Selwyn_Times: August 09, 2023

Wednesday August 9 2023 Selwyn Times 29
Property Market Update
with Mike Pero Real Estate Lincoln
Lincoln Property
Market Overview
Lincoln is still popular for those
wanting a quieter lifestyle but still close
enough to enjoy what the city offers.
Jolene Eagar from Mike Pero Real Estate
Lincoln, who works closely with clients
and builds relationships, confirms
Lincoln is about “wanting a communitybased
lifestyle and knowing the people
who live around you.” Although not as
strong as previously, Lincoln still shows a
strong market where people sell for more
than they bought.
Jolene confirms there has been a
pickup in buyers, and recent open homes
have been busy, with more properties
coming onto the market and greater
interest from buyers. Several buyers
have been cash buyers-both locals and
from the North Island, and some had
previously been renting and are now
ready for their own home. There has
been a range of properties for sale, giving
people options, with lower-priced houses
giving first-home buyers a chance to
purchase and more expensive luxury
properties available for purchase.
House prices have reduced from
previous times. However, Jolene
suggests, “Keep this in perspective as we
forget that we had such a quick growth
in the property market, and it has come
down slightly from that.” The June sales
median is $870,000, which reflects the
sale of some cheaper and more expensive
homes. Demand has been a mixture of 3-
and 4-bedroom properties for growing
families and downsizers, especially from
lifestyle properties. Buyers are looking
for a 4th bedroom or home office for
those working from home, and having a
third garage spot is in demand.
Currently, houses are on the market for
43-45 days. Jolene states, “This appears
to be driven by the fact we are seeing
more deadline sales at the moment
rather than auctions.” Whereas auctions
usually have a three-week campaign
before selling, conditional selling is
likely to be five weeks, allowing time for
buyers to do their due diligence. Jolene
confirms, “Buyers are now wanting to
have conversations, and they need time
to get themselves organised to speak to
the banks. It’s not the rush to buy with
the FOMO (Fear of missing out) like it
used to be.” She also suggested buyers
are more prepared, getting pre-approval
and knowing which properties they can
afford.
Jolene advises that after receiving
a market appraisal, sellers will have a
good idea of where their property sits
on the property market and what’s been
happening around them, ensuring they
have a realistic price expectation. As part
of their service and going the extra mile
in helping to stage the home, “it puts the
house on a pedestal, to really shine and
look its best”, buyers will be able to see
themselves living there.
Meanwhile, investors coming through
open homes are scarce, and more
investment properties are being sold than
bought.
with your local
real estate experts
Call us for an obligation-free chat or appraisal.
“Eddie and Jolene have been fantastic throughout the whole process of selling our house. They had all the
gear we needed to help stage the house for photos and open homes, this saved us so much money. They were
both empathetic to our personal situation at the time which helped take the stress out of selling. They both
communicated honestly and openly which we respected greatly! Their knowledge of the Selwyn market is
extensive. We highly recommend their professional services.” Lincoln Vendors - Verified by RateMyAgent
Eddie & Jolene Eagar Franchise Owners
Rolleston | West Melton | Lincoln | Prebbleton
0800 324 277
Mike Pro Real Estate Ltd. Licensed REAA (2008). Featured testimonial verified by RateMyAgent. Mike Pero Real Estate Ltd. Licensed REAA (2008)