What has happened so far in 2023? What will you expect as a seller or a buyer? With sales rates falling and interest rates soaring, these are uncertain times for anyone involved in real estate.
Luckily, by being diligent, doing the right things and paying attention to the market, there are still many things you can do to boost your chances of success.
What To Expect From The Rental Market In 2023
Prices were at their highest in November of 2021, but by the end of 2022, they were down by 13.7% all across New Zealand.
Sales had also fallen significantly, with the sales numbers being just around 67,000 – the lowest they’d been since 2010! It’s normal for the market to change, especially after the serious world events that countries everywhere have had to deal with and the natural disasters that New Zealand has faced in 2023. Still, these numbers have left buyers and sellers nervous.
With the uncertainty of the market and rising interest rates, selling a home or rental property has become more difficult than ever. Properties stay on the market for much longer. This only makes the market slow down even more.
Along with housing prices fluctuating, rental rates are also predicted to rise. The cost of living crisis and inflation mean that rental rates will most likely increase in 2023.
Most people who are involved with real estate, buying or selling property or renting out property know that Auckland’s rental market has changed a lot since 2020. But, many don’t realise just how different the market is in 2023 until they see the numbers for themselves.
What Does This Mean For Landlords?
Rental property owners can expect renting out their properties to be tougher in 2023; the unpredictable market has left many buyers worried about their options. The more sales drop, the more buyers get nervous, and the further sales will drop.
With all of these issues and rising and falling numbers, rental properties and houses alike are staying on the market for much longer. This is an issue because the longer a property remains on the market, even if it is a perfectly fine space that’s completely functional, the more buyers tend to stay away. Buyers often think that properties that haven’t been rented out in a long time must have something wrong with them.
It’s unclear when these trends will change. However, there are things that you can do as a property owner to make your properties more appealing. There is something about smart property management that will never change – the more attractive you make your properties, the more people will be interested.
Your properties may not do very well if you let them sit on the market without any help. The right property management and marketing team can help you boost your chances of finding good, reliable renters to fill up your spaces.
Consider working with a property manager to take these steps, which can make your property more appealing to even the most cautious prospective buyers:
- Maintain your properties. The recent Auckland floods have shed light on how important correct property maintenance is. Structures that are well taken care of are more likely to stand strong during natural disasters, so consistent property maintenance is necessary if you want to protect your renters and your reputation as a property owner.
- Market your properties. Marketing your properties correctly can get more eyes on them, and you’ll increase your chances of selling faster. Trained property managers can create advertisements that’ll make your properties look amazing. This can involve taking photos that perfectly complement your spaces, taking care of your properties to make them look incredible and advertising your rental spaces online so that anyone looking for a home through sites like Trade Me can find them.
- Conduct property inspections. It’s not just enough to maintain your property; you must also ensure they are routinely inspected. Inspections will help you find issues that could lead to major problems. So you’ll be able to fix them sooner rather than later.
How You Can Learn More About Being A Successful Property Owner In 2023
We know that being a property owner in the current market can be stressful, and we at Reliance Property Management are here to offer our expert services to help you as best as we can. We are proud to provide you with an array of services, including general property maintenance, marketing, property inspections and much more.
Do you have any questions about our services, what you should do about your properties or the current state of the rental market? Call us at 0800131141, or reach us through our website. We’d be happy to discuss your options and what you can do to stay profitable in 2023.
Trust us at Reliance Property Management for excellent support and assistance as Auckland’s rental market changes in 2023.