logo
ENFRع
#

Latest news with #EdMcKnight

House sellers 'keen to move on' driving increase in sales
House sellers 'keen to move on' driving increase in sales

RNZ News

time16-06-2025

  • Business
  • RNZ News

House sellers 'keen to move on' driving increase in sales

For Sale Sign Photo: RNZ / Angus Dreaver More houses changed hands in May, but for generally lower prices, and buyers are taking their time about their decisions, the Real Estate Institute (REINZ) says. REINZ data shows that, at a national level, the median house price dropped 0.9 percent year-on-year in May, to $763,000. Auckland's price dropped 3.5 percent. Excluding the biggest city, the median price was stable. The number of properties sold rose 8.9 percent compared to a year earlier, to 7166. Northland had the highest increase in sales count, up 33.3 percent year-on-year, from 171 to 228 sales. Tasman followed with a 29.7 percent year-on-year increase, from 64 to 83 sales. Canterbury had the largest number of properties sold in any May month since 2006 and Tasman since 2013. Listings were up almost 3 percent. The median number of days to sell properties lifted by three to 47. REINZ said this reflected buyer caution. "Purchasers are taking longer to commit, which local agents suggest could be due to a lack of buyer urgency and the fact that buyers have time to find a property that best suits them." The institute's house price index, which is designed to smooth out variation caused by the make-up of sales, was up 0.1 percent year-on-year and down 0.6 percent compared to April. Ed McKnight, property economist at Opes Partners, said there were signs of increasing demand and supply in the market. "Lower interest rates are drawing more people into the market. But the number of property listings is high. That's in part because of Kiwis moving overseas and selling up in New Zealand. "Because if both demand goes up you get more sales and higher prices. If supply goes up you get more sales and lower prices. "So the pricing effects are cancelling each other out and sales are recovering well from the bottom of the market." Kelvin Davidson, chief economist at Cotality, said sellers had already been willing to meet the market. the number of deals had returned to normal for this time of year after a long period of sluggishness. "At face value, another rise in sales alongside a continued flat patch for prices would add to the case for thinking that more sellers who have sitting on the market for a while are now just keen to move on. "That said, there's nothing to suggest sellers are capitulating; yes, there's a lot of listings and buyers still have the upper hand, but I'd say most vendors are still willing to be patient." Prices remain 15.8 percent below their previous peak.

The Panel with Ed McKnight & Niki Bezzant (Part 2)
The Panel with Ed McKnight & Niki Bezzant (Part 2)

RNZ News

time14-05-2025

  • Automotive
  • RNZ News

The Panel with Ed McKnight & Niki Bezzant (Part 2)

food life and society about 1 hour ago Tonight on The Panel, Wallace Chapman is joined by panellists Ed McKnight & Niki Bezzant. The trio discuss why Cantabrians still love the car. After all the Guinea Pig chat on yesterday's Guinea Pig show we speak to a Cavy professional. Plus... Is dripping poised for a return? Ed McKnight is an economist at Opes Partners & host of the 'Property Academy Podcast' Niki Bezzant is a journalist and author

How Landlords Are Trying To Stand Out In Crowded Rental Market
How Landlords Are Trying To Stand Out In Crowded Rental Market

Scoop

time13-05-2025

  • Business
  • Scoop

How Landlords Are Trying To Stand Out In Crowded Rental Market

Renters in many parts of the country are in a prime position, as the number of rental listings they have to choose from reaches record levels. Renting a property is taking significantly longer than in recent years and average asking prices are dropping. Opes Partners economist Ed McKnight used data from Trade Me to determine that properties in South Taranaki are taking 35 days to rent, 23 percent longer than this time last year. In Stratford, the 33 days it is taking to find a tenant is up 50 percent year-on-year. Westland's 29 days is 30 percent up and Auckland's 22 days is 10 percent up. Wellington is up 5 percent and Christchurch up 31 percent. When it came to the property type, McKnight said there was not a lot of differentiation, People were primarily searching for two and three-bedroom properties, and larger places tended to take longer to rent. Last week, said the rental supply on its site in April was the largest for that month in almost a decade. Spokesperson Vanessa Williams said investors were holding on to properties, rather than selling them. Some that had been put into the Airbnb market had been brought back into long-term rentals, and some young people were living with their parents for longer or going overseas. Propertyscouts NZ director Ryan Weir said the change in the market had happened between May and October last year, but he said property investors and landlords could use tactics in their advertising to help let properties more quickly. 'I recommend people have professional photos to make the spaces look bigger and brighter. If you are taking photos on your smartphone, there are websites out there that will sort of touch them up and enhance them to get them towards the quality of the professional photo.' He said people should also think about the order of the photos they used. 'Have your living spaces or kitchen or outdoor area first, and then your least glamorous ones, like a laundry or a toilet or a bathroom at the back.' A video walkthrough would also help, he said, as would being careful about the price advertised. 'I don't want to sound like a car salesperson here, but there's a little bit of psychology and strategy that takes place, so a property at $790 a week may get more clicks than the $800 a week.' He said listings that had been live for a while could be removed and relisted to keep them among the first results on Trade Me. Allowing pets would also help a property stand out. About two-thirds of households have pets, but only 13 percent of rentals are listed as pet friendly. A rule change is coming that will allow landlords to charge pet bonds, so Weir said owners would have little to lose, if they acted early and allowed pets. He said people should also ask prospective tenants for feedback. 'If you are a property manager and if someone gives you some constructive criticism, you can say, 'Hey, if we can arrange that for this property, will you apply?', rather than not having that conversation. Now you're working collaboratively with them.' His experience suggested that a ratio of between 25-35 views every time someone added a property to their Trade Me watchlist was the sweet spot. 'If that ratio goes, say, over 35, it means it might be too expensive or it's not very appealing.' If the ratio was closer to 20 views for every one person adding it to their watchlist, it could mean the price was too low. He said things like unaddressed maintenance, or a property that looked damp and cold would put people off. Landlords and property managers should also try to make it easy for people to view rental properties by advertising open homes. 'If you manage to get someone into your ad, and interacting with it and liking the property, it's really important to sort of remove friction… have a number of viewing times and dates set up, so they can elect to take one of those. 'Have the viewing slots ready, so interested tenants can basically act immediately, and when you're at the viewing as well and you're showing these people through, have all your bits and pieces ready to go, like your application links and things like that, so that they can take the next step.' He recommended landlords keep an eye on the rest of the market and compare their listing to other similar properties.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store