200 properties on market since before 2008
Thursday 10 January 2013
Just under 20% of properties on the market have been listed for sale for more than a year.
More than 200 of them were listed before the property downturn in 2008. And more than 1400 have been on the market for more than 1000 days.
This does not include properties that are withdrawn from sale and then relisted.
Property commentator Alistair Helm has outlined the data on his website Properazzi.
He says: “As is often stated properties are not commodities that are placed on supermarket shelves, neither are they used cars which can be easily classified (there are many options for a five-year-old Toyota Corolla). Properties are unique. The pool of likely buyers for a property (who can afford it!) is never very large and the intersection of these prospective buyers and their desire to move at that time is in some ways a game of chance. You might list a property for sale only to discover (or never discover) that the buyer who most wanted to buy just moved last week!”
He said sellers would have to make an impression to capture the biggest audience possible in a short period of time.
“If this campaign over a 4 week period fails to capture interest then the best advice in my mind is to withdraw from the market for a month or so and then try again. This approach gives you the most effective way of created ‘new’ interest each time.”
Comments from our readers
No comments yet
Sign In / Register to add your comment
Coastal suburbs dominate Barfoot & Thompson’s latest list of Auckland’s top 20 hot growth spots, indicating a shift away from the traditional inner-city favourites.
Commercial property investments carry more risk than residential investments and this means that getting finance for them is a far more intricate process.
Here is what Reserve Bank governor Graeme Wheeler had to say about interest rates today.