Northland property listings cool off with weather
With the chilly months arriving, property listings in Northland are expected to chill out too as buyers opt for springtime sales, according to real estate industry leaders. Christine Allen writes.
“Let’s sell in the springtime” is the mantra of sellers across the region as the winter months settle. So, why do buyers put the handbrakes on at this time of year and how does it impact the property market?
Bindi Norwell, Chief Executive at the Real Estate Institute of New Zealand (REINZ) says that listings cool off as the weather chills out.
“Traditionally people have often chosen to list in springtime when the gardens look good and it’s not so wet and the sun is out.
“The flip side of this is that there is more competition in the market in the warmer months with a higher number of properties for sale all competing to attract the best buyers.”
She says that listing in winter, however, gives vendors the advantage of showing how warm and cosy your property can be.
“There may well be less property available for buyers to select from – making it easier for you to make your property stand out during the cooler months.”
Ms Norwell says that the best time to sell is “when you need to sell your property for a genuine reason”.
“If you try and time the market you are taking a gamble that you can pick the top of the market, if this was easy or reliable we would all be property speculators with no risk of loss, clearly this isn’t the case.
“While historically the busiest months of the year, based on the number of sales, tend to be October through to March sellers are advised to base their decisions to sell on their own circumstances.
“Speculators, however, should make their own decisions and celebrate or commiserate based on their own luck in regard to timing the market.”
She says that the arrival of cooler weather in Northland also resulted in a drop in interest in holiday homes.
“…interest in holiday homes tends to taper off and volumes tend to slow a little.
“However, in the current market there are still plenty of interested buyers across the Northland region and good sales volumes have remained. There still remains a lot of interest in Northland from out-of-town buyers, particularly from Auckland as the market continues its stable position.”
Gary Younger of One Agency in Whangarei agrees that vendors tend to wait.
Mr Younger, who covers Whangarei’s residential and lifestyle markets through the agency he founded 18 months ago, says sales drop off in the few months following an April/May peak but the trend was changing.
“The last few years of a more active market has seen sales numbers stay strong through winter, and in some cases increase.
“Often the activity of a season will show through in the following month or two as sales take time to transfer. Listing stock will usually drop in the winter as the shorter, darker and wetter days reduce vendor motivation as great presentation can more difficult.”
“The reduced number of properties available can often create a strong market value wise as buyer activity remains and more competition for these fewer listings is created,” he says.
Meanwhile, Melanie Waldron of LJ Hooker Whangarei says the winter months offered new opportunities.
“Generally, there are fewer listings over the winter months, making it a great time to sell as there is less competition with other properties, but still plenty of buyers around.”