Long-time house listings just won’t sell
A property in Huntly has spent the last four years on the market while a Pauanui palace is struggling to win over buyers. Chloe Blommerde reports.
If a property has been on the market for over four years, one would presume the price would drop, not increase. But for a developer based in Auckland, he’s holding tight to his half a million dollar property on Great South Road, Huntly.
The home, built in 1975, has been on the market since March 2016, making it realestate.co.nz’s oldest property for sale on its website.
But the asking price hasn’t dropped in the hope of attracting potential buyers. Instead, it’s gradually increased. When the property first hit the market in 2016 the developer wanted $300,000. Now, he’s only accepting offers over $500,000 plus GST. The property was last sold in 2004 for $68,000.
The two-bedroom home sits on 900sqm of a fully fenced, freshly gravelled section. But renovations are required if anyone wanted to move in.
It’s ‘‘just begging to be developed’’ the listing states.
Ray White sales agent James Shack told Stuff the owner is happy to wait for the perfect buyer and pay what it’s worth to him.
‘‘Everyone has their own perception of what it’s worth . . . what vendors in Auckland think it’s worth compared to a resident in the south is a little bit different,’’ Shack said.
When the property was listed four years ago, ‘‘the market was quite good, but because he’s a developer he doesn’t mind sitting on it.
‘‘If he can get a premium for it, he will sell it, otherwise it’s not worth it to him.
‘‘We’re getting a lot of inquiries, but it’s harder to sell.’’
In early 2016, work began on the Waikato Expressway which, when complete, will link the Bombay Hills to south of Cambridge.
In March 2020, the 15km fourlane Huntly bypass opened to motorists and put a stop to congestion issues in the township, but many were concerned business would fall once traffic was diverted.
However, Shack said not even five per cent of the traffic that travelled through Huntly stopped in Huntly.
‘‘It doesn’t make much difference to businesses.’’
Meanwhile, realestate.co.nz head of sales and marketing Vanessa Taylor said there are a few challenges with this listing.
Taylor said there’s a bit of confusion around property type. It’s listed as a residential section, but it’s better suited in the commercial section of the website.
And the way the property is presented is an issue, she said.
‘‘It’s a little unclear until the eighth or ninth photo on what you’re actually getting.’’
And finally, the price. ‘‘Your property is only worth what somebody else is willing to pay.’’
In the four years onsite, the Great South Rd property has reached over 50,000 users and of those nearly 5000 clicked on the listing.
Taylor said the number of listings to come onto the market in November was up 8.2 per cent compared to the same time last year.
‘‘Most of the people searching in the Waikato are from Auckland.’’
Meanwhile, across the region on a Coromandel canal sits ‘Waterways Perfection’.
The five bedroom, five en-suite north-east facing section hasn’t been on the market as long.
Listed in January 2020, the 2015 residential property boasts views of Pauanui Waterways and the Coromandel Range.
The canal-side location also boasts its own dock suitable for a 19m boat but it’s not yet enough to get a 700sqm-site over the line.
It’s the oldest residential property for sale in Waikato listed on Trade Me Property and has an RV of $2m.
The owner was approached for comment but declined.
Trade Me Property spokesperson Logan Mudge said in November the average asking price for a property in Pauanui was $1,129,800 up by nine per cent when compared with the same time last year.
The median time on site for a residential property in Waikato is 35 days – a 20 per cent decrease when compared with the same time last year when the median was 44 days.
‘‘Your property is only worth what somebody else is willing to pay . . . most of the people searching in the Waikato are from Auckland.’’
Vanessa Taylor
‘‘This is slightly higher than the national median of 30 days onsite for properties for sale in November,’’ Mudge said.
‘‘In November the average asking price for property in Waikato was $638,900 – marking an eight per [cent] increase on the year prior and setting a record for a new all-time high for the region.’’
Waikato’s supply was down 11 per cent year-on-year in November, while demand was up 21 per cent.
‘‘Demand is outweighing supply in Waikato, pushing prices up and making buyers snap up properties faster than they were this time last year,’’ Mudge said.