OneRoof Lakes District PropertyPress-22nd June 2023

POLISHEDAND SOPHISTICATED p?

Hanley'sFarm 85JackHanleyDrive

Polishedandsophisticated homewithincome

Thisstunninghome-and-incomepropertyboaststhreebedrooms,providingamplespacefortheentirefamily.Theopenplan living,kitchen,anddiningareasareperfectforentertaining.The masterbedroomisatruesanctuary,featuring awalkinwardrobeandanensuitebathroomforyourprivacyandconvenience.Staycosyduringthecoldermonthswith the woodburner,ducted heatingsystem,andunderfloorheating.Outside, alargeoutdoordeckbeckonsyoutorelaxand unwindwhileenjoyingthebeautifulsurroundings. Additionally, anattached one-bedroomflat abovethegarageoffers thepotentialforrentalincomeoraccommodatingfriendsandfamily.

Don'tmissout ontheopportunitytomake85JackHanleyDriveyourown.Contactustodayfor afullinformationpackor

toarrangea viewing.

bayleys.co.nz/4482254

bayleys.co.nz

3+1 2 3 2

ForSalebyDeadline Private Treaty (unlesssoldprior) 4pm,Fri 14 Jul2023

311HawthorneDrive,Queenstown View 11.30am-12pmSat24Jun &Sat 1Jul

orbyappointment

Jimmy Allen 021676013

jimmyjessicateam@bayleys.co.nz

JessicaCoburn 021955558

QUEENSTOWN &SOUTHERNNZREALTYLTD,BAYLEYS,LICENSEDUNDERTHEREAACT2008

LowerShotover 37CheltenhamRoad

CharacterandcharmonCheltenham

37Cheltenham Roadhashitthemarketinthehighlysought-afterShotoverCountry! Thepropertycombinesclever design,functionality, styleandcomfortmakingforthe perfect familyhome.Boastingfourbedrooms,themaster bedroomfeatures awalk-inwardrobeandanensuitebathroom,providinga privatesanctuarywithinthehome.The remainingthree bedrooms offeramplespaceforfamilymembersor to hostguests.Theopen-plankitchen,livingand diningareascreate awelcomingspace forrelaxationandentertainment.Stepoutsideontothe adjoining deckingarea, whereyoucanenjoythebeautyofthefully fencedandlandscapedgarden,allwhilesoakinginthestunningviewsthat surroundtheproperty.Staycosyduringthecoldermonthswiththecentralgasfire,whilethe ductedheatingandcooling systemensuresyear-roundcomfort.

bayleys.co.nz/4482239

4 1 2 2

Auction (unlesssoldprior) 12pm,Fri21Jul2023

Sofitel, 8DukeStreet,Queenstown

View byappointment

JessicaCoburn 021955558 jessica.coburn@bayleys.co.nz

Jimmy Allen 021676013

jimmyjessicateam@bayleys.co.nz

QUEENSTOWN &SOUTHERNNZREALTYLTD,BAYLEYS,LICENSEDUNDERTHEREAACT2008

Jack'sPoint 7A and BRyanLoop

HomeandincomeinJack’sPoint

Therecentlybuilttownhouselocatedindesirable Jack’s Pointoffersfour bedroomsandfourbathroomsbutissplitinto twotownhouses. Each townhouseisfullyself-contained andis setupas atwo-bedroomandtwo-bathroomtownhouse with afullkitchenandsingle-cargarage.Eachunitcan belivedinorrented outseparatelyallowingfor acombinationof livingandrentingoptions.

Thisistheperfect,low-maintenanceproperty with aselectionofrentingandlivingoptionsdependingonwhatyour requirementsare.Idealasaneasycarelockandleaveholiday homenestledwithinthedesirableJack’sPointcommunity thatalsogivesyoutheopportunitytorentouttheothersideandgeneratean income. bayleys.co.nz/4503945

bayleys.co.nz

4 2 4 2

Auction (unlesssoldprior) 12pm,Fri21Jul2023

Sofitel, 8DukeStreet,Queenstown View byappointment

MarkMartin 021626686 mark.martin@bayleys.co.nz

HopeMartin 0212839457 hope.martin@bayleys.co.nz

QUEENSTOWN &SOUTHERNNZREALTYLTD,BAYLEYS,LICENSEDUNDERTHEREAACT2008

ShotoverCountry 9-11CheltenhamRoad

CheltenhamTownhouses

Introducingthenewest additiontotheShotoverCountryneighbourhood -sixbrandnew,architecturallydesigned townhouses, situatedintheheartofthispopularcommunity.Thesetownhousesofferamoderndesignwithclean lines andplenty ofnatural light,creating abrightandwelcomingatmosphere.Builtovertwolevels,eachtownhousewill featuretwospaciousbedrooms,includingamasterbedroomwithanensuitebathroom,aswellas aseparatefamily bathroom.ThemodernkitchenswillbekittedoutwithFisher &Paykelappliances,while theopen-plan livingareasflow seamlesslyontoa privateoutdoorcourtyard,makingittheperfectspacetoentertainorrelaxwith familyandfriends. Whetheryou're afirst-timebuyer,propertyinvestor,orlookingtodownsize,theselow-maintenancetownhousesoffer theperfectopportunitytosecureyour dreamhome!

bayleys.co.nz/4482257

95sqm 2 1 2

ForSalebyDeadline Private Treaty (unlesssoldprior) 4pm,Fri 14 Jul2023

311HawthorneDrive,Queenstown

View byappointment

Jimmy Allen 021676013

jimmyjessicateam@bayleys.co.nz

JessicaCoburn 021955558

PhoebeSwale 0278438653

QUEENSTOWN &SOUTHERNNZREALTYLTD,BAYLEYS,LICENSEDUNDERTHEREAACT2008

Artist'simpression

Artist'simpression

Artist'simpression

MOTIVATED VENDOR

Queenstown 14/3 AdelaideStreet

Lookingfortheidealholidayspotorinvestment?

Thenlooknofurther!Garden Courtapartment214isa twobed,twobath unit overtwolevels with adedicated garagecar park.Onthelivinglevel,thereis arenovatedkitchen,king doublebedroomandnewlyrenovated bathroom.There’s plentyoflivingspace, floodedwithnaturallightthroughtheexpansivewindowsandpatiowith greatlakeviews.Upstairs thereisanotherking bedroomand renovatedbathroom.The upperlevel provides agreatviewalongFrankton Armand DeerParkHeights,andletsinthe morningsunshine.This apartment isinimpeccableconditionwith anirresistible location,making itanidealpersonalholidayspotto enjoyforupto28days ayear, aswellasproviding agreatincome streamtherest ofthetime.

Getintouchtodayfor afullinformationpack!

bayleys.co.nz/4482256

bayleys.co.nz

2 2 1

AskingPrice $675,000

View byappointment

HemiBrown 0275241962

hemi.brown@bayleys.co.nz

CarolynHill 021323607carolyn.hill@bayleys.co.nz

QUEENSTOWN &SOUTHERNNZREALTYLTD,BAYLEYS,LICENSEDUNDERTHEREAACT2008

Wanaka 4BedroomDesign, ALTAVillas,Northlake

Alpineluxuryat ALTAVillas

ALTAVillas offerseverythingyouneedandnothingyoudon't,givingyouthetimetoenjoyNorthlakeandalltheoutdoor activitiesthatWanakaisrenownedfor.Makethemostofthe opportunitytowalkorridethesensationaltracksofSticky Forest,aroundLake Wanaka,andtotheCluthaRiver -all rightonyourdoorstep!With alpineviewsandanabundanceof naturallight,theseluxuryvillashavebeendesigned towork inharmonywiththemagnificentsurroundings.Thesehigh spec'dfourbedroom,2.5bathroomhomesaresuperblydetailedwithstunning contemporary andhigh-qualitymaterials throughout.Asmartinvestmentin aspectacularlocation. ConvenientlylocatedonNorthlakeDrive,acrossthe roadfrom theNorthlakeVillageCentreincludingHelloRanger Cafe,BarandBistroandPinnaclesChildcareCentre,andlessthan 4km(approx)toWanakatowncentreand thelake.Pricing startsfrom$1,350,000. bayleys.co.nz/226803

4 1 2 2

ForSale $1,350,000

View byappointment

SharonDonnelly 0275617235 sharon.donnelly@bayleys.co.nz

ScottMcGoun 0212019029 scott.mcgoun@bayleys.co.nz

LAKEWANAKAREALTYLIMITED,BAYLEYS,LICENSEDUNDERTHEREAACT2008

PrimeHawealakefrontposition

Just astone'sthrowfromLakeHawea, theelitepositionofthisprimepieceofrealestatecouldbeyoursforthetaking.A trulyrareoffering;thischarming203sqm(approx)homeona spacious905sqm(approx)sectionoffers ahighly-sought afterlifestyleforthoselookingfortheirforeverhome,afantasticinvestmentpropertyorincrediblehomeawayfrom home.Theopenplan living,kitchenanddininghas beenthoughtfullypositionedtothesunnynorth,offeringbreathtaking lakeandmountainviews.Comprisedofthreebedrooms,eachboastingtwowardrobes,includingthemastersuitewith anensuitebathroom. Abonusseparateofficeisidealfortheathomeworker,andthelargelaundryroomoffersplentyof storagespaceand benchtop. Afamilybathroom,including adeepbath,separateguest toiletandlargewalk-instorage cupboardcompletethelookofthisspacious home.OpportunitiesontheHawealakefrontseldomcomeup- don't delay. bayleys.co.nz/226817

3 1 2 1

ForSalebyDeadline Private Treaty (unlesssoldprior) 4pm,Thu29Jun2023

View 12.15-12.45pmSat24Junorbyappointment

SharonDonnelly 0275617235 sharon.donnelly@bayleys.co.nz

ScottMcGoun 0212019029 scott.mcgoun@bayleys.co.nz

LAKEWANAKAREALTYLIMITED,BAYLEYS,LICENSEDUNDERTHEREAACT2008

Wanaka 16ForestHeights

Inspiringlakeviews

Withmesmerisinglakeviews and commandingmountainvistas,this well-presentedand elevatedhomeispositionedto optimiseall daysun. Agenerous 247sqm(approx)floorareamakesforspaciousandcomfortablelivinghereinpopular PeninsulaBayon thelarge1,423sqm (approx)site.Withtwolivingroomstochoosefrom, bothboastingfantastic indoor/outdoorflowtothesheltereddeck,thesespacesaretheultimateplacetoenjoytheimpressivelakeviews.The modernkitchen enjoyslakeandmountainviews,whilstofferingplentyofstoragespace and alargeisland bench.This charmingabodeiscomprisedoffourbedrooms,includingthewell-appointed masterbedroomwhichfeatures awalk-in wardrobe,ensuiteandaccessoutsidetoyourveryown,privatedeckoverlookingLakeWanaka. Afamilybathroom,and aseparatelaundryareaservicethisfamilyhome.All this,locatednearbikingandwalkingtracksand ashortdrivetotown. bayleys.co.nz/226823

bayleys.co.nz

4 2 2 2

ForSalebyDeadline Private Treaty (unlesssoldprior) 4pm,Thu 13 Jul2023

View byappointment

SharonDonnelly 0275617235 sharon.donnelly@bayleys.co.nz

Jamie Askham 0275867541

jamie.askham@bayleys.co.nz

LAKEWANAKAREALTYLIMITED,BAYLEYS,LICENSEDUNDERTHEREAACT2008

LakeHawea 188 LakeviewTerrace

Live,earn andinvest

Yourperfecthomeandincomeopportunityis righthereandyoursforthetaking! Thischarminghomefeaturesa spaciouslivingroomwarmedby awoodburner, perfect forthosecoolermonths. Thediningroomistheopportune spacetohost,andisadjacenttothekitchenwhichoffersplentyofstorage andbenchtopspace.Fourspaciousbedrooms areconveniently positionedawayfromthemainlivingareas,includingthemastersuitewithwalk-in wardrobeand ensuite. Aseparateoffice,thatcoulddoubleas afifthbedroom,isanidealspacefortheathomeworker. Amodernfamily bathroom,separate guest toilet,anddoublegarageincludinglaundrynookservice thisquainthome.The bonus, attachedunitfeatures abedroomwithfittedwardrobe,bathroom,and anopenplanliving/diningareawithbenchtop space.Positioned proudly on alarge803sqm(approx)section,amere800m(approx)from theCluthaRiver. bayleys.co.nz/226822

5 2 3 2 1

ForSalebyDeadline Private Treaty (unlesssoldprior) 4pm,Thu 6Jul2023

View 11.15-11.45amSat24Junorbyappointment

SharonDonnelly 0275617235 sharon.donnelly@bayleys.co.nz

Jamie Askham 0275867541 jamie.askham@bayleys.co.nz

LAKEWANAKAREALTYLIMITED,BAYLEYS,LICENSEDUNDERTHEREAACT2008

Wanaka 1BargourStreet

Trendyandtimeless

Withimpressiveschistfeaturesand cedarcladding,theattention todetail in thisstunning235sqm(approx)home positionedon a638sqm(approx)siteissecondtonone.Polished concretefloorshousein-slabheatingthroughoutthe groundfloor,thispairedwitha gasfireplaceand twoheatpumps, you'llcertainlybecomfortablethiswinter. Theopen planliving,kitchenanddiningarea boastsindoor/outdoorflow,allowingyoutheperfect opportunityto takeintheviews fromthe northandwestterraces. Thegenerouskitchenfeatures asculleryandalargeislandbench.Onthelowerlevel, youwill findthemasterbedroomwithlargewalk-inwardrobeand ensuite.Completingthe groundflooris aseparate toilet,office,and anexpansivelaundry/storagethoroughfarewithaccesstothedoublegarage.Upstairsareafurther three bedrooms, anadditionallivingarea, asecondofficeornursery space,and aseparatetoiletandfamilybathroom. bayleys.co.nz/226828

4 2 2 2 2

ForSale $1,900,000

View byappointment

SharonDonnelly 0275617235

sharon.donnelly@bayleys.co.nz

ScottMcGoun 021 2019029

scott.mcgoun@bayleys.co.nz

LAKEWANAKAREALTYLIMITED,BAYLEYS,LICENSEDUNDERTHEREAACT2008

AlbertTown 18 AshAvenue

QUEENSTOWN, 17KawarauPlace, Frankton

3+1 1+1 2

FloorArea: 220sqm Land Area:688sqm

Thisfaithfullymaintainedthree bedroom,twoliving area home hasevolvedand expandedovertime,with therecent additionof aonebedroomself-contained unitabovethegarage adding to theappeal of this enticing package.

Theopen-plan kitchen,diningandlivingarea offersa comfortable spaceforeverydayliving. Theadjoining loungefeaturesrecycledRimu timber flooringandan impressiveopenfirewith schist stone surround -a cosy and spacious retreatto entertain. Theoutdoor terrace is north-facingandwillbecomeanextensionofyour living area.

Whilst comfortableas-is,there is plentyofopportunity for thenextowner to put theirown stamp on this propertythrough furtherenhancement.

DEADLINESALE: Closes 12:00p.m.Thursday6 July 2023 (unlesssoldprior)

VIEW: nzsothebysrealty.com/QBS13229

ViewingsbyAppointment withHadleyorGerard,or see websitefor Open Hometimes

HADLEYVANSCHAIK:M +64 21 885517 hadley.vanschaik@nzsir.com

GERARD BLIGH:M +6421909 198 gerard.bligh@nzsir.com

QUEENSTOWN, 8Peregrine Place, Queenstown Hill

Land Area: 1,111sqm

This1,111 sq m(more orless)freehold site is located in apremiumpositionon blue chip Queenstown Hill. Situated in aquiet cul-de-sac,thislargesitepresents youwithunobstructedpanoramicviewsof the mighty Remarkables,theKelvin Peninsula and adoublelake view out towardsBayonet,Ceciland WalterPeaks. Thesiteisbefittingof amagnificentpermanenthome, holidayhomeor youcanexplore thepossibilities of subdividing andbuildingmultiplehomes.

ThereisalreadyaResourceConsentapprovedwith Councilto subdividethislotandbuild twostandalone homes,eachwith residentialflats.

We offerthis lotfor sale withthebeautifulneighbouring homeat10PeregrinePlace. If you purchaseboth, we holdaPlanner’s Reporton filewhichindicates afourlot subdivision couldbepossible(subjecttoResource Consent).

Theoptionsareexcitingandvariedandyoursfor the taking.

FORSALE: PricebyNegotiation

VIEW: nzsothebysrealty.com/QBS13237

HADLEYVANSCHAIK:M +64 21 885517 hadley.vanschaik@nzsir.com

GERARD BLIGH:M +64 21 909 198 gerard.bligh@nzsir.com

QUEENSTOWN, 4Hackett Road,Jack’sPoint

Land Area: 1,011sqm

This elevated north-eastfacing freehold residential section wouldhave torepresent oneof thebest opportunitiesavailableinJack’s Point.

Locatedinoneof Queenstown’sfastest growing suburbs this 1,011 sq m(more orless)residential home site isperfectly shapedtoensureyou receivemaximum sunshine hourswhendesigning yourdreamhome.4 Hackett Roadis situated inoneof themostpreferred areas withinJack’s Pointandisflatand easy to buildon. Theneighbouringpropertiesarewellappointedand established, so anycleverdesigntakingadvantage of theeight metreheightcontrollimit would ensure you have amagnificentoutlookandviewstowards Lake Wakatipuand thespectacularbackdrop ofThe Remarkables mountainrange.

Jack’s Pointisa highly sought-after locationin Queenstowndue to itspositionandisonly ashortdrive tothe towncentreand Queenstown International Airport. Jack’s Pointoffers somuch,fromthe 35kmsof walkingandcycling trails, tothe worldclass 18hole golf course andclubhouse, alongwiththe highly regarded restaurantonthe edge of LakeTewa.

DEADLINESALE: Closes4:00p.m. Monday 17 July 2023 (unlesssoldprior)

VIEW: nzsothebysrealty.com/QBS13247

DAVIDPENROSE:M +64 212261507 david.penrose@nzsir.com

QUEENSTOWN, 24 AspenGrove

Land Area:700sqm

AspenGrove is oneof Queenstown’smostdesirable addresses, andthis site hastobeoneof itsbest. Sitting highabovethe road withconvenientaccess off HumboldtLane, this sitehas sweeping viewsfromThe Remarkables to WalterPeak.

Lake Wakatipu takescentrestage,andthis sectionis deservingof agrandscaleproperty. Witheasyaccess andbeingoneof theflatterandsunniersections available,thissiteisperfect foryourdream home. Boundary linesare indicativeonly.

FORSALE: PricebyNegotiation

VIEW: nzsothebysrealty.com/QBS13233

GEORGE PASSMORE:M +6421595 586 george.passmore@nzsir.com

WANAKA, 162TeAwa Road

6 5 2

FloorArea: 542sqm

Land Area:4.0236 ha

Set onfourhectaresadjoining theHaweaRiverthis stunning familyhomeoffersprivacyandrural tranquility.

Boastingfourspaciousbedrooms,three invitingliving areas, agenerousofficespace anda large separate sewing room,youwill findamplespaceforevery member of thefamily.

Additionally,a separate two-bedroomcottageprovides consentedaccommodationforAirbnborfriendsand familytostay.

Parklikegroundssurrounding thisexceptionally warm homeoffer anabundanceof ever-changing seasonal colourandmultiplespaces toentertain,enjoyand escape in nature.

Directaccess totheriver offers theopportunityto kayak,swimorfishfrom theproperty. Alternatively relaxtothecalming soundsofwaterflowingand surroundingbirdsong.Riversideproperties rarelycome tothemarket. Inspectionof thisbeautifulhomeishighly recommended.

FORSALE: Closes4:00 p.m.Wednesday19July2023 (unlesssoldprior)

VIEW: nzsothebysrealty.com/NZW10815

VICKISPEARING:M +6427584 2547 vicki.spearing@nzsir.com

WANAKA, 7GreenwoodLane

LandArea:851sqm

Nestledina picturesqueand charmingcul-de-sacinthe heartofanestablishedneighbourhood this is arare opportunity to geta decent size section closetotown. Enjoypeaceandtranquility,the soundof birdssinging inthetrees,linkwaysthatconnectyoutoMtIronand thesurrounding amenitiesfromthisslightly elevated site.Withthe luxury ofhavingnoneighbourimmediately to your north you’llappreciatea senseofspaciousness andnotfeelinghemmedin.

Thedeveloperofthislandhad avisionof avibrant, connected, sustainablecommunity.Toencourage this, BellbirdDevelopmentsoffercashincentives to residentswhobuild energy efficienthomes. Ifyou meet certain healthyhomestandards by May2026 you can bereimbursedup to $20,000 forinsulatingand ventilatingbeyond thecurrent buildingcode. By choosingtobepartofthis pioneeringproject, you’re not just buyinga property;you’re investingin abetter future.

DEADLINESALE: Closes4:00p.m. Thursday 13 July 2023 (unlesssoldprior)

VIEW: nzsothebysrealty.com/NZW10817

VICKISPEARING:M +6427584 2547 vicki.spearing@nzsir.com

Home,landand mountain packages

Withthecertaintyofafixedbuildprice,thetime tosecure youralpine retreatis now. Discover a collectionofarchitecturallydesigned houseand land packagescreated by a team of experts at MtCardronaStation. With everything donefor you, theprocesswill besimple, yet the finished product willbe anything but.

Steepedinhistory and immersedinalpinelandscapesof extraordinarybeauty,theCardrona Valleynow awaits the next chapterinitsincredible story.

HASTHEMARKET FINALLY

winterwill remainachallengeassalesandlistingsvolumesshrink.

Therearesignsthatthedownturn isbottomingoutforhomeowners, withthelatest figuresfrom OneRoofshowingvaluerises inthree regionsandtherateof declineslowing inothers.

NewZealand’saveragepropertyvalue fell2.3%($22,000)to$950,000inthe three monthstotheendofMay,assuccessive interestraterisesputdownwards pressureonsales,accordingtothe OneRoof ValocityHouse ValueIndex.

Northland,Otagoand WestCoastwere brightspotsinwhathasbeenatough autumnmarket.Allthree regionsenjoyed liftsintheiraveragepropertyvalue, with WestCoast recordingthehighest quarterlyvaluegrowth,at2.9%.

Therateofvaluedeclinehasslowedor evenplateauedinsome regions,including Canterbury, Taranakiand Wellington,but the figurespointtoworseningmarket conditionsinothers.

Overthelastthreemonths,therate ofvaluedeclineacceleratedineight regions,withBayofPlenty,Hawke’sBay (still reelingfromthedevastatingimpact ofCycloneGabrielle),Marlborough, NelsonandSouthlandhardesthit. All fivehaveseentheirrateofdecline almost double.

The figuresalsohighlightedcontinued uncertaintyinthecountry’sbiggest housingmarket.Auckland’saverage propertyvaluedropped3.2%($43,000) overthequarterto$1.291million,but therateofdeclinepickedupinApril

COST OF THEDOWNTURN

andMay,suggestinghousepricesinthe regionhavestillawaytogobeforethey hitthebottom.

Ofthecountry’s72territoriallocal authorities(TLA),just14sawvalue growthoverthequarter,including Dunedin(up1.7%to$654,000)and Queenstown(up0.6%to$1.918m). However,thebestperformingTLAsover thequarterwerelower-valueareaswith lowsalesvolumes.

Housevaluesinall72TLAsareupon pre-Covidlevels,butthedownturnhas erodedalotofthegainshomeowners enjoyedduringtheboom,with WellingtonCity’saveragepropertyvalue, at$983,000,only7.1%($66,000)above whereitwasinMarch2020.

Thelatestindex figurespointto continuedvolatilityinthemarket throughoutmuchofwinter,withthe drop-off insalesandnewlistingsandthe increaseintheOfficialCashRatelikelyto squeezepropertyvalues.

WayneShum,senior researchanalystat Valocity,saidnationwidesalesvolumesin thethreemonthstotheendofMaywere downnearly38%year-on-yearanddown morethan50%onthesamequarter five yearsago.

“Thelargestdeclineswereinmetro areaswhereaffordability remains a barriertoentry.While first-homebuyers haveincreasedtheirshareofthemarket, from37%inApril2022to44%inApril thisyear,theactualnumberof first-home buyertransactionshasdropped18%over thesameperiod.

RESEARCHANALYST

“Largelyabsentfromthemarketare investors,whosenumberofpurchases plunged29%year-on-year.”

ShumsaidtheReserveBankofNew Zealand’sliftingoftheOCRonMay24 to5.5%-its12thcashrateincreasein a row-islikelytodampendemandinthe short-term,butnotedthatthemarket may respondmorepositivelytonewsthat interestrateshave reachedtheirpeak.

“Asizeablenumberofborrowers aresetto rollontomuchhigherrates thisyear,andwhilethatmeanspain forexistinghomeowners,theRBNZ’s forecastthatlastmonth’scashrateriseis thelastfortheforeseeablefuturewillbe encouragingfornewbuyers.”

OneRoofeditorOwen Vaughansaidthe dropinnewlistingsvolumeswashaving animpactonthemarket,withonly two regions, TaranakiandSouthland, recordinganannualincreaseinMay.

“NationwidenewlistingsinMay weredown12%onthemonth before anddown21%year-on-year.Thedropoff innewstockcomingtomarket was steepestin Wellington,withnewlistings inthe regiondown41%year-on-year.In Auckland,the reluctancetolistishitting overallstocknumbers. Totallistingsfor the regionaredownnearly4%year-onyear,”hesaid.

“Fallinghousepricesandfallingsales havekeptvendorsontheside-lines throughoutautumn,andwillneed a turnaroundinbothtoenticethemback intothemarket.

“Marketconditions remainpositive forbuyers,though,withpricesnow hittingthe bottom,oratleastveryclose tothebottom,especiallyforentry-level properties.Thelackofcompetitionfrom investorsandthenewsthatrateshave peakedsuggestthisisasaboutasgoodas itisgoingtogetfor first-homebuyers.”

Price discounting on therise

Separate figuresfromOneRoofshow vendorsarecomingunder increasing pressure to droptheirpriceexpectations inordertosecureasale.

AnalysisoflistingpricesbyOneRoof foundthattheasking price hasbeen discountedinmorethanonein10 propertiesbroughttomarketinthelast sevenmonths.

Ofthemorethan62,000 residential propertieslistedonOneRoofsince October2022,15%havedroppedtheir askingpricebyatleast$10,000.

Theaveragepricedropoverthe periodwas4.82%($43,000)butsellers insome regionswereofferingsharper discounts.In WestCoastandManawatuWhanganui,theaverageaskingpricewas droppedbymorethan7%.

Auckland region’saverageasking pricedroppedby$51,144(4.59%)over theperiod,while Wellington’sand Canterbury’sfell$41,994(5.28%)and $33,294(4.28%) respectively.

NZhousepricesarefallingless rapidlyinsome regions,but figuressuggest

“A SIZEABLENUMBER OF BORROWERSARE SET TO ROLLONTO MUCHHIGHER RATES THISYEAR,AND WHILETHAT MEANS PAINFOR EXISTING HOMEOWNERS,THE RBNZ’S FORECASTTHAT LASTMONTH’S CASH RATERISEISTHE LAST FORTHEFORESEEABLE FUTUREWILLBE ENCOURAGINGFOR NEWBUYERS.”

- WAYNESHUM, VALOCITYSENIOR

PROPERTY VALUECHANGES

The researchidentified3396discounted propertiesthatarestillavailableforsalealmost10%oftotal residentiallistingson OneRoof.co.nz.

Discountingismostprevalentin Waikato,withtheaskingpricedropped inalmost30%ofallpropertiesinthe regionthathavebeenlistedsinceOctober 2022.BayofPlentyhadthenexthighest shareofdiscounting,at29%,followedby Southland(23%)andNorthland(21%).

Just14%ofAucklandlistingswere discountedovertheperiod,whilethe percentageoftotallistingsthat were discountedinCanterburyand Wellington satatalow7%.

Taranakisellersareleastlikelyto resorttoprice-slashing,withjust2.7% ofthe region’slistingsdiscountedover theperiod.

Need forquick sales

However,the researchdoes suggestsellers are becoming moredesperate, with most regions recordingaspike in price dropsin recentmonths.

BetweenApril1andMay15,onein fivelistingsnationwidewasdiscounted, upfromjust13%inthelastquarter of2022.IntheBayofPlenty,42%of listingsdroppedinprice,upfrom25%

inQ42022,andin Waikato,theshare percentageofdiscountedlistingshit 39%.Thespikesinboth regionswere fuelledbywidespreaddiscounting in Tauranga(37%ofalllistings)and Hamilton(40%).

Atamajormetrolevel,thebiggestprice discountswereinQueenstown-Lakes, withsellersthereknockinganaverage $77,000off thepriceoftheirhomes.

Theaverage reductioninthe asking priceofahomeinAucklandCity,where theaveragepropertyvalueis$1.461m, was$56,205,whilethedropinNorth Shoresuburbswas$56,039.

Somesellers,though,wereprepared totakebiggerhitsinordertoshifttheir properties.The researchidentified837 listingswheretheaskingpricewas droppedby$100,000ormore,withthe sellerof onepropertyinOhauiti,in WesternBayof Plenty,slashingtheprice by$800,000to$3.65m.

The researchalsofoundthat discountingwasmostprevalentin AucklandCentral.Almost200listingsin theapartment-heavysuburbhavebeen discountedsinceOctober2022(halfof whicharestillonthemarket),withthe averagedropintheasking priceat6.99%.

Property valuedataderivedfromtheOneRoof-ValocityHouse ValueIndex, taken onMay 20,2023.Listingsdatatakenfrom OneRoof.co.nzon May20, 2023. Only suburbswith20-plus settledsalesinthelast12 monthscovered.