August 29, 2026 • 36 mins
No matter how nice the house is, it all comes down to the money. You could be eyeing up your dream house, but the price is always gonna be the deciding factor.
So if you're selling, how do you know what to price your house at. And if you're a buyer, how can you be sure that the house you buy will give you a similar return in the far-future?
Head of Network for LJ Hooker Allaine Burkett joins Tim Beveridge to share her insight.
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Speaker 1 (00:05):
You're listening to the Weekend Collective Podcast from Newstalk ZB.
Speaker 2 (00:10):
Or sale price, and of course that even reflects on
the way we sell houses. If it's an auction, well,
you have to set your reserve. If it's by negotiation,
you keep that to yourself, but you've still got to...
What are the conversations people have around setting a sale price?
Speaker 3 (00:26):
Well, when you come to list a house, you'll receive
an appraisal from your real estate agent. And that's made
up of comparable sales in the local area and what's
on the market. So you've got a really good idea
of where your property is positioned within those other properties.
Speaker 2 (00:46):
How often do people have unrealistic values? I guess in
a market where there has been a bit of a
peak and it's come off, and in some places people
are selling for less than they paid for it, which
is a bitter pill to swallow. How do people work
out making those, accepting it, I guess? what they've got
to sell for.
Speaker 3 (01:03):
Yeah, that's right. I guess it comes down to motivation
of the seller. Do they really need to sell? Otherwise,
there's plenty of people just waiting at the moment, waiting
for values to bounce back. Although in saying that, let's
think last month, we saw statistics where eight out of
the 16 regions had price increases.
Speaker 2 (01:23):
So it's not all.
Speaker 3 (01:24):
Doom and gloom.
Speaker 2 (01:26):
When you say it's not all in doom and gloom,
there'll be people listening again. She just said it's not
all doom and gloom, which means It is doom and gloom,
but there's some bright spots.
Speaker 3 (01:34):
Well, there's a bit of pressure, especially in the Auckland region. Definitely.
It's a challenging market.
Speaker 2 (01:40):
Why is there some, because before we went on air,
you were talking about it's almost a tale of two islands,
because down south there's some really positive stories going. I mean,
it's not like it's going gangbusters, but there's much more activity,
isn't there?
Speaker 3 (01:52):
Yeah, there's more activity.
Speaker 2 (01:54):
Why is Auckland, why does Auckland suck right now? for
the market? I was trying to think of a technical expression.
Speaker 3 (02:03):
I don't know. I think, you know, there's more of
us here. We've had a massive influx of smaller properties
and all that infill and all of the developers and
there's certainly some of them are under pressure. But well-priced
properties in good areas are still selling really well.
Speaker 2 (02:20):
Do you think actually, there is a side topic just
on what you've said that there seems to be a
lot of politicising of property right now. As if prices
need to come down hugely, and look, if you're buying,
you want prices to come down, of course, but I
(02:41):
wonder if it's not reflecting the reality, the political discussion
on what's actually happening with the market, because the policies
that are talking about disincentivising investment in property, but whereas,
in fact, in Auckland, there's been a huge number of
properties developed and townhouses and all that sort of thing.
Do you think that there's somehow this old view of
(03:04):
real estate and what it's doing, which is not really
reflecting what the current situation is? Does that make sense?
Speaker 1 (03:10):
No.
Speaker 2 (03:11):
Okay. What I mean is everyone thinks that the market's
too expensive and that we need to really have a
crack at people who are driving house prices up. And
my point is house prices are not driving up. There's
more supply and there's cheaper houses, is it? That's what
I mean. Does that make sense then?
Speaker 3 (03:27):
Yeah, that makes sense.
Speaker 2 (03:28):
Sorry, I waffled on a bit too much then.
Speaker 3 (03:29):
It's all right. I think the big thing is this
isn't a market to fear. If you understand it, then
all well and good. If you're thinking of selling, do
your homework, get an appraisal, be realistic.
Speaker 2 (03:43):
Yeah.
Speaker 3 (03:44):
Yeah, if you're purchasing, there's lots to choose from at
the moment. Great time to lock in interest rates.
Speaker 1 (03:49):
Yeah.
Speaker 2 (03:49):
How often do people have an unrealistic expectation for price
then if they're selling? Is that a constant battle for
you guys right now?
Speaker 3 (03:55):
That's human nature.
Speaker 1 (03:57):
Yeah.
Speaker 3 (03:57):
Yeah, it's always been like that. Everyone wants to sell
for the absolute maximum they can. They can only sell
it once.
Speaker 2 (04:03):
Yeah.
Speaker 3 (04:04):
Yeah.
Speaker 2 (04:05):
So if somebody comes in, they've had a house, they're moving.
Let's say they're not experienced, so they don't actually have
an informed view of the market. They've simply had a
house that they've lived in, and it's time to sell
it because they're moving on somewhere. What's the process in
terms of setting a selling– Do you actually talk to
(04:25):
valuers more or do the real estate agents just know
from what's happening in the area, look, we've got a
pretty good idea from the word go?
Speaker 3 (04:33):
Yeah, the agents know exactly what's happening in the area.
And I guess if you were thinking of selling a house,
I don't think you just wake up and think, let's
put the house on the market. You've probably had a
look around. You've had a think about where you want
to move to. you might be trading up or trading down.
So you would have looked at prices in the areas
and have a good understanding of what your home is
(04:54):
worth before you get that agent in.
Speaker 2 (04:56):
How many people don't have a good understanding of it
because they just remember what they paid for it? And
they're like, well, it's still a gorgeous house. We know
how good it is. We just need to find the
right buyer for it.
Speaker 3 (05:04):
Oh, I think at their heart, they know exactly where
it sits. But everyone wants to sell for the maximum
they can. And if you've got a good agent, if
the market's you know, if the property is marketed correctly and,
and to a broad range of prospective purchases, then you've
got a better shot at getting a good value.
Speaker 2 (05:22):
Is the reason that there's, um, you know, Auckland's the
one that's the markets that's struggling. And you've said, you know,
we've had a lot more, we have had a lot
more houses come online because people selling for whatever reason,
but there's more supply anyway, isn't there with new developments. Um,
Is part of the reason that it's also flat is
because Auckland was the place that went the most bonkers
(05:43):
when it really went through the cheap interest rates and COVID.
Is that part of the whole picture?
Speaker 3 (05:48):
I think potentially, yes. I think cost of living has
a lot to play as well. And, you know, there's
a much bigger cost of living pressure on people within Auckland.
It's still unaffordable.
Speaker 2 (06:01):
Okay. Um, now I've got some texts already rolling in
for you, by the way. So if you've got some
questions for Elaine Burkett, she's head of network at LJ Ilka,
but also how did you, if you have been someone who's, um,
selling at the house, was it a bit of a
battle just emotionally to work out the, what the price
was going to be? Because I think for a lot
of people, you know, it's the biggest purchase you'll ever
(06:21):
make or the biggest transaction you've undertaken in your lifetime. Um,
and it is stressful. What do they say? Death taxes
and moving house, I think. Um, Taking your calls, 0800
80 10 80. Actually, we've got a call coming through,
but I'll deal with a couple of the texts. Hi, Tim.
We're mum and dad investors hitting retirement. Can you ask
(06:42):
Elaine for me? We have two by two bedroom units
on a cross-lease property. Is it best to sell at
the same time or one at a time? Someone mentioned
that you get much less for two at the same time.
What are your thoughts? Well, that's an interesting one, actually.
Speaker 3 (06:59):
That is interesting. I would really like to know what
situation when they purchase.
Speaker 2 (07:05):
We don't know.
Speaker 3 (07:06):
We don't know.
Speaker 2 (07:06):
They're not on the phone.
Speaker 3 (07:07):
I think that there's a lot of investors that would
like to have both. So they'd be wanting to buy
both at the same time.
Speaker 2 (07:16):
I guess if it's a rental, if we've got two
by two bedroom units on a cross list, it's a
rental unit, isn't it? So yeah, you'd want to sell
the whole shebang, wouldn't you at once?
Speaker 3 (07:23):
I think so. And you know, there's, There's ways of marketing.
Each property can be presented separately with the option to
purchase both. So, you know, you keep your options open,
put them both on the market.
Speaker 2 (07:37):
Okay. Look, we're going to take a break. We'd love
to have your calls, 0800 80 1080. How have you
dealt with when you're selling? How did you work out
what your price was at? I don't want to overcomplicate
this because it actually might be, I have a suspicion
almost Elaine's like, well, it's quite simple. You just talk
to the agents. If you need to, get a valuation,
and we go from there and start selling it. But
we want your calls on that, on 0800 80 1080,
(08:01):
text 9292. It is 19 past four, Newstalk ZB. Yes,
Newstalk ZB with Tim Beveridge, and my guest is Elaine Burkett.
She's head of network at LJ Hooker. We're talking from
the sales point of view. Look, there are broader questions
around selling a property as well, but how do you
go around working out what you're really going to be
(08:21):
happy with? considering if you've had to borrow and spend
more to buy the property in the first place. And
there are properties that are not necessarily selling for what
they were purchased for. But Elaine, what do you do
with the whole tactic of your property hasn't sold, you
think you've got the right value for it, but it's
just not selling. What's the first thing you do? I mean,
(08:45):
when do you decide that you need to reduce the price?
Because Once you reduce the price, people would be worried
about there being a bit of blood in the water.
They'd really go for the jugular with a lower offer.
What's your advice on that?
Speaker 3 (08:56):
My advice always is listen to the professional guidance. So
if you've listed with an agent, then they'll be guiding
you on that. If you've received offers, that's a really
good indication.
Speaker 2 (09:06):
What if you haven't?
Speaker 3 (09:08):
Yeah, if you haven't, then something's not right. It could
be the position of the property. So perhaps it's not
the kind of property that people... want, it might be
something that's going to take longer to sell.
Speaker 2 (09:20):
What is the time period for how long things are
taking to sell?
Speaker 3 (09:24):
Across the nation at the moment, it's 50 days. So
it's quite considerable.
Speaker 2 (09:28):
So you've got to be patient for a start.
Speaker 3 (09:29):
You've got to be patient, yeah.
Speaker 2 (09:31):
What's the pattern when people put something on the market,
obviously something fresh into the real estate pages, does that
get a bit of prominence just because it's a new listing?
How does it work in terms of eyeballs on your listings?
Speaker 3 (09:43):
Yeah, definitely. And the other thing, if you're bringing a
property to market soon and you get early offers, they're
often really good offers. And that's because buyers have been
in the market a lot longer than your property has.
They've shopped around, they've looked at other things, and as
soon as yours has come to the market, they pounce.
And what I've seen over the years is sellers who
(10:03):
get nervous and think, oh, it too early, I won't
accept it, I'll hold on, I might get more, or
there might be more offers. And often those early offers
are some of the best, and that is just because
those buyers have been around much longer.
Speaker 2 (10:18):
Okay. Because I've got to admit, I think if I
got an offer straight away for something, it's human nature
to think, well, God, if someone's bitten straight away, then
I must be about to get a better offer. If
this is the first one, surely it gets better. Do
you notice there's a pattern? It's like, well, to be honest,
most of the time, the first offer or two are
always the best.
Speaker 3 (10:38):
Yeah, that's right.
Speaker 2 (10:39):
Okay. So, of course, selling price is one thing to
announce it. How often are people actually saying, we're selling
now and the price is such and such. Remember the
old days of all near offer? It used to be whatever.
Do people enlist a price these days?
Speaker 3 (10:58):
Well, they don't tend to. So they might come to
market priceless by negotiation. But I think the best strategy
for selling a home is to only do that for
a few weeks and then put a price on it.
You'd have a really good idea after two or three
weeks where it should be positioned. And buyers like looking
at properties that are priced. It gives them a much
(11:20):
clearer picture of what they should come visit. You'll get
more visitors to your open home if you've got a
price in it.
Speaker 2 (11:27):
So how often do people actually name a price?
Speaker 3 (11:30):
Well, not very often. When you scroll through the listings,
it's clear to see that there's not many priced compared to.
Speaker 2 (11:36):
Well, if buyers like it, why are we not seeing
more of that? If buyers love seeing a house that's
got a dollar sign attached to it, how come people
aren't doing it? Is it because they're hoping they're not
going to be the ones who have to do that?
It's like, you know, hopefully we're not going to be
the desperate ones. Our house is so amazing, it's going
to sell. Oh, no.
Speaker 3 (11:55):
Yeah, you're not desperate to put a price. You know,
you might be very well guided and have good, clear
evidence of exactly where it should be sitting, and then
you'd be confident to price your property.
Speaker 2 (12:06):
Okay. Look, if you have just sold, if you've been
in the market and you have sold, we'd love to
hear from you as to, you know, what was the
journey that you went through when it came to selling
your property? Did you price it right, get lots of offers,
and it was all a happy ending? Or did you
have a bit of a journey where you had your expectations?
It's a tough market. And how did you actually, you know,
(12:26):
how did you get to a place where you were
happy to sell? In fact, that is, I mean, in
a way, how much of that decision, Elaine, is an
emotional journey for people? Because I would find it incredibly stressful.
I'm sort of hoping I'll just sit in the same
house for years, to be honest.
Speaker 3 (12:40):
Yeah, it's very stressful selling a house or buying a house,
isn't it? And then moving.
Speaker 1 (12:45):
Yeah.
Speaker 2 (12:46):
Well, buying's, it's interesting, they're all stressful. I tend to
think that selling's worse because buying is, you're in control
in a way, aren't you?
Speaker 3 (12:58):
Kind of. You might be in a multiple offer situation
and that can be very stressful.
Speaker 2 (13:05):
I guess what I mean is when you are buying,
you're moving into, if you're buying to live in, I
guess an investment's different, but if you're buying to live in,
there's something like the start of a new venture. You
work out, you know, this is the place we're going
to live in and this is what it means. And
so you've got all these, it's all about moving ahead,
whereas selling feels to me like you've sort of got
(13:25):
to let go of something, isn't it?
Speaker 3 (13:27):
Yeah, but sometimes they're happy to move on. They've got
their next dream house lined up. I always think in
a real estate transaction, the best outcome is when the
buyer thinks they've paid too much and the seller thinks
they've sold for too less. You know that you've reached
the middle ground and you've got market value.
Speaker 2 (13:44):
Yeah. So we'd love to hear from you about this
on 0800 80 1080. If you had to adjust your
price expectations, how did you go about actually finally getting
the deal done? Give us a call on 0800 80 1080.
If you just want to share with us your stories,
by the way, we'd love to hear from you. Also,
as I mentioned with the show, you don't actually have
to have the answer to the meaning of your life
(14:05):
when it's this. If you think you've got an interesting
story that other people might learn from, from your experience,
I mean, And in the end, that's what it's all about,
isn't it? Learning from others who've had the experience. So
0800 80 1080. My guest is Elaine Burkett. She's the
head of network at LJ Hooker. Let's look at a
few texts that we've got here. Oh, Wellington. This person
(14:26):
says it's much more dire in Wellington. I've got a daughter,
grand and great. I think that means grand and great.
I don't know what that means, actually. Got a daughter. family,
they're trying to sell two houses. They're 30% down on
what they paid seven years ago. They're heading back to Canada,
says John. Well, I mean, how is the Wellington market
looking these days, Elaine? What's going on with that?
Speaker 3 (14:47):
Wellington market is incredibly stressed. Median, I think days on
market average is around 55. And yeah, there's not a
lot on the market actually. Yeah.
Speaker 2 (14:59):
Is that because people are, if they- They're holding. Just
hold until something turns around. How much of the things like,
you know, we've seen a lot of negative headlines around
rates and water rates and different costs that are going up.
That must have, well, that would have to have a
significant effect on the market because it's all money you've
got to find, isn't it?
Speaker 1 (15:17):
Yeah, it does.
Speaker 3 (15:18):
And, you know, most people need a mortgage to buy
a property. So all of that is tested at the bank.
They look at what the expenses will be.
Speaker 2 (15:25):
Yeah.
Speaker 3 (15:26):
So, you know, that's all accounted for.
Speaker 1 (15:28):
Yeah.
Speaker 2 (15:29):
I've got another text here. What is the What's the
process for getting an appraisal? I'm sort of inventing a
few words in this text from Kathy, who basically she
wants a phone number to get an appraisal. I guess
we've just suggested you get in touch with LJ Hooker.
But what is the process for someone who's just thinking
of selling? How much info can they get from a
(15:50):
real estate agent, even if they haven't made their mind up?
How does that work?
Speaker 3 (15:54):
Yeah, it's the best time when you're thinking about selling
to get someone in. So you'd ring up a local
real estate agent. and, you know, hopefully an LJ Hooker
one in your area, they'd come in and they'd give
you a property appraisal. So it would show properties that
have sold recently in your area, things that are on
(16:14):
the market that are comparable. All these homes have to
be comparable. Otherwise, you know, no point in looking at them.
Speaker 1 (16:21):
Yeah.
Speaker 3 (16:21):
Yeah, and you definitely get a good idea of what
the property's worth.
Speaker 2 (16:24):
Okay. Tony said, seems intuitively the right sort of point. Hi, Tim.
The first offer. isn't always the best. However, the people
who are making that first offer are often the best
to negotiate with. What do you reckon, Elaine? Does that
make sense to you?
Speaker 3 (16:38):
Definitely. No one puts their best offer in first, do they?
So I think that's what he's alluding to. They're probably
the best offer to work with.
Speaker 2 (16:47):
How common is it these days for there to be
multiple bidders or people competing for a house, or does
it just depend on the house? If the house is
an absolute ripper, like, I don't know what this property
of the week we're going to look at later on,
because it's in an expensive part of the market. Yeah.
But you're not going to be making an offer on
that if you're not serious. For sure.
Speaker 3 (17:07):
I don't think you'll be allowed in the door unless
you're serious.
Speaker 2 (17:10):
I say some dumb things on this show, but I
was trying to find a way of phrasing it in
a half-intelligent way, and I was just like, God, that's terrible, Tim.
I don't know where I got to. What was I saying? Anyway,
let's look at a few more texts. By the way,
we'd love to hear your story. If you've been a seller,
if you've been in the market, if you've had to
(17:31):
cope with setting your price expectations, if you've had to
adjust them, what was the journey you went through and
how did you work out, you know, how did you
work out that you were doing the right thing and
that you were happy to do the deal in the end? Oh, 880, 1080. Okay,
here's one. This is a niche one. What is the
market for leaky homes and the appeal to builders or developers?
(17:53):
Do private buyers... have problems lending. I guess they mean
borrowing against these properties. Oh, that's a... Don't know how
to go with that.
Speaker 3 (18:01):
There's a lot there.
Speaker 2 (18:02):
There's a lot in that simple text, isn't there?
Speaker 3 (18:04):
Well, you know, for sure, there's some stigma around plaster property,
but there's still, you know, there's a lid for every jar.
Speaker 2 (18:13):
Yeah.
Speaker 1 (18:14):
So.
Speaker 4 (18:15):
Is that.
Speaker 2 (18:16):
Oh, we've got to bust out some of the best
real estate cliches. I haven't heard that one. There's a
lid for every jar.
Speaker 3 (18:21):
It's an Elaine-ism.
Speaker 1 (18:22):
Yeah. So.
Speaker 3 (18:23):
Yeah, there's a market for them. Sometimes they're a much
more affordable property in a nicer area. So someone will
gladly buy a plaster property. And they're not all bad.
Get your reports.
Speaker 2 (18:36):
Who tends to buy them, though? Is it people who
are experienced, who know what they're taking on?
Speaker 3 (18:40):
It all depends on the situation. If there's something that
needs remedial work, then, yeah, it would have to be
someone that knows what they're doing. But sometimes, you know,
I've sold plaster– clad properties to families that are wanting
to get into good school zones and it was a
cheaper entry level into that school zone.
Speaker 2 (19:00):
Crikey. I mean, you said a plaster property. Does that
mean it's at risk or it is actually leaking?
Speaker 3 (19:07):
It wasn't a sponge. But yeah, you know, sometimes they're
at higher risk and you'd get a good building report.
You'd probably get one where they cut the wall and
take a sample to get moisture readings. So you're buying
eyes wide open.
Speaker 2 (19:23):
Okay. Here's another one. There's some hot takes. They're all
texts at the moment. You're welcome to call up, by
the way, if you want. 0800 80 1080. What does
Elaine think of this? My partner sold her house in
the North Shore in 2003 for $ 240, 000. It's just been
sold for $ 1. 5 million by those owners that bought off her.
So that's, what, 23 years later. I put that. 240K
(19:50):
into the CPI calculator and only increased to 460. So
in other words, he's talking about a massive capital gain there.
But then he says those days of capital gain have gone,
don't you think? Cheers, Mike. That was a long way
to get to that question, wasn't it? Yeah.
Speaker 4 (20:06):
Yeah.
Speaker 3 (20:07):
Well, I think he's right. And, you know, we used
to think that property doubled in value every 10 years,
and it did for a really long time. And that's
slowed up at the moment. We're in a very normal market.
You know, we've got to remember that we came off
the back of that.
Speaker 2 (20:23):
It went bonkers, didn't it?
Speaker 1 (20:25):
Oh, yeah.
Speaker 2 (20:26):
But intuitively, what was it? It used to be, I
think when we had, we used to have a guy
called Ashley Church on, and he'd be talking about the
market doubling every eight years. And intuitively, that has to
change because you just can't go– because that's exponential growth.
But now the conversations around, you know, Labour's got a
capital gains tax, which is based on an average of 3%
(20:49):
gain every year, which is doubling every 30 years. What
do you think?
Speaker 3 (20:55):
Oh, I'm not a fan of capital gains tax.
Speaker 2 (20:59):
I don't– No, I don't mean the tax. I mean
the assumptions around how much it's going to grow now.
Speaker 3 (21:05):
Oh, that's crystal ball things, you know. There's still net
migration is still looking good. So there's still plenty of
people coming here. Everyone needs a house. You know, I
think the long-term housing will still continue to do really well.
Speaker 2 (21:20):
Yeah. Okay, let's take some calls. Noel, g'day. Hello.
Speaker 4 (21:26):
I sold a lot of houses over the years. And
the interesting thing is it's usually the lady who decides
which house and the man who decides how much.
Speaker 2 (21:37):
Yep. And you're asking, Elaine, if that's accurate or just
your view of things. Okay.
Speaker 4 (21:43):
No, that's my experience.
Speaker 2 (21:47):
So what's your involvement with the market, or is it
just from life experience?
Speaker 4 (21:51):
I'm retired now, but I was an agent for about
40 years.
Speaker 2 (21:54):
Oh, and that's what you found, that it was.
Mum who decided what house and Dad who did the deal.
Speaker 4 (22:01):
That's right. The kitchen and the bathroom are very important.
Speaker 3 (22:05):
You're right. They do sell houses, kitchens and bathrooms.
Speaker 2 (22:09):
Yeah. What's your... I don't know if we want to
get into the gender discussions.
Speaker 3 (22:13):
It sounds like we're going down happy wife, happy life
sort of stuff, aren't we?
Speaker 2 (22:21):
Oh, actually, on that, if you are selling a house...
and the bathroom or the kitchen are a bit crappy.
Should you do it up yourself or should you leave
that as something where the person go, oh, look, we've
got room to do it at the bathroom? Because to me,
that's just another expense. I want to buy a place
(22:43):
that's got a gorgeous kitchen and bathroom. I don't mind
painting a few rooms.
Speaker 4 (22:47):
Yeah.
Speaker 3 (22:48):
I think it all, you know, I'm going to keep
saying this all day long, but it really depends on
the property situation. So if there's value there to... do
some renovations before you sell and they're going to be worthwhile,
then you most definitely should. But don't put in a
cheap kitchen or a cheap bathroom for a quick sale.
It's still got to be good quality.
Speaker 2 (23:10):
Okay. We're going to take a quick break now. We'll
be back in just a moment. We're with Elaine Burkett.
We started off talking about setting the sale price and
your journeys on if you've been selling it and adjusting
your expectations and did you have to reduce the price
and How did you cope with that decision-making? 0800 80 1080,
but we'll be back in just a moment, and you
can give us a call. It's 22 and a half
(23:31):
minutes to five, Newstalk ZB. Yes, Newstalk ZB, there's one
roof radio show. My guest is Elaine Burkett. She's head
of network at LJ Hooker. We've got some tricky texts here, Elaine.
Let's just get into it, shall we? We'll get into
the weeds. We were talking about setting a selling price
and how do you adjust your expectations when you're selling,
but here's this one, which is related to it, but
(23:52):
it's got a bunch of issues attached. I have to
sell a house with my ex-wife, this person writes, who
won't agree to a market valuation as I'm paying for it.
So she thinks it's biased. She thinks she knows it's
worth more. I think it's about 60 grand less than
the current RV. Real estate agents I've talked to agree.
(24:14):
Is there another way to get a value on your house?
So this divorced couple can't see eye to eye. sounds
like a nightmare for the agents as well, doesn't it?
Speaker 3 (24:25):
It sounds like a stressful situation for everybody.
Speaker 2 (24:28):
Yeah.
Speaker 3 (24:28):
Yeah, for sure.
Speaker 2 (24:29):
So what do you, I mean, okay, what do you
do in answer to this question? I've got a market valuation,
but my wife thinks it's worth more.
Speaker 4 (24:37):
Yeah.
Speaker 3 (24:37):
So I, you know, I would encourage her to get
a market valuation, a market appraisal or get a registered
valuation and do her own homework as well.
Speaker 2 (24:48):
It says real estate agents that I have talked to agree.
It seems that maybe they haven't got a real estate
agent on board yet as well. Because at the moment,
it sounds like they've got to sell. They're trying to
work out what they want before they go to an agent.
Speaker 3 (25:02):
Yeah, he's done his homework and yeah.
Speaker 2 (25:04):
But wouldn't the, I mean, I'm my standard here.
Speaker 3 (25:09):
Yeah, sometimes in these situations, one party is keener to
sell the property than the other. So holding a price back,
firmly prevents a sale and you know it can be
it can get very messy very quickly and and it
can cost a lot of money in the long run
i would you know hopefully they're both getting some good
sound legal advice um and that normally is that they'd
(25:31):
both get a registered valuation they'd both get um a
property appraisal sometimes we've had situations where lawyers have appointed
the agent because the couple can't agree so it's much
better to come to an agreement yourselves.
Speaker 2 (25:44):
Okay uh So it does seem that they're a step
short of being able to really move on, isn't it?
Because if they had agreed to sell it and they'd
at least speak to an agent, they'd start that conversation going,
wouldn't they?
Speaker 3 (25:56):
Yeah. I think she probably needs to get some advice
as well. And yeah, I hope it all works out well.
Speaker 2 (26:02):
It must be horrendously stressful going through that. Hi, Tim
and Elaine. Isn't it almost sinful that our housing market
is performing so poorly? I talked about a bunch of
other things, and New Zealand companies like Air New Zealand
are making huge losses, yet the Australian-owned four big banks
are making bigger profits for their kind New Zealand customers. Well,
(26:23):
that's just... Well, yes, possibly, yeah. Actually, what is a good...
Here's the question is, if you are wanting to make
money out of property, then price is going up, great.
But what does a good... housing market look like for you, Elaine?
Because my guess is you just want people to be
(26:43):
buying and selling. I mean, and for there to be
interest both sides, whether the price is going gangbusters is
not the most important thing, is it?
Speaker 4 (26:53):
I don't know.
Speaker 2 (26:54):
Help me out here.
Speaker 3 (26:55):
Oh, well, you know, when it's going gangbusters, everyone's very
happy at the level they're selling it. Of course, buyers are.
Speaker 2 (27:00):
A little more pressure. Not happy.
Speaker 3 (27:02):
So it's a balancing act. And we don't normally... hold
in a balanced market for very long at the moment
it's tending towards a buyer's market they've got more choice
they can take more time do lots of homework before
they make a decision.
Speaker 2 (27:18):
Yeah yeah how much how often is there a big
gap between what buyers want to pay for a place
and versus what the seller expects because if the seller's
getting good advice there shouldn't be too much of a
gulf because they want to sell the property but i
mean how much toing and froing is is it just
the same as it's always been there's a buyer and
a seller and work to get them together or?
Speaker 3 (27:39):
Yes, definitely.
Speaker 1 (27:40):
Yeah.
Speaker 3 (27:40):
As you know, there's always some negotiation. I think, you know,
I'm a big fan of auctions. I think they're great
for a seller. And I think for a purchaser, you know,
that you've paid market value when you're in an auction
room and you're seeing what someone else is, is happy
to bid to.
Speaker 2 (27:55):
Even in a quiet market auction, because auctions, when it's
going gangbusters, I'm like, woohoo for the seller.
Speaker 3 (28:01):
But We shouldn't be scared of auctions in a quiet
market either. You know, we might just have one or
two bidders rather than five.
Speaker 2 (28:12):
How much has it changed the method of sale over
the last couple of years?
Speaker 3 (28:15):
Yeah, it's changed significantly. And I think a lot of
people are shying away from listing for auction because, you know,
they're worried. They think if they haven't, they don't sell
at auction that they've failed. And that's not the case
at all. Often there's There's a conditional buyer waiting in
the wings to make an offer straight after an auction.
(28:36):
So I would still urge people to look at that
process and ask their agent to explain that and, you know,
look at all the different methods of sale.
Speaker 2 (28:44):
What's the most popular method of sale right now?
Speaker 3 (28:46):
I would say it's by negotiation.
Speaker 2 (28:48):
Really? Yeah. Okay. Is that with a listed price, a
published price or just? Yeah.
Speaker 3 (28:54):
So it's, you know, private treaty is, you know, by
negotiation or a priced property. And most of them will
start without a price. Yeah, and then, as I said earlier,
then they may price it after a couple of weeks.
Speaker 2 (29:08):
How do the buyers usually get to the position where
they're making a first offer they're happy with? Because I
must say, I do remind people who are buying, don't
forget that the real estate agent is actually acting for
the seller.
Speaker 1 (29:21):
Mm-hmm.
Speaker 2 (29:22):
So don't tell them what your bottom line is because, oh, magic.
But you shouldn't. I mean, if you're a buyer, you
should keep that to yourself, shouldn't you? I don't know.
Speaker 3 (29:34):
I think it's good to have a clear process. Be
honest with the agent if you're a purchaser. Tell them
what your your limit is.
Speaker 2 (29:47):
Oh, we should say that at the start because I
think that would have been an interesting topic because if
I was buying, let's just for fun say a million
dollars because it's a nice round number. If I was
making an offer on a property and I if I
was making it off for $ 900, 000, I think I'd be
(30:07):
pretty silly if I said, oh, look, we're going to
offer $ 900, 000, but if push comes to shove, we'll go
to a million. I mean, because you'd have to pass
that number on to the seller and they'd be like, well,
it's a million, it's done.
Speaker 3 (30:18):
Yeah, but the buyer will also know the local evidence
and what things are selling for and what the property
is really worth. So they'll want to come in at
a lower level. A good agent's job is to match
them eventually with the seller's expectations and true market value.
Speaker 2 (30:36):
Yeah. I did mean to get this on. We probably
shortchanged ourselves a bit on this, but just out of curiosity,
because when I look at a property that's got a
gorgeous swimming pool and there are certain things you think, gosh,
that would be nice to have. Are there certain things
that look great in a listing that people regret sort
of buying? Because I have in my mind that a
(30:57):
pool People love a pool on paper and then they
move into the house and they're like, God, I'm sick
of cleaning this thing.
Speaker 3 (31:03):
Yeah, that's true. I've seen lots of people fill in pools.
Speaker 2 (31:07):
Really?
Speaker 1 (31:07):
Yeah.
Speaker 2 (31:08):
Tennis courts?
Speaker 3 (31:10):
What kind of a house are we buying, Tim?
Speaker 2 (31:13):
Well, I'm leading up to the property of the week
after the break. Okay. Hey, look, maybe we will head
to the break. We'll come back with the one roof
property of the week in just a moment. And we'll
give you the address if you want to Google it
before we get into the– before we get into the
detail on it, but it's 80 Victoria Avenue in Rimura.
So that tells you part of the story already, the
(31:36):
winning address in Rimura. It is 11 minutes to 5,
Newstalk ZB.
Speaker 1 (31:42):
The One Roof Property of the Week on The Weekend Collective.
Speaker 2 (31:47):
Yeah, the One Roof Property of the Week is, look,
it's a gorgeous five-bed, three-bathroom, three-car park's in 80 Victoria Avenue, Remera, Auckland,
and it is 585 square metres. The land, it's worth noting,
is 6,731 square metres. And the reason we put it
(32:09):
on as the property of the week is because if
you won Lotto tonight, which is around $ 20 million, you
would have no spare change left over. But I might
hand over to Elaine, actually, to describe this, because... It
really is a grand old home of sort of vintage Auckland,
isn't it? But spectacular. How would you spruik this one, Elaine?
Speaker 3 (32:32):
Well, I'd just say that the real luxury here isn't
simply the size of the house. It's having one and
a half acres of privacy in the middle of Auckland.
Speaker 2 (32:41):
Actually, would that be one of the major selling points
in a way is it's, you know, because we get
lots of spectacular properties, but then you're looking into the
neighbours all the time. This place doesn't look like it
has to.
Well, you're not looking into any neighbors. You're looking down
towards your tennis court and over the lawn and your
swimming pool and everything.
Speaker 3 (32:59):
Yeah, so it's providing the space and privacy of a
country estate without asking the owner to give up the
convenience of city life.
Speaker 2 (33:06):
Yeah, so 6,700 square meters of land. Can you put
that in context for us? What's the standard sort of
section these days? Oh, is that a trick question? Thinking
I'm on 820. 820, you're on 820, so this is
eight times.
Speaker 3 (33:24):
Yeah, but there's people on 350 or 400 square metres.
Speaker 1 (33:28):
Wow.
Speaker 3 (33:29):
This is one and a half acres, isn't it?
Speaker 2 (33:31):
They're generous family living, as they say. Tennis court, swimming pool,
northwest-facing aspect, private and peaceful, and it's actually been cherished
by the same owner for 40 years. God, you'd love
to know, I wonder what they paid for it 40
years ago.
Speaker 3 (33:45):
Well, they built it, yeah.
Speaker 2 (33:47):
What, they built it?
Speaker 3 (33:48):
They built it 40 years ago, yeah.
Speaker 2 (33:51):
I thought it looked a bit older than that for
some reason. I don't know why I came out with
that judgment, but anyway.
Speaker 3 (33:55):
Well, you know, it's got the right architecture for its
location there in Remuwera, isn't it? I think when a
family holds a property for four decades, the next sale
becomes a genuine generational opportunity as well.
Speaker 2 (34:09):
It's probably not going to be the sort of thing
where you can just have an open home and rock
up to it, is it?
Speaker 3 (34:13):
No, I think you would get, questioned by the agent
before you can visit.
Speaker 2 (34:19):
Actually, what questions would you, what would question at a
property like that? I guess if you're in the market
for that, you probably know the agents already.
Speaker 3 (34:29):
That's right.
Speaker 2 (34:29):
I mean, how many, how many, a stranger wanders up
and says, I'm interested in having a look at that property.
How do you, because some wealthy people can look like riffraff.
I'm not wanting to quote the little rocky, the rocky,
the rocky picture show. But what questions would you be
asking people? Because you do want to vet, don't you?
Speaker 3 (34:52):
Yeah, you would do some due diligence there on the purchaser.
So you'd be asking them how long they've been looking,
where are they looking, what's their budget, where are they
currently living? And you'd pretty quickly be able to determine
if they're in the right market for.
Speaker 2 (35:06):
What if you're just not sure? Do you think, oh, well,
I can't tell. This person says they've come from overseas.
They were dressed well. I'm suspicious that they just want
to have a nosy. I mean, how do you play
that game? You just don't have to really deal with
that sort of nonsense too much, do you?
Speaker 3 (35:21):
I don't think so. We've got to take things at
face value as well, don't we? Can't be too cynical.
Speaker 2 (35:28):
I guess so.
Speaker 1 (35:30):
Yeah.
Speaker 2 (35:31):
Would people be getting a report on the property with
this as well when you look at an old house
like this that's been in the same ownership for a while?
Would you be saying, I want someone to go and
check the tiles on the roof?
Speaker 3 (35:42):
I guess so, but, you know, I think the great
appeal here is the location and the size of the land.
You know, it would be great to hold on to that,
but it might be updated.
Speaker 2 (35:53):
Go and check it out if you like. It's 80
Victoria Avenue. When I mean go and check it out,
I don't mean turn up physically, but if you do
happen to have a spare $ 20 million after the lotto tonight, well,
you won't have anything to, you won't be able to,
there'll be no money left over after you've bought this place,
but it is worth a look because it's a gorgeous property,
80 Victoria Avenue. Hey, Elaine, nice to see you again.
Speaker 3 (36:11):
Thanks so much for having me.
Speaker 2 (36:12):
Thanks for coming. If you want to check out LJ Hooker,
you know where to find them. And we will be
back with the parent squad. Sarah Chatwin's with us, and
we're going to discuss Sarah's road rage and how she
keeps a lid on it and what example it sets.
Because I reckon she'd be a bit road ragey in
the right situation, but she can defend herself after 5
o'clock with the parent squad.
Speaker 1 (36:33):
For more from the Weekend Collective, listen live to Newstalk
ZB Weekends from 3pm or follow the podcast on iHeartRadio.
You're listening to the Weekend Collective Podcast from Newstalk ZB.
Speaker 2 (00:10):
Or sale price, and of course that even reflects on
the way we sell houses. If it's an auction, well,
you have to set your reserve. If it's by negotiation,
you keep that to yourself, but you've still got to...
What are the conversations people have around setting a sale price?
Speaker 3 (00:26):
Well, when you come to list a house, you'll receive
an appraisal from your real estate agent. And that's made
up of comparable sales in the local area and what's
on the market. So you've got a really good idea
of where your property is positioned within those other properties.
Speaker 2 (00:46):
How often do people have unrealistic values? I guess in
a market where there has been a bit of a
peak and it's come off, and in some places people
are selling for less than they paid for it, which
is a bitter pill to swallow. How do people work
out making those, accepting it, I guess? what they've got
to sell for.
Speaker 3 (01:03):
Yeah, that's right. I guess it comes down to motivation
of the seller. Do they really need to sell? Otherwise,
there's plenty of people just waiting at the moment, waiting
for values to bounce back. Although in saying that, let's
think last month, we saw statistics where eight out of
the 16 regions had price increases.
Speaker 2 (01:23):
So it's not all.
Speaker 3 (01:24):
Doom and gloom.
Speaker 2 (01:26):
When you say it's not all in doom and gloom,
there'll be people listening again. She just said it's not
all doom and gloom, which means It is doom and gloom,
but there's some bright spots.
Speaker 3 (01:34):
Well, there's a bit of pressure, especially in the Auckland region. Definitely.
It's a challenging market.
Speaker 2 (01:40):
Why is there some, because before we went on air,
you were talking about it's almost a tale of two islands,
because down south there's some really positive stories going. I mean,
it's not like it's going gangbusters, but there's much more activity,
isn't there?
Speaker 3 (01:52):
Yeah, there's more activity.
Speaker 2 (01:54):
Why is Auckland, why does Auckland suck right now? for
the market? I was trying to think of a technical expression.
Speaker 3 (02:03):
I don't know. I think, you know, there's more of
us here. We've had a massive influx of smaller properties
and all that infill and all of the developers and
there's certainly some of them are under pressure. But well-priced
properties in good areas are still selling really well.
Speaker 2 (02:20):
Do you think actually, there is a side topic just
on what you've said that there seems to be a
lot of politicising of property right now. As if prices
need to come down hugely, and look, if you're buying,
you want prices to come down, of course, but I
(02:41):
wonder if it's not reflecting the reality, the political discussion
on what's actually happening with the market, because the policies
that are talking about disincentivising investment in property, but whereas,
in fact, in Auckland, there's been a huge number of
properties developed and townhouses and all that sort of thing.
Do you think that there's somehow this old view of
(03:04):
real estate and what it's doing, which is not really
reflecting what the current situation is? Does that make sense?
Speaker 1 (03:10):
No.
Speaker 2 (03:11):
Okay. What I mean is everyone thinks that the market's
too expensive and that we need to really have a
crack at people who are driving house prices up. And
my point is house prices are not driving up. There's
more supply and there's cheaper houses, is it? That's what
I mean. Does that make sense then?
Speaker 3 (03:27):
Yeah, that makes sense.
Speaker 2 (03:28):
Sorry, I waffled on a bit too much then.
Speaker 3 (03:29):
It's all right. I think the big thing is this
isn't a market to fear. If you understand it, then
all well and good. If you're thinking of selling, do
your homework, get an appraisal, be realistic.
Speaker 2 (03:43):
Yeah.
Speaker 3 (03:44):
Yeah, if you're purchasing, there's lots to choose from at
the moment. Great time to lock in interest rates.
Speaker 1 (03:49):
Yeah.
Speaker 2 (03:49):
How often do people have an unrealistic expectation for price
then if they're selling? Is that a constant battle for
you guys right now?
Speaker 3 (03:55):
That's human nature.
Speaker 1 (03:57):
Yeah.
Speaker 3 (03:57):
Yeah, it's always been like that. Everyone wants to sell
for the absolute maximum they can. They can only sell
it once.
Speaker 2 (04:03):
Yeah.
Speaker 3 (04:04):
Yeah.
Speaker 2 (04:05):
So if somebody comes in, they've had a house, they're moving.
Let's say they're not experienced, so they don't actually have
an informed view of the market. They've simply had a
house that they've lived in, and it's time to sell
it because they're moving on somewhere. What's the process in
terms of setting a selling– Do you actually talk to
(04:25):
valuers more or do the real estate agents just know
from what's happening in the area, look, we've got a
pretty good idea from the word go?
Speaker 3 (04:33):
Yeah, the agents know exactly what's happening in the area.
And I guess if you were thinking of selling a house,
I don't think you just wake up and think, let's
put the house on the market. You've probably had a
look around. You've had a think about where you want
to move to. you might be trading up or trading down.
So you would have looked at prices in the areas
and have a good understanding of what your home is
(04:54):
worth before you get that agent in.
Speaker 2 (04:56):
How many people don't have a good understanding of it
because they just remember what they paid for it? And
they're like, well, it's still a gorgeous house. We know
how good it is. We just need to find the
right buyer for it.
Speaker 3 (05:04):
Oh, I think at their heart, they know exactly where
it sits. But everyone wants to sell for the maximum
they can. And if you've got a good agent, if
the market's you know, if the property is marketed correctly and,
and to a broad range of prospective purchases, then you've
got a better shot at getting a good value.
Speaker 2 (05:22):
Is the reason that there's, um, you know, Auckland's the
one that's the markets that's struggling. And you've said, you know,
we've had a lot more, we have had a lot
more houses come online because people selling for whatever reason,
but there's more supply anyway, isn't there with new developments. Um,
Is part of the reason that it's also flat is
because Auckland was the place that went the most bonkers
(05:43):
when it really went through the cheap interest rates and COVID.
Is that part of the whole picture?
Speaker 3 (05:48):
I think potentially, yes. I think cost of living has
a lot to play as well. And, you know, there's
a much bigger cost of living pressure on people within Auckland.
It's still unaffordable.
Speaker 2 (06:01):
Okay. Um, now I've got some texts already rolling in
for you, by the way. So if you've got some
questions for Elaine Burkett, she's head of network at LJ Ilka,
but also how did you, if you have been someone who's, um,
selling at the house, was it a bit of a
battle just emotionally to work out the, what the price
was going to be? Because I think for a lot
of people, you know, it's the biggest purchase you'll ever
(06:21):
make or the biggest transaction you've undertaken in your lifetime. Um,
and it is stressful. What do they say? Death taxes
and moving house, I think. Um, Taking your calls, 0800
80 10 80. Actually, we've got a call coming through,
but I'll deal with a couple of the texts. Hi, Tim.
We're mum and dad investors hitting retirement. Can you ask
(06:42):
Elaine for me? We have two by two bedroom units
on a cross-lease property. Is it best to sell at
the same time or one at a time? Someone mentioned
that you get much less for two at the same time.
What are your thoughts? Well, that's an interesting one, actually.
Speaker 3 (06:59):
That is interesting. I would really like to know what
situation when they purchase.
Speaker 2 (07:05):
We don't know.
Speaker 3 (07:06):
We don't know.
Speaker 2 (07:06):
They're not on the phone.
Speaker 3 (07:07):
I think that there's a lot of investors that would
like to have both. So they'd be wanting to buy
both at the same time.
Speaker 2 (07:16):
I guess if it's a rental, if we've got two
by two bedroom units on a cross list, it's a
rental unit, isn't it? So yeah, you'd want to sell
the whole shebang, wouldn't you at once?
Speaker 3 (07:23):
I think so. And you know, there's, There's ways of marketing.
Each property can be presented separately with the option to
purchase both. So, you know, you keep your options open,
put them both on the market.
Speaker 2 (07:37):
Okay. Look, we're going to take a break. We'd love
to have your calls, 0800 80 1080. How have you
dealt with when you're selling? How did you work out
what your price was at? I don't want to overcomplicate
this because it actually might be, I have a suspicion
almost Elaine's like, well, it's quite simple. You just talk
to the agents. If you need to, get a valuation,
and we go from there and start selling it. But
we want your calls on that, on 0800 80 1080,
(08:01):
text 9292. It is 19 past four, Newstalk ZB. Yes,
Newstalk ZB with Tim Beveridge, and my guest is Elaine Burkett.
She's head of network at LJ Hooker. We're talking from
the sales point of view. Look, there are broader questions
around selling a property as well, but how do you
go around working out what you're really going to be
(08:21):
happy with? considering if you've had to borrow and spend
more to buy the property in the first place. And
there are properties that are not necessarily selling for what
they were purchased for. But Elaine, what do you do
with the whole tactic of your property hasn't sold, you
think you've got the right value for it, but it's
just not selling. What's the first thing you do? I mean,
(08:45):
when do you decide that you need to reduce the price?
Because Once you reduce the price, people would be worried
about there being a bit of blood in the water.
They'd really go for the jugular with a lower offer.
What's your advice on that?
Speaker 3 (08:56):
My advice always is listen to the professional guidance. So
if you've listed with an agent, then they'll be guiding
you on that. If you've received offers, that's a really
good indication.
Speaker 2 (09:06):
What if you haven't?
Speaker 3 (09:08):
Yeah, if you haven't, then something's not right. It could
be the position of the property. So perhaps it's not
the kind of property that people... want, it might be
something that's going to take longer to sell.
Speaker 2 (09:20):
What is the time period for how long things are
taking to sell?
Speaker 3 (09:24):
Across the nation at the moment, it's 50 days. So
it's quite considerable.
Speaker 2 (09:28):
So you've got to be patient for a start.
Speaker 3 (09:29):
You've got to be patient, yeah.
Speaker 2 (09:31):
What's the pattern when people put something on the market,
obviously something fresh into the real estate pages, does that
get a bit of prominence just because it's a new listing?
How does it work in terms of eyeballs on your listings?
Speaker 3 (09:43):
Yeah, definitely. And the other thing, if you're bringing a
property to market soon and you get early offers, they're
often really good offers. And that's because buyers have been
in the market a lot longer than your property has.
They've shopped around, they've looked at other things, and as
soon as yours has come to the market, they pounce.
And what I've seen over the years is sellers who
(10:03):
get nervous and think, oh, it too early, I won't
accept it, I'll hold on, I might get more, or
there might be more offers. And often those early offers
are some of the best, and that is just because
those buyers have been around much longer.
Speaker 2 (10:18):
Okay. Because I've got to admit, I think if I
got an offer straight away for something, it's human nature
to think, well, God, if someone's bitten straight away, then
I must be about to get a better offer. If
this is the first one, surely it gets better. Do
you notice there's a pattern? It's like, well, to be honest,
most of the time, the first offer or two are
always the best.
Speaker 3 (10:38):
Yeah, that's right.
Speaker 2 (10:39):
Okay. So, of course, selling price is one thing to
announce it. How often are people actually saying, we're selling
now and the price is such and such. Remember the
old days of all near offer? It used to be whatever.
Do people enlist a price these days?
Speaker 3 (10:58):
Well, they don't tend to. So they might come to
market priceless by negotiation. But I think the best strategy
for selling a home is to only do that for
a few weeks and then put a price on it.
You'd have a really good idea after two or three
weeks where it should be positioned. And buyers like looking
at properties that are priced. It gives them a much
(11:20):
clearer picture of what they should come visit. You'll get
more visitors to your open home if you've got a
price in it.
Speaker 2 (11:27):
So how often do people actually name a price?
Speaker 3 (11:30):
Well, not very often. When you scroll through the listings,
it's clear to see that there's not many priced compared to.
Speaker 2 (11:36):
Well, if buyers like it, why are we not seeing
more of that? If buyers love seeing a house that's
got a dollar sign attached to it, how come people
aren't doing it? Is it because they're hoping they're not
going to be the ones who have to do that?
It's like, you know, hopefully we're not going to be
the desperate ones. Our house is so amazing, it's going
to sell. Oh, no.
Speaker 3 (11:55):
Yeah, you're not desperate to put a price. You know,
you might be very well guided and have good, clear
evidence of exactly where it should be sitting, and then
you'd be confident to price your property.
Speaker 2 (12:06):
Okay. Look, if you have just sold, if you've been
in the market and you have sold, we'd love to
hear from you as to, you know, what was the
journey that you went through when it came to selling
your property? Did you price it right, get lots of offers,
and it was all a happy ending? Or did you
have a bit of a journey where you had your expectations?
It's a tough market. And how did you actually, you know,
(12:26):
how did you get to a place where you were
happy to sell? In fact, that is, I mean, in
a way, how much of that decision, Elaine, is an
emotional journey for people? Because I would find it incredibly stressful.
I'm sort of hoping I'll just sit in the same
house for years, to be honest.
Speaker 3 (12:40):
Yeah, it's very stressful selling a house or buying a house,
isn't it? And then moving.
Speaker 1 (12:45):
Yeah.
Speaker 2 (12:46):
Well, buying's, it's interesting, they're all stressful. I tend to
think that selling's worse because buying is, you're in control
in a way, aren't you?
Speaker 3 (12:58):
Kind of. You might be in a multiple offer situation
and that can be very stressful.
Speaker 2 (13:05):
I guess what I mean is when you are buying,
you're moving into, if you're buying to live in, I
guess an investment's different, but if you're buying to live in,
there's something like the start of a new venture. You
work out, you know, this is the place we're going
to live in and this is what it means. And
so you've got all these, it's all about moving ahead,
whereas selling feels to me like you've sort of got
(13:25):
to let go of something, isn't it?
Speaker 3 (13:27):
Yeah, but sometimes they're happy to move on. They've got
their next dream house lined up. I always think in
a real estate transaction, the best outcome is when the
buyer thinks they've paid too much and the seller thinks
they've sold for too less. You know that you've reached
the middle ground and you've got market value.
Speaker 2 (13:44):
Yeah. So we'd love to hear from you about this
on 0800 80 1080. If you had to adjust your
price expectations, how did you go about actually finally getting
the deal done? Give us a call on 0800 80 1080.
If you just want to share with us your stories,
by the way, we'd love to hear from you. Also,
as I mentioned with the show, you don't actually have
to have the answer to the meaning of your life
(14:05):
when it's this. If you think you've got an interesting
story that other people might learn from, from your experience,
I mean, And in the end, that's what it's all about,
isn't it? Learning from others who've had the experience. So
0800 80 1080. My guest is Elaine Burkett. She's the
head of network at LJ Hooker. Let's look at a
few texts that we've got here. Oh, Wellington. This person
(14:26):
says it's much more dire in Wellington. I've got a daughter,
grand and great. I think that means grand and great.
I don't know what that means, actually. Got a daughter. family,
they're trying to sell two houses. They're 30% down on
what they paid seven years ago. They're heading back to Canada,
says John. Well, I mean, how is the Wellington market
looking these days, Elaine? What's going on with that?
Speaker 3 (14:47):
Wellington market is incredibly stressed. Median, I think days on
market average is around 55. And yeah, there's not a
lot on the market actually. Yeah.
Speaker 2 (14:59):
Is that because people are, if they- They're holding. Just
hold until something turns around. How much of the things like,
you know, we've seen a lot of negative headlines around
rates and water rates and different costs that are going up.
That must have, well, that would have to have a
significant effect on the market because it's all money you've
got to find, isn't it?
Speaker 1 (15:17):
Yeah, it does.
Speaker 3 (15:18):
And, you know, most people need a mortgage to buy
a property. So all of that is tested at the bank.
They look at what the expenses will be.
Speaker 2 (15:25):
Yeah.
Speaker 3 (15:26):
So, you know, that's all accounted for.
Speaker 1 (15:28):
Yeah.
Speaker 2 (15:29):
I've got another text here. What is the What's the
process for getting an appraisal? I'm sort of inventing a
few words in this text from Kathy, who basically she
wants a phone number to get an appraisal. I guess
we've just suggested you get in touch with LJ Hooker.
But what is the process for someone who's just thinking
of selling? How much info can they get from a
(15:50):
real estate agent, even if they haven't made their mind up?
How does that work?
Speaker 3 (15:54):
Yeah, it's the best time when you're thinking about selling
to get someone in. So you'd ring up a local
real estate agent. and, you know, hopefully an LJ Hooker
one in your area, they'd come in and they'd give
you a property appraisal. So it would show properties that
have sold recently in your area, things that are on
(16:14):
the market that are comparable. All these homes have to
be comparable. Otherwise, you know, no point in looking at them.
Speaker 1 (16:21):
Yeah.
Speaker 3 (16:21):
Yeah, and you definitely get a good idea of what
the property's worth.
Speaker 2 (16:24):
Okay. Tony said, seems intuitively the right sort of point. Hi, Tim.
The first offer. isn't always the best. However, the people
who are making that first offer are often the best
to negotiate with. What do you reckon, Elaine? Does that
make sense to you?
Speaker 3 (16:38):
Definitely. No one puts their best offer in first, do they?
So I think that's what he's alluding to. They're probably
the best offer to work with.
Speaker 2 (16:47):
How common is it these days for there to be
multiple bidders or people competing for a house, or does
it just depend on the house? If the house is
an absolute ripper, like, I don't know what this property
of the week we're going to look at later on,
because it's in an expensive part of the market. Yeah.
But you're not going to be making an offer on
that if you're not serious. For sure.
Speaker 3 (17:07):
I don't think you'll be allowed in the door unless
you're serious.
Speaker 2 (17:10):
I say some dumb things on this show, but I
was trying to find a way of phrasing it in
a half-intelligent way, and I was just like, God, that's terrible, Tim.
I don't know where I got to. What was I saying? Anyway,
let's look at a few more texts. By the way,
we'd love to hear your story. If you've been a seller,
if you've been in the market, if you've had to
(17:31):
cope with setting your price expectations, if you've had to
adjust them, what was the journey you went through and
how did you work out, you know, how did you
work out that you were doing the right thing and
that you were happy to do the deal in the end? Oh, 880, 1080. Okay,
here's one. This is a niche one. What is the
market for leaky homes and the appeal to builders or developers?
(17:53):
Do private buyers... have problems lending. I guess they mean
borrowing against these properties. Oh, that's a... Don't know how
to go with that.
Speaker 3 (18:01):
There's a lot there.
Speaker 2 (18:02):
There's a lot in that simple text, isn't there?
Speaker 3 (18:04):
Well, you know, for sure, there's some stigma around plaster property,
but there's still, you know, there's a lid for every jar.
Speaker 2 (18:13):
Yeah.
Speaker 1 (18:14):
So.
Speaker 4 (18:15):
Is that.
Speaker 2 (18:16):
Oh, we've got to bust out some of the best
real estate cliches. I haven't heard that one. There's a
lid for every jar.
Speaker 3 (18:21):
It's an Elaine-ism.
Speaker 1 (18:22):
Yeah. So.
Speaker 3 (18:23):
Yeah, there's a market for them. Sometimes they're a much
more affordable property in a nicer area. So someone will
gladly buy a plaster property. And they're not all bad.
Get your reports.
Speaker 2 (18:36):
Who tends to buy them, though? Is it people who
are experienced, who know what they're taking on?
Speaker 3 (18:40):
It all depends on the situation. If there's something that
needs remedial work, then, yeah, it would have to be
someone that knows what they're doing. But sometimes, you know,
I've sold plaster– clad properties to families that are wanting
to get into good school zones and it was a
cheaper entry level into that school zone.
Speaker 2 (19:00):
Crikey. I mean, you said a plaster property. Does that
mean it's at risk or it is actually leaking?
Speaker 3 (19:07):
It wasn't a sponge. But yeah, you know, sometimes they're
at higher risk and you'd get a good building report.
You'd probably get one where they cut the wall and
take a sample to get moisture readings. So you're buying
eyes wide open.
Speaker 2 (19:23):
Okay. Here's another one. There's some hot takes. They're all
texts at the moment. You're welcome to call up, by
the way, if you want. 0800 80 1080. What does
Elaine think of this? My partner sold her house in
the North Shore in 2003 for $ 240, 000. It's just been
sold for $ 1. 5 million by those owners that bought off her.
So that's, what, 23 years later. I put that. 240K
(19:50):
into the CPI calculator and only increased to 460. So
in other words, he's talking about a massive capital gain there.
But then he says those days of capital gain have gone,
don't you think? Cheers, Mike. That was a long way
to get to that question, wasn't it? Yeah.
Speaker 4 (20:06):
Yeah.
Speaker 3 (20:07):
Well, I think he's right. And, you know, we used
to think that property doubled in value every 10 years,
and it did for a really long time. And that's
slowed up at the moment. We're in a very normal market.
You know, we've got to remember that we came off
the back of that.
Speaker 2 (20:23):
It went bonkers, didn't it?
Speaker 1 (20:25):
Oh, yeah.
Speaker 2 (20:26):
But intuitively, what was it? It used to be, I
think when we had, we used to have a guy
called Ashley Church on, and he'd be talking about the
market doubling every eight years. And intuitively, that has to
change because you just can't go– because that's exponential growth.
But now the conversations around, you know, Labour's got a
capital gains tax, which is based on an average of 3%
(20:49):
gain every year, which is doubling every 30 years. What
do you think?
Speaker 3 (20:55):
Oh, I'm not a fan of capital gains tax.
Speaker 2 (20:59):
I don't– No, I don't mean the tax. I mean
the assumptions around how much it's going to grow now.
Speaker 3 (21:05):
Oh, that's crystal ball things, you know. There's still net
migration is still looking good. So there's still plenty of
people coming here. Everyone needs a house. You know, I
think the long-term housing will still continue to do really well.
Speaker 2 (21:20):
Yeah. Okay, let's take some calls. Noel, g'day. Hello.
Speaker 4 (21:26):
I sold a lot of houses over the years. And
the interesting thing is it's usually the lady who decides
which house and the man who decides how much.
Speaker 2 (21:37):
Yep. And you're asking, Elaine, if that's accurate or just
your view of things. Okay.
Speaker 4 (21:43):
No, that's my experience.
Speaker 2 (21:47):
So what's your involvement with the market, or is it
just from life experience?
Speaker 4 (21:51):
I'm retired now, but I was an agent for about
40 years.
Speaker 2 (21:54):
Oh, and that's what you found, that it was.
Mum who decided what house and Dad who did the deal.
Speaker 4 (22:01):
That's right. The kitchen and the bathroom are very important.
Speaker 3 (22:05):
You're right. They do sell houses, kitchens and bathrooms.
Speaker 2 (22:09):
Yeah. What's your... I don't know if we want to
get into the gender discussions.
Speaker 3 (22:13):
It sounds like we're going down happy wife, happy life
sort of stuff, aren't we?
Speaker 2 (22:21):
Oh, actually, on that, if you are selling a house...
and the bathroom or the kitchen are a bit crappy.
Should you do it up yourself or should you leave
that as something where the person go, oh, look, we've
got room to do it at the bathroom? Because to me,
that's just another expense. I want to buy a place
(22:43):
that's got a gorgeous kitchen and bathroom. I don't mind
painting a few rooms.
Speaker 4 (22:47):
Yeah.
Speaker 3 (22:48):
I think it all, you know, I'm going to keep
saying this all day long, but it really depends on
the property situation. So if there's value there to... do
some renovations before you sell and they're going to be worthwhile,
then you most definitely should. But don't put in a
cheap kitchen or a cheap bathroom for a quick sale.
It's still got to be good quality.
Speaker 2 (23:10):
Okay. We're going to take a quick break now. We'll
be back in just a moment. We're with Elaine Burkett.
We started off talking about setting the sale price and
your journeys on if you've been selling it and adjusting
your expectations and did you have to reduce the price
and How did you cope with that decision-making? 0800 80 1080,
but we'll be back in just a moment, and you
can give us a call. It's 22 and a half
(23:31):
minutes to five, Newstalk ZB. Yes, Newstalk ZB, there's one
roof radio show. My guest is Elaine Burkett. She's head
of network at LJ Hooker. We've got some tricky texts here, Elaine.
Let's just get into it, shall we? We'll get into
the weeds. We were talking about setting a selling price
and how do you adjust your expectations when you're selling,
but here's this one, which is related to it, but
(23:52):
it's got a bunch of issues attached. I have to
sell a house with my ex-wife, this person writes, who
won't agree to a market valuation as I'm paying for it.
So she thinks it's biased. She thinks she knows it's
worth more. I think it's about 60 grand less than
the current RV. Real estate agents I've talked to agree.
(24:14):
Is there another way to get a value on your house?
So this divorced couple can't see eye to eye. sounds
like a nightmare for the agents as well, doesn't it?
Speaker 3 (24:25):
It sounds like a stressful situation for everybody.
Speaker 2 (24:28):
Yeah.
Speaker 3 (24:28):
Yeah, for sure.
Speaker 2 (24:29):
So what do you, I mean, okay, what do you
do in answer to this question? I've got a market valuation,
but my wife thinks it's worth more.
Speaker 4 (24:37):
Yeah.
Speaker 3 (24:37):
So I, you know, I would encourage her to get
a market valuation, a market appraisal or get a registered
valuation and do her own homework as well.
Speaker 2 (24:48):
It says real estate agents that I have talked to agree.
It seems that maybe they haven't got a real estate
agent on board yet as well. Because at the moment,
it sounds like they've got to sell. They're trying to
work out what they want before they go to an agent.
Speaker 3 (25:02):
Yeah, he's done his homework and yeah.
Speaker 2 (25:04):
But wouldn't the, I mean, I'm my standard here.
Speaker 3 (25:09):
Yeah, sometimes in these situations, one party is keener to
sell the property than the other. So holding a price back,
firmly prevents a sale and you know it can be
it can get very messy very quickly and and it
can cost a lot of money in the long run
i would you know hopefully they're both getting some good
sound legal advice um and that normally is that they'd
(25:31):
both get a registered valuation they'd both get um a
property appraisal sometimes we've had situations where lawyers have appointed
the agent because the couple can't agree so it's much
better to come to an agreement yourselves.
Speaker 2 (25:44):
Okay uh So it does seem that they're a step
short of being able to really move on, isn't it?
Because if they had agreed to sell it and they'd
at least speak to an agent, they'd start that conversation going,
wouldn't they?
Speaker 3 (25:56):
Yeah. I think she probably needs to get some advice
as well. And yeah, I hope it all works out well.
Speaker 2 (26:02):
It must be horrendously stressful going through that. Hi, Tim
and Elaine. Isn't it almost sinful that our housing market
is performing so poorly? I talked about a bunch of
other things, and New Zealand companies like Air New Zealand
are making huge losses, yet the Australian-owned four big banks
are making bigger profits for their kind New Zealand customers. Well,
(26:23):
that's just... Well, yes, possibly, yeah. Actually, what is a good...
Here's the question is, if you are wanting to make
money out of property, then price is going up, great.
But what does a good... housing market look like for you, Elaine?
Because my guess is you just want people to be
(26:43):
buying and selling. I mean, and for there to be
interest both sides, whether the price is going gangbusters is
not the most important thing, is it?
Speaker 4 (26:53):
I don't know.
Speaker 2 (26:54):
Help me out here.
Speaker 3 (26:55):
Oh, well, you know, when it's going gangbusters, everyone's very
happy at the level they're selling it. Of course, buyers are.
Speaker 2 (27:00):
A little more pressure. Not happy.
Speaker 3 (27:02):
So it's a balancing act. And we don't normally... hold
in a balanced market for very long at the moment
it's tending towards a buyer's market they've got more choice
they can take more time do lots of homework before
they make a decision.
Speaker 2 (27:18):
Yeah yeah how much how often is there a big
gap between what buyers want to pay for a place
and versus what the seller expects because if the seller's
getting good advice there shouldn't be too much of a
gulf because they want to sell the property but i
mean how much toing and froing is is it just
the same as it's always been there's a buyer and
a seller and work to get them together or?
Speaker 3 (27:39):
Yes, definitely.
Speaker 1 (27:40):
Yeah.
Speaker 3 (27:40):
As you know, there's always some negotiation. I think, you know,
I'm a big fan of auctions. I think they're great
for a seller. And I think for a purchaser, you know,
that you've paid market value when you're in an auction
room and you're seeing what someone else is, is happy
to bid to.
Speaker 2 (27:55):
Even in a quiet market auction, because auctions, when it's
going gangbusters, I'm like, woohoo for the seller.
Speaker 3 (28:01):
But We shouldn't be scared of auctions in a quiet
market either. You know, we might just have one or
two bidders rather than five.
Speaker 2 (28:12):
How much has it changed the method of sale over
the last couple of years?
Speaker 3 (28:15):
Yeah, it's changed significantly. And I think a lot of
people are shying away from listing for auction because, you know,
they're worried. They think if they haven't, they don't sell
at auction that they've failed. And that's not the case
at all. Often there's There's a conditional buyer waiting in
the wings to make an offer straight after an auction.
(28:36):
So I would still urge people to look at that
process and ask their agent to explain that and, you know,
look at all the different methods of sale.
Speaker 2 (28:44):
What's the most popular method of sale right now?
Speaker 3 (28:46):
I would say it's by negotiation.
Speaker 2 (28:48):
Really? Yeah. Okay. Is that with a listed price, a
published price or just? Yeah.
Speaker 3 (28:54):
So it's, you know, private treaty is, you know, by
negotiation or a priced property. And most of them will
start without a price. Yeah, and then, as I said earlier,
then they may price it after a couple of weeks.
Speaker 2 (29:08):
How do the buyers usually get to the position where
they're making a first offer they're happy with? Because I
must say, I do remind people who are buying, don't
forget that the real estate agent is actually acting for
the seller.
Speaker 1 (29:21):
Mm-hmm.
Speaker 2 (29:22):
So don't tell them what your bottom line is because, oh, magic.
But you shouldn't. I mean, if you're a buyer, you
should keep that to yourself, shouldn't you? I don't know.
Speaker 3 (29:34):
I think it's good to have a clear process. Be
honest with the agent if you're a purchaser. Tell them
what your your limit is.
Speaker 2 (29:47):
Oh, we should say that at the start because I
think that would have been an interesting topic because if
I was buying, let's just for fun say a million
dollars because it's a nice round number. If I was
making an offer on a property and I if I
was making it off for $ 900, 000, I think I'd be
(30:07):
pretty silly if I said, oh, look, we're going to
offer $ 900, 000, but if push comes to shove, we'll go
to a million. I mean, because you'd have to pass
that number on to the seller and they'd be like, well,
it's a million, it's done.
Speaker 3 (30:18):
Yeah, but the buyer will also know the local evidence
and what things are selling for and what the property
is really worth. So they'll want to come in at
a lower level. A good agent's job is to match
them eventually with the seller's expectations and true market value.
Speaker 2 (30:36):
Yeah. I did mean to get this on. We probably
shortchanged ourselves a bit on this, but just out of curiosity,
because when I look at a property that's got a
gorgeous swimming pool and there are certain things you think, gosh,
that would be nice to have. Are there certain things
that look great in a listing that people regret sort
of buying? Because I have in my mind that a
(30:57):
pool People love a pool on paper and then they
move into the house and they're like, God, I'm sick
of cleaning this thing.
Speaker 3 (31:03):
Yeah, that's true. I've seen lots of people fill in pools.
Speaker 2 (31:07):
Really?
Speaker 1 (31:07):
Yeah.
Speaker 2 (31:08):
Tennis courts?
Speaker 3 (31:10):
What kind of a house are we buying, Tim?
Speaker 2 (31:13):
Well, I'm leading up to the property of the week
after the break. Okay. Hey, look, maybe we will head
to the break. We'll come back with the one roof
property of the week in just a moment. And we'll
give you the address if you want to Google it
before we get into the– before we get into the
detail on it, but it's 80 Victoria Avenue in Rimura.
So that tells you part of the story already, the
(31:36):
winning address in Rimura. It is 11 minutes to 5,
Newstalk ZB.
Speaker 1 (31:42):
The One Roof Property of the Week on The Weekend Collective.
Speaker 2 (31:47):
Yeah, the One Roof Property of the Week is, look,
it's a gorgeous five-bed, three-bathroom, three-car park's in 80 Victoria Avenue, Remera, Auckland,
and it is 585 square metres. The land, it's worth noting,
is 6,731 square metres. And the reason we put it
(32:09):
on as the property of the week is because if
you won Lotto tonight, which is around $ 20 million, you
would have no spare change left over. But I might
hand over to Elaine, actually, to describe this, because... It
really is a grand old home of sort of vintage Auckland,
isn't it? But spectacular. How would you spruik this one, Elaine?
Speaker 3 (32:32):
Well, I'd just say that the real luxury here isn't
simply the size of the house. It's having one and
a half acres of privacy in the middle of Auckland.
Speaker 2 (32:41):
Actually, would that be one of the major selling points
in a way is it's, you know, because we get
lots of spectacular properties, but then you're looking into the
neighbours all the time. This place doesn't look like it
has to.
Well, you're not looking into any neighbors. You're looking down
towards your tennis court and over the lawn and your
swimming pool and everything.
Speaker 3 (32:59):
Yeah, so it's providing the space and privacy of a
country estate without asking the owner to give up the
convenience of city life.
Speaker 2 (33:06):
Yeah, so 6,700 square meters of land. Can you put
that in context for us? What's the standard sort of
section these days? Oh, is that a trick question? Thinking
I'm on 820. 820, you're on 820, so this is
eight times.
Speaker 3 (33:24):
Yeah, but there's people on 350 or 400 square metres.
Speaker 1 (33:28):
Wow.
Speaker 3 (33:29):
This is one and a half acres, isn't it?
Speaker 2 (33:31):
They're generous family living, as they say. Tennis court, swimming pool,
northwest-facing aspect, private and peaceful, and it's actually been cherished
by the same owner for 40 years. God, you'd love
to know, I wonder what they paid for it 40
years ago.
Speaker 3 (33:45):
Well, they built it, yeah.
Speaker 2 (33:47):
What, they built it?
Speaker 3 (33:48):
They built it 40 years ago, yeah.
Speaker 2 (33:51):
I thought it looked a bit older than that for
some reason. I don't know why I came out with
that judgment, but anyway.
Speaker 3 (33:55):
Well, you know, it's got the right architecture for its
location there in Remuwera, isn't it? I think when a
family holds a property for four decades, the next sale
becomes a genuine generational opportunity as well.
Speaker 2 (34:09):
It's probably not going to be the sort of thing
where you can just have an open home and rock
up to it, is it?
Speaker 3 (34:13):
No, I think you would get, questioned by the agent
before you can visit.
Speaker 2 (34:19):
Actually, what questions would you, what would question at a
property like that? I guess if you're in the market
for that, you probably know the agents already.
Speaker 3 (34:29):
That's right.
Speaker 2 (34:29):
I mean, how many, how many, a stranger wanders up
and says, I'm interested in having a look at that property.
How do you, because some wealthy people can look like riffraff.
I'm not wanting to quote the little rocky, the rocky,
the rocky picture show. But what questions would you be
asking people? Because you do want to vet, don't you?
Speaker 3 (34:52):
Yeah, you would do some due diligence there on the purchaser.
So you'd be asking them how long they've been looking,
where are they looking, what's their budget, where are they
currently living? And you'd pretty quickly be able to determine
if they're in the right market for.
Speaker 2 (35:06):
What if you're just not sure? Do you think, oh, well,
I can't tell. This person says they've come from overseas.
They were dressed well. I'm suspicious that they just want
to have a nosy. I mean, how do you play
that game? You just don't have to really deal with
that sort of nonsense too much, do you?
Speaker 3 (35:21):
I don't think so. We've got to take things at
face value as well, don't we? Can't be too cynical.
Speaker 2 (35:28):
I guess so.
Speaker 1 (35:30):
Yeah.
Speaker 2 (35:31):
Would people be getting a report on the property with
this as well when you look at an old house
like this that's been in the same ownership for a while?
Would you be saying, I want someone to go and
check the tiles on the roof?
Speaker 3 (35:42):
I guess so, but, you know, I think the great
appeal here is the location and the size of the land.
You know, it would be great to hold on to that,
but it might be updated.
Speaker 2 (35:53):
Go and check it out if you like. It's 80
Victoria Avenue. When I mean go and check it out,
I don't mean turn up physically, but if you do
happen to have a spare $ 20 million after the lotto tonight, well,
you won't have anything to, you won't be able to,
there'll be no money left over after you've bought this place,
but it is worth a look because it's a gorgeous property,
80 Victoria Avenue. Hey, Elaine, nice to see you again.
Speaker 3 (36:11):
Thanks so much for having me.
Speaker 2 (36:12):
Thanks for coming. If you want to check out LJ Hooker,
you know where to find them. And we will be
back with the parent squad. Sarah Chatwin's with us, and
we're going to discuss Sarah's road rage and how she
keeps a lid on it and what example it sets.
Because I reckon she'd be a bit road ragey in
the right situation, but she can defend herself after 5
o'clock with the parent squad.
Speaker 1 (36:33):
For more from the Weekend Collective, listen live to Newstalk
ZB Weekends from 3pm or follow the podcast on iHeartRadio.
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