Posts tagged Real Estate
The competition heats up for Spring as an increase of listings hit the market

As we look at the statistics produced in this first month of spring, it tells us how the market has performed in September but also how this will likely influence property values as we move closer into summer.

Realestate.co.nz reported that there were 3,896 listings added on the site in Auckland (up 31.9% compared to September last year). In the regions (excluding Auckland), an all-time high national asking price for properties was recorded, with the average asking price across New Zealand standing at $690,733. Property value growth in the Auckland region has increased by 0.8% year on year, despite a 0.7% drop in the last quarter setting the Auckland median value at $1,047,415.

Buyer activity viewing levels are up reporting 855,326 unique browsers searching listings on the site across the country during September. New listings are higher than they were a year ago in Auckland — I see that number increasing further this quarter.

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In market feedback from investor groups, few existing landlords are thinking of responding to new regulations by selling their properties. Likewise, for existing home owners who are considering selling but require a higher sale price for their existing home in order to purchase their new home, affordability may encourage them to keep their property off the market.

Then there's continued competitive pressure in the mortgage lending market and further decreases to interest rates by some banks which add to the balance of a stable property market.

What does this suggest for the property market over spring into summer?
With affordability remaining a factor for some buyers looking to buy in the Auckland market and some sellers deciding to hold tight rather than list, my opinion is that the rise in listings over the next few months is not likely to go above normal levels that we traditionally see in this season. This should see Auckland property values and the market remain steady.


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What is a defective cross lease title?
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The flats plan should correctly reflect the location and size of the existing dwellings and improvements on the land. But what happens when it doesn’t and what can you do about it?

If the following applies, remedy can be made by way of written consent by all flat owners in the cross lease development. This consent must include the names of all owners, the title and lease numbers and an explanation of what is being consented to then signed and dated by all owners within the cross lease.

  • If the improvement is not attached to the dwelling and is on the exclusive use area for that dwelling (for example a garage or granny flat)

  • If the improvement is attached to the dwelling and is on the exclusive use area for that dwelling but is not enclosed (for example a carport)

The examples below are when a title needs updating. This can be expensive as the area of the entire cross lease will need to be re surveyed which can cost tens of thousands of dollars and can take several months to complete.

  • If the improvement is attached to the dwelling and is enclosed

  • If the improvement is located on the common area but is designed for the exclusive use of one flat owner (for example a garage that is situated on a shared driveway)

  • If a structure has been removed from the flats plan but is referred to as part of the legal description of the title (for example a garage) NB It could be more cost effective to reinstate the garage than to update the title.

Why update the title if it has a defect?

Lenders and banks are taking a cautions approach to such title sand therefore can limit the buyer pool of the home. In some instances, a purchaser has taken early possession of the home prior to settlement while the vendor updates the title.

It is important that I recommend you seek your own legal, independent advice regarding any matter relating to titles or property conveyancing.

Find Out What Auckland Council Has Proposed for the Street You're Looking to Buy In or Live In...
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Here you will find what the council has proposed or will be doing in your area. This includes road widening; views and notable trees to be protected - which of course can affect how and where you build on a particular site.
As mentioned in a previous post, a PIM (project information memorandum) will give you most of the information on a site so I would recommend obtaining one of those first for those looking at building a new dwelling or sub dividing a section.

I recently sold a house in Derrimore Heights which is on the flight path. Most homes in Papatoetoe and Manukau Heights are on the flight path which most people are aware of however for those new to the area who don't know, it's always a great idea to jump online to view the current district plan. The real estate agent showing you the home should always have that information for you.

Quarry zones or mineral zones are also included in the district plan which may affect the soil so if your planting a vegetable garden for instance, you may think twice before digging in!

For instance, if your a light sleeper you may want to look at the streets that are directly on the flight path. I know when I moved to Papatoetoe and the first plane flew over the house I woke up with a jolt but after a few days sleep took over and now it's just a matter of sometimes having to pause the movie we are watching until the bird fly's past!

So all you do is click the link here and type the street you are in or looking to buy in and it will give you the map number and open up a file of all the information the council has on that street and surrounding streets - easy as that!