Latest / Early Edition with Ryan Bridge / Rawdon Christie: Real Estate Agent on the state of the property market, Cotality data showing prices fell by 0.4% in August

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Rawdon Christie: Real Estate Agent on the state of the property market, Cotality data showing prices fell by 0.4% in August · Early Edition with Ryan Bridge

• 0:00
  Speaker 1: Let's go to housing. House prices continuing to fall. Fifth
• 0:03
  Speaker 1: month in a row now, median price 1%, down 1%,
• 0:06
  Speaker 1: I should say, for the year to August, sitting at $ 797, 000.
• 0:09
  Speaker 1: Rawdon Christie, real estate agent with me live this morning.
• 0:12
  Speaker 2: Rawdon, good morning. Hello, Ryan. How are you doing?
• 0:15
  Speaker 1: Always well. Always the better for speaking to you, Rawdon.
• 0:18
  Speaker 1: What sort of homes are people wanting to buy at
• 0:20
  Speaker 1: the moment? How many of them are there?
• 0:22
  Speaker 2: Well, there are a heap of homes for sale. We
• 0:25
  Speaker 2: know that the stock's certainly very high, and that's probably
• 0:27
  Speaker 2: what is continuing to suppress any potential house price rise
• 0:35
  Speaker 2: is simply the amount of stock on the market. We're
• 0:38
  Speaker 2: seeing particular activity, funny enough, in the two ends of
• 0:42
  Speaker 2: the market. The first home buyer market, of course, is
• 0:48
  Speaker 2: incredibly exciting at the moment because there are just so
• 0:50
  Speaker 2: many opportunities. But also at the upper end of the market,
• 0:54
  Speaker 2: we're seeing quite a lot of movement. And this could
• 0:56
  Speaker 2: be people who have taken the option to trade up.
• 1:00
  Speaker 2: But also it potentially shows that that's an area of
• 1:02
  Speaker 2: the market where economic factions are slightly more immune to
• 1:09
  Speaker 2: the concerns in the economic climate at the moment. But
• 1:15
  Speaker 2: we saw a pretty healthy August, to be honest. And
• 1:17
  Speaker 2: I think it's because a lot of vendors are just
• 1:20
  Speaker 2: getting on now. and they've realized that there's not going
• 1:25
  Speaker 2: to be any magic bullet.
• 1:26
  Speaker 1: Meeting the market.
• 1:28
  Speaker 2: Yeah, absolutely, they're meeting the market. We sold one place
• 1:32
  Speaker 2: in August which had been on the market for over
• 1:34
  Speaker 2: a year. That is a vendor who's just decided– well,
• 1:38
  Speaker 2: things are not really going to change much. So we're
• 1:41
  Speaker 2: not seeing a depressed market. We're seeing a very settled market,
• 1:43
  Speaker 2: to be honest.
• 1:44
  Speaker 1: And because, Pete, you were exactly right. People will go, oh,
• 1:46
  Speaker 1: I'll wait till summer. Don't worry, it'll turn around. Or
• 1:49
  Speaker 1: I'll wait till after the election. And you've done that
• 1:50
  Speaker 1: six times and you go, OK, maybe this is it.
• 1:54
  Speaker 2: Yeah, and the conversations we're having with new clients, clients
• 1:57
  Speaker 2: thinking of selling now, are why bother waiting? This bizarre
• 2:02
  Speaker 2: concept we have in New Zealand of waiting till the election.
• 2:04
  Speaker 2: And we literally say, what, the day after? After the
• 2:08
  Speaker 2: coalition's formed, well, that's Christmas. So January, no, you don't
• 2:12
  Speaker 2: want to sell that. So what are you actually waiting for?
• 2:15
  Speaker 2: People have actually realized, hold on, let's potentially try and
• 2:18
  Speaker 2: jump in early spring and beat the, no doubt, the
• 2:23
  Speaker 2: swell of listings.
• 2:24
  Speaker 1: Rod and Christy, real estate agent, always good to have
• 2:26
  Speaker 1: you on the program. We're always waiting for a better day,
• 2:29
  Speaker 1: aren't we? That's human nature. If you're not getting what
• 2:32
  Speaker 1: you think you need or what you think you deserve,
• 2:35
  Speaker 1: you wait for a better day. For more from Early
• 2:37
  Speaker 1: Edition with Ryan Bridge, listen live to News Talk ZB
• 2:41
  Speaker 1: from 5 a.m. weekdays or follow the podcast on iHeartRadio.