Frequently Asked Questions
These FAQs will explore the most commonly googled questions about real estate in 2024, providing comprehensive answers to help you navigate the ever changing world of real estate with confidence:
The real estate industry in Auckland is expected to remain dynamic, with a strong emphasis on sustainability and meeting carbon reduction targets. Investors and developers are adapting to these changes to stay competitive in the market.
Investment trends in Auckland’s residential market show a strong preference for properties that are energy-efficient and sustainable. This includes homes with features that align with net zero carbon (NZC) standards, as buyers and investors increasingly prioritise sustainability in their purchasing decisions.
The residential real estate market in Auckland is set to see continued growth, albeit at a more measured pace compared to previous years. Market predictions indicate modest increases in house prices, with estimates ranging from 2.6% to 10%, depending on various economic factors and policies.
As one of the most commonly searched questions, it reflects the desire to stay ahead of the latest real estate market dynamics. Understanding the current landscape is crucial whether you're a first-time home buyer, a seasoned investor, or an aspiring seller.
- In 2024, key trends include:
* The impact of technology on property transactions
* The rise of sustainable and smart homes and
- * The influence of remote work on housing preferences
The Auckland property market in 2024 is characterised by rising prices and high demand, particularly from first-time homebuyers. However, higher interest rates are posing challenges for affordability.
As of March 2024, Auckland's residential property market is experiencing a gradual recovery with house prices increasing by 4.4% over the past year. This rebound follows a previous downturn where prices dropped by 14% from their peak in February 2022 to a trough in June 2023.
Investors are focusing on properties that meet net zero carbon (NZC) standards due to increasing demand for sustainable real estate. This trend is expected to grow as organisations prioritise their carbon footprint.
- Staying updated on these trends empowers individuals to make informed decisions aligned with the market's direction.
There is a growing demand for net zero offices in Auckland, driven by businesses aiming to meet sustainability goals. This demand is likely to influence the development and renovation of commercial properties in the city.
While the question primarily targets commercial properties, the focus on sustainability also impacts the residential sector. The demand for net zero homes is rising as part of a broader trend towards sustainable living environments, which is expected to drive more developments in this area.
The question of whether it's the right time to buy or sell a home is a perennial favourite among internet searches. Timing the real estate market perfectly is challenging and the decision to buy or sell should be based on individual circumstances and objectives.
While waiting for favourable market conditions can be tempting, it's essential to weigh the potential benefits against the risks and make informed decisions with the guidance of a trusted real estate professional.
In 2024, economic conditions, interest rates, and regional market dynamics play a pivotal role in answering this question. The answer requires a detailed analysis of individual circumstances, financial goals, and the broader economic outlook. Consulting with a trusted local real estate professional can provide personalised insights based on the current conditions in your specific market.
Homeowners and investors are constantly seeking ways to enhance the value and appeal of their properties. This question encompasses a range of topics, from home improvement projects to sustainable upgrades and smart home technologies. Generally, focusing on strategic upgrades, such as kitchen enhancements, curb appeal, and hardwood floor refinishing, can level up your home’s marketability.
Understanding the factors that influence property value empowers individuals to make focused, savvy investments that not only enhance their living experience but also contribute to long-term appreciation. Additionally, addressing maintenance issues and potentially staging the home can create a favourable impression on potential buyers.
For first-time home buyers or those unfamiliar with the home-buying process, understanding the steps involved is crucial. This frequently googled question about real estate reflects the desire for a comprehensive guide to achieving success.
In a nutshell, buying a home involves getting pre-approved for a mortgage, teaming up with a local agent, creating a must-have list of your priorities, touring homes, making an offer, conducting an inspection, making a written offer and closing the deal. Working with a top agent is the most important step, as they can help you stay on track at every point.
As the real estate market remains dynamic, sellers often seek top strategies to make their homes stand out and attract potential buyers. Staging, (the art of presenting a property in its best light), becomes a crucial factor in the speed and profitability of a transaction. Effective home staging involves decluttering and depersonalising the space and setting up furniture and decor to emphasize key features and functionality.
Higher interest rates are affecting affordability for many buyers, which could slow down the market's growth. First-time buyers, in particular, are feeling the pinch as borrowing costs rise.
Higher interest rates are making mortgages more expensive, which is a significant concern for potential buyers. This has led to a slower pace of sales growth and increased difficulty for first-time buyers trying to enter the market. Despite these challenges, property prices in Auckland are still rising.
In 2024, home design and architecture continue to evolve, reflecting the preferences and lifestyles of contemporary homeowners. Sustainable and energy-efficient features are gaining prominence, with a focus on eco-friendly materials and smart home technologies. Open floor plans, outdoor living spaces, and multi-functional rooms are also highly sought after, catering to the changing needs of individuals who now value versatility and connectivity in their living spaces.
Negotiating the best price for a property is a skill that can significantly impact the outcome of a real estate transaction. Thorough research on comparable sales, understanding market trends and enlisting the help of an experienced real estate agent can empower buyers to negotiate from a position of strength. Sellers, on the other hand, should be realistic about pricing and use a real estate agent to maximise the sale price for the property by highlighting the unique features of the property and be open to strategic negotiations to ensure a successful sale.
The real estate landscape in 2024 is marked by a dynamic interplay of economic factors, technological advancements and shifting consumer preferences. Navigating this ever-evolving terrain requires a proactive approach, staying informed about market trends, and seeking guidance from experienced professionals. Whether you're a first-time home buyer, a seasoned investor, or simply curious about the answers to these commonly googled real estate questions, reach out to Grant Hackett for a no obligation chat.
Selling a house is a significant decision, getting the timing right can play a crucial role in maximising your returns and minimising stress. Since the real estate market has its own unique dynamics at play, understanding the best time to sell a house is essential if your goal is a streamlined sale and optimal profits.
YES, it's called the Real Estate Authority, its website URL is "rea.govt.nz" (external link)
* They provide independent information for people who are buying and selling property "settled.govt.nz" (external link)
* They provide advice and guidance for real estate professionals and deal with complaints about real estate professionals' behaviour.
* They license people and companies working in the real estate industry.
* They maintain a Code of Conduct setting out the professional standards real estate professionals must follow.
* They maintain a public register of real estate professionals(external link) that includes information about disciplinary action taken in the last 3 years.
The Real Estate Agents Authority is a Crown entity, established under the Real Estate Agents Act 2008. (The Real Estate Authority is the operating name of the Real Estate Agents Authority).
YES, it's called the Real Estate public registry and can be accessed "here" (external link)
You can search the register in two ways:
1. You can search for an individual or company by name, narrowing the results by location if you wish
2. You can search for a specific licensee by their license number
It is illegal to carry out real estate agency work without a license. If you deal with an unlicensed person you will not be able to seek redress through REA if things go wrong.
This part of our guide delves into the intricacies of the housing market to try and answer the question: When is the best time to sell?
Whether you are a seasoned
homeowner or a first-time seller, understanding the nuances of timing can make
a substantial difference in achieving a successful and lucrative home sale.
Spring has long been hailed as the prime season for selling a house, and for good reason. As Auckland transitions from winter to spring, the real estate market warms up. The spring months see an upturn in property listings and buyer activity. The area's lush landscapes and blooming flowers add to the appeal, creating a sense of renewal that resonates with potential buyers.
Longer days provide more opportunities for property viewings, boosting buyer engagement. In addition, buyers often aim to finalise transactions before Xmas and the summer heat sets in, contributing to increased market activity.
To maximise the benefits of the spring market, consider listing your house in the late winter or very early spring. This allows you to capitalise on the increased buyer demand while avoiding the potential flood of new listings that can occur later in the season.
Summer follows closely as another great time to sell a house. With longer, sun-drenched days, potential buyers are more inclined to attend open houses and spend time exploring properties. The positive energy of summer often translates into an active and competitive real estate market.
While the scorching temperatures might deter some buyers, this season presents unique opportunities for sellers.. Serious buyers, including residents and those seeking investment properties, may find the summer months to be an advantageous time to explore the market.
During summer, the exterior of your house is showcased at its best. Gorgeous green lawns, vibrant flowers, and outdoor spaces in full bloom can significantly level up your property's street appeal. Capitalise on this by ensuring your landscaping is well-maintained and that your outdoor spaces are staged to highlight their potential.
While autumn might not be as conventionally popular as spring and summer, it presents unique opportunities for savvy sellers. The cooler temperatures create a cozy and inviting atmosphere that can resonate with potential buyers.
Autumn tends to attract serious buyers who are motivated to close deals before the winter sets in. These buyers often have a sense of urgency and focus, which can lead to quicker and more efficient transactions. Consider strategically pricing your property and listing it early in autumn to capture the attention of eager buyers.
Auckland's real estate market experiences a minor high season during the winter months. This period is marked by an influx of savvy buyers who understand they can really get to "see" a property and value stands out. There is nothing better than a fine mid-winter's day, with mild temperatures and clear skies, making it an ideal time for potential buyers to explore the available properties. The demand for homes during this season can be quite surprising, creating a favourable environment for sellers.
Local Market Dynamics
In addition to seasonal considerations, regional market dynamics are important factors in determining the best time to sell a house. Local dynamics, such as job markets, economic conditions and housing demand, can significantly influence the timing of your sale. Your agent will guide you through this analysis!
Economic Indicators
Monitor economic indicators that may impact the real estate market, such as interest rates and unemployment rates. Favourable economic conditions can stimulate buyer confidence, leading to an increased demand for homes.
Individual circumstances, such as relocation, job changes, or other major life events, can also play a role in determining the best time to sell. Sellers should align their plans with their own timelines and objectives. In such cases, flexibility and proper planning are essential to navigate the selling process successfully.
In the unlikely event of a dispute and in accordance with Rule 10 Real Estate Agents Act (Professional Conduct and Client Care Rules) 2009. Our complaints and dispute resolution procedure is designed to provide a simple and personalised process for resolving any complaint you might have about the service you have received from Smart Sale Real estate (brokered by eXp Realty).
Step I: Speak to the Salesperson you dealt with first, to try and resolve your complaint. Our team pride themselves on getting things right, so please give them the first opportunity to correct any issues. If you feel in any way that the resolution proposed is not to your liking, then please call and speak to our Sales Manager
Step 2: Advise the Sales Manager what your concerns are, the salesperson/s you have dealt with and what outcome you would like to see to resolve the issue.
Step 3: We hope that at this stage we can find an immediate resolution and implement that resolution. However, it is possible that the Sales Manager may ask you to put your complaint in writing so that they can investigate further. If this is the case we will need a brief period of time to talk to the salesperson/s involved.
Step 4: We promise to come back to you within 5 working days with a response to your complaint(either by phone or in writing). As part of that response we might ask you to meet with our Sales Manager and the Salesperson (only if appropriate) to discuss the complaint and propose a resolution.
Step 5: If you do not wish to meet with us, then we will provide you with a written proposal to resolve your complaint. If upon meeting we are unable to come to an agreed resolution, we will escalate the issue to our country manager (eXp New Zealand) for consideration. We will then advise you of our proposed resolution (either by phone or in writing).
Step 6: If you do not accept our proposal please advise us in writing within 5 working days. You can, of course, suggest another way of resolving your complaint.
Step 7: If we accept your preferred resolution we will attempt to implement that resolution within 5 working days. If we decline your resolution we may invite you to mediate the dispute, using an independent mediation service.
Step 8: If we agree to mediate the complaint, but do not settle the complaint at mediation, (or we do not agree to mediate the dispute) then that will be the end of the in-house process.
Remember you can make a complaint to The Real Estate Agents Authority at any time. PO Box 25-371, Wellington 6146, New Zealand I 0800 for REAA or 0800 367 7322
In the complex landscape of real estate, there is no one-size-fits-all answer
to the question of the best time to sell a house. Your unique circumstances,
local market dynamics and personal preferences all play a pivotal role in
determining the optimal timing for your sale. Thankfully, with an expert agent
by your side, you can make informed decisions that align with your goals at
every point. Team up with Grant Hackett today, to get started.