House hunters spring quick offers
It?s a trend replicated across the city; a Maungaraki property goes on the market and within four days it has drawn five offers. Hutt City Professionals?sales?manager Morgan Phillips says the spring rush has ?defiantly arrived? and house hunters are swooping on available stock fast. The branch has experienced a slight increase of sellers entering the market, with 88 sellers listing properties in the period June to July, and for August to September 133 listed properties were listed.? ?The good news is these people coming on the market are selling and getting better prices than they would have earlier in 2009,? Mr Phillips says. Borders Real Estate spokesperson David Graves says, "Lower Hutt sellers are really benefiting from the current market that is displaying unusual trends?for this time of the year". "It?s unusual because at this time of the year we are accustomed to seeing lots of new listings feeding into the market and satisfying buyers who love to buy as the weather improves before Christmas,? says Mr Graves. The supply/demand ratio is running in the sellers favour and properties are being snapped up as soon as the signs go up, he says. ?This pushes the prices up,? he says.? David's company has franchises around New Zealand and word from outside?the Wellington region is that all?areas are reporting fewer listings.? "We all have a theory on why there is a 'hunkering down' by sellers, who probably feel there is a smaller selection of?replacement homes, and they are prepared to wait for that choice to improve. Meanwhile, returning expatriates and ex-renters are getting in and buying confidently while interest rates are low, he says. House values have increased nationally and houses are spending less time on the market before they are sold. For the month of August 2008 the median days to sell was 55 days and in August of this year it was down to just 30 days. Real Estate Institute show the national average time taken to sell a house in the capital during September was 30 days ? down from 33 the previous month, and compared with 52 days at the same time a year ago. Professionals?sales?manager Morgan Phillips says, ?The?number of houses for sale?has been in decrease since 2008 but?has now started to rise, and?this trend?is continuing through into October?. ?The spring rush is defiantly here. There are multi-offers coming in as soon as the house is on the market,? says Mr Phillips A recent National Radio programme predicted a significant shortage in rental properties which, he says ?could result in a rent increase?. This speculation is probably based on Auckland figures says Mr Phillips, and Wellington will have to wait and see. The Professionals is the largest property manager in Lower Hutt, second to Housing New Zealand. Professionals GM of property management Vesna Wells manages rental properties throughout Lower Hutt, Wellington, Upper Hutt and the Kapiti Coast. ?Good rental properties at the right rental always move quickly.? Our experience has been that if owners are proactive about maintaining their investment properties, they will usually attract good quality tenants and receive market rents for their homes,? she says. Mrs Wells says over the last few months there has been a good supply of tenants wanting to rent a range of accommodation.? ?There is always a shortage of good quality homes and in our experience; they are always the ones that rent first,? she says. ?
