Posts tagged realestate
Median house prices in Auckland were the highest Auckland has seen for three months

The REINZ monthly property report has shown in Auckland, the number of properties sold in March fell by -18.2% year-on-year (from 2,451 to 2,006) – the lowest for the month of March since 2008.

Banks continue to remain competitive with their mortgage rates and there is a high chance of an OCR cut in the near future. However, the uncertainly surrounding the CGT (capital gains tax) legislation are having an impact on the housing market with many taking a 'wait and watch' approach.

Median house prices
Across New Zealand increased by 4.5% in March to a record $585,000, up from $560,000 in March 2018. Median house prices in Auckland were the highest Auckland has seen for three months although compared to the same time last year, this number fell by 2.7% to $856,000 – down from $880,000

Map - March  2019.jpg

Note: Auckland’s 2.7% decrease in median price to $856,000 is partly a result in the number of properties sold for more than $2 million which fell from 8.1% of the market in March 2018 to 5.5% in March 2019. This median price has just continued to hover around the $850,000 mark – the same thing we’ve seen for nearly three years now suggesting that perhaps the Auckland market has found its ‘new normal’ for the time being.

Days to Sell drops significantly since February
Auckland saw the median number of days to sell a property increased by 5 days from 37 to 42 when compared to the same time last year, but this was a drop of 15 days when comparing to the previous month.

Price Bands
The number of homes sold for less than $500,000 across New Zealand fell from 41.8% of the market (3,328 properties) in March 2018 to 38.5% of the market (2,668 properties) in March 2019.

The number of properties sold in the $500,000 to $750,000 bracket increased from 29.0% in March 2018 (2,307 properties) to 30.5% in March 2019 (2,113 properties).

At the top end of the market, properties sold for $1 million or more decreased from 15.5% in March 2018 (1,232 houses) to 14.8% in March 2019 (1,029 houses). Source

Manukau features as one of the top 10 suburbs where the property market is about to boom. Read more here.

The Australian property market VS's New Zealand’s
REAL ESTATE PULSE.jpg

The median sale price in some suburbs within Manukau have flattened and remain stable with no dramatic changes overall when looking over a 1 year period. Interestingly, Auckland’s median sale time has increased whereas most suburbs in Manukau have decreased.

In contrast, Auckland’s new listings and inventory levels were both up compared to January last year, suggesting buyers have a reasonable choice of homes to buy at present.
 
Rise in lending activity
The Reserve Bank of New Zealand (RBNZ) has reported that mortgage lending activity rose again in recently. Mortgage lending flows are likely to remain solid in 2019, but any further increase in activity is likely to be slow and steady rather than dramatic.

The Australian property market versus New Zealand’s?
For anyone concerned whether the Australian property market slump could be reflected here in New Zealand, you’ll be pleased to know that New Zealand’s lending environment is on a solid footing. Why? 80% of New Zealand’s mortgage debt is fixed, with 33% fixed for at least one year. This gives Kiwi households time to adjust before any interest rate increase hits; whereas most lending in Australia is on floating rates, making it much more exposed to any changes.

What puts buyers off a home?
706-FB6348-Manukau-City.jpg

Presentation is key to attracting the best price and buyer appeal to the home. Here are a few key aspects that can put a buyer off purchasing a home:

Bad smells.
Prior to your first open home or viewing make sure your house is free of all pet smells, stale cigarette smells, stale food smells, damp smells or anything else that will give a negative first impression.
   
Clutter.
This is a recurring theme in any list of how to get your property sale ready and it can’t be overstated enough. Make sure all floors, surfaces, cupboards and shelves are free of piles of your own belongings, leaving only organised, purposeful items and one or two ornamental items that elevate the space rather than merely fill it. As well as making the house appear neat, tidy and well looked after, it will also help potential buyers visualise their own furniture and belongings in the property. If your budget allows you may also wish to consider having the property staged with rental furniture designed to appeal to your target market.

Dirt.
The need to clean might seem obvious but it’s worth getting a fresh set of eyes (such as your sales consultant) to let you know what needs work – or even a professional cleaner through the property. They will notice things you may not, but a good place to start is to do a thorough clean of all floors, walls, skirting boards, windows and sills, mirrors and tiles. Cleaning and decluttering also extends to the outside where you should make sure you have cleared any flotsam from the garden. Also make sure the garden is weeded, all mildew is waterblasted from surfaces and the fences and gates are well maintained.
   
Dampness.
Consider investing in a dehumidifier and give it a good workout before potential buyers view the property. Wipe any signs of mildew from walls, windows and sills. Make sure your bathroom feels light and well-aired.
   
Vendors on site.
As a rule potential buyers do not want you, the vendor on site during a viewing. It will make them feels as though they are guests in your home, rather than buyers at a viewing. They will feel less free to give the property a good investigation and imagine themselves living there.
   
Temperature.
It’s a bit of a tough one this as everybody is comfortable with different temperatures but try to avoid your property being too cold or too warm on viewing days. Aim for dry and comfortable.

Source.