NZ Herald - Plus Feature February 2024

Retireto

Retireto luxury

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Homesofthe future:trend predictions

Completednewhomesandlowmaintenance “lockupandleave”homeswillbepopular.

Goodbyevillaandwelcomelockup-and-leavehomes Kiwihome buyers’tastesarechanging,andlow maintenancenewhomesareincreasingly stealingthespotlightinthehousingmarket

ThehomesKiwisbuyhavechangedover recentdecades,bothbecauseofchanging lifestyles,butalsocost Firsthomebuyersin particularcan’talwaysaffordtobuyathreebedroomhomeonaquarteracresection

Uncertaintyaroundmortgageinterest ratesandinflationcouldhampermany homebuyers’plansin2024 Ifmortgage interestratesremainhigh,somefirsthome buyers,orthosewantingtotradeup,could findthey’relockedoutofborrowing.

Mortgageinterestratesarelooselybased ontheReserveBankofNewZealand’sofficial cashrate[OCR] TheReserveBankraisesand lowerstheOCRinordertocontrolinflationwhichmostNewZealandersacknowledgeis toohighforcomfort

TheOCR,whichbottomedoutat0.25

betweenMarch2020andSeptember2021, graduallyrosebackto55inOctoberlastyear andhasn’tbudgedsince.Itisexpectedto startfallingagainthisyear,buteconomists arenotallinagreementastowhenthat willstart,andhowfasttheOCRwillfall In themeantime,homeownersmustpayhigh mortgageinterestrates.Onlywhenthe ReserveBankstartstodroptheOCRwill mortgageinterestratesfollowsuit

AtthebeginningofFebruaryfloating interestratesfromthefourAustralianbanks ANZ,ASB,BNZandWestpac,alongwith locallyownedKiwibankwereinthemidto high8%rangeandtwo-yearfixesfromthe bankswerealittlebelow7%

Inflation,whichtheRBNZusestheOCR tocontrol,isfallingataquickerpacethan forecastlastyear,saysASBchiefeconomist NickTuffley Butitisstillstickingaround Ontheotherhand,positivenewsfor firsthomebuyersisthathousepricesin someregionsmaystillbefallingfromthe

Photo/GettyImages

2021peak.Barfoot&Thompsonrealestate recordedafallinAucklandhousepricesin January.

“Themedianpriceforthemonthat $966,500wasdown7.1%onDecember’s medianprice,”saysPeterThompson, managingdirectorofBarfoot&Thompsonin lateJanuary.

Forthosewhocanaffordtobuyhomesin NewZealandhassle-freelock-up-and-leave homes,single-leveldwellingswillbethe propertiestowatchin2024,sayindustry insiders.

BayleysheadofinsightsChrisFarhisays theclassicsoftheNewZealandhousing marketsuchasvillasandbrickandtileunits, wouldalwaysbeindemand.However,buyer preferenceswereevolving.Thatincludesa trendtowardsmodernlock-up-and-leave homes,withtheirlow-maintenancedesigns.

Firsthomebuyersanddownsizersare leaningmoretowardsapartments.They arealsoidealforinvestorsandforpeople whonolongerwanttomaintainagarden. Apartmentscanalsobeturnedintoshort termholidayrentals,providingownerswith income.

InaninterviewwithOneRoofattheend oflastyearFarhisaysthenewgovernment’s policiesofreinstatementofmortgageinterest deductibilityagainstrentalincome,and reductionofthebright-linetestfrom10years totwoyearsfromJuly1,wouldlikelybring backinvestorsintotheapartmentsegmentof themarket.

TheageingdemographicofNewZealand iscontributingtoagrowingpopularityof single-levelproperties,suchasapartmentsor ground-levelhomes,Farhiadds.Thereisalso atrendtowardinternalelevatorstomake

multi-levelhomesmoreaccessible.

Otherpropertytypesgrowinginpopularity includeready-builtbrandnew“turn-key” homes,thatcomewithoutthebudget overrunsandcompletiontimelineblowouts ofoff-the-planpurchases.Withturn-keythere isnoneedtodealwithcontractors,there iseaseofborrowing,andmorecertaintyin general,saysFarhi.

BillMcKay,anarchitecturelecturerat theUniversityofAuckland,predictsashift towardsdenserliving,withadeparturefrom thetraditionalconceptofthe“foreverhome.” Inthepast,familieswouldbuyasuburban homeandstaytheretoraisetheirchildren.

Thatischangingwithyoungcouplesopting forapartmentsandtownhousesastheirfirst home,togetonthepropertyladder,hesays. Theymaybeginafamilyinthesmaller-style home,butthentradeuptoastandalone homewhenfundspermit.

InaninterviewwithOneRoof,McKaysaid heisseeingadeclineinthedemandforlarge backyard-centrichomesandemphasisesthat childrenplayingwithballsinlargebackyards isoftenathingofthepast.

Thestickingpointtheremaybethatthe numbersofnewhomesbeingconsented isfalling,whichmightputpressureon sales.FiguresfromStatisticsNewZealand inJanuaryshowedthataround25% fewerhomes[includingapartmentsand townhousesaswellasstandalone]were consentedin2023than2022.Thebiggest declinewasforapartments.

Fewernewbuildsisnottheonlyconcern. Buyersdoneedtobeawarethatnotall newhomes,especiallytownhousesand apartmentsarewellbuilt,McKaysays.Nonethe-lessbudget-consciouspurchasersare

willingtobuylesswell-builtstock.

McKayalsoseesgrowingdemandforfive tosix-storymedium-densityapartment buildingsinareaswithgoodpublictransport andalongmainroads.Apartmentbuilder Ockham,whichisoftenheldupasaposterchild,hasbuiltanumberofhighlysuccessful developmentsonGreatNorthandNewNorth roadsinAuckland.

McKaysaysthereisdiminishinginterest amonghomebuyersinpurchasing fixer-upperhomesforDIYrenovations. Increasinglybuyersprefertobuyreadyrenovated,hesays.

It’slikely,saysMcKay,thatthetrendof investorsbuying,renovating,andflipping olderhomeswillincrease.Thosewhodobuy torenovatesometimesoverestimatedtheir DIYabilities.

Theotherbigchangeonthehorizonis thedemandforhomesformulti-generation families.McKaysaysobservationsmade aboutNewZealandhousingoftencentreon thewhite,middle-classdemographic.

Thepopulationischangingrapidly, however.Pasifikafamiliesandsome Asiancommunitieswerelookingfor intergenerationallivingoptions,especiallyin Auckland,hesays.

InAugustOneRoofreportedonatrend tosix-plusbedroomnew-buildhomesin FlatbushandsurroundingsuburbsinSouth Auckland.

INSETFROMTOP:ASBchiefeconomist NickTuffley,PeterThompson,managing directorofBarfoot&Thompson,Bayleys headofinsightsChrisFarhi Photo/Supplied

Photo/GettyImages

LifeisSimple JustAddWater.

WHYCOASTALLIVINGINNZISSUPREME.

Intherealmofcoastalliving,NewZealandstandssupreme, boastingsomeofthemostbreathtakingseasidelandscapes ontheglobe.WeKiwisaretrulyfortunatetohavesuchnatural wondersatourdoorstep.Attheforefrontofharnessingthis coastalbeautyforlifestylelivingareHopperDevelopments, anamesynonymouswithpremiercoastalproperty.The journeybeganinthe1950swiththepioneeringeffortsof IanandTonyHopperfromWhangaparaoa,wholaidthe foundationofwhatwouldbecomealegacyinproperty development.ItwasLeighHopper,representingthesecond generation,whosevisionaryapproachledtothecreationof therenownedPauanuiWaterways,settingtheprecedent forcanaldevelopmentsinWhitiangaandMarsdenCove.

Astimemarchedon,theHopperfamilyexpanded,asdid theirbusiness,steadfastintheircommitmenttocrafting lifestyleproperty.Today,thebatonhasbeenpassedto thethirdgeneration—Gray,Shana,andAndy—who continuetosteerthecompanytowardsnewhorizons, diversifyingitsportfolio,yetmaintainingaspecial emphasisontheirsignatureWaterwaysdevelopments.

TheseWaterwaysprojectsarenosmallfeat,representing over30yearsofmeticulousplanningandexecutionto createcommunitiesthatarenotonlyattractivebutalso enduringandcohesive.Takeforinstance,Whitianga Waterways,aprojectthatbeganin2001progresses toincorporateresidentialproperty,waterfrontand commercialretailspaces,amedicalcentre,andanewly addedretirementvillage,allundertheHopperbanner.

ThephilosophydrivingHoppersissimpleyetprofound, asLeighHopperoncesaid,“LifeisnotaDummyRun.” It’saboutseizingthemomentandlivinglifetothefullest, aprinciplereflectedineverycommunitytheybuild.

WithprojectslikeMarsdenCoveinWhangareiHarbourand theWaterwaysinWhitiangaandPauanui,Hoppersinvitesyou toexperiencethepinnacleofcoastallivinginNewZealand. ToexploretheHopperlifestyle,visit

Pictured left to right: ndy rey, ray opper, Leigh opper and Shana opper

First-homebuyersare gettingolderdespite fallinghouseprices

Uptickintheaverageageofnewentrants, researchshows.

Housesmayhavebeencheaper,butthe averageageoffirst-homebuyerswent upduringthemarketdownturn,with thespikeininterestratesandinflationthe likelycausesoftheageincrease.

OneRoofanalysisofdatasuppliedbycredit bureauCentrixshowstheaverageageof first-homebuyerstakingoutamortgagehas risen2%fromafive-yearlowof35.7yearsin Q42021,whenhousepriceswerepeaking,to 36.7inQ22023.

Therisebroughttoanendthesteady declineinfirst-homebuyeragessincethe startof2018,whentheaverageageofanew mortgageholderwas37.6years.

Theuptickinfirst-homebuyeragescame atatimewheninterestrateswererising andcostoflivingpressuresworsened,with theOfficialCashRatejumpingfromalowof 0.25%to5.5%overroughlythesameperiod andannualinflationrisingfrom1.5%toa peakof7.3%,butnowsittingat6%.

Thedataalsoshowsasizableincrease inthesizeoffirst-homebuyerloans.The averagefirst-homebuyermortgageinQ1 2018was$358,326.Thisrosetoapeakof $591,734inQ12022buthassubsequently droppedto$553,924forQ22023–up54%on Q12018.

CentrixmanagingdirectorKeith McLaughlinsaystheaverageageofthe typicalfirst-homebuyerhasbeengradually falling,butfrom2022theaverageagehas

beensteadilyrising.Hecitesatighteningin theeconomyasthereason.

Long-term,theaverageageoffirst-home buyersinNewZealandhasbeenclimbing. In1970itwasjust25.Worseninghousing affordabilityhashadabigimpactonfirsthomebuyersoverthepastgeneration,but otherfactorshavealsocomeintoplay,say experts.

TheincreaseinthenumberofKiwis attendinguniversityoverthelast50yearshas pusheduptheageatwhichKiwisenterthe workforce,whilestudentloanshavehadan impactontheabilitytosave.

AnothercomplicationisthefactthatKiwis aremarryinglater.AccordingtoStatsNZ,the medianageatfirstmarriageorcivilunion in2021was29.6yearsforwomenand30.7 yearsformen,comparedwith27.5and29.3 respectivelyin2001.In1971themedianage atfirstmarriagewas20.8yearsforwomen and23.0yearsformen.

StatsNZdataalsoindicatesthat64.5%of householdsownedtheirownhomesin2018, comparedtothepeakof73.8%inthe1970s. The2018figurewasthelowestsince1951.

Datafortheageoffirst-homebuyersdoes differaccordingtothemethodologyused.In 2021CoreLogicandEquifaxresearchnoted thattheaverageageoffirst-homebuyershad beenbetween34and35yearsfrom2016to 2020.

Theresearchshowedthattheaverage

first-homebuyeragewaslowerinprovincial areas,withtheaverageageoffirst-home buyersinManawatu,Masterton,Rangitikei andTimarustandingat31.

“Thefigureshaven’tbeenrefreshed,but I’dbesurprisedifit’schangedmassively sincethen,”CoreLogicheadofresearchNick GoodalltoldOneRoof.“Infact,therecent downturnmayhavemeantsomepeoplecan accessthemarketabitsoonerthanthatage.”

LoanmarketmortgageadviserLisa Meredithsaystherearedrawbackstobuying laterinlife,includingtheabilitytosecure creditfromthebanks.

Whilesomeofherclientsarebuyingin their20s,shealsogetsfirst-homebuyersin their40sand50s.Theoldestfirst-homebuyer shehadlastyearwasaged60.

Meredithsayslenderspayparticular attentiontoolderfirst-homebuyerswho havealowdeposit,suchas10%.“Thebanks maysay,‘no,we’llonlydo25-yearterms’.It doeschangefromtimetotime,andwecan’t saythataparticularbankwillalwayshave thispolicy.”

Oncefirst-homebuyershittheir50s, banksarereluctanttolendfor30years,says Meredith.Evenat25-yearterms,bankswant toseeaclearexitstrategytoensurethatthe buyercanpayoffthemortgageorselldown beforegettingtooold,sheadds.

Sometimesthatexitstrategyneedstobe quitedetailedbeforethebankwillapprove. “The[client]mightsay,‘Iwillsellandmove totheregions’.Buttherewilloftenbea requirementtohaveabitofdetailaround that.

“Anotherfactorthebankswilltakeinto accountisoccupation.Ifyou’vegotsomeone

whois55andisdoingaverymanualjob, suchasabuilder,whatarethechancesof thembeingsophysicallyfittobeaneffective builderat75?It’squitedifferenttosomeone whoismaybeaconsultant,”shesays.

“Anotherthingtobewaryofifyouare buying[yourfirsthome]inyour40sand 50s,andyou’reusingKiwiSaver,which mostpeopledo,ishow’sthatgoingtolook fortheminretirement?Theyclearoutthe KiwiSaverat50,andonlyhave15-20years torebuildthat.Thatbecomesabitofa problem.”

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INSETFROMTOP:Centrixmanagingdirector KeithMcLaughlin,Loanmarketmortgage adviserLisaMeredith Photo/Supplied

Theaverageageoffirst-homebuyersinthesecondquarterofthisyearwascloseto37years.Photo/FionaGoodall

The$25.2billionmortgage debthangingoverKiwis aged65-plus

15%spikeinthenumberofretirement-age homeownersstillsaddledwithdebt.

Moreandmorepeopleovertheage of65arestuckpayingmortgages.

SinceJune2018thenumberofNew Zealanderswithmortgagespasttheageof 65hasrisen15%–from118,000to136,000, accordingtodatafromcreditbureauCentrix.

It’sascarynumber,saysCentrixmanaging directorKeithMcLaughlin.Evenworse,isthe 49%riseintotalmortgagedebtforover65sin thesameperiod,from$16.9billionto$25.2bn.

WhileathirdofhomeownersinNew Zealandaremortgage-free,thefiguresare areminderthatmanyKiwisarelikelytobe headingintoretirementsaddledwithsizable mortgagedebts.Themostrecentfigure,from Junelastyear,meansthatmortgageholders inthe65-plusagegrouphaveanaverage mortgagedebtof$185,294.

McLaughlinsaysthetrendhasbeenpartly drivenbythehighercostofhomes,withthe nationwidemediansalepriceup39%over thefive-yearperiodbutalsoup572%overthe last30years[a30-yeartermisstillthemost commoninNewZealand].

McLaughlinalsocitesfailedmarriagesas pushingsomepeopletobuylaterinlifethan theymighthave.“Ifyougoback20-30years, marriagesweremorerobustthantheyare today.”

What’smore,lowinterestratesoverthe pastfiveyearshavemadepeoplemore comfortabletotakeondebtthantheymight

havebeeninthepast,saysMcLaughlin.Fewer over65shadmortgages20yearsagobecause theinterestrateswerehigher,makingthem morehesitanttoborrow.

Backinthe1980snoonehadmortgages pasttheageof65,saysMcLaughlin.“You couldn’tgetone.Ifyouhadamortgage,you wouldhavepaiditback[by65]because debtwasn’tsuchanacceptedpracticein thosedays.Inthe1980syoutendedtobuya houseandthenpaiditoffoverafixedterm mortgage.Bythetimeyougotto65itwas paidoff.”

Norcouldpeopleextractmoneyfromtheir mortgagesforconsumerspending,orhouse renovationsastheycannow,saysMcLaughlin. Today,over65scanborrowforawidevariety ofreasons.“Theyareborrowing[against homes]tofinancebusinesses,secondhomes, investmentproperties,beachhouses.Lifestyle haschanged.”

Peoplearealsoworkinglater,says McLaughlin.“I’maclassicexample.I’m65and I’mnotthinkingofretiringbecause[work]is goodfun.I’mhealthy,andIfeelcloserto40 than65.”

DatafromInfometricsbacksthisupand showsthatnearlyhalfofNewZealandersaged 65-69arestillactiveinthelabourmarket. Theproportionofpeopleovertheageof70 whoarestillactiveinthelabourmarkethas risentoo,albeitataslowerpace.In1987,

only5.8%ofthisagegroupwasstillactive, 8.8percentagepointslowerthantoday’s participationrateof14.6%.

InfometricschiefforecasterGarethKiernan saysit’squitehardtoknowwhatproportion oftheworkforceistherevoluntarilyforsocial contactandintellectualstimulation,andhow manypeoplehavebillsandmortgagestopay andarecompelledtoworkforlonger.

“Mysensewasthatthenumberswe’re seeingtendtoleanmoretowardspeoplejust wantingtoremaininvolved.Bythetimeyou reach70thereisquiteadefinitedropoffin [labourmarket]participation.”

Noteveryonewhohasamortgageoverthe ageof65hashaditforyears.Equifaxdata shows1.5%ofmortgageenquiriesin2023 camefrompeopleaged66+.

Inadditiontopeoplestillpayingregular mortgagesatretirement,manythousands havetakenoutreversemortgages.Theseare peoplewhosehomesmayhavebeenpaidoff, buttheyneedtoborrowagainstthecapitalto releasemoneytoliveon.BothHeartlandand SBSbanksofferreverseequitymortgages.

FinancialadviserMauriceMehlhoptworks witholderclients.Hesaysthatit’snot uncommonforclientstostillhaveoutstanding mortgagesintheir60sand70sandfind themselvesintroublepayingthem.

Over65swithordinarymortgagescanget intodifficulties.OneclientcametoMehlhopt afterrunningintoproblemswiththebank.He hadanoutstandingmortgage,whichwasona 2.9%interestratewithtwoyearstorun.

“Theclientwenttothebankandsaid, ‘Look,I’mreallystruggling’.Thebanksaid‘no,

no,no,gosh,thelastthingwewanttodois pushpeopleoutoftheirhome.Whatwe’lldo isgiveyoua[repayment]holiday.Let’sgiveit sixmonthsandseehowyougeton’.Thisall soundslovely.Butofcourse,theywentfrom 2.9%tothebank’spenaltyrateof7%.”

Someolderclientsinthissituation refinancetheremainingmortgageorother debtontoareversemortgage,whichfrees themfromrepaymentsandthestressthat comeswiththat.

“I’mworkingwithalady,whois72.Shehas theremainsofamortgageofabout$30,000. Shewantstosellherhousebutneedssome moneytoputintothepropertytogetitready forsale.

“Shewantstogointothesaleconfidently, soshecansaytoarealestateagent‘Idon’t needtosell,Iwanttosell’,”saysMehlhopt.By takingareversemortgage,theclientwasable toclearhermortgage,payforrepairs,andbe leftwithsomespendingmoney.

Mehlhoptsaysreversemortgagescan reducestressfortheover65swhohavea home,butlittleifanythinginthewayof retirementsavings.“Theysaytome:‘Ididn’t realisehowstressfulitwaslivingweekto weekjustonthepension,andstruggling,and hopingthefridgedoesn’tblowup’.”Areverse mortgagegivesthemtheabilitytohavecoffee withfriendsandenjoylife.“Itreallyreduces thestresslevel,”hesays.

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INSET:FinancialadviserMauriceMehlhopt Photo/Supplied

AnincreasingnumberofKiwisover65areheadingintoretirementwithanoutstandingmortgage.Artwork/BethWalsh

Home is where the heart is.

Making the move into care can sometimes be a difficult decision. One Radius Care resident’s experience puts those concerns to rest.

When Suzanne first arrived at Radius CareTaupaki Gables in Auckland’s semirural west, she wasn’t sure if it was the right move for her

“I was worried whether I’d fit in or not and whether I’d miss my old life. I couldn’t have been more wrong. It was the right move for so many reasons,” Suzanne said.

“I felt at home after a couple of weeks and because I was able to bring some of my things with me, my room immediately felt like my own little home.”

Another positive is that Suzanne’s family, who live nearby, are now able to visit her more regularly She loves the company that they and the other residents bring to her life.

Everything taken care of

One of Suzanne’s favourite things is enjoying breakfast in bed every day

“You have no idea what a joy is

it to lie in bed and have someone bring a delicious breakfast to you. It’s such a treat and life should be full of treats, after all.”

Relieved of the daily grind of looking after herself and running her home on Auckland’s North Shore, Suzanne has enjoyed a new lease on life.

“After I’d raised my family, I was always a very active person in the community Living here hasn’t changed that. I’ve just changed the community,” she said. Always active, always fun. Suzanne isn’t one to let life pass her by She loves how active the Radius Care team keeps her with games like carpet bowls and twiceweekly bingo a real highlight

She also appreciates the freedom that living at Radius Care offers her She regularly heads off to play cards with friends nearby, the game “Newmarket” being a particular

favourite

“Although it’s a Care Home –which is great – it’s really just like a retirement home with extra care added in. I have as much freedom as I choose and as long as the carers know where I am and that I’m safe, it’s all good for me to come and go as I like.”

Living happily, living longer

Laurel Winwood, Radius Care Home Manager atTaupaki Gables – and one of Suzanne’s great friends - is a firm believer that living in care helps boost the health and wellbeing of residents, allowing them to live their lives without the responsibilities and work that can often wear older people down.

“With no stress in their lives and nothing to be concerned about other than the day-to-day, most of our residents thrive By enjoying regular, nutritious meals they become healthier, more robust and

start embracing life again. It’s great to see”

Radius Care’s best advertisement. Today, three and a half years after she first arrived at Radius Care Taupaki Gables, Suzanne is the care home’s biggest advocate.

“I always say to people who come in to look around that it’s one of the best decisions I’ve ever made.Yes, it might feel a little bit strange to begin with, but once you settle in, it feels like home in no time.The staff are just wonderful –in fact, they’re like friends to all of us.”

If you or a member of your family or whanau would like to experience the life that Suzanne enjoys, simply contact your nearest Radius Care Home Manager They’ll be happy to show you how easy they can make it for you to make the move

Suzanne - Radius Care Taupaki Gables

Moreismore:2024’shottest designtrendsrevealed

furnishingfabricsandhaschallenged Heyniketoincorporatethemintotherestof theirhome.“Ithasbeenaninterestingtask,” shesays.

Ifyou’retiredofminimalism,2024isgoing tobetheyearforyou.

LauraHeynike,founderandcreative directorofPocketspaceInteriors,saysthe buzzwordsininteriordesignandhomestylingfor2024are“maximalism”and “individualism”.

Shebelieveshomeownersareready toleavebehindtheparedbacklookthat hasdominatedthelastsixyears,where everythingwasorganic,perfectand beautiful.

“We’velostthesenseofindividualismin interiordesign,andeverythingjustlooksthe same,”shetellsOneRoof.“Whenyouopen upamagazine,everythinglooksnice,but nothingparticularlyexcitesus.

“We’redefinitelyembracingtheideaof maximalism,again.Expectariotofcolour. Think1970s.”

Shesays2024isaboutbeing unapologeticallyconfidentwithdesign choices.“Eachdesignelementwillachieve itsfullpotential,ratherthanbeingstripped backtoitsrawform.”

Thethirstforinternationaltravelafter theCovidlockdownyearsishavingahuge influenceonstylingchoices,Heynikesays, notingthattravellingKiwisarewarmingto thevibrantpatternsandtexturesthey’ve seenoverseas.Oneofherclientsrecently returnedfromSriLankawithspectacular

Heynikeexpectstoseemaximalism extendingitsreachintomostKiwihomesas theyearprogresses.“Ithinkyou’llseethat comingthroughincushionstostartoffwith, andthenthetextiles,”shesays.

Themaximalismvibewillalsobuildon thecurvesthatemergedinfurnituredesign in2023,shesaid.“Boldcolourswithcurved furnitureisareallynicemarriageintermsof balance,”shesaid.

Mid-centuryfurnitureisalsohavinga revivalandfitswiththegrowingpopularity offlowerprintsandKaritaneyellows,says Heynike.“Mid-centuryfurniturecomeswith richbrownwoodtones,whichmakecolour popagainstit.”

Boldstatementrugsareinandagood placetostartwhenembracingmaximalism. “Itbecomesyourstatementpieceadding instantimpact,”Heynikesays,notingthat aneye-catchingrugcanwoovisitorsand becometheanchorforaroom.

Maximalismmaybeinascendancyinstyle mags,butinrealestateit’sminimalismthat stillrules.BayleysagentCristinaCasares, whospecialisesinsellinghigh-endhomes, saysstagedhomesarestilllikelytofavour neutralpalettesthisyear,althoughwith somemaximalisttouches.

“Clientswhoarerenovatingtheir propertiesforthemselvesareusingstrong

coloursandamixtureofmaterialsand textures,likemarbleandparquetwood floors,andmosaictilesinbathrooms.Some vendorsdothesethingsfortheirowntaste, butforresale,buyerswilleitherloveitor dislikeit,”Casaressays.

“Themajorityofrenovatedvillas, especiallywhenstagedbycompanieslike ExhibitOneandAshRoad,willbemore minimalist,”shesays.

Whenitcomestocolours,thedopamine rushisadefinitetrendfor2024,saysKaren Warman,Resene’smarketingmanager. “Dopaminedecoratingisatrendontherise. Justlookforbrightoptimistichuesthatbring asmileandaddtouchesoftheseintoyour spaceinfurniture,framesandfeaturewalls oryourfrontdoor.Trypinks,reds,oranges andyellowsforahitofhappiness.”

Walltextureswillalsotakeoffin2024,as will“slowdown”spacesand“emotional escaperooms”,saysWarman.

“Smallpowderroomsusuallyhavelittle goingforthemdesign-wise,somakinga featureofthewallshelpsmakethemost understatedroominthehousebecomea talkingpointwithguests,”shesays.

ThefinalwordfromHeynikeis“have fun”withyourdesign,butmakesureit’s sophisticated.“Wedon’twanttogotooover thetop.”

Thisarticlewaspreviouslypublishedby

INSET:LauraHeynike,founderandcreative directorofPocketspaceInteriors Photo/Supplied

Minimalismisout,maximalismisin.

Kiwihomeownersarewarmingtoboldcoloursandbigdesignstatements,someinfluencedbyoverseastrends. Photo/Supplied

Whatyou’dneedtosellyourhome fortofundyourretirement

retirementthroughdownsizing,thatoption maynotbeopentomanyretireesinsmaller regionalcentreswherecheaperapartment optionsarelimitedandsellingthefamily homeanddownsizingcanonlyreleaseafew hundredthousanddollars.

Homeownerswhoplantofundtheir retirementbysellinguptheircurrent propertyanddownsizingmaybeinfor ashock.

Retireeswouldneedtomakeaprofitofat least$1millionfromthesaleoftheirhome iftheyhavenoothersavings.Butthatsum doesn’tincludethemoneytheywouldneedto spendonbuyingorrentinganotherhome.

AccordingtoresearchbyMasseyUniversity, acouplelookingtoenjoyacomfortablelife inretirementwouldneedabudgetof$1670a weekinthemajorcitiesand$1330aweekin theregionalcentres.

Currently,acouplecouldexpecttoget $763.64aweekfromNZSuper,whichleaves themfacingashortfallofbetween$29,466and $46,914ayear,dependingonwheretheylive.

ManyKiwiretireeshavelookedtoplug thegapwithmoneymadefromthesaleof theirhome.Butwhiletherapidriseinhouse valuesoverthelasttwodecadeswillhave deliveredsizablegainstopropertyowners, thecostoftypicaldownsizeproperties–units andapartments–hasrisentoo.

InSeptemberlastyear,themedianvalue ofanew-buildapartmentorterracehousein Aucklandwasjustunder$800,000whilethe medianvalueofexistinghomesinthecity was$1.192m.Homeownersinthecitymight needtobesittingonanassetworthupwards of$1.8mtobeabletobuyareasonable apartmentandstillhavemoneyleftoverfor theirretirement.

AndwhilemanyAucklandhomeowners willbeinapositiontoaffordacomfortable

ResearchbytheFinancialServicesCouncil in2017foundthat25%ofKiwisexpected toselltheirhomeandmoveintoasmaller onetofundtheirretirement.However, theresearchalsofoundthattheaverage downsizeinNewZealandgavethemovers anaverageofjust3.3yearsofincomeand that,worryingly,17%ofretireesstillhada mortgageontheirhome.

HowmuchsparecapitalKiwisreleaseafter downsizingdependsonwheretheywantto live.

HeritagesuburbssuchasDevonport,Mt Victoria,andMāoriHilloftenhaveashortage ofsuitablepropertytodownsizeto,which putsapremiumontheprice,reducingthe amountofcapitalthatcanbeextractedfrom themove.

BayleysOmahaagentVictoriaTurnersays thedownsizingphenomenonatretirement ageiscommonplace,eveninherpatch, whichishometosomeofNewZealand’s wealthiesthomeowners.

“WhatwehaveseeninOmahaoverthe lastfewyearsareretiredandsemi-retired couplesdownsizingfromamulti-level holidayhometoasingle-levelhome.Inmany cases,theyareheadingoverthecauseway toPointWellswherethelargersectionsizes allowforlargerone-levelhomesthatcanstill accommodatefamily/extendedfamily.Weare alsoseeingretireessellingthe‘familybach’ forretirementyearsandtofreeupfundsfor family.”

Turnerdoesn’twanttoidentifyanyspecific homesalesbutpointsoutthatthemedian housepriceinOmahaforthelast12months is$2.83mcomparedto$1.78minPointWells. Thisarticlewaspreviouslypublishedby

INSET:BayleysOmahaagentVictoria TurnerPhoto/Supplied

Whyhomeownersinsomepartsofthe countrymaybeleftshort.

AnapartmentblocknexttoavillaincentralAuckland.Theliftinpropertyvalueswillbenefitthoselookingtoretire,but downsizingisn’tcheap.Photo/TedBaghurst

Roomtomove, freedomtochoose

LuxuryRetirement HomesinMatamata from$799,000

Asafamilybusinessledbyfamilyvalues,ourresidents’ qualityoflifehasalwaysbeenourmeasureofsuccess. That’swhyourretirementhomesarebuilttheway weliketolivewithplentyofspaceandalltheluxury trimmingsthatmakelifemorecomfortable.

Andbecausehavingchoiceisimportanttous,wemakesureourresidents havetheluxuryofchoicetoo.That’swhyeveryhomeatMatamataCountry Clubwillbeunique,withitsresidents’ownspecialtouches.

We’vealsogoneoutofourwaytoensureourrecreationandsocial facilitiesaretheverybestinthecountry,andthatthefuturecarefacilities ourresidentshaveaccesstowillbetrulyworld-class.

Thisfamily-centricapproachtothewaywe’vebuiltandoperatedour villagesiswhyoursistervillageTamahereCountryClubisnowthemost sought-afterretirementcommunityinNewZealand,andwhyyoucanexpect ournewestvillage,MatamataCountryClubwillbeequallyaspopular.

BookyourappointmentwithBrendonRusso 0273013126|brendon@sandersongroup.co.nz

OfficeopenMonday–Friday,10am–2pm|102PeriaRoad,Matamata,Waikato matamatacountryclub.co.nz

Matamata

ImagesareforillustrativepurposesandonlyindicativeofaSandersonGroupvillageandnotspecificiallyofMatamataCountryClub.