There was some interesting reading in the January Real Estate Institutes Monthly Report.
Compared to January 2017 the Auckland median price decreased 1% to be $820,000. Manukau City had the biggest fall at -10% whilst Franklin came off best with a 8% increase.
Compared to December 2017, the region’s median decreased 5% with Rodney being the only TA having an increase in median price. The median price in January was $851,000 up from $812,500 in December 2017.
Omaha and Point Wells market remain “steady as you go” however buyers remain cautious in tandem with the economic forecasts recently being promoted by the media.
Properties with all the right fundamental characteristics like good location and street presence, well presented, good practical layouts, no building issues, are selling well. Buyers however are feeling that 'it is a buyers market' right now and are becoming quite selective in choices and in making decisions as there is no urgency (i.e with constant worry of prices escalating) and with more stock coming onto the market feel that there could be something better to choose from, and they will wait.
If a property is presented with any perceived issues, buyers will use that as a 'tool' to negotiate price, or just walk away waiting for a better property option.
In the current market, present your property to its best potential, be prepared to negotiate a little bit, and most of all choose an agent that knows their patch, understands and is very familiar with the value comparison characteristics of other properties sold/on the market in their area of expertise. This gives buyers the comfort of dealing with an expert who can support price, and ultimately get the deal done.