Posts tagged realestate agent
How to add value in the kitchen on a budget
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Here are some tips on how to get the best out of your existing kitchen without breaking the bank.

1. Ease and flow

First ask yourself if your kitchen functions well or are there some things about it that have always driven you crazy. Is the pantry too small, is the dishwasher too far from the sink or the rubbish bin, is there never enough storage or are the cupboards too high? Consider whether moving an appliance or rejigging those cupboards could significantly improve the flow of your kitchen.

2. A good clean and a lick of paint

One of the simplest ways to freshen up your kitchen is with a coat of paint. Keep it light, airy and neutral – be sure to pick a shade that works with your existing counters and cabinets. Ask for advice at your local paint shop or when in doubt, white is usually a safe bet. A professional clean is a worthwhile investment and should include ceilings and walls. Fly spots and food splatters are big detractors to an otherwise sparkling kitchen.

3. Update your hardware

Updating your cupboards with new handles can give your kitchen a more contemporary feel, but make sure they are still in keeping with the overall style of the room.

4. Declutter storage spaces

Make sure your cupboards and open shelves are clean, orderly and decluttered. Potential buyers will be looking inside your cupboards, and if they are overflowing it gives the impression that the storage space in your kitchen is inadequate.

5. Let the light in

Consider the lighting in your kitchen – you’re looking for that bright, airy feel. Good lighting will make your kitchen seem bigger, brighter and will make it more functional too. No one wants to cook or entertain in a dark, poorly lit kitchen.

6. Help buyers imagine it as their own

Your kitchen may be very personal to you and your tastes, but now is the time to make it clean, simple and neutral. Give buyers a clean canvas to work with.

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The Australian property market VS's New Zealand’s
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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.

Will the LVR changes affect property values?
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There have been many reports in the media about the performance of the property market — more opinion than fact. Over the years you’ve been reading my updates, you know me well enough to know that I like the facts.

There are some key drivers in any property market: employment levels, net migration, crowding, property sale volumes, construction, affordability, rents, and number of days to sell property to name a few. All of these remain at relatively stable levels.

The first home buyer market is certainly buoyant (new mortgage registrations rose from 24.8% to 26.4% last month) with lenders easing up on restrictions along with attractive interest rates — with no predictions of tightening anytime soon.

Changes to LVR's
The RBNZ Financial Stability Report released on Wednesday the RB noted the slowing in mortgage lending growth and house price inflation. In response they have cut the minimum deposit requirement for investors from 35% to 30% (having cut it from 40% a year ago). And banks may now have up to 20% of their lending to owner occupiers at less than 20% deposit. This had been 15% from the earlier 10% percentage of volume limit.

Will these changes affect property values?
Not really. At least, they certainly won’t lead to large rises in house prices, but the changes should bring further stability to the market. Remember when they imposed the changes as the market was rising?  They were never to bring house prices down, they were just to slow the growth and stabilise the market.  Now it’s the reverse.

The sellers market has passed (2 years ago), but the balanced market environment we are presented with is a healthy one. Values remain relatively stable along with stock levels and sales volumes. I see this property climate remaining similar for a few years yet.