With reported June sales now coming through, the six monthly sales activity for residential property in Gisborne City show we are still in a low activity phase of the cycle. Low sales volumes, but stable prices. That is the picture. Buyers are often slow to commit, showing no apparent urgency to take advantage of the good buying opportunities that exist. For sellers who have good reasons to sell, their properties are getting sold, as owners meet the market. While national market values have risen, local prices are  close to what they were 12 months ago, having recovered from the dip in 2008 and returning to the peak of early 2007.

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A fundamental truth that sellers need to understand is this. When you are selling your home, you don’t set the market price. It’s the buyers that do this. Houses are a commodity market, that is, there are plenty of them available for buyers to choose from. If your home represents good value, then buyers will make a move on it and  you will be getting close to a sale. At the end of the day, sellers only have one of two choices, you can either accept the market or you can choose not to. But if you do this, you may end up keeping your home and putting your plans on hold. But is this really part of the plan? Mmmmmm – food for thought.

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163 Stout Street is one of those homes that has a great feel about it.Totally understated from the street, this villa is an absolute delight. Full of character and cosy charm, it’s a real show stopper with it’s comfortable interiors and private outdoor living. It is located in popular Mangapapa close to schools and only 5 minutes from the city centre. The sellers have moved on an require a sale soon. Selling by auction in July, be sure to include this property on your short list.

Bare land this size within the city boundary isn’t available very often. This 1.78ha block in Worsley Street has resource consent for 21 sections. The owners have chosen not to do the development, but everything is in place. Buy now, hold for a while and develop when the market turns. What would you pay for a property like this?

This renovated property in Sunvale Crescent is perfect for a family that requires extra living space. The games room is huge, offering a perfect solution to the extra living room requirement. The inground pool will be a great spot for family and friends to share those coming summer days with. The owners are on transfer and are keen to sell. What an opportunity for you!

May confirmed another  month of low house sales in Gisborne City. The 32 residential sales that were recorded for May are similar to previous months which have averaged 35 sales for each of the five months this year. These low volumes signal we are continuing to be in a buyer’s phase of  the real estate cycle. In this market buyers face less competition to secure their dream home, while sellers on the other hand need to have their properties priced right in order to achieve a sale. The median sale price was $245,000 which is indicative of the flat market we are experiencing.

watch this weeks video report

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When the market is flat, auction provides buyers with an opportunity to secure property at good market prices. That’s because sellers who choose to go to auction are usually more motivated to sell and are therefore keener to negotiate in order to get their property sold. From a buyer’s point of view, there’s nothing more frustrating than trying to deal with sellers who are ahead of the market. But auctions work for both parties as they provide a greater degree of certainty for both sellers and buyers. At the end of the day that’s what everyone wants; to know you have sold and to know you have bought. Watch this week’s video  for more reasons why you should buy at auction.

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Today the NZ Herald published a 27 page  supplementary property report. Interestingly while it features most of the north island cities, there is no mention of Gisborne. Even Rotorua and Hastings are cited. I wonder why we are forgotten? However, at least QV have included us in their statistical report.

Tomorrow I shall post a report on how I see the local Gisborne property market. In the mean while, if you can get your hands on a copy of today’s NZ Herald, it makes interesting reading.

Below is an excerpt from one of the featured articles.

The residential property market is facing an uncertain year as the country strives to recover from the recession and investors react to the sector’s tax changes, the latest New Zealand Herald Property Report says.

Property writer Bruce Morris says in the liftout in today’s paper this year “could be the shocker” that property experts inaccurately predicted for last year.

The report contains comprehensive data from Quotable Value on average estimated values, median sale prices, and changes over preceding months and years for nearly 400 suburbs and localities in the North Island.

Article by Martin Johnston, NZ Herald

Too often tiny rooms in apartments or small houses just can not fit conventional furniture. It seems that most furniture is made for larger homes and there is nothing worse than a cluttered floorplan. Often the solution is to remove items at the expense of functionality. Space saving furniture is a real asset to apartment dwellers and hotels, but often designer type furniture would not stand up to too much heavy duty treatment. But now, there may be a better way for everyday use., if you can get your hands on this furniture. I don’t know if these products are in New Zealand (you could try a google search), but take a look  at this cool video of some very clever designs. They are fun to look at even if you don’t end up buying them.

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