Average Period to Sell an Auckland Apartment
The average time period to sell an Auckland apartment and the factors affecting the period of sales.
Good day. Andrew Murray from Apartment Specialists. Today, I am going to talk about how long it takes to sell an Auckland apartment.
Now, looking at the average of our last 25 sales, I can say, on average, it took 27 days per apartment for it to go on the market and then get sold. You can say the average time to sell an Auckland apartment in the current market is a month.
Why do some apartments sell in a day and others take up to three months, sometimes four? Well, it comes down to three reasons: one being the actual property. How suitable is the property? Is it a property that's favourable? For example, if it is not an owner-occupier property and it doesn't get very much light, it's going to take longer to sell.
Does the property have anything that is not going for it? For example, maybe there are a few issues in the complex and they need to be resolved. Well, that's going to turn off a lot of buyers and make it again, difficult to sell.
Another one is access and that's huge. Which is very different in this market than with houses. Because most of this market has tenants. If the tenants aren't giving you access, that can make it difficult to sell again. But at the end of the day, it all generally comes down to one thing which is the owner's situation.
If they needed to move quickly, price is the one thing that eventually holds it up. If the apartment is priced very well, it will go out of the door. If it's priced not very well, it will last a long time. If the apartment is priced very well, it would probably go in generally, about a month and if not, it can take a lot longer.
It comes down to the client's situation. If they want a very high price for the apartment, it takes longer. Hopefully, the ideal client will give us that time to be able to try to achieve that for them. Through the whole time, you are giving them feedback and often, if it is priced too high, the market tells you that, and we give that information to the owner, and they adjust it accordingly.
To recap on this one. Basically, on average, it takes 27 days or around about a month to sell an Auckland apartment. I hope that helps. In the next podcast, I will talk about how much it costs to market an Auckland apartment.