Some New Plymouth homeowners are slashing their asking prices by tens of thousands of dollars and those who bought at the peak of the market are selling at a loss if they need to move now.
Agents told OneRoof the market is flat and buyers are in no hurry to buy because they have so much choice and might be able to pick up a bargain.
First National salesperson Jamie Gemmell said some people were losing up to $150,000 if they bought two years ago in 2021 and had to sell now.
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While it was initially a bitter pill for some sellers to swallow, she said they eventually got their heads around the fact they were buying and selling in the same market so were also paying less for the next property.
Other homeowners had been forced to reduce their asking prices, she said, and even then some were struggling to attract buyers who had plenty of choice and were in no rush to buy.
“Buyers might look at a place two to four times and are still thinking about it.”
A four-bedroom, three-bathroom luxury lifestyle property at 36 Manutahi Road, in Hillsborough, has just shaved $250,000 off its asking price and is now wanting $2.6 million.
Gemmell said the same property in Queenstown would be at least four times as much.
“For what it is, it’s incredible value.
“It’s House and Garden material. I thought an Aucklander would have come down and snapped it up because it is amazing value.”
In the suburb of Waiwhakaiho, the owners of a luxurious three-bedroom, two-bathroom home at 16A Links Drive are inviting buyer enquiry over $1.349m – which is less than the $1.4m they spent to acquire it in 2021, according to OneRoof records.
A luxury home at 36 Manutahi Road, in Hillsborough, which wouldn't be out of place in House and Garden, according to the agent. Photo / Supplied
A brand-new home at 35 Sycamore Grove, in Vogeltown, is being sold at below cost for $1.09m. Photo / Supplied
Gemmell is also selling brand-new homes such as the executive three-bedroom, two-bathroom home at 35 Sycamore Grove, in Vogeltown, priced at $1.095m, which she believes would cost more to build.
“You couldn’t build them for what they are asking. The owners are not making anything, they are losing and even then we are not getting offers.”
Ray White New Plymouth owner Jane Simonson said it had been a buyers’ market for about six months and those who wanted to sell had to be prepared to meet the market.
“Sellers that are promoting their properties well and presenting them well and pricing them well are selling, and the people who are still wanting the prices from 18 months or two years ago they [houses] are just sitting there and they are just literally helping all the other people sell their houses.”
Just this week a four-bedroom, two-bathroom home at 18A Dartmoor Avenue, in Westown, dropped its asking price to $950,000 because the owner wanted to meet the market and sell, she said.
The owners of an updated 1960s split-level home at 18A Dartmoor Avenue, in Westown, have dropped the asking price to $950,000 and are committed to selling. Photo / Supplied
A three-bedroom, one-bathroom home at 3 Tay Street, in Spotswood, also dropped its price several times from $640,000 to $620,000 and now to $599,000. The property could also appeal to first-home buyers prepared to do some work, she said.
Simonson said first-home buyers were still active and could pick up a three-bedroom home starting from $500,000.
She said there seemed to be a lot of high-end stock, which in New Plymouth was $2m-plus, on the market. Those with more money to spend tended to look at homes near Pukekura Park such as one at 11 Fillis Street that had undergone a major renovation and extension or a new near four-bedroom, two-bathroom property with water views at 3A Sunset Street, in Bell Block that was being auctioned next week.
A near-new four-bedroom, two-bathroom home at 3A Sunset Street, in Bell Block, has panoramic views of the ocean, mountain and port. Photo / Supplied
“If you are looking right in central New Plymouth, there’s a lot of beautiful character homes and we’ve also got our waterfront homes as well.”
Out-of-town buyers were still looking and at the weekend she had shown a property to an Auckland businessman who had sold up and was looking to retire in New Plymouth.
“They are cashing up and coming back and they are finding that they can buy a beautiful home and have a lot of disposable income to do the travel, buy the motorhome, live the dream really,” she said.
“They come to New Plymouth and they are really quite excited about what they can get for their money.”
A three-bedroom, one-bathroom home at 19 Lawry Street, in Blagdon, would suit first-home buyers who don't want to renovate. Photo / Supplied
ReMax New Plymouth sales manager Angela Maindonald said people were finding it harder to get finance and were having to sell their homes before they could move. In some cases, this had created long and complex buyer chains and meant houses were staying on the market for longer.
“People by nature are at the moment very cautious and spending their money very carefully. They don’t want to buy what they perceive might be a lemon. So, if it’s an older home people don’t seem to want to do any work, they want everything modern and new and done.”
For those wanting renovated properties, a three-bedroom, one-bathroom home at 230A Omata Road, in Spotswood, is seeking offers over $659,000, while another three-bedroom, one-bathroom home on 19 Lawry Street, in Blagdon, was negotiable over $695,000.
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