. The four questions are: 1. How much is the property? As most properties in our area are sold by Auction, this can be a challenging question to answer. 2. Why are the vendors selling? If the vendors are ‘just testing the market’ a purchaser will likely look elsewhere. 3. How long has it been on the market? If the property has been poorly marketed, and as a result, has been on the market for a long period of time, a buyer will wonder ‘what’s wrong with it?’. 4. Is there much interest in the property? This question is typically asked when a buyer has become quite interested in purchasing the property, and can get nervous if there are too many, or indeed too few other interested parties.
GOWER BUCHANAN If you’re looking for proof that the Grey Lynn market place is buoyant, then look no further than the sale of 14 Maxwell Avenue, Grey Lynn. With loads of potential, this quaint character home positioned on 379m2 of land in central Grey Lynn reached a whopping $1,135,000 in our Grey Lynn auction rooms. With two bedrooms and one bathroom and on the elevated side of the road, this Westmere School zoned property created lots of interest throughout the community with over 80 groups visiting the home over the three week campaign. With nine registered bidders and an auction room packed to the brim, the auction started with an opening bid of $700,000 (the CV). A number of neighbours came along to watch, keen to see how the sale may affect the potential value of their homes. 65 bids later, the hammer finally fell at $1,135,000 making for such an exciting and memorable auction. Congratulations to our agents for their exceptional work in getting the best possible price for this home, and congratulations and best wishes to the purchaser. RAY WHITE DAMERELL EARWAKER GROUP www.rwponsonby.co.nz
MILNE & CO: 7B Seymour Street, St Marys Bay SOLD for $2,350,000.00
112 PONSONBY NEWS+ August 2013
PUBLISHED FIRST FRIDAY EACH MONTH (except January)