Smart sellers take advantage of winter…
Why is winter a good time to sell an apartment?
Over the past 2 months we’ve seen a drop in quality city fringe apartments being listed on the market which has created a patch of increased urgency and competition among buyers especially in the $700,000 – $1,200,000 price bracket.
In the last month we’ve seen multi offer situations after the first viewings, record sale prices for apartments before they’ve even hit the market and increased activity at our auctions. Conditions like these are reminiscent of the peak of the market and have not been seen for a good 12 months or more.
Our recent experience appears in stark contrast to the general market sentiment at the moment with most media reports talking of a cooling market. Generally speaking this does seem to be the case across greater Auckland and we’ve certainly seen the market become a bit patchier in the last 6 months in certain areas. So what is driving this recent momentum?
We believe this comes down to two main factors;
- This one never changes, SUPPLY V DEMAND! It’s simple, there are just not enough options available for buyers looking in the popular fringe suburbs and this is always exacerbated as we move towards winter. Typically listing numbers fall during winter so buyers will have even less to choose from and still want to buy. This is generally a great time for apartment owners to sell and take advantage of the limited supply. Apartment owners should not discount winter as a good selling time. It’s no coincidence that the recent increased urgency in April and May has come in tandem with reduced listing numbers following on from the busy summer months where we saw listings aplenty.
- First home buyers are back. After been largely absent from the market through the latter half of last year, our open times are now filled with first home buyers who believe the time to buy is now. This is partly due to their perception that the market has cooled enough to give them a better shot at purchasing, but more to do with the fact the banks have been slowly relaxing lending criteria and these first time buyers have found it a little easier to acquire the required finance.
How long these conditions will last is anyone’s guess but if you are considering selling your home or investment property in the short term, don’t discount selling through the winter! Apartments and townhouses are just as attractive to a purchaser during winter as they are in Summer.
If you’re interested to receive a FREE appraisal of your properties current value, do let us know we are always happy to help and offer our 20+ years of knowledge selling apartment and townhouses in your area.