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REAL ESTATE EXPERT ASK JOHN.WILLS@CUSTOMRESIDENTIAL.CO.NZ Each month John Wills answers readers’ real estate related issues. No Question This Month. I can’t believe that nobody wants to talk to me this month... Anyway, you don’t get off that lightly, I love the sound of my own typewriter too much, so here we go. At open homes and around the traps, everyone always asks: “How’s the market going?” So, I’ll have a go at answering that one as best I can with the local information and knowledge I have. In a nutshell, the unprecedented lack of new listings is doing wonderful things for sellers at the moment. Buyer demand for our city fringe area is incredibly strong at present and this is expected to increase over the early part of 2011 as ex pats come home to visit family, get some sun and look at property before their actual return-home date which may be a few years away. If they like what they see, a lot of them buy and then find good tenants to look after their investment until they return. (Demand for rental property is seriously hot as well.) On top of that, there is a large number of local buyers who are in a strong position to act when the right property comes up. We and other agencies simply can’t find a home for them at the moment. Christmas is also a decision time for people and they come back from the break having decided that they need another bedroom, more parking, a better location etc so they enter the fray as well. I don’t want to sound like every single property waltzes out the door with a premium price paid, because that is not the case, but among the few that have come to market recently, many have done very well amid hot competition. (By the way, if you win an auction by out-bidding plenty of other potential buyers and feel that you’ve paid too much, the answer is that you probably haven’t paid too much because high-demand property will always be high-demand property. Next time it comes to the market, you’ll be the vendor watching all the action unfold...) Some very recent examples of the local market in action are Peel Street, Buller St and Williamson Ave with Custom Residential. Seriously strong results for the vendors amid plenty of competition. Also Prime Rd with Barfoot and Thompson and Wilton Street with Ray White. Almost all of these results were big street record prices! Anyway, hope that helps (even though you didn’t ask). Have an awesome Christmas and see you all tanned and gorgeous in the February edition. www.customresidential.co.nz PN

126 PONSONBY NEWS+ December 2010

PUBLISHED FIRST FRIDAY EACH MONTH (except January)

DECEMBER/JANUARY '10/ '11 Ponsonby News  

Christmas issue - covering December and January - news/views and all that is happening in and around Ponsonby

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