House sellers lower price expectations

File picture

THE average asking price for a Gisborne house has dropped 11.9 percent over the last year from $326,626 to $287,928, according to data released by realestate.co.nz.

Its figures also show Gisborne has had a 10 percent decrease in the number of listings in December 2017, compared to the same time last year.

Realestate.co.nz is a national website used by real estate agents as another form of marketing properties for sale, as well as their own websites, newspapers and Trade Me.

The figures released last week also showed a 7.7 percent drop in new property listings added over the last month for Gisborne, and 100 properties have been listed on the real estate website for more than a month.

Gisborne had the second highest decrease in asking price in the country, with a 4.7 percent drop from November to December. The highest was a 7.4 percent drop in the Central North Island to $403,648.

Statistics from realestate.co.nz showed nationally in December that the average asking price hit an all-time high, and new listings dropped to the lowest level on record.

Gisborne followed the national trend with a dip in listings, but the decrease in price was unusual. Gisborne was one of only five regions that decreased in price, from November to December, out of 19.

Realestate.co.nz also said its data showed Auckland had moved from a sellers’ market to a buyers’ market for the first time since February 2011.

Trend developing?

REINZ regional director Philip Searle said he would wait for the next lot of data to come out to see if a trend was developing.

“One has to be fairly cautious when quoting figures from one month to another in a small market such as ours, as the number and value of the houses listed can skew the figures quite dramatically.

“Overall the Gisborne market has been quietly increasing over the last year or so, and I would be surprised if prices were slipping backwards currently.”

Mr Searle said at this time of year in particular it was not unusual for vendors to hold off listing their properties. Many were going away on holiday or had family coming to stay, and they were not keen to have their property shown at this time.

“I am aware that one company will kick off a fairly intense auction campaign early in the new year, so many of these properties will not be published for sale as yet. These factors probably account for a reduced number of new listings in the last month.”

The realestate.co.nz data also showed a Gisborne house would take 12 weeks to sell if no new listings came on to the market.

Mr Searle said that seemed out of kilter.

“We are traditionally more like four or five weeks. Gisborne still sells a lot of properties by auction and these would usually be over and done with within about five weeks.”

New valuations came out in November for all properties around New Zealand.

A Gisborne resident said it took her about about five weeks to sell her home and buy another one during October and November last year. She felt it was a fair market for both buyer and seller.

Even though the sale price was not as high as hoped — “is it ever?” — it had risen significantly over the two years she had owned the property.

The new owner of the property was rewarded with a new valuation in November that matched what she had bought it for.

THE average asking price for a Gisborne house has dropped 11.9 percent over the last year from $326,626 to $287,928, according to data released by realestate.co.nz.

Its figures also show Gisborne has had a 10 percent decrease in the number of listings in December 2017, compared to the same time last year.

Realestate.co.nz is a national website used by real estate agents as another form of marketing properties for sale, as well as their own websites, newspapers and Trade Me.

The figures released last week also showed a 7.7 percent drop in new property listings added over the last month for Gisborne, and 100 properties have been listed on the real estate website for more than a month.

Gisborne had the second highest decrease in asking price in the country, with a 4.7 percent drop from November to December. The highest was a 7.4 percent drop in the Central North Island to $403,648.

Statistics from realestate.co.nz showed nationally in December that the average asking price hit an all-time high, and new listings dropped to the lowest level on record.

Gisborne followed the national trend with a dip in listings, but the decrease in price was unusual. Gisborne was one of only five regions that decreased in price, from November to December, out of 19.

Realestate.co.nz also said its data showed Auckland had moved from a sellers’ market to a buyers’ market for the first time since February 2011.

Trend developing?

REINZ regional director Philip Searle said he would wait for the next lot of data to come out to see if a trend was developing.

“One has to be fairly cautious when quoting figures from one month to another in a small market such as ours, as the number and value of the houses listed can skew the figures quite dramatically.

“Overall the Gisborne market has been quietly increasing over the last year or so, and I would be surprised if prices were slipping backwards currently.”

Mr Searle said at this time of year in particular it was not unusual for vendors to hold off listing their properties. Many were going away on holiday or had family coming to stay, and they were not keen to have their property shown at this time.

“I am aware that one company will kick off a fairly intense auction campaign early in the new year, so many of these properties will not be published for sale as yet. These factors probably account for a reduced number of new listings in the last month.”

The realestate.co.nz data also showed a Gisborne house would take 12 weeks to sell if no new listings came on to the market.

Mr Searle said that seemed out of kilter.

“We are traditionally more like four or five weeks. Gisborne still sells a lot of properties by auction and these would usually be over and done with within about five weeks.”

New valuations came out in November for all properties around New Zealand.

A Gisborne resident said it took her about about five weeks to sell her home and buy another one during October and November last year. She felt it was a fair market for both buyer and seller.

Even though the sale price was not as high as hoped — “is it ever?” — it had risen significantly over the two years she had owned the property.

The new owner of the property was rewarded with a new valuation in November that matched what she had bought it for.

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