Auckland Real Estate: My Property isnt Selling - what's gone wrong
What You Need To Know About Selling Your Property in Auckland
If you’re having trouble selling your property in Auckland, you’re not alone. The Auckland housing market is a complex and ever-changing environment, with many factors at play that can contribute to the success or failure of a sale. Whether you are new to the market or have been trying for some time, it’s important to understand what could be hindering your success so that you can make changes to get your property sold. Let’s dive into what could be going wrong.
With interest rates climbing and lending hurdles there are fewer people able to buy. For years now lending has been getting tighter and with climbing interest it is only getting more difficult. Banks 'stress' test applicants with higher rates than anything listed on the market.
With the average Auckland purchase price being $900,000 anyone with less than a 20% deposit (so $180,000+ in cash) and earning under $125,000 (household total) - will struggle to gain a morgage a moment. But there are still buyers out there. We just need to reach them!
Location Is Key - As they say, location, location, location! Location plays an incredibly important role when it comes to selling your property in Auckland. A study conducted by CoreLogic found that homes close to cafes, parks and popular amenities are more likely to sell faster than those located further away from these conveniences. While you may not have control over the exact location of your property, it is something worth considering when preparing for a sale and deciding on pricing.
Condition Matters - The condition of your property is also a major factor when attempting to sell it successfully. If buyers perceive any issues with the home – either real or imagined – they will most likely move on to another option instead of making an offer on yours. Anything from peeling paint and broken appliances to messy yards and unfinished projects can turn potential buyers off, so take time before listing your home for sale to review its condition and make any necessary repairs or upgrades before putting it out there.
Alternatively - leaning into any existing issues or works to be done can be a huge gain. For example our campaign on a Henderson House titled "It's Awful" went viral. We had hundreds of Open Home attendees and tens of bidders who were instructed to bring a sledgehammer and a hazmat suit should they be the winner.
With competitive bidding on the floor we attained a price the owner was thrilled with.
Going further back in History we've had properties ransacked by police which we sold complete with fingerprint dust and 'crime scene/do not cross' tape still attached to the door. Condition matters, but so do circumstances and portrayal to entice the right buyer. If the property is going to be demo'd don't waste money unnecessarily. Speak with an expert salesperson who can turn this into a pro for your sale.
Pricing Strategies - One of the biggest challenges many people face when trying to sell their property in Auckland is getting their pricing right. Overpricing can result in fewer offers (or none at all), while underpricing could leave money on the table that could be used towards other investments or purchases down the road. It’s important to do comprehensive research on comparable properties in the area before pricing yours so that you know where it should fall within current market values. It also helps enlisting an experienced real estate agent who knows how best to price homes based on recent market trends and activity within specific areas/neighborhoods – they can help make sure you don’t leave any money behind!
As always - every case is different.
If you're struggling to sell sometimes a fresh start is needed. We've done this time and time again. We can take your listing, refresh it, rebrand it and get it sold.
Talk to us today. 09 3030 601 or email scottd@citysales.co.nz