No matter whether you are looking to buy or sell a home, it is worth knowing the available real estate agents in Auckland. You will find the process of buying or selling your home much more straightforward and efficient with them. These real estate agents can help to find the best home that meets your needs. Their greatest asset is their dedication to earning your business.
Average home worth
Despite a slower housing market and several negative reports about New Zealand’s housing market. Auckland real estate agents state that the market is still active, and active buyers are still available. New Zealand’s housing sector is expected to experience a slight rebound in spring but not at the same level it was in previous years.
In New Zealand, all the major urban centres except one are seeing their home values decline by more than a full year. Auckland and Waitakere saw the greatest declines, but there were positive outcomes in Wellington and Napier.
While credit constraints are tightening and interest rate rises, the housing industry is still active. Vendors continue to want to list properties for spring. There are still plenty properties for sale below the median.
The Auckland central areas suffered the biggest drop, with an average home price dropping by -6%. However, most other districts saw significant declines.
Queenstown Lakes District: Property values increased 11.7 percent. The North Shore saw an average increase in property values of 9.4 percent. Similar results were observed in the Wairoa-Central Hawke’s Bay Districts.
There is a growing number New Zealand cities whose house values have fallen in recent weeks. Tauranga joins the growing list. This means that Tauranga’s average value over the last 12 month has declined by 6.9%.
Auckland’s house values have declined by $157,500 in the past year. This is now the third consecutive quarter that Auckland house values have declined. The declines in each quarter are now more rapid.
Other major centres are also falling into negative territory. Credit constraints and low interest rates continue to dampen the market. The rate of decline in provincial values seems to have slowed in many centres.
Number of properties which were sold
According to REINZ the number of properties on sale in Aotearoa rose by 128.8 Percent. However, the same data show that the number properties sold dropped by 26.4%.
New Zealand’s HPI (house price index for New Zealand) increased by 6.3% in the twelve months to March. Seasonally adjusted figures show that the index of house prices decreased by 0.03 percent in January and 0.01 percentage in December.
Auckland was home to 248 $5 million plus properties in 2021. This is a 93.8% increase in comparison to 2020. The number of properties sold for at least $2 million rose by 81.6%.
Prices are continuing to rise, but growth has slowed. This may be due in part to the increase in the number of properties that are on the market. Resale prices almost doubled in certain areas. One Victorian homestead located in Mangere Bridge suburban in south Auckland sold for $1.7M in six months.
Aotearoa’s new listings fell by 1.7% during January. Wellington is currently at the bottom for the ninth consecutive month on the HPI.
The number and price of properties in New Zealand for sale declined by 2.2% between July 2020 and July 2022. New Zealand saw an increase of million-dollar properties by 94.6%. In addition, the number property sales exceeding $5 million rose by 81.6%.
However, the number sold by auction fell 8.8%. In July 2021 and July 2022, 16.3% of properties went to auction, while 26.1% did so in July 2022.
Foreigners buying houses
The process of buying a New Zealand home for a foreigner is not difficult, but there are some limitations. The Overseas Investment Office rely on lawyers and transaction brokers for their honesty. The Overseas Investment Amendment Bill (also known as the Overseas Investment Amendment Bill) was also passed. It severely restricts foreign ownership to New Zealand property.
Foreigners may purchase single family homes. They are not permitted to purchase large luxury properties. China is the top buyer, followed by Australia. New Zealand’s property prices have increased on average 114% per year over the past five years.
A recent study found that overseas home sales are responsible for only a small portion of domestic property transfers. International Monetary Fund (IMF) has urged the government to reconsider its ban.
New Zealand had 71.100 foreigners living in it over the past year. A large percentage of these foreigners cannot return due to New Zealand’s restrictive borders policy.
In December, 174 New Zealand houses were bought by foreign owners. That represents about 3% in total transfers of residential property.
The Overseas Investment Office (OIO) has approved many types of property for foreign buyers. These properties can only be sold with government approval.
To stem the rise of housing prices, several restrictions have been imposed by the government. Non-residents may not purchase existing properties, but they can still invest in large apartments blocks and hotels.
The Overseas Investment Act was intended to stop the housing market’s price spiral. However, the ban of foreign home buying is yet to be implemented.
New Zealand is being urged to reconsider the ban by the International Monetary Fund. The International Monetary Fund however stated that the new law was unlikely to increase housing affordability.
Commissions charged
It doesn’t matter if your property is for sale or rental, you’ll most likely have to pay commissions. These fees cover costs such as marketing or advertising and are split between you and the company.
New Zealand’s real estate agents can charge different commissions. Agents may charge a fixed commission, while others will charge a percentage. You can calculate the cost to sell your property using a realty commission calculator.
The average annual salary of real estate agents is $84,500. Some agents are unwilling to negotiate with sellers. They also don’t charge commissions. This can be dangerous because agents don’t receive compensation if the property isn’t sold.
Property Developers and Licensing Board regulates any commissions paid by real estate agents. New Zealand’s average commission rate is 2.9% on sales below $400k, and 2.5% on those above $350,000.
The real estate market has seen a recovery from the economic downturn that occurred in the second half of last fiscal year. Sales and prices are expected to continue increasing over the next twelve month. But, it is unlikely that the market will return to pre-recession levels of 2020.
Over the years, commissions charged by real-estate agents haven’t changed too much. Some real estate firms are decreasing their commissions. This is due a stagnant market.
Many agents are also quitting. A Herald calculation found that New Zealand’s realty agents have charged commissions of around $2 billion over the past year.
As house prices rise, so do real estate agents. Auckland’s median asking price has increased from $880,000 to $1,000,000. This means agents can charge more to sell higher-priced property.
Working with an agent in real estate
The exciting and rewarding task of buying a property is one that can be very satisfying. A good realty agent can make the process run smoothly. An agent can provide all necessary information regarding a property. An agent that is competent can help you achieve the best possible price for your property.
An appropriate qualification is necessary to become a professional real estate agent. This qualification is available through the Graduate Diploma in Business Studies, Real Estate. You will also need to have a Salesperson’s License. Massey University will provide this qualification.
The real estate market is very competitive. It is vital to keep abreast of current trends. This is possible by attending various seminars, conferences and workshops related to real estate. These events will help you gain valuable knowledge about the realty industry. It is possible to find a professional real estate agent who can offer advice on how to make your home stand out in the marketplace.
You may also consider buying a property directly from the seller. This is a great option for New Zealanders that don’t want a third party to handle their property purchase. But there are potential risks. You may not be provided with the right information. If this happens, you might end up spending more than you should.
The average asking cost for Auckland property has increased by $1m to 800,000 from $800,000. However, as property prices have increased, the percentage charged by agents for commission fees has not increased. Some real estate agents are considering lowering their fees.
