OneRoof Northland Property Report - December 2023 by NZME.

Northland PROPERTY REPORT DECEMBER 2023

THE YEAR THAT WAS – 2023

What’s for sale. What it’s worth. Discover thousands of property listings right across the country and FREE estimated values based on the very latest sales figures.

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OneRoof Northland Property Report

Contents

Foreword GREG ALEXANDER, HEAD OF ONEROOF, NORTHLAND

OneRoof Northland Property Report December 2023

hope the festive season is everything you want it to be. It’s hard to believe 2024 is only a few days away. In this edition we feature a number of local sales over the past 12 months, it’s a light holiday read and will provide some perspective on the Northland market. Tony Alexander also shares his thoughts on 2024; his view on housing values; and will the new government intervention be positive? Based on his comments ... 2024 is looking up. Looking back over the year we’ve had over 4,000 properties listed here in Northland, and sales have been in line with wider New Zealand market... although, Northland is a region which generally outperforms most markets. Why? Perhaps the main reason is that Aucklanders love to move North. Significant house sales in Northland are attributed to Auckland buyers, who are generally in a better cashed up position. With Auckland on our doorstep, and frequent visits North by its residents, it’s no wonder we have an influx of Aucklanders moving to Northland after visiting arguably the best coastal and lifestyle options anywhere in New Zealand. This holiday season our roads will be busy as usual with in excess of 3 million vehicle movements to and around the region. Of these travellers over half will come from Auckland. It’s no coincidence that on OneRoof.co.nz, over half of our listing views and enquiries are from the same origin. If you’re thinking of buying or selling, OneRoof.co.nz is a dedicated real estate platform – housing the latest property news & market insights, plus advice to make your property decisions easier. OneRoof makes your search simple with thousands of listings right across the country. We hope you find this OneRoof report insightful and helpful.

Powered by: Published by NZME Northland, 88 Robert Street, Whangarei. Advertising enquiries contact Greg Alexander 09 470 2877 or email northland@oneroof.co.nz

OneRoof House Price Report December 2023

New Zealand’s housing market is on a roll, with every region bar one recording quarterly value growth.

nd there have been strong lifts in the country’s most expensive and cheapest suburbs, with Otara and Herne Bay both up around 7%. The nationwide average property value jumped 2% ($19,000) in the three months to the end of November to $968,000, as low stock levels and increased buyer demand put upwards pressure on prices. The biggest quarterly rise was in Otago, up 2.8% over the last three months to $944,000, but also performing strongly were Auckland and Wellington regions, up 2.5% and 2% respectively. The pace of growth in Canterbury has slowed to 1.7%, following lifts of more than 2%, but property values in the region did record its first year-on-year jump since December 2022. Overall, the market heads into summer in robust shape, with Northland, Nelson and Taranaki finally moving into growth territory, leaving West Coast the only region to be still in decline. (Six months ago West Coast was the only region to be up over the quarter.) OneRoof editor Owen Vaughan said: “At a TA level, Queenstown-Lakes and Wellington are leading the pack, with value growth of 3.5% and 3% respectively. The heat in Christchurch isn’t quite as strong as it was in the lead-up to the election, but values in the city are up 2.6% year-on-year. “In Auckland, quarterly growth was strongest in Manukau and Franklin, reflecting first-home buyer price points, but momentum is also building in the higher-priced North Shore.” Of the 792 suburbs with 20 or more settled sales in the 12 months, 651 recorded three monthly increases in their average property value, and 132 were up year-on-year. Values in 42 suburbs were back to or close to hitting pre-slump peaks. Lake Hawea, in Queenstown-Lakes, and Camberley, in Hastings, recorded the strongest growth over the November quarter, with both average property values up 7.3%. Values in Otara and Herne Bay – two suburbs that are at either end of the price spectrum in Auckland – were also rising quickly, with growth of 7% and 6.9% respectively. While the figures highlight the catch-up in value growth taking place around the country, some suburbs are still on a downwards trajectory, with the decline accelerating in Hokitika (-5.9%), Otautau (-5.8%), and Carterton (-3.5%), among others. Vaughan said much of the value growth could still be attributed to low listing volumes, giving sellers a bit more leverage. “Stock is still at historically low levels, but new listings in Auckland are on

OneRoof editor Owen Vaughan: "Vendors are starting to feel more confident about market conditions." Photo / Fiona Goodall

the rise again, and vendors are starting to feel more confident about market conditions. “However, those expecting fast sales and price jumps should temper their hopes. Recent auction results suggest we are still a long way off pre-slump levels of FOMO among buyers.” The biggest restraint on price growth continued to be interest rates, Vaughan said, noting that the Reserve Bank hadn’t ruled out a further rise in the Official Cash Rate, which stayed at 5.5% this week. The OneRoof-Valocity figures also show the full impact of the downturn on the housing market. Nationally, house values are down 14% from a pre-slump peak of $1.098 million in February 2022. The largest losses were in Wellington (25%) and Auckland (19%), and suggest the climb back to peak levels in both won’t be overnight even on the back of recent lifts. Hawke’s Bay and Manawatu were close behind with reductions of 16.5% and 15.2% respectively while Canterbury, Southland, and the West Coast experienced the smallest declines, with falls of 6.5%, 4.1%, and 2.9% respectively. Valocity senior research analyst Wayne Shum said interest rates would need to drop significantly before house prices rebounded to post-Covid levels. “We had interest rates at 3% at the last peak and we now have interest rates of around 7% which are expected to last at least another year so it will be some time before we get back to those levels,” he said. He believed certain areas would bounce back faster than others. “With record net migration, some investor suburbs may come back faster. A lot of these people coming to New Zealand are renting and on work visas or student visas. They’re not coming in to buy houses so those areas that have those smaller houses for rentals may come back faster.” * Property value data derived from the OneRoof-Valocity House Value Index, taken on November 20, 2023. Only suburbs with 20plus settled sales in the last 12 months covered. Listings data from OneRoof.co.nz, taken on November 20, 2023. New listings cover the 30 days to the same date.

December 2023

OneRoof News / New Zealand Tony Alexander:

Expect 10% house price growth in 2024, more in 2025 Good news outweighs the bad news of increasing unemployment.

he year is almost over and these are the main things which have happened in the residential housing market:

1. House prices stopped falling in the middle of the year and are so far 6.7% off their lows in Auckland and Wellington and 4.6% in Canterbury. 2. First home buyers jumped into the market in good numbers in February and have remained active since, eventually accounting for a record percentage of total house sales. 3. Investors have been showing increased interest in recent months, more latterly encouraged by the coming restoration of interest expense deductibility. But they remain hesitant as costs are high and for many the numbers don’t yet stack up. 4. Tenants are facing increasing competition for accommodation courtesy partly of the record net migration boom adding 2.5% to our population the past year, and the active discouragement to people to provide rental accommodation caused by the previous government’s policies. 5. Wholesale interest rates rose to higher-thanexpected levels two months ago but since then have been falling – mainly in response to falling rates in the United States amidst high confidence that their inflation genie is almost back in the bottle. Sufficient confirmation of the approach of sub-3% inflation in New Zealand is not yet present and our central bank is unlikely to bring forward its mid-2025 timing for policy easing until maybe April.

What is my current best guess for what lies ahead for 2024? There will be restraint on the speed with which house prices rise from increasing unemployment. But that’s about it on the negative side. On the price-boosting side we will have these factors in play: 1. Rising expectations that interest rates will soon fall (bank margins are so wide currently they could shave 0.75% off one-year fixed rates and still be earning above average margins). Light at the end of the tunnel will bring more buyers into the market well before the official cash rate is in fact cut from 5.5%.

2. Still strong net migration inflows even allowing for some easing through the year. Demand for accommodation will continue to increase. 3. Decreasing production of new houses. That is – reduced growth in house supply at a time of increasing housing demand. 4. Tax changes for investors will have the opposite effect of what happened in March 2021 when the removal of interest expense deductibility started. More investors will look to make a purchase.

It is not possible to know when the pace of increase in average house prices will accelerate from the average 0.8% a month gain seen since June. But my monthly surveys of real estate agents, mortgage brokers, investors, and consumers should provide some early insight. My current pick for price gains in 2024 is the same as it has been since just before the middle of this year. About 10%. For 2025 there will be extra momentum in the housing market, FOMO is likely to be much higher, and I’d expect gains nationwide averaging closer to 15% then than 10%. Merry Christmas everyone and here’s hoping the government can speedily enough implement policy changes that house construction will be able to stage a good recovery from early in 2025. Developers are already buying land in anticipation of higher construction the year after next. Tony Alexander is an independent economist with additional commentary available at www.tonyalexander.nz

House price gains will stay around 10% in 2024 but by 2025 gains nationwide will be closer to 15%. Photo / Getty Images

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OneRoof Northland Property Report

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OneRoof News / Northland NORTHLAND $863,341

AVERAGE PROPERTY VALUE

THE ONEROOF-VALOCITY HOUSE VALUE INDEX The OneRoof-Valocity House Value Index tracks the average value of New Zealand residential and lifestyle properties at a suburb, territorial authority, regional and nationwide level. The index is designed to be able to estimate dollar values, movements, and indexation. The index is designed to be able to use a range of sources of property and sales data, ensuring that estimates provided are able to take into account the most recent information. The results are based on a composite of statistical models and are fully stratified. The figures in the table show for each suburb the average property value at November 20, 2023, plus the three-month change. Property value data derived from the OneRoof-Valocity House Value Index, taken on November 20, 2023. Only suburbs with 20 or more settled sales in the last 12 months shown.

YoY CHANGE AVERAGE PROPERTY VALUE

LOCATION

ABOUT THE TABLES

LOCATION AVERAGE 3-MONTH PRICE CHANGE (%)

AVERAGE 3-MONTH PRICE CHANGE (%)

FAR NORTH

$844,000

WAIPAPA

FAR NORTH

$1,051,000

2.7

HARURU

FAR NORTH

$843,000

2.4

CABLE BAY

2.7

PAIHIA

FAR NORTH

$817,000

KAEO

FAR NORTH

$838,000

0.7

KAIKOHE

FAR NORTH

$396,000

0.5

KAWAKAWA

FAR NORTH

$503,000

0.4 0.3

KERIKERI

FAR NORTH

$1,062,000

KARIKARI PENINSULA

FAR NORTH

$758,000

0.1

RUSSELL

FAR NORTH

$1,472,000

-0.6

KAITAIA

FAR NORTH

$437,000

-0.9

AVERAGE PROPERTY VALUE

AVERAGE 3-MONTH PRICE CHANGE (%)

WHANGAREI AVENUES

WHANGAREI

$535,000

-0.2

GLENBERVIE

WHANGAREI

$1,161,000

-0.1

HIKURANGI

WHANGAREI

$566,000

1.3

HORAHORA

WHANGAREI

$652,000

0.3

KAURI

WHANGAREI

$1,062,000

-0.7

KENSINGTON

WHANGAREI

$620,000

-0.8

LANGS BEACH

WHANGAREI

$2,119,000

-1

MAUNGATAPERE

WHANGAREI

$1,047,000

0.8

MAUNU

WHANGAREI

$983,000

MORNINGSIDE

WHANGAREI

$557,000

0.7

NGUNGURU

WHANGAREI

$1,010,000

1.2

ONE TREE POINT

WHANGAREI

$1,069,000

-0.3

ONERAHI

WHANGAREI

$634,000

-0.5

PARAHAKI

WHANGAREI

$736,000

1.7

PARUA BAY

WHANGAREI

$1,116,000

-0.6

RAUMANGA

WHANGAREI

$508,000

4.1

REGENT

WHANGAREI

$676,000

-0.7 0.9

AVERAGE PROPERTY VALUE

AVERAGE 3-MONTH PRICE CHANGE (%)

RUAKAKA

WHANGAREI

$904,000

PAPAROA

KAIPARA

$734,000

0.4

TAMATERAU

WHANGAREI

$1,090,000

0.9

MANGAWHAI

KAIPARA

$1,294,000

-1.4

TE KAMO

WHANGAREI

$732,000

-1.5

LOCATION

KAIPARA

KAIWAKA

KAIPARA

$927,000

-2

TIKIPUNGA

WHANGAREI

$616,000

0.8

MAUNGATUROTO

KAIPARA

$746,000

-2.6

WAIPU

WHANGAREI

$1,146,000

1.8

DARGAVILLE

KAIPARA

$523,000

-2.8

WHAU VALLEY

WHANGAREI

$685,000

1.2

MANGAWHAI HEADS

KAIPARA

$1,339,000

-3.7

WOODHILL

WHANGAREI

$589,000

1.6

TOP SALES OF THE YEAR

What makes a sale ‘top’? It may be a listing which sold within hours; one that had an incredible bidding turn out at auction; maybe a house which sold well over valuation; or a listing which was just ‘different’. Throughout this edition we’ll share with you a selection of Northland’s top sales for 2023

TOP SALE OF THE YEAR

27 Mains Avenue, Kensington

346 Hillcrest Road, Waiotira

Elegant, timeless and inviting, this Kensington home is an inspired example of Hamptons style with its rich, dark timber floors, wool carpets, stone accents, large windows and a bright, light-filled interior. 27 Mains Avenue received over 7,600 web views and ten in-person inspections, capturing buyers’ attention. Sue Maich and Damien Davis presented a three-way multiple offer on the tender date, with the home selling for 10% over CV.

The sale of 346 Hillcrest Road in Waiotira marks Northland’s first hill country sale. Todd Skudder implemented a comprehensive five-week nationwide marketing campaign, which, combined with a well-rounded auction process, uncovered unconditional interest. The $4,500,000 sale achieved under the hammer allowed the vendors of more than 50 years to hand their beloved property to new custodians and move into their next phase.

SOLD BY SUE MAICH & DAMIEN DAVIS

SOLD BY TODD SKUDDER

0210 222 4291

027 439 1235

Resdential Sales

Country, Farm and Lifestyle Sales

December 2023

OneRoof News / Northland

RARE ‘ROBINSON CRUSOE’ ISLAND IN FAR NORTH SELLS FOR SECRET SUM Motuekaiti Island had gone to market with price expectations of $3.5 million.

ABOVE: The horseshoe-shaped Motuekaiti, in the Far North, was billed as an island escape. Photo / Supplied LEFT: Motuekaiti is 200m from the mainland or 10 minutes by helicAopter from Kerikeri or Paihia. Photo / Supplied BELOW: Motuekaiti is a short helicopter ride from Paihia. Photo / Supplied

picturesque island in the Far North has sold for an undisclosed sum.

Agent John Greenwood from Bayleys would not comment on the sale of 3.34-hectare Motuekaiti Island but previously told OneRoof the tiny island in the shape of a horseshoe would be suitable for Robinson Crusoe or Tom Hanks’ character in the movie Castaway. The island has crystal-clear waters, a sandy beach and is just north of Matauri Bay and less than 10 minutes by helicopter from Paihia. Greenwood’s listing said while there was no accommodation, the island was a freehold title and “begging for Robinson Crusoe to build his escape here”. It was the first time the island had been for sale in 30 years, and it was one of two islands Greenwood was involved in selling, the other being Motuketekete in the Hauraki Gulf, which is also being marketed by former deputy prime minister Paula Bennett and which is still for sale. Greenwood told OneRoof previously it was rare for any of the around 144 islands in the Bay of Islands, and another 27 in the Cavalli Islands to the north, to come to the market. Motuekaiti Island was special and affordable with price expectations around $3.5m: “It’s cheaper than some bits of coastal land or bigger islands like Motuketekete where you’re looking at around $10m.”

OneRoof Northland Property Report

The island was one of the most viewed listings on OneRoof this year, taking out the number three spot. Greenwood told OneRoof in November he was not surprised that both Motuekaiti and Motuketekete, the ninth most-viewed listing, got so many views as they are idyllic, however, he said people interested in buying islands had to do a bit more thinking through than when buying other real estate. “It’s not straightforward. You need to either have a helicopter or you need to drive and have somewhere to park your car and then get a boat.” There had been regular inquiry mainly from New Zealanders, he said, but many were “dreamers” who did a double take at the price tags. He said Motuekaiti was stunning: “It is small but it is beautiful and it’s shaped just like you think an island should be with a beautiful little protected cove with a white sandy beach and all

the rest of it.” Another island in the Far North, Motukawaiti, sold last year after being taken over by squatters. The New Zealand Herald reported the $22m price tag was dropped and the island was now owned by an unnamed New Zealand family, “dashing the hopes of some in Ngati Kura who had hoped the Crown would buy and landbank the island with which it shares 900 years of history”. The Herald report said the sale followed the island’s abandonment by its Chinese owner years ago, after which it became a getaway for local youths who took over a sprawling mansion intended to be the centrepiece of a Northland resort. Greenwood said the top end of the market in the Far North was otherwise quiet following the election. There was disappointment the foreign buyer ban had not been reversed, though there was

hope Overseas Investment Office applications would be looked at differently to the Labour Government, he said. While there is land for sale up north there were not many “sexy” pieces of coastal land on the market. “There are farms and things like that but not big coastal blocks or islands or beautiful 200 hectare pieces, they’re not really about. “The owners of them are not looking at that until the market actually starts responding to it because that sort of product, if it’s on the market too long it’s not good for it.” However, Greenwood said a “sexy” listing he would have before Christmas was the relaunch of individual lots at Wiroa Station in the Kerikeri Inlet, which he said was “absolutely stunning” with two beaches, a vineyard, beach chalets and a tennis court.

OneRoof News / Northland

2023 – The Year That Was WITH BAYLEYS IN THE NORTH TONY GRINDLE GM, BAYLEYS NORTHLAND

023 was a significant year in Northland property sales; as a generalisation, the Northland property market has adapted remarkably well to the challenges that have penetrated all markets. REINZ stats and coal face discussions bear out the sentiment that the North has outperformed the other provinces around NZ. Some of the challenges fully covered in the media are expected to lessen in intensity in 2024. These include: 1. The cost of living for everybody 2. Cost of finance 3. Lack of confidence in the markets 4. Steep hurdles imposed by lending institutions. 5. Climbing interest rates 6. Change of government The top end of the residential market in both the mid and far North has performed well. The Bayleys staff have achieved record prices for their vendors, as demonstrated in waterfront

sales at One Tree Point, in Whangarei CBD and Kerikeri. Various buyers from Auckland, Wellington and locally have keenly competed for these multi-million-dollar sales. The first-home buyer and entry-level property class have also found their market levels; without question, first-home buyers and investors have re-entered the market; however, the former has been frustrated by increasing loan compliance and regulation. Whilst the size of the entire Northland market (all properties sold in the calendar year) has shrunk by 11% year-on-year, the quantity of Bayleys sold property has remained steady, and the median price of property sold has remained constant at $1.56 million. Without question, the positivity generated by some more significant residential and waterfront sales has created green shoots, giving a positive outlook towards the Northland market in 2024.

DICKIE BURMAN SALES MANAGER, BAYLEYS BAY OF ISLANDS

ccording to REINZ data the Far North median house price witnessed a shift up in November 2023, with the median sale price being $660,000. This marked a substantial 13.8% increase from October’s $580,000 but, notably, a 9% dip from the $725,000 recorded in November 2022. The data supports the anecdotal reports from our sales team, underlining the market’s responsiveness to historic low sale volumes. Intriguingly, the days on market for November 2023 stood at 56, an increase from the 10-year average of 46. This extended timeframe reflects the market’s volatility and hints at some of the challenges faced by buyers and sellers alike. The Far North’s inventory, with available properties equating to approximately 40 weeks on current sales volumes, further underscores the market landscape. Bayleys in the Bay of Islands experienced a notable uptick in activity, coinciding with the

arrival of Spring and a new government. Our auction campaigns emerged as a beacon of success, boasting high clearance rates in contrast to other property marketing methods. Notably, campaign properties also attracted a larger number of open home attendees and in many cases, multiple bidders. For some buyers obtaining suitable mortgage finance, can still be a major obstacle, when looking to purchase. Employing a broker or shopping around will often lead to better outcomes for those that are wanting to get on the property ladder or are trading up. While inventory may be slightly down compared to previous years, the market still offers a diverse selection of quality properties across various price ranges and types. As we approach the festive season, Bayleys in the Bay of Islands wishes everyone a safe and happy holiday break and a prosperous 2024.

CELEBRATING 10 YEARS

BUILDING DREAMS WITH DEDICATION –

A DECADE OF EXCELLENCE AT STONEWOOD HOMES WHANGAREI

Marcus Bracey is the owner of, and hands-on builder for the Northland Stonewood Homes Franchise. With many years of home building experience under his belt his knowledge of the industry and attention to detail is evident in every home he builds. “My philosophy has always been to treat every house I have built as if it were my own,” he says. Marcus is involved in every build and many of his homes have gone onto achieve success in the Master Builders House of the Year Awards, including recent category and gold awards. Stonewood Homes Whangarei are a small dedicated team and pride themselves on their good relationship with clients, many of whom are repeat. As well as having a wide range of plans available for perusal which can be customised to suit the individual, clients can also approach the team with their own design ideas. Every care is made to make sure that your build is everything you’re hoping for. Working with clients to achieve their dream home is what sets Stonewood apart and the results speak for themselves.

Julie Scott 021 930 310 Lisa Simpson 021 644 757 whangarei@stonewoodhomes.co.nz 29 Lower Tarewa Road, Morningside 0110 December 2023

OneRoof News / Northland

WITH VANESSA MCKENZIE, ROD PARKINSON & ALLAN SYKES DIRECTORS – RAY WHITE WHANGAREI & TUTUKAKA

THE POWER OF PROCESS, PEOPLE AND OPERATING IN THE “NOW”

2023

might certainly be a story of change and resilience in the local real estate market. With interest rates and inflation restricting market performance for much of the year we are slowly seeing an increase in consumer confidence - despite an upswing in borrowing costs. In ever evolving markets, the real power in real estate remains in being responsive to market conditions - with emphasis on process and people. We’ve been fortunate to sell over 387 properties this year to-date and work with thousands of people in our marketplace. We embraced change, leveraged technological advancements, and maintained our clientcentric approach. But we firmly believe that our commitment to service and prioritizing our clients’ needs and aspirations has been the

cornerstone of our success, and the reviews, referrals and awards we received testament to this. Across residential, rentals, rural, and commercial real estate our real successes for 2023 have come from operating in the “now”: understanding our clients’ situation and implementing a plan to secure them their best sale independent of factors outside of our control. Our highlights for the year have not only been in seeing purchasers secure their dream home, but in: selling homes that have stagnated on the market with other agencies and securing our clients unconditional sales in their homes in order for them to move on with the next chapter of their lives; to seeing a resurgence of first home buyers re-entering the marketplace in the last few months (first home buyers currently account for

over 20% of our monthly sales); to seeing the joy (and sometimes relief ) on people’s faces when their property goes unconditional. Our office has taken 356 properties to auction this year. The open and transparent nature of auctions continues to be highly valued by both buyers and sellers with tangible competition yielding positive effects. Auctions consistently outperformed alternative sales methods in our market, evidenced by the average time on the market, which stood at just 44 days for auctions as opposed to 62 days associated with private treaty sales. These compelling metrics underscore the critical importance of selecting the right sales approach in today’s marketplace, where achieving a swift, and unconditional sale, is as essential as the success rate itself. While we can’t control the financial factors

motivating Kiwis to buy and sell property, we can offer certainty in service, as evidenced by the increasing numbers of Kiwis choosing to buy and sell property with us. We do know that right now presents some of the best buying and selling conditions we’ve seen in this market cycle. With a new government at the helm, appraisal requests have increased, new listing numbers are lifting, and our brand continues to outperform our competitors. Our dedicated real estate team are working harder to bring you the knowledge and latest information to support informed decision-making , and we remain on call throughout the holiday season for all of your property related requirements.

Base Residential Conveyancing Fees Sales

Purchase Patrick Mathews Associate Registered Legal Executive

Coral Bailey Conveyancing Executive

Carolyn McLeod Associate Registered Legal Executive

Pat Grace Registered Legal Executive

Sale without a release of mortgage .........From $1,437.50 Sale with a release of mortgage .........From $1,667.50 Purchase without mortgage ﬁnance ......From $1,495 Purchase with one mortgage ............From $1,955

Prices are indicative as at 1 August 2022. Prices include GST but exclude disbursements. Additional charges may apply

P (09) 437 3070 • F (09) 437 2070

info@malawyers.co.nz • www.malawyers.co.nz 8

OneRoof Northland Property Report

OneRoof / Northland

TOP SALES OF THE YEAR SALE TYPE: Post Tender

TOP SALE OF THE YEAR

ON 32 DAYS MARKET

3 OFFERS 40 ATTENDEES

OPEN HOME

370 Nook Road, Parua Bay When the home and location is as stunning as this there was no doubt this property would create some online interest, but it exceeded all expectations! Presented by our agent with professional high-end marketing the online reach of his property spiked early - becoming one of the most viewed online listings across New Zealand for November. With a barrage of interest, and more than 200 phone calls people flew in via helicopter to view and even from overseas to view the property and there were also multiple site-unseen purchasers interested. The auction of the property was brought forward, and sold under the hammer for $4,150,000 to Kiwi expats returning to New Zealand.

SALE TYPE: Deadline Sale UNDER CONTRACT PRIOR TO DEADLINE DATE

TOP SALE OF THE YEAR

80 Cartwright Road, Onerahi SOLD BY DANIEL FOOTE Resdential Sales

02777-02777

This gorgeous bungalow was Sarah O’Donnell’s very first listing, having just started in real estate. Being the original homestead on Cartwright Road, a fact that was discovered when the son of the original owner visited the open home and shared the property’s fascinating history. Popular from the get-go, with an expression of interest after the first open home. Selling by tender enabled us to present unconditional and conditional offers side by side, with two tenders submitted on the day for the vendor to decide upon. While the tenders were not successful, based on buyer feedback from the four-week campaign, the property was priced to meet the market. The following open home attracted new interest, with another offer presented and accepted the next day; all parties were over the moon. This was a seamless tender process, and a result that Sarah O’Donnell should be extremely proud of for her first sale!

SOLD BY SARAH O’DONNELL Resdential Sales

027 438 8626

TOP SALE OF THE YEAR

4 OFFERS 30

TOP SALE OF THE YEAR

OPEN HOME ATTENDEES

3 Tuatara Drive, Kamo

11 Blue Penguin Drive, Kerikeri

Experience the benefits of a well-maintained home in the heart of Kamo West where comfort and convenience come together. Featuring: • Single level three bedroom home • Heat Pump, ceiling and underfloor insulation • Single garage with workshop space • 1002 sqm flat section (more or less) • Nice neighbourhood and close to Kamo Village and its amenities • Zoned for Hurupaki and Kamo Primary schools.

This stunning property is a sanctuary where luxury takes on new meaning. The Cape Cod-inspired home is a tapestry of unwavering quality and artistic mastery, with 391sqm of living space on a 9737sqm of land. It deserved an exceptional campaign, investing in local and nationwide print and digital marketing. The tender campaign uncovered high-end buyers and resulted in a sale via tender of $2,500,000. The sale of 11 Blue Penguin Drive was the highest residential result within Kerikeri for a non-waterfront or commercial property.

SOLD BY BRUCE MAUGHAM

SOLD BY DAVID BAGULEY

021 932 252

021 831 440

Residential Sales

Residential, Lifestyle & Waterfront Sales

WISHING YOU A WONDERFUL... Jules Shinyei 022 671 4274 MACKYS REAL ESTATE LTD, BAYLEYS, LICENSED UNDER THE REA ACT 2008

December 2023

OneRoof / Northland

TOP SALES OF THE YEAR SALE TYPE: Private Treaty

TOP SALE OF THE YEAR

DAYS ON MARKET

1 OFFER 4

VIEWINGS

121 Taipuha Station Rd, Waipu

North Ice, 279 Port Road, Whangarei

Our agents took on the project site unseen to help the vendor who needed to sell due to poor health. What they found was a good size property, neglected land full of gorse; a 1930s built classic bungalow, needing repiling, rewiring, and plenty of imagination’’; plus a really good relatively new shed. Advertised as a “free house”the urgency created on this “as is, where is, must sell’ auction listing was immense, and our agents certainly didn’t paint the picture rosier than it was. Enquiries started pouring in: 30 groups through the property; over 40,000 online views; and buyers from all over New Zealand and as far as Norfolk Island. 15 bidders registered on the day - ranging from first home buyers, renovators, and people who just wanted a peaceful country setting - which resulted in 48 bids and an under the hammer sale of $397,000 to a first-home buyer (who happened to be a builder by trade).

North Ice was a turn-key opportunity, an established business manufacturing and delivering flaked salt ice directly to the fisheries industry. The sellers of this ‘cool’ business were ready for retirement, after discussing the selling process they were excited to get on board with our ideas for a fun and impactful marketing campaign. With input from the OneRoof team we created a marketing campaign for print and digital to show the business in action. Once live online, interest was instant with high engagement on social media and within the first week we had 31 enquiries. The serious contenders received the confidential selling statement, four requested to view the business in operation. The winning buyer was the first to view, requesting to put in an offer shortly after leaving the site. Having their ducks in a row paid off, a case of first in - best dressed!

SALE TYPE: Deadline Sale

SOLD BY ZOLTAN WAXMAN Resdential Sales

0210 222 4291

SOLD BY JOHN FAIRLEY

Commercial Specialist

021 821 336 JO GREEN Principal

027 286 3703

TOP SALE OF THE YEAR

UNDER CONTRACT PRIOR TO DEADLINE DATE

TOP SALE OF THE YEAR

OPEN HOME ATTENDEES

6 Haronui St, Kensington

8 Torea Lane, Marsden Cove

Discover this Whangarei delight on Haronui Street, perfect for families, professionals, or those seeking a serene retreat. This single-level home offers spacious living areas with plush flooring, a modern kitchen with a large gas cooktop, and year-round comfort with an HRV system and three heat pumps. It features four large bedrooms, sleekly tiled bathrooms for a spa-like experience, and a tropical outdoor space ideal for entertaining. Enjoy proximity to bushwalking tracks and Mt. Parihaka.

With an absolute waterfront location, a private pontoon and breathtaking views, 8 Torea Lane is an elegant resort-style residence in the heart of Marsden Cove. As a result of the substantial nationwide print and digital marketing campaign, Mike Barrett from Bayleys Bream Bay hosted eight in-person viewings and received numerous email and phone enquiries. An acceptable pre-tender offer was presented 15 days into the tender campaign, bringing the date forward. A successful unconditional sale was achieved after only 21 days on the market, selling at 67% above CV—our best wishes to all parties.

SOLD BY JADE CHRISTIE-SMYTH

SOLD BY TONIE CHEN

SOLD BY MIKE BARRETT

021 438 006

021 185 8328

021 137 5348

Residential Sales

Residential & Lifestyle Sales

...& HAPPY HOLIDAY SEASON! Jules Shinyei 022 671 4274 MACKYS REAL ESTATE LTD, BAYLEYS, LICENSED UNDER THE REA ACT 2008

December 2023

OneRoof / Northland

TOP SALES OF THE YEAR SALE TYPE: Auction HOME 30 OPEN ATTENDEES

10 Rock Ridge Drive, Kamo

Experience luxury in this 250m2 home in the prestigious James subdivision, showcasing a stunning transformation. It features a brand-new kitchen with a walk-in pantry, luxurious bathrooms, and new furnishings, including curtains, blinds, and floor coverings. The exterior boasts a fresh paint job and a new roof. The large Kwila deck offers breathtaking rural views with Hurupaki mount as a backdrop, ideal for entertaining. The spacious 918m2 section provides plenty of room for outdoor activities. Located near Hurupaki School and just minutes from Kamo village, this home is a blend of luxury and convenience.

TOP SALE OF THE YEAR

SOLD Via multiple offers presented following auction

SOLD BY JASON BARRELL Residential Sales

021 961 087

17 Pahau Avenue, Tikipunga After the neighbouring property sold with Thomas & Christine pre-auction and within 3 days of

marketing, the vendors of 17 Pahau Ave came to us as soon as their existing agency expired. They had been on the market for over 7 months, and received no offers, with very few open home attendees. Thomas and Christine followed their process from start to finish, with professional staging, photography, advanced online marketing and by using our open database - with the home selling under the hammer. Sold within 3.5 weeks – $895,000.

SOLD BY THOMAS & CHRISTINE REIL

TOP SALE OF THE YEAR

Resdential Sales

021 242 2249

81 Cullen Road, Waipu

SALE TYPE: Auction

TOP SALE OF THE YEAR

HOME 42 OPEN ATTENDEES

SOLD Via multiple offers presented following auction

Find tranquility at 81 Cullen Road, a secluded property with panoramic ocean views, just minutes from Waipu Cove. This home boasts warm wood walls and an open-plan design, integrating the kitchen, lounge, and dining areas, plus extra space for a home office. The living areas extend to a deck with stunning views, perfect for relaxing or entertaining. The master bedroom, with deck access and spa pool area, offers a mesmerising vista, complemented by two additional bedrooms and a well-designed bathroom. Set on a private 5989sqm section, the property includes a raised vegetable patch, inviting a sustainable lifestyle amidst natural beauty.

SOLD BY ANDY DALTON

Coastal & Lifestyle Sales

027 595 6579

21 Paratai Crescent in Woodhill

Up for auction alongside 35 other properties at our big Auction Day event, this modest residential home appealed to a first home buyer who attended the first open home. ended up buying the home her grandfather had built. Returning for a second viewing, the character and craftsmanship of the home were complemented by her father and grandmother who had accompanied her to the open home and commented that “this looks like one of your Grandfather’s builds”. The family then looked over the LIM to discover her grandfather’s name and signature all over it. Our first home buyer continued to prepare for auction which she attended with her father who bid on her behalf, wearing her late grandfather’s shirt. They were the winning bidders on the day securing the property for $610,000 under the hammer in what they described as “an emotional experience.”

TOP SALE OF THE YEAR

SOLD BY THOMAS & CHRISTINE REIL Resdential Sales

021 242 2249

47 Arcadian Rise, Mangawhai

SALE TYPE: For Sale – Multi Offers

When stylish family homes as perfect as this one come to market, they don’t last long. Located in one of Mangawhai’s most sought-after lifestyle subdivisions, this sophisticated, spacious and well designed family home impressed many, creating multiple offers.

HOME 43 OPEN ATTENDEES DAYS OF TO SALE 28TOP CONTRACT THE YEAR

NEW STREET RECORD!

TOP SALE OF THE YEAR

OneRoof Northland Property Report

SOLD BY AIDAN SALMON

Residential / Rural Sales

021 725 666

ONEROOF NEWS / FAR NORTH

ALL OVER

YOUR

NEIGHBOURHOOD “We were so grateful for the guidance given to us by Gabe and Carly and for the time and effort they gave to the marketing of our property and achieving for us a sale way beyond our expectations. They were a pleasure to work with and we would be happy to recommend them to any prospective vendors.” - Vendors, 30 Konini Street. Uncovering the right buyer for your property is what we do best; we go above and beyond the traditional real estate process and add value to your property experience that others can’t. Contact us today to discover the difference. Carly Whaikawa 021 424 854 carly.whaikawa@bayleys.co.nz

Gabe Schoonderwoerd 021 292 8035 gabe.schoonderwoerd@bayleys.co.nz

MACKYS REAL ESTATE LTD, BAYLEYS, LICENSED UNDER THE REA ACT 2008

Parahaki 30 Konini Street

One Tree Point 7 Taurangawaka Road

Kensington 37 King Street

Onerahi 24 Waimahanga Road

Tikipunga 11 Timara Avenue

Riverside 29B Punga Grove Avenue

Residential / Commercial / Rural / Property Services

December 2023

OneRoof News / New Zealand Tony Alexander:

How will 129,000 more people in New Zealand affect house prices in 2024? Economics 101 tell us when demand rises and supply falls, prices will surge, starting with rents.

ata just released by Statistics NZ show that despite a net loss of a record 45,000 Kiwis offshore in the past year, so many foreigners have come in that the overall net flow was a gain of 129,000 people. This represents a 2.5% boost to our population of just over 5.1 million people and we have to ask ourselves how this will affect the housing market? We can’t put any numbers on the likely price, rents, and turnover impact as after three and a half decades doing this type of thing back in New Zealand, I can safely say no-one has a good model for predicting house prices. However, if you go back to your Economics 101 lessons hopefully you’ll remember this. If both demand and supply are rising, we don’t know what the price will do. If they are both falling, again we don’t know. If demand falls however at the same time that supply rises, then prices will definitely fall. And, if demand rises while supply falls then prices definitely go higher

than would otherwise have been the case. We know demand for accommodation is soaring. Is supply? No. The number of consents issued for the construction of new dwellings in New Zealand has fallen by 21% over the past year with numbers in the three months to October 28% weaker than a year ago. The supply of new houses is falling. If we put these two facts together, we get rising prices. However, given that the flood of foreigners coming in cannot buy a house the pressure will mainly manifest itself in the rental sector. There is now rapid growth in demand for rental accommodation. This surge in demand comes after a period of years during which the Labour government put in place policies aimed at discouraging people from providing rental accommodation. Rising demand yet falling supply means rents go higher. How high? Again, I’ve never seen a reliable model for predicting rents growth. But the risk is that increases become quite large as

we move through 2024 because not only can landlords now pick and choose amongst potential tenants, but they can also more easily remove those unable to pay higher rents. They also have to pass on some hefty increases in costs like council rates, insurance, and maintenance. The relevance of a tightening rental market to house prices is that more people will run the numbers and decide they would be better off owning rather than renting. We in fact have already seen this factor in play with young people increasing their share of all house purchases from early this year. What other big macro factors will be in play through 2024 beyond these two most basic components? At some stage interest rates will fall. As they do it will become more affordable for many people to make a property purchase and their extra demand will place additional upward pressure on prices. Demand is also already rising from investors in response to the return of interest expense

deductibility in full from April 1 2025 and 80% from April 1 next year – which is as good as 100%. I can see this rise in demand now showing through in my monthly survey of mortgage advisers. Responding to my monthly survey a net 22% of the real estate agents recently said they are seeing more investors. The result three months earlier was a net 0%. Now, in my monthly survey of mortgage brokers with mortgages.co.nz, a net 42% have said they are seeing more investors coming in looking for advice on their financing options. This reading was 24% three months ago. These four big fundamentals discussed here will likely comfortably swamp the impact of a rising unemployment rate and see prices on average rise much more than has been the case for calendar 2023. Tony Alexander is an independent economist with additional commentary available at www.tonyalexander.nz

A plane touches down at Auckland International Airport. Immigration stats show a net gain of 129,000 in the past year. Photo / Greg Bowker

OneRoof Northland Property Report

OneRoof News / Far North

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December 2023

38 | OneRoof.co.nz

Why pay more

when you could buy, sell, or reﬁnance your property for a low, ﬁxed fee? BUYING Without mortgage

With one mortgage

$1950

$2200

SELLING Without mortgage discharge $1750

With one mortgage discharge $2000

REFINANCING One discharge and one new mortgage $1700

Conditions apply. A non-refundable deposit of $300 will be charged at the time of engagement.

P: 09 430 4988 E: mail@smconveyancing.co.nz a division of Henderson Reeves Lawyers

A: 96 Bank Street, Whangarei W: www.smconveyancing.co.nz

OneRoof.co.nz

Front and Centre at Oakura Beach Enjoy sweeping views up and down the beach, taking in Okiore Point, Bland Rocks, Motutara Island and the Pacific Ocean beyond. This single-level home, including four double bedrooms and two bathrooms, was built in 2000 by the current owners. It has been a much-loved holiday home for family and friends. They are ready to hand their pride and joy over to a new family to experience and create their own memories. The stunning hexagonal frontage of this east-facing brick and steel-framed house captures magnificent beach views through the cleverly designed front feature window. With a 180 degree view of the Bay, this space includes a wonderful open plan kitchen, a spacious dining area and a wide open family living area. The generous flat back yard has space for a double garage, the beach toys and/or additional accommodation. Oakura is a friendly seaside community with a mix of holidaymakers and full-time residents. The beach is safe for swimming and ideal for sailing, snorkelling and kayaking. Launch the boat at the end of the beach, explore the scenic coastline and enjoy sensational fishing and diving. A moderate east swell can even deliver surfable waves right out front! Local amenities include a takeaway cafe just down the road, a general store, and gas station. The Gallery & Cafe on Helena Bay Hill is just 13 km south along Russell Road. The drive north to Russell is less than an hour through beautiful bush and coastal scenery. An approximately three-hour drive from Auckland and just 50 km from Whangarei, You can get away from it all without being too far, and very central to some of Northland’s top attractions.

191 Oakura Road, Oakura, Whangarei

Conan Christmas +64 21 732 418 nzsothebysrealty.com/NLA00191 Priced at $1,625,000 Each Office Is Independently Owned and Operated. NZSIR North Limited (licensed under the REAA 2008) MREINZ.

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40 | OneRoof.co.nz