Everyone seems to have a question about the Wanaka Real Estate market whether they are locals or visitors. In fact, the most common piece of waste left behind in rental accommodation is the Property Press, believe it or not. Many people seek to clarify with me the role of a listing agent. These agents are paid by the vendor or seller of the property – they are working for them and have the job of achieving a sale and at the best price possible. The listing agents, however are legally obliged to treat buyers with a duty of care, but are employed by the seller of the property to work for them to achieve a result. A buyers agent is paid by the buyer to secure the best property, at the best price for the buyer.
The buyers of Queenstown property are often more than anywhere in New Zealand, linked in to the impact of the global economic climate. My clients in this market have been forecasting a global correction to potentially occur anywhere onwards from mid-winter in New Zealand. So - are we finally seeing a buyers market - times have turned in most other areas of the country, hopefully, we have and its time to get out there and buy. buy, buy.
The latest statistics out on Queenstown and Wanaka property sales may be starting to reflect what the feeling is out and about around the streets. Has the cycle turned or plateaued and is there less urgency out there with the buyers? Will the autumnal temperatures reflect the pattern of the sales curves and figures in our Queenstown and Wanaka property markets.
The local council has decided to buy a house in Queenstown. The property is on one of the main gateways to Queenstown. This is a strategic investment which will hopefully benefit the community whilst retaining the rural nature of the strip. In 2017 land in this area became capable of fairly high density residential development, which is seen by the community as controversial with many preferring to have a more picturesque gateway to Queenstown.
I have been a little bit surprised recently seeing evidence of Wanaka property buyers making what appears from the outside uneducated and poorly informed choices. Is it panic buying after missing out for months or just letting the heart lead the head? There seems to be no rhyme nor reason as to the choices that some buyers are making when it comes to purchasing, when I try to analyse from afar.
Has there been any sign of a slow down in the Wanaka and Queenstown property market – one of the hottest questions on the block. I initially thought that the new legislation had impacted but to be honest I have retracted all these thoughts in the past 2 weeks.
When the options have seemed slim for those keen to get on the Wanaka property ladder in recent months, buying land and building has been a popular option. Absentee buyers and busy people had traditionally been most keen on buying an existing home, the ability to have an advocate on the ground however, has made the opportunity to build a reality for a number of my clients.
Probing discussions this week with a corporate type individual had me reinforcing my belief in the dual agent system prevalent within the Australian real estate market. Here there is an agent for home buyers separate to the vendors agent, unlike we traditionally have in NZ.
The current market is such that trying to buy a property in Wanaka can be a frustrating task. A great buyers’ agent can be your eyes and ears on the ground so that you hear about all opportunities the minute they materialize. In the current market many properties are selling within hours of coming on the market.
As a property search agent I hear about buyers missing out in the fast-paced property market in Wanaka, Arrowtown and Queenstown on a regular basis. There is such a cost to missing out on a property – not just the tangible expenses invested in the research process, but in a market like at the moment, the opportunity cost can be significant.