express sits down with Stewart Morgan from New Zealand Sotheby’s International Realty as he celebrates his 10th year in the industry, to discuss all things property amongst the backdrop of the global pandemic.
Stewart Morgan who initially got into the industry after a career as a property developer, says he uses his past experience of buying and selling to give him a better insight on how to be the most effective salesperson for both parties.
Well known for setting sales records at the top end of the market with luxury homes, Stewart also uses his skills to elevate properties at all levels of the market. “We sold the most expensive residential home in NZ last year and currently have the penthouse in the Pacifica for sale at a pinch over $42 million. And believe me – it is fabulous!” Stewart tells us.
“These high-end listings often hit the media and get a lot of attention, but we sell properties in all price brackets, especially if there is something special about the property. Regardless of the price bracket, we can elevate it above the level of any of our competitors, both in marketing and sales result.”
“Against the predictions of most leading economists, the housing market has been pretty hot since the end of our first lockdown last year,” explains Stewart. Almost all property types and locations around the country have had significant gains in values in this last year.
“It’s hard to say what will happen again after this lockdown,” says Stewart, “but stock numbers continue to be lower than normal and that usually means that prices will continue to increase or at least maintain.”
“There are many other factors influencing the market including; investors – who don’t seem to be put off by the changes that the government introduced earlier this year, low-interest rates, and the wealthy aren’t spending money overseas like they potentially normally would be.”
“I have heard many sellers say that they don’t want to sell at the moment as there is nothing to buy, but actually, it is a great time to sell, especially if you get in before the normal Spring rush, as once that happens buyers are spread over a greater amount of listings. When I traded property I used to try and buy in spring and sell in winter for this reason!”
“Finding a property while the stock levels are low and then having to compete with others to own it can be challenging for buyers. Additionally, the new rateable values for Auckland are due out in December (a year late due to the impact of covid) which also always creates a little confusion in the beginning.
Market value and rateable value are not actually the same thing, but a lot of the online valuation tools use algorithms that are often heavily weighted to the rateable values, so they can often affect the price that buyers are willing to pay.”
For sellers, Stewart says, find an experienced agent that you can trust, and who is good at their job (with a well-proven track record) at a company that is well known for being leaders in their field.
“This may cost you a little more in fees but it is well worth it in the end. We see people saving tens of thousands of dollars at the point of listing only to lose hundreds of thousands of dollars at the point of sale. The premium brands charge more for a reason – they are worth it!”
New Zealand Sotheby’s International Realty has a team of over 24,000 salespeople, 1000 offices, in 75 countries. In recent times the international buyer inquiry is strong as we seem on a world stage to be a safe, tranquil paradise. Who wouldn’t want to live here!
If you are looking at buying or selling contact Stewart Morgan via mobile on 021 933 305, or email him at stewart.morgan@nzsir.com
