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Transcript

Kapiti Coast Market Snapshot · That Home Loan Hub

• 0:10
  SPEAKER_01: Welcome back to George Love from Heartcourts.
• 0:12
  SPEAKER_01: He's brought some statistics today.
• 0:14
  SPEAKER_01: So listen up if you want to know what's been happening on the Capitol Coast.
• 0:18
  SPEAKER_01: Hello, George.
• 0:19
  SPEAKER_00: Hey, everybody.
• 0:20
  SPEAKER_00: So how are you?
• 0:21
  SPEAKER_01: Good, thank you.
• 0:21
  SPEAKER_01: Good to see you today.
• 0:23
  SPEAKER_01: And I know I had your beautiful wife last month and we looked at some numbers.
• 0:27
  SPEAKER_01: Yes.
• 0:27
  SPEAKER_01: And now you've got updated statistics as of last month's.
• 0:30
  SPEAKER_00: I do, yes.
• 0:30
  SPEAKER_00: So it's it's really interesting.
• 0:32
  SPEAKER_00: We like to have a look at these every month, see how the market's going.
• 0:35
  SPEAKER_00: It's the market's been funny over the last couple of years.
• 0:39
  SPEAKER_00: It just changes literally month to month, you know.
• 0:43
  SPEAKER_00: So we do take these stats a bit with a pinch of salt, you know, because they do change so much.
• 0:50
  SPEAKER_00: But it just gives us an idea what's happened in the previous month with each area.
• 0:55
  SPEAKER_00: So when you look at why can I compare to why can I beach?
• 1:00
  SPEAKER_00: So Waikinaye's been doing better out of all the places out of compared to Raumati, Parapara Umu, it's it's um doing doing a lot better.
• 1:11
  SPEAKER_00: So the the average sale above RV for Waikanai is two percent, but then you look at Waikinaye Beach, it's nine percent.
• 1:18
  SPEAKER_00: Nine percent in Why Can I Beach?
• 1:21
  SPEAKER_00: Waikan I beach, yes.
• 1:23
  SPEAKER_00: So I mean you've got to look at these sales as well.
• 1:27
  SPEAKER_00: I'll talk a bit more about it in a minute.
• 1:29
  SPEAKER_00: The average sale in Waikanai was 845,000 compared to Waikanai Beach, which is just over a million days to sell, Waikani 48 days compared to Why Can I Beach 44 days?
• 1:42
  SPEAKER_00: Now, if you look at the amount of sales, this is where statistics is quite difficult because there was only four sales in Waikanai Beach, but you know, that's how it got these stats, there were some quite high sales, but there was only four sales that month.
• 1:59
  SPEAKER_01: So if there were four sales in debt months, yeah, were all four of them above RV?
• 2:06
  SPEAKER_00: Yes.
• 2:07
  SPEAKER_01: Wow.
• 2:07
  SPEAKER_00: Yeah, yeah.
• 2:08
  SPEAKER_00: But then you look at Paraparaumu Beach, there was 23 sales that month, you know, so there was a lot, lot more sales, but Paraparaumu Beach only had two percent above RV, so uh quite a bit lower compared to Waikanae Beach.
• 2:25
  SPEAKER_00: Paraparaumu four percent above RV, so at least they were above, but Raumati South and Raumati Beach were all under RV.
• 2:34
  SPEAKER_01: That's interesting because isn't Raumati usually a very desired area to live in because it's closer to Wellington?
• 2:40
  SPEAKER_00: Absolutely, but you know, it's that's just telling you a bit what's going on with the market.
• 2:45
  SPEAKER_00: Now, it could be we're finding there's there's a lot less of stock.
• 2:51
  SPEAKER_01: I was about to ask, that was gonna be my next question.
• 2:54
  SPEAKER_01: How much stock is actually out there?
• 2:55
  SPEAKER_00: Yeah, there's a lot less of stock.
• 2:57
  SPEAKER_00: Now, the average sale in Real Matti South was just over 800,000.
• 3:01
  SPEAKER_00: Well, the average sale in Realmaty Beach was just over 700,000, so not that terribly high.
• 3:09
  SPEAKER_00: But again, there was only seven sales in Real Matti Beach that month.
• 3:14
  SPEAKER_00: Now, in terms of days to sell, you know, we've got Wikineye is sitting one of the lowest.
• 3:19
  SPEAKER_00: It's got 48 days for Why Can I, 44 days for Waikanai Beach, the average days to sell.
• 3:25
  SPEAKER_00: Now, this is taken into account, these are only the ones that are actually selling.
• 3:30
  SPEAKER_00: There's there's a lot of other properties that are still sitting there and they're not not selling.
• 3:34
  SPEAKER_00: Real Matti South, 35 days to sell.
• 3:37
  SPEAKER_00: Real Matty Beach, a whopping 74 days average sell time.
• 3:41
  SPEAKER_01: Whoa.
• 3:42
  SPEAKER_00: Yeah, that's pretty, pretty long there.
• 3:44
  SPEAKER_01: That's a very long time.
• 3:46
  SPEAKER_00: Paraparaumu 53 days, and Paraparaoumu Beach, 53 days, exactly the same there.
• 3:52
  SPEAKER_00: So, you know, things are taking a bit of time to sell, but it's funny.
• 3:56
  SPEAKER_00: I do like a statistic now.
• 3:59
  SPEAKER_00: Megan and I had a look at our statistics for this year, and us selling, we've done quite a few auctions this year, and our average days to sell under the hammer are 30 days.
• 4:11
  SPEAKER_00: That's just for us.
• 4:12
  SPEAKER_00: Team love, 30 days to sell.
• 4:14
  SPEAKER_01: So you are performing way, way, way above the average.
• 4:19
  SPEAKER_00: The average there, which is fantastic.
• 4:21
  SPEAKER_00: So, I mean, even the ones that aren't selling, so our stats rate there is about 60% under the hammer, but the other 40% were selling within a week or two after, which is fantastic.
• 4:35
  SPEAKER_00: And sometimes that comes down to help good help with finance.
• 4:40
  SPEAKER_01: We'll save that story for the next uh another time.
• 4:43
  SPEAKER_01: For the next recording, we'll do.
• 4:45
  SPEAKER_01: But um, but you're right, it's interesting.
• 4:47
  SPEAKER_01: You know, yesterday I I had a first-time buyers webinar, and this is where I was explaining to people that when you look at the statistics, it may give you a general area, you know, it might say capital cost, and it might give you an average of those three areas, so six areas that we just mentioned.
• 5:00
  SPEAKER_01: Yeah, right.
• 5:01
  SPEAKER_01: But when you start diving into a specific area further and further, then the other statistics open up.
• 5:08
  SPEAKER_01: Yeah, so never take the area as a holy grail, yeah.
• 5:14
  SPEAKER_01: So to speak, like if if you're looking to buy in carpet, don't look at just oh, carpet average sales day is 40 days and it might be only 2% above.
• 5:23
  SPEAKER_00: Yeah.
• 5:24
  SPEAKER_01: You know, the RV, or it might be 2% below RV.
• 5:26
  SPEAKER_00: Yeah.
• 5:27
  SPEAKER_01: Until you start looking into a specific area where you want to be, it might be a completely different picture.
• 5:32
  SPEAKER_00: Exactly.
• 5:32
  SPEAKER_00: And and it comes down to the house as well.
• 5:35
  SPEAKER_00: You know, it comes down to that.
• 5:36
  SPEAKER_00: We we we just sold one uh auction last week.
• 5:39
  SPEAKER_00: The RV for that was 700,000.
• 5:42
  SPEAKER_00: It sold for just under 900,000.
• 5:44
  SPEAKER_00: I mean, that's whopping nearly a whopping 200,000 above the RV.
• 5:49
  SPEAKER_00: Now that that's quite unusual in today's market, but it was it was just, I mean, that these these buyers, uh sorry, these these vendors, I'd been working with them for two years before they came to the market.
• 6:01
  SPEAKER_00: So I was giving them advice on what to do with their house, and they did all the jobs that we spoke about on the house, and that's what I believed helped them get that amazing price.
• 6:13
  SPEAKER_00: And you know, it was a very popular house.
• 6:16
  SPEAKER_00: We had four weeks on the market, we had over 60 viewings at the property.
• 6:21
  SPEAKER_00: It was a very busy house, and we had four early offers on it, so there was a lot of competition, and that's what gets you a good price in today's market is the competition.
• 6:31
  SPEAKER_01: Yeah, yeah.
• 6:32
  SPEAKER_01: And to be honest, that happened to one of my clients last week.
• 6:34
  SPEAKER_01: There was an auction, we pre-approved them for 800 to 850K for that particular property, and I believe it went crazy at the auction and it went like almost 900k.
• 6:45
  SPEAKER_00: I think we're talking about the same property, correct?
• 6:47
  SPEAKER_00: So yeah, so we we weren't expecting that, you know, and that's what can happen sometimes.
• 6:52
  SPEAKER_00: Yeah, it goes a lot higher than where we we saw it, you know, and that's the beauty of an auction, I suppose.
• 6:58
  SPEAKER_01: Yeah, but then it I guess it can also go the other way around too.
• 7:02
  SPEAKER_01: Absolutely.
• 7:02
  SPEAKER_01: If people not prepared for the auction, yeah, I mean they haven't got their ducks in the road, then the property may not sell at the auction that that's easily.
• 7:09
  SPEAKER_00: Absolutely, but then you know, that's where we do, like Megan and I as well, when we do auctions, we work very closely with our conditional buyers as well, so that we're not just putting all our ducks into one basket or all our eggs into one basket, hoping for cash unconditional.
• 7:26
  SPEAKER_00: So we work very closely with them, and that's where people like yourself come in a lot, you know, and helping us get these conditional buyers there as well.
• 7:35
  SPEAKER_01: Exactly.
• 7:36
  SPEAKER_01: Awesome.
• 7:36
  SPEAKER_01: Anything else to share around statistics there, George?
• 7:38
  SPEAKER_00: No, that that's basically it.
• 7:40
  SPEAKER_00: I think what we do is maybe next month come back again and and just have a look at them stats again and compare them and let's see what the movement's like.
• 7:48
  SPEAKER_00: You know, we're come we're in an election year as well, so let's see what that that does to our stats with his being in an election year.
• 7:56
  SPEAKER_01: Yeah, and look, OCR just went up as well.
• 7:58
  SPEAKER_00: Yep, it did.
• 7:59
  SPEAKER_01: So that usually affects properties, whether people, you know, feel more confident or less confident, putting the property out there, and also, you know, the talks of the job cuts in Wellington region.
• 8:09
  SPEAKER_01: Yeah, that also had a massive impact on us in Capitol Region as well, I think.
• 8:14
  SPEAKER_00: It does.
• 8:15
  SPEAKER_00: But hey, look, there's always going to be people selling and there's always going to be people buying.
• 8:19
  SPEAKER_00: You know, there's we we are dealing a lot, Megan and I, at the moment, with a lot of retirees going into retirement villages and stuff like that.
• 8:27
  SPEAKER_00: We've got a lot of that here in Capita.
• 8:29
  SPEAKER_00: So yeah, we we help, we work with them people very closely, helping them with that with that move.
• 8:34
  SPEAKER_00: And yeah, so yeah, there's there's always places coming available.
• 8:38
  SPEAKER_01: Exactly.
• 8:38
  SPEAKER_01: Awesome, George.
• 8:39
  SPEAKER_01: Thank you so much, and see you soon again.
• 8:41
  SPEAKER_00: Thank you.