Auckland vendors head to market: Barfoot

Its hardly surprising the number of listings available has shot up - simple evidence of this is how 'thick' the latest property press is. A quick flick through the property press will also show that the vast majority of properties are up for auction - a sure sign agents believe demand is high - but also frustrating for both first home buyers and investors. More and more auctions are starting to pass in because of an excessive reserve price that many are now just not willing to pay. There are also a significant number of "high value" properties (anything significantly above Aucklands $600k average) for sale. The majority of first home buyers won't even be in the half mil+ price range, and neither will most investors (developers perhaps - but then how lucrative is development with council regulation and contribution costs?) Additionally, the quality of the lower value and affordable investment properties is becoming a rarity, daily I see traders cutting costs to maximise revenue leaving many poorly renovated properties around with paint hiding a maintenance nightmare underneath - so do your homework and don't buy someone elses problem. I certainly will be one who continues to tread with care, paying careful attention not to get sucked into real estate agent hype.