The New Zealand version of hit UK show Location Location Location makes its debut on Sunday night on TVNZ, and co-host Paul Glover is feeling upbeat about the housing market.
After a chilly and downcast winter, the mood has changed and the temperature has warmed. The Reserve Bank’s decision to cut the Official Cash Rate last month has seen enquiries on OneRoof spike, with lower interest rates reigniting buyer interest.
Glover has noticed more crowds at the open homes he’s been running these past few weeks on Auckland’s North Shore. “We're seeing a lot more shoes at the door,” he told OneRoof.
“Sometimes people get scared, because they see so many people and they think, ‘Oh my gosh, look at all that competition’.”
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For those anxious about getting on the property ladder, Glover’s new television show, which he presents with fellow Ray White agent Jayne Kiely, is the perfect remedy. Both agents, like Kirsty and Phil in the UK, are there to solve buyer problems, not to scare them off.
Both agents are no strangers to the camera. Glover has had starring roles in Xena, Hercules and Shortland Street and most recently appeared in The Brokenwood Mysteries and Educators. Kiely has in the past presented numerous TV shows, including Dreamhome, and is a former track star.
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Over eight weeks of AA Insurance Location Location Location New Zealand, the pair help nervous first-home and second-home buyers secure everything from entry-level units to hidden architectural gems.
As the market heats up, helped by dropping interest rates, Glover wants buyers to make the most of the flood of new properties they’ll be seeing in the coming weeks. He offered his tops tips to OneRoof.
1. Do your research
This is particularly important when a property is being sold at auction and there are no price indications from the agent. “See what the agent can provide you. Recent sales in the area are a good guide,” he said, adding that buyers should not take RVs as gospel. “Some homes are selling above RV, some are selling below. That’s why you do your homework.”
Buyers should also use professionals when it comes to building inspections and legal and financial issues. “That is paramount. If you're happy and satisfied to press forward, get your property in front of your lawyer.”
2. Don’t get locked into looking at just one suburb
“For example, you might be looking at Auckland’s North Shore but you could find your money goes a lot further looking up the coast. Look for the suburbs that border the ones you want to buy in.”
He urged buyers to pace themselves, and recognise that they can work their way up to that forever home or suburb.
Busy open homes and busy auctions shouldn't be feared. Photo / New Zealand Herald
Power was in the hands of buyers right now: prices were possibly at their lowest point post-Covid and interest rates were falling. The opportunity to snap up “bargains” might not last long. “Then those more desirable suburbs become even harder to break into,” Glover told OneRoof.
3. Be realistic
“Make a list of the things you absolutely love and want before you start searching. Look at what’s on the market to get a feel for what’s out there,” he said.
However, it pays to be flexible. “If you want a four-bedroom home in a suburb that’s more desirable and those numbers are not working, then you might have to adjust your expectations and go for a three-bedroom, or choose a four-bedroom in a more affordable neighbouring suburb.”
4. Don’t give up
“Don’t give up on a house just because it’s a busy open home,” Glover said.
He has seen buyers miss out because they have focused too much on the competition.
He urged buyers to look at big crowds as a big tick for the value of the home – and even later, find comfort that the house will be equally popular when they come to sell.
“If it’s swarming with people, that’s phenomenal. Isn’t it great buying something that somebody else wants? You know that other people love what you love.”
Glover with his AA Insurance Location Location Location New Zealand co-host Jayne Kiely. Photo / Supplied
He always tells people to attend the auction whatever they think the competition might be. “You don’t know how much money another person has. The best thing [about an auction] is you can actually stand in the room and see the colour of other people’s money and then you know exactly what you’re buying,” he said.
Like many agents, Glover said the recent flurry of activity may indicate the start of another growth cycle as interest rates drop. “It’s certainly not sort of spiking in terms of [price] growth and there’s just a general sense of optimism from sellers,” he said.
“This is still the perfect market for changeover. Those changeover costs are a lot more relative and affordable now versus when the market becomes hotter, when things soar away and become a lot more unpredictable. We’re actually in a very good market for trading right now,” he said.
- AA Insurance Location Location Location NZ appears on TVNZ1, Sunday September 15, and on TVNZ+
