The Tokai Property Snapshot of activity over the past four months compared to the same period last year, shows that the number of sales is down 60% and yet the average selling price has increased by 18%. But don’t get too excited – two high value property sales have skewed the figure into this ‘optimistic’ range. Interestingly the number of days on market has more than halved but with a similar differential between asking and selling price. The lesson here remains, do not overprice your house, even in a Seller’s Market.
Forest Glade is by far the best performing area in terms of R/m² – more than double the rest of Tokai. Imagine if it were turned into a full security estate, the values would sky-rocket!
Sustained high buyer demand looks to be cooling off, however. It seems that the effect of strikes, rising inflation, a couple of interest rate hikes, unfriendly bank managers and a general lack of confidence in the political arena has put a dampener on buyer activity.
What does this mean? There is a perfect storm brewing, low stock with lots of buyers still targeting Tokai. Be quick, sell now, before economic pressures force people to sell their houses and it swings back to a buyers market.
What is your house worth in today’s changing market conditions? Call Chas Everitt agent Lisa Rowell for an up to date evaluation on 021 712 5029 or 082 884 0800.