What Happens to Wellington's Property Market After an Election?

Ladies & Gentlemen Start Your Engines!

There's been 5 general elections since we've been in real estate and this week will be the 6th.

And we've noticed that each time, in the run up to the election, the property market has always entered into a period of uncertainty and slowdown in activity, as people tend to sit on their hands a bit to see what the general election result is and what this will mean for the next 3 years.

Will the result affect most people's plans if buying and selling in the same market… no.... but it's human nature not to like uncertainty.

This cycle is no different though it's also been happening against a backdrop of cost-of-living pressures and uncertainty and weakness internationally. It was great to see the Reserve Bank hold the cash rate unchanged last week at 2.75%. And the United States mid-term results this week may spell the end of the Iran War and the price of oil returning to something more normal and a lot of people will be happy about that.

We work to the big day here on Saturday where many of us will be glued to the TV after voting, watching the results and graphs (I do like a few graphs) or at election parties to cheer or commiserate. Cheeseboard anyone?

Each election cycle, after the dust settles, the sun comes back out and the property market resumes with no reasons to wait. With the traditional seasonal Spring Lift mooted so far, watch for its delayed start from next week with listings and sales likely to move upwards and new listings have noticeably already started their move this month, compared with the September and October months.

If you are on the sidelines a bit and want to get moving there's still plenty of time to be sold before Christmas, and with a delayed settlement into the new year if desired. We have a number of clients preparing their properties so watch this space.

While the backdrop (READ 'the average') will improve to the end of the year and into Summer there's always things you can do yourself to do better than average, remembering that each property has a potential value range and there's a lot of factors that will determine your own result for any given market.

Our most recent client sold had 43 groups through their open home in 3 weeks, several offers and achieved a sale result well above market expectations. All of which wasn't the market norm or average, but neither was their preparation and strategy.

Start NOW with a quality gauge of where your property sits in the market and a step-by-step action plan to have it prepared and presented for the best results and to fit with your plans.

Book in for a quick chat and get the advice that's best for your property, you and your circumstances backed by experience and results (027 518 0008, leonie.snook@harcourts.co.nz).

No fuss, no sales pitch, no juniors, just service!

Leonie & Steve

Leonie & Steve sell homes across Ngaio, Newlands, Wilton, Churton Park, Karori, Grenada Village, Crofton Downs, Johnsonville, Wadestown, Woodridge, Khandallah, Paparangi, Northland, Broadmeadows and everywhere in between.