There is a lot to look at before putting a property on the market. Let’s face it, a house is the biggest investment most people will make in their lifetime and making sure they get the best value for it is paramount.
Housing market dynamics changed last year. As the market slowed and the pool of buyers able to buy unconditionally declined, more homeowners started considering alternative methods to auction.
In a hot market, auctions are popular for sellers and agents as they maximise the sale price by encouraging competitive and sometimes crazy bidding. But in quieter times, the success rate can drop off significantly.
The latest REINZ data shows 14.7 per cent of properties (812) were sold across the country at auction in November last year, compared with 32.1 per cent in 2021.
Despite the auction headlines, sales by advertised price, deadline sale and by negotiation still make up the lion’s share of the residential market.
Property Market director Antonia Baker says auctions are not the be-all and end-all. “There are more negotiated sales happening as sellers get a wider selection of interested buyers to deal with."
Barfoot & Thompson’s Takapuna branch manager Nicky Rhodes says a notable difference in the market last year was auction rooms devoid of profit makers and profit takers as sales fell, listings soared and investors took to the hills. “In recent years buyers have had to compromise, but
