2020 Property and Construction Honours — Real Estate Agent of the Year

Selected business: George Fong

Reasons for selection: With more than 20 years in Auckland’s property market, he brings distinctive insights into buying and selling homes and the market itself.

George Fong has worked in real estate sales for more than 27 years. Over time, he has become one of Barfoot & Thompson’s top agents. George. works throughout Auckland, with a particular focus on Epsom and its surrounding suburbs, where he has achieved considerable success. With George. bringing more than 20 years of in-depth knowledge of the Auckland market, he is an ideal person to turn to for advice on buying and selling property and forecasts of future market trends.

George says: “Auckland’s property market has performed far better than expected. Whether affected by legislation, economic conditions or some form of disaster, the market can adjust after a brief fluctuation and continue its upward trend.”

Discussing the impact of the COVID-19 pandemic on the market, George says: “Economists thought the pandemic would cause property prices to fall by 5%–7%, but the opposite has happened. I believe this is because New Zealand has controlled the outbreak well and the anticipated recession has not occurred. Also, with increased competition and reduced housing supply, the property market has been very active recently, with record sales volumes and prices continuing to rise.”

George is very optimistic about the property market in 2021: “The market will remain buoyant. On the one hand, migrants want to return to New Zealand because we have shaken off the pandemic’s negative effects and everyday life and economic activity have returned to normal, while Australia, the UK and the US remain caught in the pandemic. On the other hand, building new homes takes time, and housing supply falls far short of demand.”

George also cautions investors hoping to share in the land development boom: “They need to be very careful and do their homework. They need to consider what the homes will actually sell for once completed, and pay attention to wastewater disposal, height restrictions, potential objections from neighbours and other specific factors that could cause problems. Council approvals are slow these days, and the requirements placed on builders are demanding. Prospective developers also need to understand that estimated timelines are likely to be delayed rather than remain fixed.”