Rural and lifestyle property markets have stabilised.
Rural and lifestyle property markets have stabilised.
Since the start of the year, the rural and lifestyle property markets have stabilised. This gives buyers and sellers in each market clear direction about how to achieve the outcomes they seek.
In January, 18 Waikato farms changed hands, while there were 19 February sales. Long-term, the average number of salesper month is 21. We are close to average, and holding steady, with values also providing no surprises.
Meanwhile in the lifestyle market, which was trending at exceptional levels throughout last year, activity has returned to a much steadier state. From double the long-term average, which is where the volume of lifestyle property sales were last year, in January, 46 Waikato lifestyle properties sold and, in February, the number was 58, compared to the long-term average for those two months of 43 and 59 lifestyle property sales respectively.
While it is not particularly exciting or noteworthy, we are clearly experiencing 'average' market conditions at the moment.
As a seller, that means you need to attend more carefully than ever to the way you present your property. If that is a farm, that includes how the property looks, as well as ensuring that all the relevant documentation around productivity, inputs and consents is fully up to date and easily able to be reviewed by potential purchasers. You also need to take particular care around pricing. If your property is overpriced, it will just sit there and buyers will not take it seriously.
You need to do all your ground work and be properly prepared. Choosing the right salesperson to market your property will ease the process.
For buyers, while the market is not accelerating, good quality properties will still be well sought after. That means if you see something that takes your interest, you need to act decisively, possibly even aggressively, to achieve the outcome you want.
We often deal with potential buyers who, after finishing second, discover that quality properties are harder to find. "If only...." isn't the feeling you want to be left to dwell on.
