Steve Koerber's Old Blog

Remuera's house sold name since 1998 – 021864166

Posts Tagged ‘prices falling’

Prices falling in Auckland by how much?

Posted by Steve Koerber on August 6, 2008

Regarding prices falling, I understand a Meadowbank house that a colleague and I auctioned yesterday in Meadowbank was on TV3 News last night. Apparently the commentary said that the house would have sold around $900,000 at the peak of the market (last year) and couldn’t get $700,000 yesterday. Bidding stopped at $681,000 and current negotiations are into the $700,000s. Last year the owners paid $775,000 so I don’t know where they got $900,000 from. Don’t let the truth get in the way of sensationalism though eh! And by the way $775,000 minus 9% would be $705,250. This vendor will do better than the average punter when this deal is closed soon.  View the factually incorrect video here

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Auckland house prices fall by $416 per day in June 2008

Posted by Steve Koerber on July 11, 2008

Today’s NZ Herald headlines shouted the above statistic.  Auckland’s median had gone from $447,000 to $435,000 in just one month.  Low sales volumes were a major contributor.

Four months ago, in March 2008, I wrote this:  “In a few months (say May 2008 we may see a headline that says “Auckland house prices falling by $100 per week”.  By the time a headline like that is published, the decline is likely to have stopped, and the buyers are likely to have returned to the market en masse.”

So, it seems I got the figures a tad wrong.  Are buyers flooding back to the market as I write this?  No they’re not, but I can’t remember a winter in which sales numbers were at all bullish.  When buyers sense that prices are right, they will come of out of the woodwork.  Anyone who is buying right now will tell you they feel good about the price they are paying.  Did they say that during 2006/7?  No they didn’t.

Imagine the opportunites that are about to present themselves to buyers. 

On a personal note – 2007 was my best year in real estate.  More sales, more income than ever!  This year, 2008, I am tracking better than I was last year.  Fact.  The negativity, falling prices, fewer buyers etc, are simply not slowing my business.  If anything, real sellers are calling me, because (if I do say so myself :), I am selling homes without too much difficulty in this market.  The difference?  Experience and skill.

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The real estate market is always great – at the right price!

Posted by Steve Koerber on March 11, 2008

As of today, 12th March 2008, I believe the average price of real estate in Remuera is falling.  I further believe that prices will soon stop falling, level off and eventually rise.

I remember a NZ herald headline a few years ago that reported Auckland prices rising at about $500 per week. That is not the case today. 

In a few months (say May 2008) we may see a headline that says “Auckland house prices falling by $100 per week”.  By the time a headline like that is published, the decline is likely to have stopped, and the buyers are likely to have returned to the market en masse. 

But for the moment, the market is awash with sellers who want to sell and buyers who want a bargain.  What a great time to be buying!

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