After what feels like a very long, long time of only negative sentiment in the media about the real estate market, we have certainly experienced increased activity in 2023. The reality is that lives keep moving forward and people can only stand on the sidelines for so long.
In October this year, it will be 2 years since the real estate market changed overnight. I believe that we do not have long before prices do reach the bottom of the correction.
My personal view is once that happens prices will level out for some time as there are too many factors that will prevent the market from ‘bouncing’ straight back up into growth mode. Including high-interest rates, inflation, and increased cost of living to name a few. However, at the end of the day if you have two parties willing to meet the market ‘fairly’, transactions can be done, and we are doing them.
For example, we recently sold 6 properties in 37 days, which were a combination of investment properties, owner-occupied homes, development sites, standalone homes, and units. Unfortunately, we haven’t seen the same increased activity in the apartment sector yet, which seems to be due to an oversupply, particularly in Auckland CBD.
Those properties recently sold were:
- 34 Albert Street, Otahuhu
- 36 Albert Street, Otahuhu
- We combined two owner-occupied neighbours to sell in conjunction with a well-known and reputable Auckland developer.
- 1/3 Willerton Ave, New Lynn – Goodwins managed property
- 5 Barnfield Place, Glendene – Goodwins managed property
- 2/6A Fir Street, Waterview – Was managed by a competing real estate company in Mt Albert
- 132A Browns Road, Manurewa – Goodwins managed property
Finally of the many properties we have been fortunate to be involved in selling so far, one we were particularly happy to be a part of was to help an existing Goodwins tenant purchase their first home when the property they were renting was going to go to market in late 2022.
From the happy new owners of 6/24 Eastglen Road, Glen Eden.
“Brendan supported us to buy the house we were renting. He was always there to answer any questions we had, and he was very patient and kind through the stress of buying our first home. Thanks, Brendan, for all your support. Very grateful to own our first home” – Shannon McNulty.