Welcome to our latest market update, where we provide valuable insights on the rental market over the past month and quarter. In this article, we will examine current trends, where Glasshouse stands in relation to these trends, and how specific locations are performing.
Online Listings and Increased Competition
In 2023, online listings have remained historically low, a trend that persists today. It’s interesting to note that there are more rental listings platforms today than ever before. Besides Trademe and Realestate.co.nz, which are well known, there’s also Facebook Marketplace, AllHomes, and homes.co.nz. All these platforms are competing for the same audience.
Compared to the market as a whole, our Glasshouse audience consistently achieves higher numbers across various metrics. These include the number of days online, people adding our listings to their watchlists, and overall listing views.
Positive Trends in User Engagement
- Compared to other listings, Glasshouse listings rank 7% higher than other listings for being added to watchlists.
- Glasshouse listings get 13% more views than other properties too.
- This positive response translates to a 25% faster turnaround on listings, from finding tenants to signing tenancy agreements.
A property’s marketing, including professional photography, plays a significant role in how quickly it is tenanted. Are professional photos really worth the investment? We believe so. Check out this article for more information.
Hamilton vs Waipa
Hamilton displays a modest decrease of 2 to 4% in the number of listings and searches. While seemingly small, this decline significantly impacts the Hamilton market due to its size. Notably, the majority of people are searching for properties priced between $500 and $700, particularly 2 and 3-bedroom properties.
In the Waipa region, there is a 10% decrease in the number of listings, with no noticeable change in the number of searches. Listing durations have stretched slightly to 14 to 17 days. Similar to Hamilton, properties priced between $500 and $700 are in high demand.Two bedroom properties are also in high demand.
Executive-Level Positions and the Rental Market
There has been a decline in the number of executive-level positions being filled in the region. Consequently, this exerts downward pressure on the pricing of higher-end listings and contributes to an increased vacancy rate.
Despite these challenges, Glasshouse has witnessed an impressive 48% increase in the number of tenancies signed between June and July this year. These figures are likely to continue growing as you read this.
We’ve looked at important real estate insights and trends in this market update. We’ve highlighted the competitive online listings landscape, the superior performance of our Glasshouse listings, and the specific dynamics of Hamilton and Waipa. In the ever-evolving real estate market, staying informed and adapting will prove beneficial. Stay tuned for our future market updates as we continue to provide valuable analysis and insights.