Average Period to Sell an Auckland Apartment

Apartment Specialists Podcast No: 42

Summary:

The average time period to sell an Auckland apartment and the factors affecting the period of sales.

TRANSCRIPTION:

Hello, Andrew Murray from Apartment Specialists. Today we will be going over how long on average it takes to sell an Auckland apartment.

When looking at our last 25 sales, I can say that on average it took 27 days for the apartments to sell once they were on the market. You can say the typical amount of time to sell an Auckland apartment in the current market is a month.

Why is it that some apartments sell in a day and others can take around three months, sometimes four? There are a few explanations for this, one being the actual apartment. How suitable is the apartment? Is the apartment favourable to buyers? If it is not an owner-occupier property or it doesn't get very much light, it will take longer to sell.

Does the apartment have any negatives? For instance, if there are some issues in the building which need to be fixed, that’s going to put off a lot of potential buyers and make it challenging to sell.

Another issue that could make it harder to sell is gaining access to the apartment. The apartment market is very different to the housing market, as most of this market has tenants. If the tenants aren't giving access for viewings, that can make it tricky to sell as well. However, at the end of the day it all typically comes down to one thing, which is the owner's situation.

If the owner 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 the door. If it's not priced very well, it will stay on the market a long time. If the apartment is priced very well, it would probably go in about a month’s time, and if it’s not priced well, it will take a lot longer.

It depends on the vendor's situation. If they want a very high price for the apartment, it takes longer. Hopefully the ideal client will give us the time to try and achieve that price for them. Throughout the process the agent is giving them feedback. Often if the apartment is priced too high, the market will tell you that. We pass that information to the owner, and they adjust the price accordingly.

To summarise, on average it takes 27 days or about a month to sell an Auckland apartment. I hope this helps.

Cheers.