Auckland OneRoof Property Report - 12th September 2022

Bayleys isNewZealand’slargestfullservicerealestate brand with over90officesacrossthe country.YourlocalBayleys salespersonknows your townandthepeopleinit,butthey’re also connected to anunparallelednetworkof expertsacross the country,acrosseverytypeofproperty.Allofourpeople have thesamegoal –toget abetter result forourclients. ExperienceAltogetherBetter 0800BAYLEYS I bayleys.co.nz LICENSEDUNDERTHEREA ACT2008 Betteratcommercial,residentialand rural PLUS: Housepricesin your suburb —havetheyresistedthedownturn? Monday,September12,2022 PROPERTY REPORT

College &Mason, Stoneﬁeld Contact Trent &JulieQuinton 021894 071|julie.quinton@bayleys.co.nz BAYLEYSREALESTATELTD,REMUERA, LICENSEDUNDERTHEREA ACT2008 Owairaka,Onehunga Contact Angela Yang 021338311 |angela.yang@bayleys.co.nz BAYLEYSREALESTATELTD,ONETREEHILL, LICENSEDUNDERTHEREA ACT2008 Artist’simpression ArtisArtist’simpression t’simpression Forfurtherinformation contact projects@bayleys.co.nz NEWBUILDPROPERTIESFOR SALE CoronetPeakAlpineVillas, Queenstown Contact SherylWilliams 021663635 |sheryl.williams@bayleys.co.nz QUEENSTOWNANDSOUTHERNNZREALTYLTD,FRANKTON LICENSEDUNDERTHEREAACT2008 RichardsonRoad, MountRoskill Contact PaulaHalford 021705199|paula.halford@bayleys.co.nz BAYLEYSREALESTATELTD,AUCKLANDCENTRAL, LICENSEDUNDERTHEREA ACT2008 TheCAB, Auckland Central Contact KarimGarcia 021346 012|karim.garcia@bayleys.co.nz BAYLEYSREALESTATELTD,AUCKLANDCENTRAL LICENSEDUNDERTHEREA ACT2008 Lakeside,TeKauwhata Contact MikeWoods 021675 011|mike.woods@bayleys.co.nz BAYLEYSREALESTATELTD,AUCKLANDCENTRAL, LICENSEDUNDERTHEREA ACT2008 BAYLEYS Experts in selling off the plan PROJECTS Artist’simpression ArtisArtist’simpression t’simpression CoronetPeak AlplineVias 2 OneRoof.co.nz

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elcometo thelatestOneRoofProperty ReportandourﬁrstOneRoofFirstHome BuyerGuide.Wewantedtoputour expertisetouseandhelpnervousﬁrst-homebuyers andpropertynovicesmakesenseofthebuying process.Inthefollowingpageswe’llprovidetipsthat willsupportKiwisontheirpropertyjourneyandset outwhatgrantstheycandrawon when makinga purchase.

Mymonthlysurveyofrealestateagentsundertaken alongsideREINZhasjustshownthat45%ofinvestors lookingtomakea purchasearemotivatedbyhopesof ﬁnding abargain,upfrom30%inFebruary.Thesmallest netproportion ofagentsareseeinginvestorsstanding backfrom themarketsinceSeptember last year.

First,as anewbiein theinvestmentﬁeldyouwon’t yethavelearnt akeylessontheexperiencedinvestors have.Don’ttryto pickthetops andthebottoms.You’ll feelfarworsewaitingtoolongandmissing either than taking advantage of thelarge numberofpeopleonthe

My surveywith REINZshows that worriesabout highinterestrates,accesstoﬁnance,andevenfalling prices,areallabating.Italso showsnumbersattending openhomes risingfortheﬁrsttimesinceFebruary 2021. The housingcyclehasnowenteredthe preparatory phaseforturningbackupward.

•TonyAlexanderisanindependenteconomics commentator.Additionalcommentaryfromhimcanbe foundatwww.tonyalexander.nz

Theriskiestmove afirst homebuyercan make

Whyholdingoff untilpriceshavebottomedisthewrongchoiceforKiwis tryingtoget afootonthepropertyladder,writes TONYALEXANDER “RIGHTNOW, POTENTIALLY EVENTHISMONTH,ISAS GOODASIT IS GOING TO GET FOR AVERYLONGTIME.” From theeditor 6 Coverstory:Beginner’sluck 12 Firsthomebuyerfriendly 15 OneRoofFirstHomeBuyerGuide 30 Holdon,bargain-hunters 33 Moneymatters:RupertGough 34 OneRoof-ValocityHousePriceReport 46 Comment:AshleyChurch Inside Designandcover Beth Walsh │ Artwork Derek Watts Subeditor Akanisi Taumoepeau Photos FionaGoodall, TedBaghurst,PeterMeecham,Getty Images OneRoof.co.nz 5

othersideofthetransactiongivingyoutheabilityto pickandchoose.

Mainlyitisbecause we considermorewealth to be betterthan less.Ifhousepricesare rising,wefeel richer, potentiallymore clever and pleasedwithourselves, happieraboutourabilitytofundour retirementby downsizingifnecessary,and perhapswelikeareasonto justify spendinguplarge on aholidayor newfurniture.

Ifyouarea ﬁrst-homebuyerandyourfocusison wealthgrowth,thenyouthink youare incentivisedto holdoﬀ until priceshavebottomed.Thisis adangerous strategyeasilychallengedin twoways.

Thisis aproblemforcurrentﬁrst-homebuyersright thismomentbecauseofthestagewhichour housing cyclehasjust reached.Currentlythereisa dominant focusonhowmuchfurtherpriceshavetofallafter already declining10.4%fromtheirnationwidepeak lastNovember.Aucklandpricesare down16%.The commonexpectationisthatpriceswill decline maybe another 5%.Afterthatitseemstheprevalentview isthingswillsitﬂatforanextendedperiodoftime. Actually,Iexpectrisesof5% -10%in2023.

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Second,ifyourfocusis whereitshouldbeon securing ahomeratherthantheﬁrst housingasset for your portfolio,then where themarketsitsrightnow, potentiallyeventhismonth,isasgoodasitisgoingto get for averylongtime.

Forthosewhocan’ttelltheir deadlinesalesfrom theirtenders,and areterriﬁedbyauctions,this isthe perfectguide.

Butforthoseofuswho made our ﬁrstpurchase before governmentstoldusweneededtobuild wealth forretirementbecausenationalsuperannuationmight notbeaﬀordableone day, lifetimewealthaccumulation wasnot reallythemotivation.Ourfocus wason securing ahomein whichto raisea family. We wanted somethingnottoofarfromourworkplace,perhaps with someoutsidespaceforplaying,gardening,andhanging thewashing.

naverageeachyearinNewZealandabout 80,000housesareboughtandsoldaroundthe country.Thisisabout4.4%ofthetotalhousing stockandmeansthatforthevastmajorityof peoplethesometimeslargeupsanddownsofhouse pricesareirrelevant.Sowhydowepaysomuchattention towhatishappeninginthehousingmarket?

Youcanpickup apropertyfor as muchas 15%- 20% less inAucklandthanyouwouldhavepaidlatelast year.InAucklandyouhave 80%morehousestochoose fromthana yearago,outside ofAucklandalmost 130% more.Vendorshavelikely reachedtheirpointof capitulationto marketreality,with arecentASB survey showinga net31%ofpeopleexpectpricesto fallfurther (28%inAuckland).Thissurveyisnot agoodpredictor ofwhatwillhappen,butitdoesinthis instanceallow ustosayvendorshavealmost certainly lostfaithinany beliefthatwaiting will yielda better price.

Thatis,yousellwhen marketsareexceptionally frothyandthereisnotrouble ﬁnding abuyerwhosets noconditionsforthelesserqualityassetyoumight wanttosell.Youbuywhenthere area high numberof sellers,youcanuseeachas abargainingchipagainst theothers,andyoucanpickandchoosethebestquality assets withgreatestlong-termoryieldgrowthpotential.

Alsoinsideare thelatest suburbvaluesforallof NewZealand,providedbyour datapartner,Valocity, andinsightsandcommentaryfromindependent economistTonyAlexander,propertycommentator AshleyChurchandmortgagebrokerRupert Gough. Keepintheknow!

Should youtryandbecleverand hold outfor the ﬁnal5%ofprice declines?Consider this.Haveyouever heard yourparentsorgrandparentsbemoanthefact theyboughttheir ﬁrsthousefor $65,000 buthad they waitedthreemonthscouldhavegotitfor $61,750?

Whenwetalkedaboutgetting afooton theproperty ladderitwasinthecontextofstartingsmall,thenlater upgradingtoaccountformorechildrenand ahigher income furtheruptheworkladder.These daysit seemsmoretorefertooutrightbuildingof aﬁnancial wealthportfolioandavoidingmissingoutonwealth accumulationbeingenjoyedbyothers.

So, arefirst-homebuyersinfactstartingto focuson thenewopportunitytosecurea home? Maybe. My latest surveyof realestate agentsshowsthatfor the firsttime since Septemberlastyearmoreagentsare seeingincreasednumbersoffirst-homebuyersthan decreasednumbers.Lastmonth anet36%wereseeing fewer.Thingsmaybechangingveryquicklyamongst first-homebuyersandifyouhaveamisplacedfocus ongettingyourfirsthousingassetatthebottomofthe pricecycleratherthanyour firstownedhome,thenthe clockisticking againstyou.

We’veaskedNZ’sleadingpropertyexpertsto explainwhythehousing markethas changedinsuch ashortspaceoftimeand whateﬀectinﬂationand interestratesarehavingonhouseprices.

6 OneRoof.co.nz

BEGINNER’S LUCK

PHOTO /T ED BAGHURST

Listings areup, pricesare down and credit rulesare loosening Can ﬁrst home buyers get ahead, when so muchhas been stacked against them? CATHERINE MASTERS checks out the state of the market. ? FIRST HOME BUYERS | COVER STORY

“I think therewas alot of despair around ‘I can’tﬁnd a house’ ayear ago and now it’s back to ‘I can’t aﬀordthe house Iwant’. That’s ahuge change.”

Awin for first home buyers, though, was this year’s Budget announcement of the removal of first home loan caps nationwide and the increasing of the price caps for first home grants.

MISSED OPPORTUNITIES

INTERESTRATEPRESSURE

The rollercoaster housing market changes direction quickly and not-if-but-when it ﬂips back to asellers’ market ﬁrst home buyers could again struggle to compete.

People arealso realising thereisnopoint stretching their budgets to the maximum of their loan approval, he says.

Forastart,thephonesareringingagain–but Kurukuntalasaysﬁrsthomebuyersarealsocomingback tothemarketfarmoreeducatedandmuchmoresensible.

“Theyknowverywellthewaythingsaregoingwith interestratesandothercostsiftheywanttospend$1mor morethenthatit’sgoingtoputalotofburdenonthem.”

suburbs and also other parts of the country

They aremoreaccepting of the higher interest rates whereas at the beginning of the year they wereshocked at how they weresoaring: “Now they realise that is the reality and people do understand inﬂation and everything.”

Caveats to the good news forﬁrst home buyers is not just high inﬂation and rising interest rates but the fact banks aretesting people’s ability to repay mortgages on much higher rates.

But even with the tweaks and the housing market having turned alittleinthe favour of ﬁrst home buyers, meaning they can take abit of time to look around and put in oﬀers with conditions attached instead of trying to buy unconditionally at auction, many say new buyers should not take too long to make up their minds.

”If the unthinkable ever happened and they went to something like 12 or 15 percent would Ihave away to get through?”

Patterson also saysﬁrst home buyers should work out their ownmortgagerepayment budgetonveryhigh interest rates, regardlessofwhatever the banks’ short term stress test ratesare,because anything can happen.

That’s because they have to ﬁnd alot moremoney to pay back the loan.

IRSTHOME BUYERS areemergingfroman enforced house buying slumber,although the road to homeownership isstillnoteasy Tweaks to Government regulations and home loan schemes, however,have eased the pain abit after adiﬃcult fewyears, say agents and commentators.

Rupert Gough, CEOand owner oftheMortgageLab, says interest rates arethe really bigproblemin the ﬁrst home buyermarket becausehigher ratesmeanpeople lose asigniﬁcantamountoftheir buyingpower

“In 2020 and 2021 if people got approved for $1m they wanted to buy ahouse for $1.2m but now the trend is if they’reapproved for $1m they arelooking at houses at $900,000.

And while the banks have dialled down on the CCCFAstringency,Kurukuntala says the strictness over the first half of the year contributed to achange in the cultureofhow first home buyers manage their finances.

“As abroker Icalled allmyﬁrst home buyers who couldn’t buy last year and told them the market is changing; now investors areout; now it’s your time to get in and buy.”

Patterson says he has peers who are“not completely comfortable” with wherethey have ended up and some have found themselves stuck in aplace that doesn’t quite ﬁt them and far from their social connections.

Gough also says people haven’t grasped the magnitude of geographical barriers being removed from the ﬁrst home loan price caps, saying anyone earning less than $150,000 can access the ﬁrst home loan scheme and with alow deposit.

Economist Benje Patterson, however,urges caution about buying far from home justfor the sake of getting on the property ladder

“They realise they can’t keep spending the way they used to beforeand also have amortgage.”

“If they could have aﬀorded $1m lastyear for a mortgage it would be about $850,000 this year.”

While high inﬂation has grabbed headlines with stories of people cutting back on their spending, Patterson says the untold story is what happens when people reﬁx their mortgages.

OneRoof.co.nz 7

JamesWilson, headofvaluationsfor OneRoof’s data partner Valocity, saysﬁrsthomebuyerswhothink they

“That kind of salary gets you about $800,000 of borrowing. That’s anywhereinNew Zealand and $800,000 in some parts of New Zealand buys alot –you could get afour-bedroom house in the provinces.”

He says he bought when rates wereabout 5per cent but was always looking at how he would cope if they were10per cent or more.

The relaxation of the stringent CCCFA(Credit Contracts andConsumer FinanceAct) lending rules banks have been applying around home loan applications has seen newbies being able to dip their toes in the water again -and thoserules aredue to be further loosened, although the next wave of changes won’t take place until March.

Some have said next year is not soon enough because the CCCFA, which has seen banks examining expenses on the bank statements of would-be borrowers with a magnifying glass, has stopped many ﬁrst home buyers in their tracks.

“Over recent years we’ve seen alot of people pushed in to places they don’t actually really want to live, both

Kurukuntala also thinks ﬁrst home buyers arerelying on brokers morethan banks, and shopping around among brokers, to make surethey aregetting the right information and the best deal.

“USUALLY, BEFORE YOUREALISE IT’S HAPPENING,YOU’RE LOCKEDOUT AGAIN SO DON’T FALL INTOTHE TRAP OF SITTING BACK AND WAITING.“ JAMESWILSON,VALOCITY HEADOFVALUATIONS

But mortgage broker Solomon Kurukuntala, from the Loan Market, whoworks in ﬁrst home buyer areas in Auckland’s south,says he’s noticed changes in the ﬁrst home buyer psyche of late.

If they wereentering the market now,with the FOMO having dissipated, they mayhave decided not to uproot themselves, he says.

Given house prices have dropped, this is still amore preferable scenario to being approved for $1m but not being able to snarea house at all amid the buying frenzy last year,Gough says.

CHANGING MINDSET

Developers have becomemorerealistic, too,he says, which helps because they areselling property for afair price as opposed to wanting morethan what the house was worth in last year’s market.

“If you have half amilliondollars of debt,for every percent your mortgage rate goes up, that’s $5000 of additional interest.”

“Some of that is not necessarily because of the allure of the place they’ve moved too,it’s morethat they think they need to have ahouse at all costs.”

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But Tuﬄey pointsout therehave always been, and always will be, cycles in prices and interest rates.

“Therehavebeentwoorthreedifferent changesofheartintermsofregulations andincentivesfromtheGovernmentbut it’sstillveryhardbecauseoftheinterest rates.”

Pricedropshaveputmoresuburbswithin reachoffirsthomebuyerswithlessthan $1mtospend,withTragliahighlighting opportunitiesinGlenfield,Birkdaleand BeachHavenonAuckland’sNorthShore andthewholeofWestAuckland,including Massey,HendersonandpartsofWest Harbour

Rawsonsaysthateventhoughmany firsthomebuyerswouldprefertomake conditionaloffers,theyshouldstilllookat what’sonofferatauction.That’sbecause he’sseeingalotofinvestorswhohavehad enoughandaresellingupbuttheywantthe dealdoneontheday.

PHOTO /TED BAGHURST

TomRawson,co-ownerofRayWhite Manukau,inSouthAuckland,isseeingfar morefirsthomebuyerslookinginareaslike WattleDowns,ConiferGrove,Weymouth andManurewa.“Thatsouthwesternside seemstobeadesirableparttobebuying inandit’satpricepointswefindfirst homebuyersareshoppinginaswell.The $600,000to$850,000rangeseemstobe goodfirsthomebuyerterritory,”hesays.

can’t aﬀordtobuy ahomeshould not beswayed by advice from mum or dadorfamily butshould talk to theirbank or abroker

‘A lotofinvestors have had enough and areselling up’

With interest rates the way they aredebt servicing aﬀordability is an issue as ﬁrst home buyers generally start from lowdeposits but want to borrow alot.

DiegoTraglia,atop-sellingagentfor HarcourtsNorthwestRealty,whosellsall overthecity,saystherecentsofteningof theCCCFAandchangestopricecapsand grantshadmadelifeeasierforbuyersbut higherinterestratesand,moreimportantly highertestrates,werestillaproblem.

“We’ve got to take that perspective that we get these periods whereinterest rates may be quite high and that can make life abit challenging for ayear or two but they arenot always goingto remain at those levels.”

But he says even though house prices have fallen ﬁrst home buyers shouldn’t be fooled into expecting the market to fall further,saying while that may happen the minute the market stops softening it could take oﬀ upwards again quickly

FIRST HOME BUYERS | COVER STORY AUCKLAND

AGENTS IN AUCKLAND agreethefirst homebuyermarketiswakingup

TheASB’s chief economist, Nick Tuﬄey,sayshesees two big positives for ﬁrsthome buyers at the moment one is houseprices arelikely to keep falling into the early parts of next year,and the other is the disappearanceof the FOMO factor

Traglianotesthatsomefirsthomebuyers canbepicky,wantingchampagneonabeer budget.“Theywantthedream-theywant thequarteracrewiththedoublegarage andtherenovatedhouse.Thereareplenty ofoptionsfortownhousesbutKiwisdon’t likethattypeofpropertysotheystillwant whattheycan’taffordalotofthetime.”

“Someofthemaredrivingfromallover Aucklandtoouroffices.Theywantto doadealandoftenthey’renothanging arounduntilthenextdaytodoadealwitha conditionalmarket,”hesays

“Go and ﬁnd outthe facts because you may be surprised, youcould be alot closer to being able to buy than you think.”

“IF YOUHAVEHALFA MILLION DOLLARS OF DEBT, FOR EVERY PERCENT YOUR MORTGAGERATE GOES UP,THAT’S $5000OFADDITIONAL INTEREST.” ECONOMIST BENJE PATTERSON

“Usually,beforeyou realise it’s happening, you’re locked out again so don’t fall into the trap of sitting back and waiting.”

OneRoof.co.nz 9

“They’reable to buy properties alot moreontheir own terms of how they go about it and any potential conditions they put on the purchase.”

Rawsonaddsthatfirsthomebuyers strugglingtogettheirheadsaroundhigh interestratesshouldrealisethey’renotthat high. Heboughthisfirsthousewhenrates wereatninepercent:“Thesearenormal interestrates-wejusthadatwo-year periodofincrediblylowrates.”

Haleysaysmorethan25,000peopleleft AucklandsinceCovidandalotofthemended upinChristchurchwherethereisbrand-new infrastructureandeasyaccesstomountains andsea,plusaffordablehousing

IN WELLINGTON, agentsreportthat buyerhavemuchlesspurchasepower thantheydidattheendoflastyear, becauseofthesqueezeonlending andrisinginterestrates.

Hesayssubdivisionsthroughoutthe northwestofthecityarepopularareasforfirsttimebuyerswithbudgetsofbetween$400,000 and$850,000,aswellascitysuburbs.

It’salsopossibleforfirsthomebuyersto breakintosomeoftheposhersuburbs,such asMerivale,whereHaleysaystheycould pickupatwo-bedroomproperty,which mightbeoneoftwoorthreeunits,foraround $600,000-$700,000

“Predominantlyalothavebeenlandingin HalswellthroughtoLincoln.It’sgoodtosee themre-enteringthemarketastheCCCFA easementsstarttotakeeffectalittlebit.”

Opawa,Woolston,Linwoodandthe outskirtsofRichmond,BishopdaleandSt Albansareallgreatplacestobuy,asareparts ofAvonhead,BurnsideandSummerfield.

10 OneRoof.co.nz

ALOT OF firsthomebuyershavemovedto Christchurchbecauseoftheaffordableprices, saysJustinHaley,residentialandprojects divisionalmanagerforBayleysChristchurch.

havetakenamuchbiggerfallthanthe city,theyalwaysdo,becausepeople havetogofurtheroutasthingsgetmore expensiveandthenasthepricesdropit contractsbackinagainsothoseouter areasdodropmorethanthecity.

Incentivesforfirsthomebuyerstobuyoff the-plantendtodrivemanythroughtonew subdivisions,hesays,althoughChristchurch hasplentyofoptions

It’sashamebecausehousehunting wisethere’sprobablythebestchoice theyhaveeverhad:“Beforetheyhadto buywhattheycouldgetbutnowtheycan actuallyhaveagoodlookaround.”

CHRISTCHURCH

‘We’re the mostaﬀordable city in NewZealand’

“AnewbuildinterestrateisIthinkabout 2.75%.TheANZIthinkaretheonlyones offeringitatthemomentandtheyare offeringacertainamountuntilitrunsout andIthinkitwillprobablyapplyforanother sixmonthssofirsthomebuyersshould definitelybetakingadvantageofthat.

Thefirst-timebuyerswhodoarriveinthe cityarepartofitsrevitalisation,Haleysays.

“Christchurchunashamedly-it’sbeen oursecretforawhile-butwe’rethemost affordablecityinNewZealandandpeopleare startingtowakeuptothatnow.”

FIRST HOME BUYERS | COVER STORY

Thefallinhousepricesinthecity hasbeenapositiveforthoselookingto getafootonthepropertyladder,with Tommysdirectingnewbuyerstowards two-bedroombrickandtileunit-type properties,aswellasoff-the-plantwobedroomtownhouses.

Theoccasionalthree-bedroom housemightbeachievableforafirst homebuyerbuttheywouldhaveto lookoutsideofcentralWellington,as farasTawa,WhitbyortheHuttValley Cruickshanksays.“Thoseouterareas

Theinner-cityhasapartmentswithin reach,andtwo-bedroomunitscanbe foundinsuburbslikeKarori,LyallBay andMiramar.

Anotheroptionisanew-buildinthecentral citywhere$600,000-pluswouldbuyan apartmentorpossiblyaterracehouse

Shethinkssomegaveupthehome ownershipdreamwhenpriceswereso highandsomeofthosebuyershave possiblybecomingpartofthenet migrationlossthecountryisseeing

PHOTO: GET TY IMAGES

NickiCruickshank,principalofTommys RealEstate,says:“InWellington,first homebuyerswereabletopayupto $1.3millionsixmonthsagobutnowI wouldsaytheyaredownto$700,000 to$900,000.”

‘Outer areas have taken amuch bigger fall than the city’

Thatsameamountinsomeoftheotherfirst homebuyersuburbswouldgetafreestanding 1960sfamilyhomeon600sqmto800sqm

Unlikesomecities,firsthomebuyer locations,though,tendtobescattered throughoutWellington,shesays.

Bankscanofferlowerinterestratesfor newbuildsatabouthalfthenormalrates, Cruickshanksays.

WELLINGTON

“You’vegotanexpertworkingforyourather thanyouworkingagainstyourbank.We’re seeingbrokersgetpeopleapprovedwhereas theyhavealreadybeendeclinedbytheirown banksoit’sdefinitelyhighlyrecommended.”

Cruickshanksaysdespitetherebeing twiceasmanyhomesonthemarketthan lastyeartherearefarfewerfirsthome buyersoutlooking

PHOTO: PETER MEECHAM

Havingthefinancealreadyapprovedmakes abigdifferenceoutinthemarketplaceif peoplegointoadeadlinesaleormulti-offer situation,Haleysays.

Firsthomebuyersstarteddisappearing fromthemarketlastSeptember/Octoberand Bayleysisreadyfortheirreturnwithaninhouseteamsetuptohelpthemworkthrough allthechangesand helpthemdealwithbanks sotheycangettheirfinancepre-approved andbereadytogo

Firsthomebuyersonabudgetwouldn’t haveahopeofgettingintosought-after suburbslikeSeatoun,wheretheaverage housepriceis$2m,butCruickshank pointsoutMiramarisrightnextdoor asisStrathmore,wheretherearealso affordableplaces.

021345887 POWERHOUSEOFREALESTATE MBA St HeliersBranch 2019,2020,2021& 2022 1TEAM OneRoof.co.nz 11

neRoofanditsdatapartner,Valocity, lookedatkeydatapointsto findout wherefirst-homebuyersshouldbe directingtheirefforts.Thevisualisation and tablebelowindicatewhichNZcityoffersthe bestopportunitiesforbuyerswithbudgetsof lessthan$1million.Thevisualisationshows, foreachcity,thesplitbetweensuburbs withanaveragepropertyvalueofbelow $1mandthosewithan averageproperty valueof$1mormore.Thebubblesarealso sizedaccordingtopopulationsize.Thetable highlightsinboldthecitythat'sbestforfirst homebuyers,accordingtoeachmetric,as wellashighlightingin redthecitythat'sleast first-homebuyerfriendly.Dunedinhasthe mostsub-$1msuburbsbutAucklandhas themostsub-$1m listingsand properties whileInvercargillhasthehighestshareof sub-$1msuburbsandproperties,aswellas thelowestmediansalepriceforfirst-home buyersinthe firsthalfof2022.Ashburton hasthehighestshareofsub-$1mlistings. Queenstown-Lakesisbottominevery “affordability”categoryexceptone.Thegap betweenthemediansalepriceforfirst-home buyersandtheoverallmediansaleprice is widest in thecity,whichsuggestsfirst-home buyersaregettingmoreofa discountin Queenstown-Lakesthanelsewhere.

christchurch 29 2 nelson invercargill dunedin ashburton 17 10 43 29 31 82 89 16 13 2 queenstown-lakes FIRSTHOMEBUYERS | AFFORDABILITY

WHICHCITYIS BESTFOR FIRST HOMEBUYERS?

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Aboutthisdata:The averageproperty valueisderivedfromtheOneRoof-ValocityHouseValueIndex,takenon August20,2022. Thepopulation guresare sourcedfromStatsNZ,2018Census. LOCATION NO.OFSUB $1M SUBURBS %OFTOTAL SUBURBS NO.SUB $1M LISTINGS %OFTOTAL LISTINGS NO.OFPROPERTIES WITH AVALUE OF LESSTHAN$1M %OFTOTAL PROPERTIES MEDIANSALEPRICE OFPROPERTIESBOUGHT BY FIRSTHOMEBUYERS INH12022 %DIFFERENCE BETWEEN OVERALL MEDIANSALEPRICE ASHBURTON 29 69.0% 90 100.0% 11177 92.1% $462,500 10.37% AUCKLAND 34 12.3% 5091 45.5% 185161 34.0% $1,050,000 9.72% CHRISTCHURCH 82 72.6% 771 86.4% 128519 83.3% $636,000 9.14% DUNEDIN 89 84.8% 315 90.8% 44137 87.8% $590,000 7.09% HASTINGS 24 41.4% 142 74.7% 19553 71.5% $640,444 15.90% HAMILTON 29 70.7% 602 76.1% 42283 73.1% $785,000 6.44% INVERCARGILL 43 95.6% 208 95.9% 22507 96.6% $425,000 -6.59% NAPIER 10 52.6% 214 73.0% 18144 76.1% $707,500 12.87% NELSON 17 63.0% 160 78.0% 16110 79.1% $682,500 9.00% NEWPLYMOUTH 44 64.7% 158 82.3% 26810 80.8% $610,000 9.63% PALMERSTONNORTH 16 80.0% 255 92.4% 27643 87.7% $620,000 8.82% ROTORUA 36 73.5% 236 85.8% 21579 81.5% $647,500 0.38% QUEENSTOWN LAKES 26.5% 32 28.6% 6629 27.3% $1,130,500 -16.26% TAURANGA 10 43.5% 343 54.0% 30398 53.3% $890,000 10.10% WELLINGTON 14 25.0% 340 61.6% 36479 50.0% $950,500 5.98% WHANGANUI 30 93.8% 174 97.8% 17660 93.6% $500,721 7.27% WHANGAREI 34 50.7% 229 71.6% 28357 72.8% $655,000 12.84% Populationsize Numberofsub-$1msuburbs Numberof$1m-plus suburbs 12 OneRoof.co.nz

AUCKLAND wellington 42 14 24 44 13 10 2 30 tauranga palmerston north hastings whangarei 34 242 newplymouth whanganui napier hamilton rotorua 16 29 12 9 34 24 10 33 34 4 13 36 OneRoof.co.nz 13

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Discoverwhereto startandhowto buywithOneRoof’scomprehensive guide.

BY DIANACLEMENTguide to The

ithproperty pricesfalling, moreand moreﬁrsthomebuyers willachieve theirdreamoverthenext12to24 months,pickingupthekeysto their veryownhome.It’sdo-ablewiththe rightknowledgeandattitude.

Buying yourﬁrst homeis abig step. Butevery yearthousandsofNew Zealandersmanagetodoitand becomehomeowners.

We’vecmpiled aseriesofarticles coveringthehome-buyingjourney fromdreamto reality.Thisguide coverseverythingfrom:howto save for adeposit,tosettlementday,when thehomebecomesyours.

Findouthowmuchdeposityou need,howtoqualifyfor amortgage, thediﬀerentsalesmethods,buying new,andthelegalprocess. We cover allthemainquestionsandissuesthat ﬁrst-homebuyerswillencounteron thejourney.

OneRoof buying your firsthome

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● CreditContracts and Consumer Finance Act (CCCFA): alaw that requires lenders to act responsibly.Itcan, however, restrict how much home buyers canborrowbecause banks are required by law to ensurethe loan is aﬀordablefor the homebuyer.

UsingKiwiSaver

Saving fora house deposit requires that you spendlessthanyou earn.Mostﬁrsthome buyers save with KiwiSaver.There aremanyadvantages to this:

● You’ll receivethe annualgovernment contribution of up to $521.

SETTING A BUDGET

● $1000 to $1500 for conveyancing/legal fees

How much you can borrow for a mortgage comes down to howmuch thebankbelieves you can repay comfortably

Speak to thebank or a mortgageadviser Yourbank’smobilemortgage manageroranindependent mortgageadviser(broker)canhelp youdothenumbers.Theservice isusuallyfree.Yourmanager oradviserwillgothroughyour ﬁnancesandadviseonissuessuch asconsumerdebt,andsuggestways toincreasetheavailablesurplus youhaveformortgagerepayments.

● Debt-to-income ratios(DTIs): somebankswillonlylendyou a certain multiple of yourincome, such as sixtimes your salary

● Buying as asingle or acouple: Buying with two incomes is usually

Mostfirst-home buyerstakeouta 30-yearmortgage becausethe repaymentsare lowerthanshorter mortgageterms However,thelonger themortgageterm themoreinterestyou willpayintotalover thelifetimeofthe loan.

easier thanone.Ifyou are applying for ajoint mortgage (withapartner,family member or friend) the bank will calculate how muchitwill lendyou based on your joint income and expenses. If the mortgage is 100% in yourname the amount you can borrow will be basedsolely on your income and expenses.

The total amountofmoney youneedto buy ahome is morethan just the deposit. Upfront expensesfor buying ahome include:

Supplementingincome to afford repayments

● Loan-to-value ratios (LVRs): the percentage of the loan that the bankis willing to lend. It adds up to 100%.Soifthe LVRis 80%, you need a20% deposit.

Ifyoucanafford to,it’sworth budgetingforhigher repaymentsora shorterloanterm(25 or15years).

When buying your ﬁrst home, it’s critical to set arealistic budget.It’s the ﬁrst step in working out how much you can affordand how much the bank is likely to lend you.

Paymorethan theminimum repaymentif youcan

Ahome-buyingbudgettakesintoaccount howmuchyouearn,howmuchdeposit youhave,thecostsofbuying,andwhat yourone-oﬀandongoingexpenseswillbe afteryoumovein.

Whatyou canaffordnow mightchange in thefuture

Whatare the upfront costs and legalfees?

Most buyers need 20% of the home’s purchase price as adeposit in orderto borrow therest as amortgage. With a brand-new home, the deposit is 10%.If you qualify for schemes such as Kāinga Ora’s First Home Loan andFirst Home Partner,itis possible to buywith a5% deposit provided you meet certain income andproperty price thresholds

● Goodanadditional 3%, although some employers usea“totalremuneration” clause in the employment agreementto avoid paying this.

Once you’veworked out howmuch deposit youhave, youwill havean indication of how muchyou can aﬀord to pay for ahome. It is important to understand how much homesare selling for in the area you areinterested in moving to.Youcan ﬁnd sale prices for recently sold houses, estimates based on sales in the area and alsouse our house prices report updated monthlyon OneRoof.co.nz.

The first step in workingout how much you can affordand how much the bank is likelytolend youistocrunch the numbers to determine how much you can affordtospend on ahome. This helps youfocus on theright houses in your pricerange.

● Having atenant, ﬂatmate or boarder: If youplan to live with aﬂatmate in your new home, you might be able to count some of the rent as income in the mortgage calculation. Be awarethat lenders won’tcountthe entirerent paidto you as income

● Youmay also qualify for aFirst Home Grant. The grantranges from $3000 to $20,000 depending on the number of yearsyou’ve been saving,whether the homeisexisting or brand-new,and if you’rea singleoracouple,buying.

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Tocalculatehowmuchyouhave foradeposit,adduphowmuchyou havesavedalreadyinKiwiSaver,other investmentsandinthebank.Youmaybe abletoborrowmoneyfromthebankof mumanddad,or,ifyou’relucky,receive agiftthathelpsyougathersuﬃcient deposittobuy

Makesureyou calculatethe upfront costs of buying ahome suchaslawyers’ fees andLIMs,and also new ongoing costs such as council rates, body corporatefees and house insurance.

Often, ﬁrst-home buyers will seek to supplementtheir incometo help cover the repayments:

● Youwon’tbetempted to dipinto your savings foreveryday spending.

You’ll needtolearn some of thejargon:

When banks assess whether they will lend to you, theyuse atest ratewhich is several percentage points higherthanthe actual interest rate. This helps ensureyou can aﬀordthe mortgage if interest ratesgo up. It is still agood idea to createa personal budgetbased on your actualexpenses.

Most banks have aﬀordability calculators, whichcrunch your income and spendingto determinehow much you cancomfortablypay each fortnight or month.

1 FIRST HOME BUYERS GUIDE

● At least $400for each building inspection

Howmuch canI borrow?

Thingstoconsider

Ongoingexpensesincludefortnightly ormonthlymortgage repayments, utilitiesbills,councilrates,home insurance,andmaintenance.Inmany apartmentcomplexesyouwillhave bodycorporatefeestopay,whichdo atleastcoveryourmaintenanceand insurance.

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If ahousepurchasefallsthrough andyouhavetostartagain,you mayhavetopaymorethanoncefor buildinginspectionsandlegalfees.It’s unfortunate,howeveryourbuilding inspectorand/orlawyercansaveyou frombuying alemon.

Yourmortgagealsocanhave hiddencostssuchaslendersmortgage insurance(LMI)/LowEquity Premiums(LEP)if yourdepositis lessthan20%.

Additional costs

Thecostofbuying ahomedoesn’t stopwithmovingin.Youmayneedto budgetfor renovationcosts.

Movingin alsocostsmoney. Thereare removaltruck costs ifneeded,utility connectionfeesandyouwillneedtobuy furnitureandfurnishings(unlessyou alreadyown these).

● Around$300foreachLIM(Land InformationMemorandum)

● If you have asurplus income each month: this is agood place to be, but you might still need to reduce your outgoings to reach your savings goal.

How long it will take you to save for a deposit on yourﬁrst home will depend on:

Saving for ahousedepositisnot easy, but thesooner youhave adeposit,the sooner you can buy

● Ask parents forhelp. Some parents areinthe ﬁnancialpositiontohelp

● Payoff consumer debt. If you’re payingintereston storecards,credit cards, hirepurchase, or other debts, it’s slowing down your savings. Pay oﬀ the highest interestdebtﬁrst if you can. Payingdown consumer debt is important if you’regetting readyto buy.Any debt youstill have, including studentloans and buy now pay later,willreduce the amount you can borrow becauseyou have less sparemoney to pay your mortgage If you can’tincrease payments on the existing debt as well as save fora deposit, then at least stoptaking out new debt. If you can’ttrust yourself, cut up your creditand store cards

How long will it take?

All the banks have mortgage calculators, which give you an indication of how much your mortgage will cost each fortnight or month. Sorted.org.nz also has amortgage calculator.Some banks have goal planners.

Budgeting is essential for anyone who is serious about saving for aﬁrst home. It will help you prioritise spending in order to reach your goal faster

Theverybestplaceto keepyourfirst-home savingsisinKiwiSaver becauseofthebenefits forfirst-homebuyers. You’llneedtosavefor atleastthreeyearsin KiwiSaverbeforeyou canuseittobuyyour firsthome.Togetthe mostoutofKiwiSaver youneedtosaveforfive yearsormore.

SAVING FORA DEPOSIT

Work outhow much youneed to save

With abrand-new home, the deposit is usually 10%. Those who qualify for schemessuchasKāinga Ora’s First HomeLoan it could be 5% if youmeet certain income and property price thresholds. With FirstHomePartner, the deposit will vary according to how much aparticipating lender is willing to lend to you and the percentage contribution Kāinga Orawill make towards purchasing the home with you.

Decreasing what you spend now canpay oﬀ.Ifyou’relike most New Zealanders, you’ll spend more than you need to, and small expensesadd up very quickly

● Increase your KiwiSaver contributions. If you’realready saving all youcan, great.Ifyou need someencouragement, you could increaseyourKiwiSaver contributions because it comes out of your pay beforeyou receive it.You can choose contributions rates of 3%, 4%, 6%,8%or10%. Thenjustadjust your budget around your new net pay.If you can’tcommittoputting away more in KiwiSaver because you mightneed it in emergencies, at least set up automatic payments from your bank account into savings.

If you’ve decided to buy your ﬁrst home, you’ll need to save foradeposit and the sooner you start the better.Hereare some practical tipstohelp you startsaving.

Howtocreateabudget

AllKiwiSavers receiveagovernment contributionofupto $521.43eachyearon thefirst$1042.86saved. Ifyou’reemployed,you shouldalsoreceivea contributionfromyour employerequalto3% ofyourgrossincome. Anotheradvantageof savingforahomeloan withKiwiSaverisyou can’tbetemptedtodip intoyoursavings.

● If you arespending morethan you earn: you will need to cut costs.

Budget apps and spreadsheets are available on the Internet. Sorted has a simple budgeting tool. Most banks also have tools to help you budget.

● How much disposable incomeyou have to saveafter necessities are paid for

Earning moremoney makes saving fora deposit easier.Italso increases the amount you can borrow.

Afterthreeyears youcanwithdrawallof yoursavings,except for$1000,tobuyyour firsthome.Saverswho qualifycanalsogeta FirstHomeGrantofup to$5000perperson foranexistinghome,or $10,000forabrand-new home.That’sdoubled iftwopeoplesuchas acouplearebuying together.

Trygaming yourself to spend less and save more. That mightencourage youto think beforespending unnecessarily If you want your budgettosucceed, always makesureyou give yourself aﬁxed sum of “fun” money each pay packet to spend on whatever you want, thenmanage the rest carefully

Next, compareyour expenses with your earnings.

If yourﬁrst homeislikely to cost $600,000,a 5% deposit is $30,000, a10% deposit is $60,000, and 20% is $120,000. For an $800,000 house, that’s $40,000,$80,000 and $160,000. You’ll probably need another $5000 to $10,000 for your purchase and moving costs.

● How much deposit you will need, and

To set your savings target for the deposit, work out approximately what youexpectyourﬁrst home to cost at the time when you’rereadyto buy.With that ﬁgureyou canwork out how much your 5%, 10% or 20% deposit will be in dollar terms.

Topsavingstips

Toolstohelp yousave

Using Kiwisaver

Once you know how much deposit you need, dividethat by the sumyou plan to save weekly or monthly,and from this you can work outhow many years it will take to get your deposit together.

higher deposit, you will sometimes get alower interest rate.Also, because you’reborrowing less, your regular interest payments will be lower.They’recalculated on the outstanding mortgage balance.

The banks may be able to split your pay into various accounts as it comes in, which makes saving easier

First, download your bank account, credit cardand loan statements for the past three months and then categorise the spending under headings such as: food, utilities, rent, giving, saving, and fun money

2 FIRST HOME BUYERS GUIDE

Start by searching OneRoof to get an idea of how much you’ll pay for a home in your criteria.

Thereare many budget apps on GooglePlay and theApp Store. Make surethe one you choose works for New Zealand. Some budgeting apps such as Booster’s mybudgetpal (free) and PocketSmith (paid) download your bank transactions automatically,which makes budgeting quicker

● What the home will cost

● If you break even each month: you may have enough income to cover mortgage repayments.

If you can,saving morethan the minimum deposit makes sense. With a

18 OneRoof.co.nz

● Watch livingcosts. Renteatsupa hugechunkofyourincome.Savingfor

adepositcouldbeeasierifyoumove backhome,takein ﬂatmates,orget acheaper rental.It’snotforeverand canspeedupyourhomepurchase considerably.

phone. Ifyouhaven’tdonethisfor12 monthsmostlikelyyou’reonanold plan,whichcostsmorethanthelatest onebeingoﬀeredto newcustomers.

● Reduce yourday-to-day expenses. Makingsavingsiseasierthanyou think. Take areallyhardlookatyour bankandcreditcardstatements.Most peoplehavemoreentriesforlunches, coﬀees,takeaways,and restaurants thantheythink. Take alonghardlook atyoursubscriptionsfromsoftware toNetﬂix.Cutthemout,orlimitthe numbertomakethem atreat.

Chooseanagency andcontrolstheprocess.

Ifyou haven’t done this for 12 if y. n

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Talktotheteamthatknows.

0800122422 Pukekohe Waiuku ClarksBeach www.portrealty.co.nz

● Learnhow to savemoneyon groceries. Oneof thebig expenses where weconfusewantsandneeds isoursupermarket trolley. Planyour meals, learntocook,andaskyourself everyiteminyourtrolleyisanecessity. Manyaren’t.Compare pricesbetween mainstreamsupermarketsandother suppliers.Youmayhave aChineseor Indiansupermarketnearyou,acheap fruitandvegetableshop,or afarmers market.Savings canbeconsiderable.

LicensedREAA2008

● Speakto anaccountant,mortgage adviser(broker) orﬁnancialadviser earlyon.Theycangiveusefuladvice.

● Shoparound forbetterdealson

$ $

yourpower, broadband andmobile

● Getapay riseorswitch jobs.You canincreaseyourincomebyseeking apromotion,orswitchingemployers. Earningmoreatworkisn’talways easy.Lookatyourskillsetthentalk toyourbossorhuman resources departmentabouthowyoucanmove upintheorganisation.Ifthereare nopossibilitieswithinyourexisting organisation,itmaybetimetomove.

andmaybeabletolendorgiftyou someofthedeposit.

● Find an additionalsourceofincome. Somesaversget asecondjob,or aside hustletomakeextramoney.Youmight alsowantto selloﬀ someunwanted belongings.Doingsocouldadd afew thousanddollarstoyoursavings,but alsoteachyounottoconfuseneeds andwantsinthefuture.

that FACTS SPIN MISINFORMATION gatherstheprofessionals

There’snomagicsum youneedtoearntobe eligibleforamortgage. It’slessabouthow muchyouearnand moreaboutbeing prudentwithyour finances.

Howmuch shouldyou beearningto payoffyour mortgage?

Arevolving credit home loan is like a giantoverdraft.Yousave interest when your wages go intothe accounteach month because it reduces the outstanding balance.Youneed to be very disciplined for this sort of home loan to work, but it’s an option for those who areﬁnancially prudent.

Thehomeloan applicationprocess

● Bank statements from the last six months

If you’reunsureaboutwhich home loanoptions arebest foryou, your mortgage adviserormanagercan help identify the most appropriate for your ﬁnancialcircumstances

Differenttypes of homeloans

Most people need to borrowtobuy ahome. The mortgage (alsoknown as ahome loan) combined with your deposit makeupthe purchase price of the property.Inmost cases you’ll need to have 20% of the purchase price of the house saved as adeposit beforethe home loan application process starts.

Youcoulddelayyour purchase. That allows you to buildupa bigger deposit and/or increase your income, both of which allow youto borrowmore.

Asmallproportion of buyerswho can’t borrow from the bank anddon’t want to waitborrowinstead through “non-bank lenders” such as building societies and ﬁnancecompanies.Amortgageadviser canarrange this. Butthe trade-oﬀ is that usually you’ll paya higher interest rate forloans from non-bank lenders

Applying fora mortgage

Reducing balanceloans

Evenifitlookslike youcanaffordto borrow,sometimes thebanksdecline. That’sbecausethey determineaffordability usinga“testrate”, whichisseveralpercent higherthantheactual interestrateyou’llpay Thereasonforthisis thatthelenderwants tostress-testyour financestoensureyou canstillaffordtopayif mortgageratesrise.

Beforeyou apply for ahome loan, you’ll need to get some documentation together Regardless of whether you’regoing direct to abank as your lender or going through amortgage adviser you’regoing to need the following:

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If youdon’t or can’tget as much as you need,there areother options.

Tableloans

As well as choosing themostappropriate type of home loan foryour circumstances, you also need to consider ﬂoating versus ﬁxed interest rates.

Afloating(variable)interestrate can rise or fall at anytime, affecting your repayments.Afixed interest rate (for anywherebetween one and fiveyears) ensures that the interestrateyou payon your loan is fixedfor theentirety of that period.Your repayments don’t change untilthe fixed-rate period expires.

● Arecord of outgoings anddebts

Thereare diﬀerent types of home loans. The most common ones are:

Mortgage calculators can give you an indication of how much you may be eligibleto borrow.

● Proof of address.

● Evidence of your deposit

● Acopy of your photo ID, and

Home loan eligibilitycriteria Whenbanksassessyourloan,they wanttodetermineifyouareagood risktolendto.UndertheCredit ContractsandConsumerFinance Act(CCCFA),banksandother lendersmustlendresponsibly Cuttingbackyourspendingsix monthspriortoapplyingfora mortgagecanhelpyourapplication considerably Ingeneral,yourhomeloan eligibilitywillbeassessedonthe following: ● Income ● Expenses(bothessentialand non-essential) ● Consumerdebt(including studentloans) ● Yourcreditrecord ● Whetheryou’reacasualor permanentemployee,orselfemployed Consumerdebt,includingstudent loans,reducestheamountyoucan borrowbecauseanyrepayments aredeductedfromyouravailable income.Youshouldalwaysbe upfrontwithyourmortgageadviser (broker)orbankmortgagemanager aboutyourdebtswhenyou’re applyingforamortgage

qualifyto borrowfrom abank

With tableloans, you paya ﬁxed amount each fortnight or month. In the beginning, most of the payment is interest, but as the balance slowly reduces, agreater portion of your payments goes to pay oﬀ the capital.

Revolving credit homeloan

3 FIRST HOME BUYERS GUIDE

Mortgage /income calculatortools

How much you can borrow for ahome loan depends on the size of your deposit. If you’rebuying anexisting property, you’ll usuallyneed a20%deposit.For abrand-newhome,thatpercentage drops to 10%. Buyerswho qualify for the government’s First HomeLoan scheme onlyneed a5%deposit

Areducing loan is similar,but has higher repayments at the beginning because you’repaying moreofthe capital than a table loan.As the amount outstanding to the bank goes down, so toodoes the

● Proof of income

GETTING A HOME LOAN

Acommon tactic for home buyers is to split amortgage over more than one ﬁxed-rateterm, andtokeepaportion on aﬂoatingrate, whichallows extra repayments, paying downthe homeloan faster

Starting out

The first hurdle to pass forbuyers is the bank’s affordability test, which considerswhether the surplus leftover once yourexpensesare deducted from your incomeis sufficient to cover mortgage repayments.

interest payments component. Floating versus fixed interest rates

If going directlyto the bank rather than via amortgage adviser,make sureyou ask the bank about the interest rate, its

Thegeneralruleis thatyouwillneedto earnsufficientmoney tocoverrepayments afteryourexpenses.

Whenassessing yourabilitytopay, thebankwilltakeinto accountexpenses thatyoudidn’thave beforebuying.They includecouncilrates, maintenanceandhome insurance,whichis compulsoryifyouhave amortgage.

It costs thesame to complete the application with amortgageadviser or the bank’s mobile lending manager as doing it online. They cangive youa clear picture of what to expect from your lenderbeforeyou sign themortgage documentation.

fees,yourabilityto makechangesto your mortgageoncesetup,andwhat happensifyoubreak aﬁxed-rateterm. Youare notlimitedtoborrowingfrom yourownbank. Shoparound.When competitionishighbetweenbanks, you canoftennegotiatetheinterestrate downorgettheloanapplicationfees reduced.

FIXED RATE l O a t i n

Mortgageadviserscan workwithyou topickthemost appropriate alternative lenderforyourpurchase.

Howlongdoesapplying fora homeloantake?

%

Homebuyersoftenapplyto getpreapprovedby abanktogetanideaof their potentialbuyingpowerand price range.Thisgivesyoumoreconﬁdence toshoparoundfor aproperty.Itshows to realestateagentsandvendors that youarea seriousbuyer.

Theadvantages of usinga mortgage broker

● Youcanonlyborrowasmuchasyour depositandincome/expenseswill allowyou

Gettingpreapproval homeforyour loan

Contact amortgageadviseroryour lenderofchoiceanddiscussyour circumstanceswiththem.They willbe abletoassessyourmortgage eligibility andtellyouwhat they’rewillingtolend yousubjecttoconditions.

Thingstokeepin mind when ahgetting ome loan

Applying forahomeloan whileyou’reself-employed

● Banks’mortgagemanagersand independentmortgageadviserscan helpyounavigatetheprocess

● Proofofincome(such asyour balance sheetproﬁtandloss,orcash ﬂowstatements)

● Self-employedapplicantsneed additionaldocumentationandmay haveto consideralternativelenders

F

Typicallyyouneed14days to three weeksforthebank toassess and approveyourhomeloanapplication. Makecontactwiththebankormortgage advisermuchearlierthanthat.

● IRDdocuments(GST andIR4 returns).

As aself-employedhomeloanapplicant, you’regoingtoneedthefollowing ontopofthe standardsupporting documentation:

● Pre-approvalisn’t aguaranteethat you canborrow.It’sanindicationand expiresafter aperiodoftime

KiwiSaverFirst Home Grantconsiderations

OneRoof.co.nz 21

Itcansometimesbehardertoget amortgageifyou’reself-employed becausethe standardeligibility criteria is moresuitedtoemployees.Ifyou don’tqualifyfora homeloanfroma bank, mortgageadviserscan placeyour business withalternativelenders.That usually comesatthecostof ahigher interestrate.

Mortgageadvisersalsosaveon legworkbecausethey knoweach bank’s criteria,andtheycan argueyour caseifyourloan is borderline. Theycan alsonegotiateconditions suchasguarantees.If you haveconsumer debtthat’sstandingin your wayofgettinga mortgage,mortgage adviserscanhelp restructurethat debt orgiveadviceabout payingitoff faster. First-homebuyers canfindthepurchase processdaunting. Havinga mortgage adviserinyourcornertakes someoftheuncertaintyout. They’reexpertsintheir fieldand workforyou.

Gettingpre-approvalcostsnothing. Nordoesitlockyou into thelender

Pre-approvalisanindication

ofwhatyoucanborrowifthebank approvesoftheproperty you wantto buy.Ifinterestratesrise,loan-to-value ratios(LVRs)andotherruleschange, oryoudon’tmanagetosettle within thepre-approvalperiod,youwillmost likely needtoreapplyfor pre-approval. Thisissomethingtobe verywaryofif buying atauction, going unconditional onanyproperty,orbuyingoﬀ-the-plan when thebuildcouldtakelongerthan expected.

Ifyoualreadyhave apropertylined up, thenit’s agoodideatogetyour KiwiSaverwithdrawalandFirstHome Grantapplicationsin at thistime. As aruleof thumb,FirstHome Withdrawal andFirstHomeGrants cantakeanywherebetween20 days and fourweeksto sort out.Sogetthe paperworktogetheratthe sametime aschoosing alender.Ifyou’reunsure abouttheapplications requiredforyou toaccessyourKiwiSaverfundsfor buyingyour ﬁrsthome,or ifyouhave questionsaboutyour owneligibility, OneRoofhasa KiwiSaver ﬁrsthome buyer’sguide.

Mortgageadvisersarea go-between, workingonyourbehalf.They can adviseyouonhowtoimproveyour ability to borrow, shoparoundfor you,andnegotiatewiththe banksand other lenders.Theserviceisfreeifyour mortgageisplacedwithabank.Ifyou don’tﬁtthebankcriteriaandborrowfrom anon-banklender,youwillneed to paya feeforthis.

● Makesure youbudgetinexpenses suchascouncilrates, maintenanceand insurance

● Include asigned saleand purchase agreement

of up to $10,000 for asingleordouble that for two or morepeople buying, providing you meet the eligibility criteria.

● Asettlement date or adate when the money is needed to pay the deposit, which is at least four weeks away

If you have any questions about the First Home Grant, speak to amortgage adviser (broker) or amobile mortgage manager,who can help you navigate the application process.

It’salsopossibleforﬁrst-homebuyers tousetheirKiwiSaverFirstHomeGrant topurchaselandtobuildapermanent house.Buyersneedtoliveinthehome foratleastsixmonthsfromtheissueof theCCCforthehouse.TheFirstHome Grantisthesameasforanew-build.The FirstHomeGrantruleshaveacapon themaximumcostofthelandandhome combined

To be eligible you need to:

KiwiSaverisagreatplace tosaveforyourfirsthome AsaKiwiSavermember, youcancontribute3%, 4%,6%,8%or10%of yourbefore-taxpaytoa providerandfundofyour choice.Youremployer shouldcontribute3%as well.Youcanalsomake regularorone-offvoluntary contributionstoKiwiSaver. Ifyou’reunemployedorself employed,youcanmake voluntarycontributions.

● Have aﬁxed price building contract showing the cost of construction and estimated start and ﬁnish dates

UsingyourFirst Home Grantona new-build

Thereare two waysto apply for your FirstHomeGrant:

● Proof of income

The First Home Grant is overseen by Kāinga Ora and provides up to $10,000 per couple towards the purchase of an existing ﬁrst home or $20,000 for a brand-newhome.

● Submit your application online at least four weeks beforesettlement

● Apply for pre-approval beforeyou decide on aproperty to give you adegree of certainty about your eligibility; or

Buying anew build with theFirstHome Grant involvesafew moresteps.For example, for aproperty toqualify as a new-build, it must have received itsCode Compliance Certiﬁcate (CCC) within six months of the dateof your First Home Grant application.

● Apply once you ﬁnd aproperty and have asigned sale and purchase agreement.

If you’rebuying aproperty where you have to make progress payments at speciﬁc points during the build, then any funds that you’reeligible for under the First Home Grant must be held in trust or escrow by an independent organisation and not the developer

● Supply the plans for building workor relocation related to the land that you arebuying

● Photo ID

BecauseKiwiSaveris lockedin,it’sagreatwayto stopyoufromdippinginto savingswheneveryou’re tempted.

● Acopy of the agreement or asigned sale and purchase agreement or a contract for anew build

● Chooseahomethatfallsunder thecurrentpurchasepricecapfor thearea

Using your Kiwisaver

To qualify for the First Home Grant on land you need to apply and get preapproval. Make sure you:

Both First Home Withdrawal and First Home Grant schemes canboost your deposit providing you have been saving into KiwiSaver for at least three years and preferably ﬁve or more.

22 OneRoof.co.nz

UsingyourFirst Home Granttobuy land

Schemesthatcan contributetoward your deposit

Additional considerations forfirst-timebuyersof new-builds

FIRSTHOME BUYER GRANTS ANDKIWISAVER

TheGovernment contributes50cforevery $1yousaveeachyearupto $1042.86.Thatmeansup to$521.43offreemoney, whichthencompoundsand growsovertime,boosting yourdeposit.Theannual cut-offdateforKiwiSaver contributionsisJune30.

Buying aﬁrsthome isn’t easy KiwiSaver and othergovernment schemes canhelp. The earlier you learn about them, the better prepared youcan be touse them

Theapplication process

Yoursavingsand employer/government contributionsareinvested byyourfundproviderand growovertime.Typically,the returnishigherthanyou’d getinatermdepositand youpaylesstaxthanyou wouldonastandardsavings account,meaningyour moneygrowsfaster

Getalawyerinvolvedassoonaspossible. New-buildcontractsveryoftenhave clausesthatstandardsaleandpurchase agreementsforexistinghomeswillnot have.Itisbesttogetalegalopinionon thesaleandpurchaseagreementbefore yousubmityourFirstHomeGrant application.

Youcan only receive the First HomeGrant once. Thatincludes its predecessors,HomeStart grant or KiwiSaver deposit subsidy.

● Earn less than$95,000for asingle or $150,000 for two buyers or an individual buyer withone or more dependants

Under the FirstHomeGrant, ﬁrst homebuyers lookingtopurchase an existinghome areeach eligible to receive up to $1000 per year from their three-year savings mark, capped at $5000. Thoselooking to buya new homeorland will qualify for$2000 per year up to $10,000each. Where two people arebuyingthe houseand both qualify, the grant is doubled.

The KiwiSaver rules allow ﬁrst-home buyers, or those in asimilar position, to withdraw all but $1000 from their KiwiSaver to buy aﬁrst home.Youmay also qualify for aFirst HomeGrant

Purchaseprice caps

The application process starts onlinevia Kāinga Ora’sKiwiSaver portal. Forpre approvalyou willneed thefollowing documentstohand:

● Other supporting documentation relevant to your purchase.

What you wanttobuy must fall under the purchasepricecapfor theregion you live in to be eligible for theFirst Home Grant. Those caps willalso vary depending onwhetheryou’rebuyingan existing home or anew home.

Find out how the KiwiSaver First Home Withdrawal and First Home Grant schemes can boost the deposit and makeiteasierfor you to buy your ﬁrst home.

Make sureyou apply early to ensure your grant is approved in time. The First Home Grant is paid out either as a deposit or at settlement.

4 FIRST HOME BUYERS GUIDE

● KiwiSaver contribution statements

If youhave founda home to buy already, youwill alsoneed:

● Have saved at least 3% of your total incomeinto yourKiwiSaver for a minimum of three years

How does theFirst Home Grantwork?

● KiwiBuild. Thisis aprogramme toencouragedevelopers,iwiand councilstocreateaﬀordablehomes withinpricecaps.KiwiBuildhomes aretypicallycheaperthanequivalent homeson theopenmarket andare very popular.AllnormalKiwiSaver criteriaapplyfortheFirstHome WithdrawalandFirstHomeGrant schemeson aKiwiBuildhome. To buy one,youneedtobechosenbyballot. Moreinformationcanbefoundat www.kiwibuild.govt.nz

TheKiwiSaver FirstHomeGrantis justoneofthemanyoptions first-home buyerscanaccesstohelppurchase their firsthome.Thereare anumber ofotherschemesforfinancingpartof thepurchasepriceorprovidingmore affordablehomes.

● KiwiSaver contributionsyour employerhasmade

● Yoursolicitor’strustaccountdetails

KiwiSaverFirst Home Withdrawal scheme

Applying fora FirstHome Withdrawalgrant

TheFirstHomeWithdrawalschemeenables ﬁrst-homebuyers andothers in asimilar ﬁnancialpositiontowithdrawallbut the last$1000ofKiwiSaverfundsforthedeposit ortowardssettlementontopofany First HomeGrantentitlement.

Your mortgagebrokerormobile mortgagemanagerwillconﬁrm the amount thatyouneedto withdraw. Onceyouhaveapplied,your scheme providerwill liaisewithyourlawyer. Themoneyispaidbytheproviderinto yourlawyer’strustaccount.

Whatdoyouneed to make aKiwiSaverFirstHome Withdrawal?

● Thegrowthyou’veearnedon your KiwiSaver funds

What’s forsale.

Ifyou’re eligibletomake aKiwiSaver withdrawaltowardsyour ﬁrsthome purchase then you’ll beabletowithdraw

● KiwiSaver contributionsyou’vemade personally

Theyinclude:

Whatcan youwithdrawfrom your KiwiSaver?

What it’s worth.

Discoverthousands of propertylistingsright acrossthe country and FREE estimated valuesbased on the very latest sales figures. DownloadtheOneRoofapp today.

Aswellasanexistinghome,theFirst HomeWithdrawalcanbeusedtobuyanewbuild,landyouintendtobuildon,ortobuild ahomeonmultiple-ownedMāoriland.

● FirstHomePartner is another government schemethatallows qualifyingbuyerstoshareownership of abrand-newhomewithKāinga Ora.KāingaOrabuys upto25%ofthe propertythatyou’re interestedin,and becomes aco-owneronthetitle.Over time,thehomeownerwilleventually buyoutKaingaOra’sshare.

● Governmentcontributionstoyour KiwiSaver account,and

thefollowingprovidingyouleavebehind $1000inyourKiwiSaversavingsaccount:

● Anyfee subsidiesyou’ve received

Beforeyouapplywith yourscheme providerfor aKiwiSaverFirstHome Withdrawal, youwillneedthefollowing readytogo:

OneRoof.co.nz 23

Theeligibility criteriaforFirstHome Withdrawalisthesameasthe FirstHome Grant,exceptthereare noincomeorhouse pricecaps.

Someprevioushomeownersina similarpositiontoﬁrst-homebuyers mayalsoqualifyfortheFirstHomeGrant andFirstHomeWithdrawalschemes.

● CertiﬁedphotoID

● FirstHomeLoan. TheFirst Home LoanschemerunbyKāingaOra enablesqualifyingbuyerstopurchase ahomewitha5%deposit.KāingaOra doesn’tprovide thedeposit.Instead, it providesaguarantee,enabling yourbanktolendmoreto youthan itsnormallending standardswould otherwise allow.LiketheKiwiSaver FirstHomeGrant,thereisanincome capand aregionalhousepricecap.

● Acopyofthe saleand purchase agreementfor yourproperty

Additional optionsfor first homebuyers

● Certiﬁedproofofaddress

● KāingaWhenuaLoan Scheme. The KāingaWhenua LoanScheme run byKāingaOraandKiwibankhelps Māoribuildor relocatehomesonto ancestralland. If you’reeligiblefora KiwiSaverFirstHomeWithdrawal, youcanalsoput anyfunds obtained that waytowardsthepurchaseofa KaingaWhenua property.

Getting started

Think of how you could compromise. For example, you might be able to move further outoftown where homes arecheaper if thereisgood public transport.

Buying your ﬁrst home is abig stepinlife. It will take time to ﬁndthe right property in the right suburbataprice you can afford.

● Brand-newhomes comewitha guarantee against defects,and usually they won’t need much in the way of maintenance for theﬁrst seven to 10 years. This canbea bonus in the early years when mortgage repayments canbea drain on ﬁnances.

To get an indication of what a property is worth,searchfor it on OneRoof.co.nz. TheAVM (automated valuation model) willgive you agood indication of whatthe propertyis worth, while recent sales information will tell you what properties areselling for in individual suburbs.

5 FIRST HOME BUYERS GUIDE

The average property value varies according to suburb. Some suburbs wherethereare alot of large expensive homes with water views have ahigher average property value, while otherson city fringes or dominated by apartments have alower average property value. But most suburbs have arange of properties within them, which means that even the most popular and expensive suburbs have options for ﬁrst-home buyers.

Freehold: Mosttraditional homesin New Zealand arefreehold where you own the house andthe land it sits on.

Crosslease: This is aform of home ownership whereeach home on a cross-lease section ownsa shareofthe underlying land. Historically these cameabout when someonesubdivided their section into twoorthree.Instead of each owner buying the land beneath their home, they tooka sharein the entireland andalease for the building. SomeNew Zealandersare hesitantto buy cross leased properties because the ownership structurerestricts them from altering or extendingtheir home,

Buying offthe plan

FLATS AND APARTMENTS areusuallyhomesin multi-unitblocks orhighrise buildings.

The different typesof property

FREE STANDING HOMES arethemostcommon stylesofhomesinNew Zealand.Theyare detachedandsiton theirownsection. TOWNHOUSES arehomesthathave theirownexittooutside butareusuallyconnectedto theneighbouringproperty Usuallyit’saterraceof townhouses.

We’d alllike to live in abeautifulhome in aperfect location.Your ﬁrst homeis not yourforever home, however You’ll almost certainly need to make compromises and start your journey with amoremodest home. That might be an apartment or terrace house to begin with beforeyou can tradeupthe property ladder to astandalone home in your suburb of choice.

Beforeyou get too far into your house-hunting journey,ﬁnd out how muchyou can aﬀordto pay for ahome and how much youcan borrow by checkingwith your bank or mortgage adviser (broker). Theywill look at your savings, salary,spending, andthe various costs associated with buying homes such as lawyers’ fees and moving costs. Banks alsohaveuseful calculators on their websites that can give you ageneral indication of how muchyou might be approved to borrow

Ask yourself questions such as:

andmay even limit things like pet ownershiporpaint colours.

This hassome advantages forfirst-home buyers.

● 10%Deposit You’ll typically only pay a10% deposit on anew home instead of 20% required forexisting homes under the Reserve Bank of New Zealand’s loan-to-value ratio (LVR)rules.

24 OneRoof.co.nz

● What is the proximity to public transport or main highways?

Your lender will take into account the bodycorporate feeswhen assessing how much you canafford to borrow.Don’tlet bodycorporate fees put you off buying.You’d needtospend money each year on maintenanceofahome, so may find the costofowning is little different whetherthereis abodycorporate or not

FINDING THE RIGHT PROPERTY

All owners in unit title developments, such as apartment buildings, automatically become members of thebody corporate.

● Which schools areinzone?

● What about local shops, cafes and night life?

● Some homes bought off the plan can be alteredduring the build.

Consider what’s importantto youina suburb.Dependingonyour stageoflife and priorities, diﬀerent amenitiesmight beimportantto you.

Therearethreemain propertytypesin NewZealand: Freestandinghomesare generallythemostsought afterinNewZealandand sitonlargerpiecesof land,whichmeansthey costmore.Thesmallerthe sectionthelowertheprice, whichiswhytownhouses willusuallybecheaper thanastandalonehome andapartmentsandflats thecheapest

● Whereare the nearest parks, beaches or other recreational areas?

Freehold,leasehold or crosslease?

With many apartments you needtobudget for annualbody corporate levies, which cover the building management, upkeep of sharedareas and lifts, insurance and maintenancecosts of the building

Whatare bodycorps?

Buying oﬀ theplanmeans you sign up to buya home when it’s aplanonlyand isn’t built.Yousign asale and purchase agreement upfront and pay adepositto securethe property,but don’t settleuntil thehomeisbuilt

Findingthe best suburb foryou

Working outprices

Leasehold: is whereyou own the building, butnot the land.Youpay annual ground rent to the landowner. Leasehold is common overseas,but apart from some apartment buildings isn’t often seen in New Zealand. The lease may be for aﬁxed number of years, such as 100, after which youno longerhave the right to haveahome on it. Or the lease can be in perpetuity The shorter the lease andthe higher the ground rent, thelower price thehome will fetchwhensold.

Youmay have grown up dreaming of owning astandalone home on aquarter acresection, but to get on the property ladder you may need to begin with an apartment, or terrace home, that is joined to neighbouring properties.

● Theprojectmaybedelayedandyour pre-approval runout

● Typically it’scheaper to buy ahome off the planthanonce it’s complete. Thisisbecausedevelopersneedto securea percentageofpre-salestoget theirﬁnancetobuild.They’reoften willingtosell slightlymorecheaply totheﬁrstbuyerswhosignsaleand purchase contracts.

● Thebuildermightdopoor workmanship,or

CanyouuseKiwiSaver to builda house?

● KiwiBuild: Youcangointo aballotto buy aKiwiBuildhomeoﬀ theplan. Theyaretypicallypricedlessthanan equivalenthomebeingsold on the openmarket.

Typically,youwillpay a10% deposit and thenprogresspaymentsasthebuild progresses.Banksoﬀerconstruction loansdesignedtopayforthe buildin stages.It’sagoodideatoseekadvice from amortgageadviserorbank’s mortgagemanager toensureyou understandhowtheseloansworkand getthemostappropriateoneforyour situation.

YoucanuseKiwiSaverFirstHome WithdrawalorFirstHomeGrantto paythedeposit,andorwithdrawat settlement.TheKiwiSavermoney mustbeheldintrustor escrowbythe developeruntilthecertiﬁcateoftitle and theCodeComplianceCertiﬁcate(CCC)

● Thebuildisdelayedandyourpreapprovalfor ﬁnance runsout

Thereare potential downsides to buying offtheplan

● Thedevelopergoesbustanddoesn’t completethebuild

● Thehomeis smallerthanitappeared inthe“renders”onthemarketing material,oritispoorqualitywhen built.

● Therecouldbebudgetblowouts

● Otherissuessuchasfailureto geta

Buyingoﬀ theplanismoreriskythan buying aturnkey(completed) home.

OneRoof.co.nz 25

Theadvantageofbuildingisthatyou get ahomethat’suniquelyyoursinthe locationofyourchoice.Butthereare risks:

Gettinga mortgage

ﬂoororcarparkplans,thedeveloper usesthe‘speciﬁcationslist’to substituteitemsthatarenotalways like-for-like

Someofthoserisksare:

NewZealandhas alongstanding traditionofgetting ahousebuiltto your ownspeciﬁcations.Youeitherbuya houseandlandpackagewhere thehome is builtto your liking,oryoubuythe landseparatelyand employanarchitect andbuilder, orchoosea groupbuild home.

10-year-guaranteeonthework Averyspeciﬁcriskforﬁrst-home buyersusingKiwiSaveristhatthe costtobuildincreases(thanksto“cost adjustments”clauses)anditexceedsthe pricecapsfortheFirstHomeGrant.This couldspelldisaster so becareful.

Buildinga houseas afirst-homebuyer

Ifit’s astandalonehomeyou mightbeabletochangethedesign orarrangefor cosmeticorappliance upgradesatyourcost.

● A“sunsetclause”isinvokedbecause thebuildhastakentoolong,and thedevelopercancelsthe saleand purchaseagreement.Itmaybe considerablymoreexpensivebythen tobuyanotherhome

● “Materialdiﬀerencesclauses”are usedtomakechangestoproposed

Valuations

willlookatthesizeandconditionofa tslayout,elevation,views,and

Homescanbevaluedfordiﬀerent purposesandit’simportantto understandwhattheymean.Thecouncil valuation(CV),whichcanalsobe

calledthegovernmentvaluation(GV) orconfusinglybecauseofitsacronym, theratingvaluation(RV),areproduced forratingspurposes.Theydon’tgive anaccurateindicationofhowmucha propertymightsellfor.Youcanalsoget insurancevaluations,which tellyouthe cost to replace thehomeifit’sdestroyed. Realestateagents cangiveyouan estimateofwhat ahousemight sellfor. Registeredvaluations (RV)arebetterto relyon.Theyoftencostaround$1000,but willgive amoreaccurate valuationofthe home. Valuersaretrainedto assessthe marketworthof apropertybased on an inspection andcomparable sales.

WhydoI needone?

How much does it cost to renovate?

Whencalculatingthe cost of buying ado-uphouse,makesure youfactorinthecostofrenovating.

ﬁle. be sold hardto se n? ouncil b) yo couldaﬀordmore. Whathappensatahouse valuation? Whenaregisteredvaluervisits the property they doalotmore thansimply compareitto nearbyhomes. They property,itslayout,elevation,views,and surroundings. hers very e ng. u ou 26 OneRoof.co.nz

Aregisteredvaluationwillhelpensure youa)don’tpaytoomuchfor ahomeand b)don’toﬀertoolittleandloseoutifyou

Yourhomeis averybiginvestment. It’s agoodideatoget reportsdoneto ensureit’singoodorderandthereare nosurprises.

Pros and cons

ManyhomesinNewZealandaresold without apriceonthembyauction, tenderor deadline treaty.Itcanbehar knowwhattobidoroﬀerin thatcase.

Banksoften require aregistered valuationbeforetheywilllendona property.That’sto ensurethatshouldyou defaulton yourmortgage,theycansell thepropertyand recouptheirmoney.If youarebuyingthehouseformorethan thevaluationit’s unlikelyyou’llbeloaned as much moneyasyouexpect.

Thecostof renovatingdepends onthescopeof thework.Some renovationsareaestheticandothers arestructural.Thelattercanbevery expensiveindeed.

● Apre-purchase report(AKA building report) canidentify defectsin ahome.It’sbesttoget yourownandnot relyonone providedbytheseller.Aprepurchaseinspectionby abuilder willhelp youavoidexpensive mistakesbybuying aproperty withexpensiveproblemssuchas rot,leakyroofs, oldwiring,and wornoutpipes.Itcanalsogiveyou negotiatingpowerwhenbuying, orhelpyouchoosebetweentwo properties.It’spainfultopayfor apre-purchaseinspectionbecause it couldcost$1000or more,justto missout,andneedanotheroneon thenextproperty.

Manyﬁrst-homebuyersoftenbuyﬁxeruppersas awayofgettingon theproperty ladderat alowerprice.

imply

● ALandInformation Memorandum (LIM) is aﬁleheldbylocal councils thatsummarisestheinformation heldonthatproperty.Itcontains arangeofinformationsuch as ratesinformation,stormwaterand sewerage pipesontheproperty, consents, andpotentialerosion, subsidence,slippageor ﬂooding, andthe possiblepresenceof hazardousmaterials.

areissued.Oncethat happens thesaleis settledandthebuyercanmovein.

Youcanonlyborrowtopayfor renovationsifyou’renotalready stretchedtothelimit. Bankswill runyourapplicationthroughan aﬀordabilitycalculatorandifyou don’t havesuﬃcientequityand/ orincometo makerepaymentsyou won’tbeabletoborrowmore.

Building reports andLIMs

Thetwomainadvantagesofﬁxer-uppers arethat theycanbepricedconsiderably cheaperthansimilarhomes,andyou cangrowyourequityinthehomeby doing renovations.On thedownside, youwillﬁndthatdoingup ahomeis nowherenearaseasyasitappearson TV renovationprogrammes.Renovators oftenunderestimate thecostandtheir ownskills.Bylawmanyjobs requirea licensedbuildingpractitioner(LBP)such as abuilderorelectrician.Theycanbe expensive.

Buying to renovate

● The property ﬁle containsall thedocumentsthat relatetoa LIM reportsuchasbuilding andresourceconsents, and correspondence withthecouncil abouttheproperty.Beaware thatbuildingwork done without consentisn’tincludedinthe

Whatisahousevaluation?

Notavailableeverywhere.Oneligiblebroadbandplans. Compatiblesoftware/device required.Spark andpartnertermsapply.Visitwww.spark.co.nz/myspark/myinternet/movehousetolearnmore. Sparkcanhelpsetup yourbroadband. OneRoof.co.nz 27

Othermethods of sale

● Asunset clause which voids the agreement after acertain periodof time

can accept or negotiateon(called countersignorcounteroﬀer).

Offers aremade to the vendor via the real estate agent who is selling the property.The offer is made on asale and purchase agreement document, noting any conditions, such as subject to finance,building reports, LIM (land information memorandum), or due diligence (investigation). The seller can either accept your offer,ormake a counter offer Buyer and seller continue to negotiate in this way until an agreement is reached. If you areina multi-offer situation wherethereare other potential buyers you might need to put your best offer on the table early

Whenahouse is soldbynegotiation, buyersmake oﬀerswhich sellers

6 FIRST HOME BUYERS GUIDE

28 OneRoof.co.nz

Getting started

Legalfeesand paperwork

Buying ahome is abig commitment and thereisquite abit that could go wrong. Alawyer works foryou and checks the sale and purchase agreement, the title, the LIM, and does the transfer of the property on settlement day.It’s best to choose a specialist property lawyer to do this work.

Iftheauctiondoesn’treachits reserve,itwillveryoftensellshortly after,bynegotiationwiththehighest bidder.Sometimesconditional buyerswhoneedtimetogetﬁnance willbeconsiderediftheauctionfails toresultinasale

Your oﬀercan be unconditional, or conditional. Someof the common conditions include:

Most existing homes in New Zealand aresold using the standardADLS/ REINZ Sale Purchase of Real Estate Agreement. Even then, therecan be diﬀerent clauses used.

Buying at auction

Anofferby negotiationor tenderisnotlegally bindinguntilitis acceptedandboth thebuyerandseller signthesaleand purchaseagreement (contract).

Biddingatauctionisoneofthemost commonwaystobuypropertyinNew Zealand.Atauctionyoubidagainst otherstobuythehome.Theauction isrunbyanauctioneerwhoopensthe biddingataﬁgurethatisusuallyless thanthereserve,thepricetheselleris willingtoaccept.Eachbidneedstobe higherthanthepreviousbid.

Trynot to becometoo attached. If you’rebidding at auction, you may not win. Property sales fall through for other reasons as well, such as the vendor asking too much, or hidden issues that the property inspector or lawyer discovers

Sale and purchase agreements for new-builds areoften bespoke and could

Whether you’rebidding at auction or making an offer,you’ll need your ducks in arow to win that dream home.

THE BUYING PROCESS

Sold at tender or ‘bydeadline’

Typesofoffers youcan make Unconditional and conditional offers

How to make an offerona house

Once both buyer and sellerhave signed,the contractis “unconditional”. This means you can’t backout even if you change your mind. Buyers will need to paythe deposit as soon as thecontract is signed.

Somepropertiesare sold at tender or by deadline sales (also called “treaties”). With atenderyoumake writtenoffers by acertain date,which areconsideredbythe seller.Adeadline saleissimilar with buyers able to make an offeranytime up to thedeadline. For tenders and deadline sales you usually only get one shot at making an offer,soneed to make it your best first time. The seller chooses between the offers presented.

Sellers tendto prefer unconditional oﬀers or at least as few conditions as possible. As aresult, your oﬀeris morelikely to be accepted if it has fewer conditions.

If thehouse is forsalebynegotiation, youoﬀer an amount you areprepared to pay.Usually you don’t make your best oﬀer immediately

Whenbuyingatauctionyouare usuallybuyingunconditionally,so youcannotbackout.Sometimes thesellerwillagreetoavariation ofagreementinadvance,suchas alowerdepositamount,orthe settlementdate.

Buyersshould notmake oﬀers on multipleproperties at the same time, because they areduty-bound to buyboth properties if the oﬀers areaccepted.

● Alonger than normal settlement period

Beforemaking your starting oﬀer,it’s avery good idea to get your lawyer to check the contract and property records of title (showing ownership and other information).Your lawyer will also check the title for any defects.

Ifyouwinatauction,youwillneed topaythedeposit,usually10%,on thesameday.Youwillalsohaveto signthesaleandpurchaseagreement.

● Getting asatisfactory building report

Whathappens after youmakeanoffer?

● Securing ﬁnance

have worrying clausesthata lawyer will spot.

● Early accesstodorenovations priorto settlement.

You’ve fallen in lovewithaproperty and want to buy it.You’ll need tohave yourducks linedup. That includes yourmortgage,yourKiwiSaver withdrawal, First HomeGrant if you qualify, aproperty inspector to write a pre-purchase report, anda lawyer(or conveyancer) to handlethe sale for you.

An oﬀerby negotiation or tender is not legally binding until it is accepted and both thebuyer and sellersign the sale and purchase agreement (contract).

Sold by negotiation

thekeys released. Thatsounds straightforward,buttakestime becauseofthenumberofsteps needed.Ifonesideisnot ready tosettle,theycanbecharged penalties.

Thevastmajorityof purchasesgothroughwithout problem,butsometimes thingscangowrong,suchas thesellerortenantsfailing tomoveout, rubbishleft behind,newdamagetothe property,ormissingkeys.In circumstancessuchasthesethelawyers willnegotiateto reach asatisfactory resolutionbeforethesettlementgoes through.

Discoverthousands of propertylistingsright acrossthe country and FREE estimated valuesbased on the very latest sales figures. DownloadtheOneRoofapp today.

Thecostof conveyancing istypically $1000to $1500. OneRoof.co.nz 29

What’s forsale.

Settlementdayiswhentheproperty transferstoyouandit’soﬃciallyyours. Itcanbe alongnerve-wrackingdayin which alothappensbehindthescenes.

Whathappens at settlement?

Afewdaysprior tothehome becomingyours,youwilltodoa pre-settlementinspectionto ensurethe houseis in theconditionitwaswhenyou agreedto buy.

Thebuyer’slawyerneedsto arrangeforpaymenttobetransferred totheseller’slawyerandin return thetitletransferiscompleted and

What it’s worth.

Thecostofconveyancing istypically$1000to$1500. Somelawyersoﬀer acheaper service,butmaychargeextra for‘disbursements’suchasLand InformationNewZealand(LINZ) feesandotherexpenses.

Oncesettlementiscompleteyoupick upthekeysandcanmovein.Sometimes itpaystobook removalvansfortheday aftersettlement,justin casethingsgo wrongonsettlementdayandyouwaste yourmoney.

HOLDON AMINUTE…

However,Wellingtondoesstandout abitas a“longerheld”area.Indeed, 31%ofitspropertieswerepurchasedby thecurrentownerpre-2000,versus26% inChristchurch,27%inAuckland,and also27%nationally.Putanotherway, Wellingtoniansseemtohave aslightly greaterpropensitytobuyandthenhold thatsamepropertyforlonger.

However,thereare somediﬀerences, withthe redhighlightsbeingperiods (2011-15and2020-21)whereAuckland had relativebulgesinpurchasing activityandthe ownersstillhavethose properties.Bycontrast,overthe courseof 2016-19,theAucklandmarketwas abit quieterintermsofpropertytransactions, relativetothe restofthe country.

W

hatabout acomparisonacross someothermaincentres?The secondchartillustratesthe positionbydecadeofpurchaseforNZ, Auckland, Wellington(widerareaof

ecan alsobreakthedatadown by propertytype.Let’sfocus onthedominantdwelling, astandalonehouse(asopposedtoa ﬂat,apartment,orlifestyleblock).At thenationallevel,27%ofhouseswere purchasedbytheircurrentownerpriorto 2000,thesame ﬁgure acrossalldwellings. If anything, Wellington standsout even furtherwhenwefocus onlyonhouses, with32%of thispropertytypepurchased bythecurrentownerprior to2000, versus25%inChristchurchand26%in Auckland.

So whichpartsof Wellington speciﬁcallyaredrivingthis overall pattern?Filteringoutany suburb with less than300sale records,thechartbelow showsthe 10suburbswherethemost properties(inpercentageterms)were purchasedbytheircurrentownerpriorto 2000.Poriruahas astrongrepresentation inthislist,including Waitangiruaand CannonsCreekat thetop. Wellington City itselfalsoappears,alongwithsomefrom LowerHutt.UpperHutt doesn’tfeature.

Forprospectivebuyersin Wellington, thiscouldpotentiallycreateopportunities totrackdownpropertieswithlongerhold periods,wheretheownerhasalready seen alargeriseintheirassetvalue, andmightalsobelessconcernedabout extractingeverylastdollar outofasale value –withthebuyerpotentiallygetting a“bargain”.

Acrossthecountryas awhole,27%of propertiescoveredinourdatasetwere purchasedpriortothe2000s*(with 14%priorto1980).Another20%were purchasedinthe2000s,meaningthatthe other53%havebeenpurchasedbytheir ownersfrom2010onwards,with14% since2020.The ﬁrstchartillustratesthe distributionforNZandAuckland.As youcan see,theoveralltrendsarepretty similar,withbothAucklandandthe countryas awhole skewedtowardsmore recentpurchasedates.

City,Porirua,UpperHutt,LowerHutt), andChristchurch.Again,thepatternsare fairlyconsistentacrosstheseareas,with 35-40%of propertiespurchasedbytheir currentownerinthe2010s,andfewerin the1980s-90s.

FIRSTHOMEBUYERSGUIDE | INSIGHTS

QUESTIONI’M OFTEN askedis:shouldI buynow orbuylater?Clearly, inthe currentenvironmentof fallingpropertyvalues, tightercreditpolicies, andrising mortgage rates,thereare argumentsboth ways –andtheﬁnancial sideofthingsobviouslymattershugely. Butnon-monetaryfactorsareimportant too, suchas:Doyoulikethe streetorthe area?Forinvestors,it’soften:Istherea goodtenantpool?

W

Inotherwords,Poriruais arelatively “longheld”area,whereownersbuy andthenkeepthosepropertiesfor

%ofproperties owned since year‘X’

Wherepeopletendtobuyandholdforlongperiodsandhowﬁrsthomebuyers canusethatknowledgetotheiradvantage. KELVIN DAVIDSON investigates

Theseissuesgotmethinkingabout ownershippatternsaroundthecountry. Wheredopeopletendtobuyandthen ownthatpropertyfor alongperiodof time? There aremanydifferentinsights thatthistypeofanalysiscould reveal, but acoupleofobviousonesinclude “longerheld”areaspotentiallyfacinga relativespikeinlistingsandsalesactivity inthenextfewyearsastheownersage and/or scopeforrenovations/infill/ gentrification.

Thechartshowforeachyearthepercentageofpurchasedproperties thatarestillownedbythepurchaser.Thepercentageofproperties boughtbefore1980thatarestillownedbythepurchaserisin Auckland15.65%andinNewZealand14.29%. %ofpropertiesowned since decade ‘X’ Thechartshowsforeachdecadethepercentageofpurchased propertiesthatarestillownedbythepurchaserforeachmajor metroandNZasawhole. Datasourceforallcharts:CoreLogic 7% 6% 5% 4% 3% 2% 1% 0% 19801990 2000 20102020 NZ Auckland Pre-1980 Auckland= 16% NZ= 14% 0% 10% 20% 30% 40% Pre-19801980s1990s2000s2010020s NZ Auckland Christchurch Wellington s 2 30 OneRoof.co.nz

Waitangirua -Porirua

Moera -Lower Hutt Ranui -Porirua Strathmore Park-Wellington Southgate -Wellington

Ascot Park-Porirua

*A noteabout the gures. The gurescover the mostrecent ‘market sale’ records(excluding paper transactions such as inherited transfers) for properties across the country(national, district,and suburb)–grouping anyproperty without asale since1980 intothe pre-1980bucket Ultimately the distinctionbetween market levelornon-market transfers makes little di erence to the overall conclusions.

Naenae -Lower Hutt

0% 20% 40% 60%

Point England -Auckland Tologa Bay -Gisborne Otara -Auckland Cannons Creek -Porirua Otangarei -Whangare i

Ruatoria -Gisborne Te Kaha -Opotiki Moewera -Far North Te Teko -Whakatane Waitangirua -Porirua

Equally,while most owners obviously ensuretheir assets arekept in ship-shape order,thereisstill probably agreater likelihood forproperties that have been held for longer periods of time to have fallen behind in termsofquality and/ or general maintenance. This hints at renovation or redevelopment potential in those suburbs, especially if they are centrally-located to transport or other amenities, andline up nicely withthe local council’s focus in terms of inﬁll housing –perhaps as part of the new policy focus on intensiﬁcation.

Cannons Creek -Porirua Takapuwahia -Porirua

Thechartshowsthe10Wellingtonsuburbswiththehighest percentageofpropertiesboughtbefore2000thatarestillownedby thepurchaser

ut let’s look across the rest of the country too. The next chart shows the10suburbs withthe highest proportion of properties purchased prior to 2000 andstillin the same ownership (again with aminimum of 300sale records). Therearenosuburbs from the South Islandinthatlist, with the upper halfofthe North Island quite prominent, but Poriruaalso poppingupagain.

So what does this all mean?Asnoted above, any property that has amost recent sale recorddating back to the 1980s (or earlier) and 1990s could tend to have arelatively aging owner,simply

0% 10% 20% 30% 40%50% 60% 70% 80% 90% OneRoof.co.nz 31

many years. Interestingly,the suburbs shown from Porirua and Lower Hutt are“cheaper areas”, wherethe current median value for that suburb is below the median value for the wider city/district as awhole. Clearly,many factors would need to be considered here, but long held and relatively cheap areas could present some buying opportunities

At theother endofthe spectrum, of course,wecan alsosee theeﬀectofnew constructioninthe booming development areas of the past few decades. For example, only 7% of propertiesinWigram (Christchurch) werepurchased by their current owner priorto2000.Rollestonin the SelwynDistrict has aﬁgureof8%,and Pokeno in Waikato District is 9%.

Taita -Lower Hutt

It perhaps sounds alittle mercenary at face value, but as noted above, buyers may want to lookmoreclosely at some of these areas, as therecould be vendors who aren’t as worried about driving a hardbargain –given that they’realready sitting on substantial capital gains from many years of property ownership.

Thechartshowsthe10non-Wellingtonsuburbswiththehighest proportionofpropertiesboughtbefore2000thatarestillownedby thepurchaser

because it’s been held now for at least 25 years or so.As that owner perhaps starts to think about their next stage –maybe downsizing in the same area, maybe shifting to acheaper location –this could start to drivemorelistings and sales activity in the ‘longer held’ areas, including Wellington in general, but parts of Porirua speciﬁcally,aswell as certain suburbs around the upper North Island.

Wheretotarget: TherestofNZ

B

•Kelvin Davidson is chief economist at CoreLogic

Wheretotarget: Wellington’s best bets

Residential /Commercial /Rural /PropertyServices Better results, time after time. WhydoBayleys have such loyalcustomers?Because we get better results time aftertime, year afteryearand decade afterdecade across residential, commercial and rural. ExperienceAltogether Better 0800 BAYLEYS I bayleys.co.nz LICENSED UNDER THE REA ACT2008 32 OneRoof.co.nz

M

Nowthatyouhav control,it’stim helpfromKā not;checkthecriteriafo parents,forexample,canhaveearnedupto$150,000in thelast12monthstoqualifyfortheFirstHomeLoan.This wouldmeantheyonlyrequirea5%deposittopurchasea house.IsuspectthousandsofpeopleacrossNewZealand qualifyforoneoftheKāingaOraschemesthatcouldget themintoahouseanddon’trealiseit.Thesepotentialhome buyerswillbescramblingtogethera10%or20%deposit whentheycouldbeintheirhomenow.

Nothingisstoppingyoufromapplyingwithmultiple lenders,butitmaymeantheybrushyourapplicationaway morequickly.Ifabankcanseeasmallissuewithyour applicationandtheyaretheonlylenderyouaretalkingto, theymayworkwithyoutoapprovetheapplication.Ifthey knowtheyareoneofmanylendersyouareworkingwith, chancesaretheywilldeclinetheapplicationandmoveon tothenextone.Gotothebestlenderﬁrstandapproach othersifrequiredtoafterthat..

Somearemoreconservativethanotherswhenitcomestomortgagelending-

Whileresearchinggovernmentbenefits,gettoknow commontermsinthemortgageandpropertyindustry.The mostcommontermsareLoantoValueRatios,servicing rates(alsoknownasstress-testrates)andthedifference betweenfixedversusfloating.

Itdoesn’tmatterwhereyouareonyourhome-buying journey;checkingyourbudgetisagoodidea.Ifyou’re startingout,controllingyourspendingwillmeanyour depositgrowsfaster.Ifyou’realmostreadytoapply,a goodbudgetwillmeanyoucanborrowmore.Removing a$10,000creditcardlimitcanincreaseyourmortgage

Butifyou’reconsideringbuyingahome,myadviceisto startbyreviewingyourincome.Yourhouseholdincome (andexpenses)willdictatehowmuchyoucanborrowfrom thebank,whichwilldictatehowmuchdeposityouneed.

A‘NO’ATONE BANKISN’TA ‘NO’ AT ALLBANKS

sometimesitcanbeassimpleastheydon’thaveenough moneytolendoutthisweek.Ifyouknowwhyyouwere declined,youknowwhatitwilltaketoﬁxit.

Onceyouhav lookingatyou andhirepurchases.Unles thatallowsy moneyyouwa creditcardlimit,no howmuchyouca unusedcards meagreamou worththeeﬀ

•RupertGoughisthefounderandCEOofMortgageLab andauthorofTheSuccessfulFirstHomeBuyer.

aybeyou’vejustdecidedtostartsavingfor ahouseorhavebeensavingforawhile. Whicheveritis,youwillwanttoknowhowto taketheﬁrststeptowardshomeownership. Herearethefundamentalsofwhatyouneedtoknow.

Gettingamortgagecomesdowntotwothings.Your incomeandyourdeposit.Inotherwords,doyouhave enoughincometopayforyourfuturemortgage?Anddo youhaveenoughsavingstomeetthebankcriteria?

Itseemsintuitivetostartwithyourdepositbecausethere issuchaclearlineinthesand.Youcan’tbuyahouseifyou don’thaveacertainpercentageofthepurchasepriceasa deposit.Formostpeople,theminimumdepositis10%.A 20%depositmakesgettingamortgageeasier-youarea saferbetforthebanks-butdon’twriteoﬀhomeownership ifyouonlyhave10%.Evena5%depositispossibleifyou meettheKāingaOraFirstHomeLoancriteria.

MONEYMATTERS

aﬀordabilityby$ spendby$50p abilityby$30,000.These quicklyaddupto

Finally,it’stimetoﬁndouthowmuchmoneyyoucan borrow.Youcanchattoyourbankortalktoanadviser

Therefore,beforeanythingelse,theﬁrstthingtodois togetyourbudgetinorder.Knowexactlyhowmuchhas comeinandgoneoutofyouraccountoverthepastthree months.Thebankwilltakeyourspendingintoaccount inyourapplication.Makesureyouknowwhatyou’re spendingyourmoneyon.

andifyourapplicationisdeclined,alwaysaskthe reason,writes OneRoof.co.nz 33

Figures from Valocity Hou dropsin 15 of with signiﬁcant in Wellington andAuckland.

The capital’saveragepropertyvalue dropped11%

Wayne Shum, head of research at Valocity,saidthatthe volume of mortgage registrations was falling fast.

New Zealand's value droppe months to $1. activity collapse

ONEROOF VALOCITY HOUSE VALUE INDEX

Shumsaid the declinewas in line with declining sales and risinginterest rates. "Beforeweentered theDelta lockdown the market wasstill pumping. It wasn't until the whole Delta lockdownwas hanging around that people started having doubts, especially inAuckland."

NZ’SCHEAPEST

The total number of new mortgagesregistrations includingﬁrst-home buyers, investorsand movers -had dropped from 26,000 in the three months to the endof June to 21,000inthe three months to the endofJuly

Theﬁgures cited below only coversuburbswith 20plus settled sales in the last 12 months

Greater Wellington was also the down yearonyear, butitwon't regionsfollowsuit.

Of the country's sevenmajor metros, only one, Queenstown-Lakes, avoided the winter chill. Its average property value grew 1.8% ($33,000)inthe last three months to $1.878m.

HE HOUSING market decline has accelerated and across the countr

"Worse still, the last six monthshavewiped out more than 40% of the $350,000 valuegains Wellingtonians made during the post-Covid boom. Those whobought aroundmarketpeakwith aminimum depositmay now ﬁnd themselves in negative equity, and runthe risk of incurring real losses if forced to sellinthe currentmarket environment."

Suﬀering the country's biggest Wellington. The region's averag 9.1%overthe quarter,endingits $1m club.

Only West Coast,New Zealand's market, managed to escape thed average property value up 2.5% quarter to $403,000

territorial local authorities, 14 the three monthstothe end of wereinWest Coast and Otago, erbury,and Waikato district,in of the rankings for the second ggrowth of 13.2% and 7.3% lwas at the bottomofthe heap, valuedown11.7%($151,000) er TAsalsosuﬀered double and Otorohanga, both in

HOUSINGMARKET'S WINTERFREEZE

Runanga, in Grey,retains itscrown as New Zealand's cheapest placeto buy,with the town's average property value sitting at $233,000. Value growth over the quarter was 1.7%, adding another$4000 to the price of atypical home there.While theproperty boom hasn’t added hundreds of thousands of dollars to thevalue of Runanga homes, residents who bought in the town post-lockdown, when the average propertyvalue was $165,000, aresitting on atidy $68,000 gain. Just fourothertowns and suburbs have an average property value of less than$300,000: Mataura, in Gore($242,000); Cobden,inGrey ($252,000); Blaketown, also in Grey ($270,000) and Kaitangata, in Clutha ($286,000).

At $1.043 million, New Zealand’s averageproperty value is 4.7% ($47,000) ahead of whereitwas this time last year, butthe downturn is eating away atthegains made late

The number of settled sales in thelast quarterwas 13% down on the quarter prior and 31%down on the same quarter last year."More telling is the fact that sales were 24% down on the samequarterﬁve years ago," Wilson said. "Auckland, which accountsfor thebulkofsales activity in the country,recorded almost 8% fewersales lastquarter than it didduring thesamethree-month [period] in 2017, when thecity's housing marketwas in the midst of aslump."

THE BIGGESTWINNERS, BIGGEST LOSERS

With an average property value of $3.9m, Herne Bay is New Zealand’s most expensive residentialsuburb,but the downturn has made houses thereless expensive. The wealthyenclave hasinthelastthree months lost its status as NZ’s$4m suburb, with its average property value dropping 5.7%($236,000) over thequarter,and 6.91% ($290,000) in the last six months.Year on year growth for the suburb was 4.4%, so those who bought last September have still come out $164,000 ahead.

Wilson said hesitancy among buyers, driven by rising interest rates,aninﬂation rateofmorethan 7% andfears about the widereconomy,was resulting in fewersales, whichinturn wasputting downwards pressure on property values

lastyearand early thisyear,with$40,000 lost in the last ontinued decline at current pace could magic $1m mark beforethe end of ed growth in thethree months estCoast (up 2.5%, to $403,000). from six months ago when ,and onlyAuckland wason the .The regiontakingthe biggest average property value over the quarter to $992,000 -the low $1msince May2021.

James Wilson, head of valuations at Valocity, OneRoof's data partner,said: "Almosthalf of the value gains madeinthe last12months have been wiped out by the slump, withthe nationwideaverage property value down 5% -$55,000 -since peakinginFebruary

MOST EXPENSIVE: Herne Bay,inAuckland. Photo /Fiona Goodall

($151,000) over the quarter to $1.137m, and is down6.3% ($76,000) year on year.The value decline in Tauranga over the quarter was 5.6%,and just over 4% in Dunedin Housevalues in Hamilton andChristchurch dropped 2% and 1.1% respectively

34 OneRoof.co.nz

umes tumbledfrom98,450 in the July to 95,455 in the 12 months the 2605 suburbs covered in 20 or more settled sales over onth period, while597 had oneornone.

Forty-seven suburbs with 20 or moresettledsales in the last12monthshave an average property value of $2m and above -downfrom53 three monthsago.Ofthe current crop of $2m-plus suburbs, just foursaw value growth over the quarter,and only eightare in abetter position now than they weresix months ago. Values in six $2m-plus suburbs-all of which areinAuckland-are downyearonyear.

Auckland’saverage property value wasdown 3% over the threemonths to the endofAugust -its sixth successive quarterly decline since theend of March-and is up just 2.3% yearonyear

Nationwide,movers made up 16.5% of newmortgage registrations in thethree months to theend of July, while investors made up 25.6%, and those re-entering the market madeup2.9%.

NZ’S MOST EXPENSIVE

"Some 7600, or 38.5%,ofall newmortgages issued between May andJulythis year weretoﬁrst-home buyers, compared with 7800, or 36.9%, in theprevious three-month period.

Wilson said:"Fifty eightout of 72 territorial local authorities werein negative growth territoryoverthe quarter andproperty valuesinﬁve were down year on year.Properties in Lowerand Upper Hutt, Porirua, Wellington and Palmerston Northare worth less now than what they wereayear ago. "

Nelson's average property val biggest quarterly drop afterGre followed by Hawke's Bay(dow (down 4.4%).

"Wellington’s newesthomeowners arelooking particularly vulnerable. For thesecond monthina row, housevalues in theregionweredown year on year,with the 5.6% drop recordedin the 12 monthstothe endof August theregion's biggestyear-on-year decline since.

Themost expensive suburb outside ofAucklandis Queenstown-Lakes'Kelvin Heights (down 2.2%overthe quarter to $2.6m).

Almost half of the value gains made in the last 12 months have been wipedout by the slump.

"It's abig drop from the10,500 mortgages registered to ﬁrst-homebuyers 12 months ago, whenthe buyer group represented39.9% of all new mortgages."

Northland $893,000 -2.9% Auckland $1.452m -4.3% Waikato $981,000 -0.6% BayofPlenty $1.040m -4.4% Gisborne $706,000 -3.2% Hawke’sBay $869,000 -5.2% Taranaki $723,000 -1.0% ManawatuWhanganui $659,000 -4.1% TasmanWellington $994,000 -2.0% Marlborough $795,000 -1.4% Nelson $869,000 -5.9% WestCoast $403,000 +2.5% Canterbury $786,000 -1.1% Otago $952,000 -0.4% Southland $520,000 -2.3% $992,000 -9.1%

OutsideofQueenstown-LakesandChristchurch, heatinthemajormetrosisbecominghardertoﬁnd. No suburbinDunedin, Taurangaor Wellington recorded valuegrowthoverthequarter,whilethenumberof growthsuburbsinAucklandandHamiltonwasthree andone respectively.

LakeHayes,inQueenstown-Lakes,enjoyedthe biggestdollargainoverthequarter,withitsaverage propertyvaluerising$147,000to$2.48m.

Theaveragepropertyvaluein 158suburbsislowernowthan whatitwas ayearago, withRoseneath,in Wellington,suﬀering thebiggestdollar dropyearonyear -a declineof $216,000to $1.71m.

2%+ 1%+ 0%+ -1% -2% -3% -4% -5% -6% -9%

KaikouraFlat,inKaikoura,Canterbury,recordedthe strongestgrowthoverthequarter,withthesuburb’s averagepropertyvalueup 11.7%to$870,000. Growth was alsostronginMeremere andPukekawa,bothinWaikato district,but theoverall numberofgrowthsuburbs droppedfrom223inthethree monthstotheendofJuly to157inthethree monthstotheendofJuly.

Northland,in Wellington,isthehousingmarket’s weakestlink.Thesuburb’saveragepropertyvaluefell 15%($220,000)to$1.24minthethreemonthsto theendofAugust,andisdown5.6%yearon year.Another64suburbs,mostlyinGreater Wellington,sawdouble-digitdeclinesoverthe quarter, upfrom 52inthethreemonthstothe endofJuly.The suburbthatlostthemostdollars was TotaraPark,inAuckland'sManukaudistrict, withitsaveragepropertyvaluedropping$299,000 overthequarterto$2.47m.Allup768suburbs lost acombined$44moverthe three-month period, withvaluesdropsof $100,000-plus recorded in 131suburbs.

INDEMAND

Whatthemaptells

you The mapshowsthecurrentaverage property valuefor each region,andgivesthethree-month change.The differentcolourson themapexpress thechangeinhouse valuesineachlocation. All NZ -3.7% $1.043m OneRoof.co.nz 35

FALLING FAST

Ofthe71suburbswithanaveragepropertyvalueof lessthan$500,000,49experiencedvaluedeclinesover thequarter.Thedownturnhasalsowidenedthepool of “cheap”suburbsinthecountry’smostexpensivecity, withthenumberofAucklandsuburbswithanaverage propertyvalueoflessthan$1mupfrom17sixmonths agoto24now.

COOPERSBEACH $920,000$919,000$737,0000.1%24.8%28

KERIKERI $1,129,000$1,156,000$985,000 2.3%14.6%331

PARUA BAY $1,235,000$1,290,000$1,094,000 4.3%12.9%42

RUAKAKA $1,045,000$1,077,000$899,000 3.0%16.2%95

CURRENT AVERAGE PROPERTY VALUE MONTHS AGO MONTHS

MOUNTEDEN $2,005,000$2,086,000$1,896,000 3.9%5.7%354

CABLE BAY $860,000$866,000$716,000 0.7%20.1%60

ONEROOF VALOCITYHOUSE VALUEINDEX

MOUNT ROSKILL $1,312,000$1,331,000$1,276,000 1.4%2.8%311

RUATANGATAWEST $1,116,000$1,172,000$984,000 4.8%13.4%21

The region'smostexpensivesuburbisLangsBeach(averagepropertyvalueof $2.39m)anditscheapestisKaikohe(averagepropertyvalueof$385,000).

MOUNT ALBERT $1,529,000$1,593,000$1,508,000 4.0%1.4%242

HILLSBOROUGH $1,454,000$1,541,000$1,441,000 5.6%0.9%89

KINGSLAND $1,556,000$1,658,000$1,562,000 6.2% 0.4%70

$1,452,000 2.3% AVERAGEPROPERTY VALUEYEARONYEARCHANGE 36 OneRoof.co.nz

PARAHAKI $850,000$881,000$757,000 3.5%12.3%27

GREATER AUCKLAND$1,452,000$1,518,000$1,419,000 4.3%2.3%29475 AUCKLANDCITY$1,647,000$1,711,000$1,632,000 3.7%0.9%7188 AUCKLANDCENTRAL $622,000$635,000$651,000 2.0% 4.5%884 AVONDALE $1,107,000$1,141,000$1,156,000 3.0% 4.2%296 BLOCKHOUSE BAY $1,290,000$1,347,000$1,290,000 4.2%0.0%190 EDENTERRACE $863,000$900,000$878,000 4.1% 1.7%108 ELLERSLIE $1,420,000$1,461,000$1,474,000 2.8% 3.7%153 EPSOM $2,387,000$2,531,000$2,335,000 5.7%2.2%247 FREEMANS BAY $1,837,000$1,892,000$1,810,000 2.9%1.5%89 GLENINNES $1,300,000$1,430,000$1,322,000 9.1%

MORNINGSIDE $1,428,000$1,539,000$1,444,000 7.2% 1.1%68

ONERAHI $701,000$720,000$653,000 2.6%7.4%140

MANGONUI $833,000$839,000$692,000 0.7%20.4%48

Northland'sstarperformersoverthequarterwereWaipapa(up1.2%to$1.13m), Kaitaia(up2.9%to$468,000)andPukenui(up3.9%to$791,000).

Propertyvaluesin41suburbsarelowernowthantheywereinSeptemberlastyear, withManurewaEastdownthemostyearonyear(-9.7%to$798,000).

$893,000 13%%

NORTHLAND $893,000$920,000$790,000 2.9%13.0%4208

OKAIHAU $785,000$785,000$655,0000.0%19.8%31

GREATER AUCKLAND

WAIPAPA $1,130,000$1,117,000$934,0001.2%21.0%65

MOUNT WELLINGTON $1,113,000$1,150,000$1,088,000 3.2%2.3%375

RUSSELL $1,496,000$1,544,000$1,299,000 3.1%15.2%47

WHAUVALLEY $765,000$808,000$713,000 5.3%7.3%51

BAYLYS BEACH $702,000$725,000$609,000 3.2%15.3%20 DARGAVILLE $563,000$587,000$515,000 4.1%9.3%112 KAIWAKA $1,036,000$1,070,000$881,000 3.2%17.6%69 MANGAWHAI $1,421,000$1,477,000$1,225,000 3.8%16.0%140 MANGAWHAIHEADS $1,492,000$1,502,000$1,305,000 0.7%14.3%108 MAUNGATUROTO $786,000$816,000$684,000 3.7%14.9%40 TE KOPURU $512,000$557,000$473,000 8.1%8.2%20 WHANGAREI $934,000$977,000$846,000 4.4%10.4%2116 AVENUES $603,000$653,000$591,000 7.7%2.0%37 GLENBERVIE $1,354,000$1,411,000$1,170,000 4.0%15.7%23 HIKURANGI $667,000$694,000$600,000 3.9%11.2%40 HORAHORA $734,000$775,000$699,000 5.3%5.0%27 KAMO $842,000$864,000$752,000 2.5%12.0%274 KAURI $1,289,000$1,339,000$1,054,000 3.7%22.3%23 KENSINGTON $716,000$749,000$622,000 4.4%15.1%107 LANGSBEACH $2,394,000$2,422,000$2,068,000 1.2%15.8%29 MAUNGATAPERE $1,189,000$1,253,000$1,099,000 5.1%8.2%35 MAUNU $1,116,000$1,141,000$967,000 2.2%15.4%87 MORNINGSIDE $636,000$672,000$581,000 5.4%9.5%47 NGUNGURU $1,165,000$1,215,000$1,031,000 4.1%13.0%35 ONETREEPOINT $1,224,000$1,228,000$1,079,000 0.3%13.4%161 LOCATION CURRENT AVERAGE PROPERTY VALUE THREE MONTHS AGO 12 MONTHS AGO QoQ CHANGE YoY CHANGE SETTLED SALES LAST12 MONTHS

Draggingthe regiondownisWhangarei,wheretheaveragepropertyvalue dropped 4.4%($43,000)overthequarterto$934,000.Ofthe28suburbsinthe TAthathad20or moresettledsalesoverthepast12months, onlyone, Tutukaka, registeredvaluegrowth inthethreemonthstotheendofAugust -ahealthy3.2%liftto$1.49m -but 11 suburbs fellharderthanthe TAaverage.

FARNORTH $797,000$803,000$675,000 0.7%18.1%1435

OftheAuckland suburbsthat recorded20ormore settled salesinthelast12 months,three -GreatBarrierIsland(AoteaIsland),CoatesvilleandPollok -sawvalue growthoverthequarterwhile TotaraParksuﬀeredthebiggestquarterlydrop,10.8% to$2.47m.

LYNFIELD $1,481,000$1,568,000$1,423,000 5.5%4.1%50

TIKIPUNGA $683,000$704,000$626,000 3.0%9.1%196

MISSION BAY $2,437,000$2,626,000$2,352,000 7.2%3.6%86

AHIPARA $666,000$674,000$538,000 1.2%23.8%28

TUTUKAKA $1,497,000$1,451,000$1,223,0003.2%22.4%50

LOCATION

HERNE BAY $3,904,000$4,140,000$3,740,000 5.7%4.4%71

12

KAEO $834,000$843,000$668,000 1.1%24.9%42

OPONONI $567,000$586,000$484,000 3.2%17.1%30

KAIKOHE $385,000$390,000$336,000 1.3%14.6%66

TAMATERAU $1,261,000$1,310,000$1,111,000 3.7%13.5%23

HARURU $865,000$874,000$739,000 1.0%17.1%45

KAIPARA$983,000$1,007,000$863,000 2.4%13.9%657

TAIPA $767,000$768,000$627,000 0.1%22.3%24

Allsevenofthe region'sformerlocalgovernmentareas recordednegativegrowth overthequarter,withManukauandtheNorthShoretakingthebiggesthits;their averagepropertyvaluesfell5.5%and5.4% respectivelyoverthequarter,fuelled byquietersalesactivityintheirhighervaluesuburbs.Thevaluefallsinthefour remainingAucklanddistrictswerebetween2.6%and3.9%.

GREATER AUCKLAND’S averagepropertyvaluefell4.3%($66,000)to$1.45minthe lastthreemonths.Housevaluesinthecityare8%belowwheretheywereatthestart oftheyearandonly2.3%abovewheretheywereinSeptember2021.

Kaipara'saveragepropertyvaluewasdown2.4%overthequarter,with Te Kopuru leadingthe TA'sslumpwith avaluefallof8.1%.MangawhaiHeadsnarrowlyescaped thewintercoldspell,withitsaveragepropertyvaluedownonly0.7%overthequarter.

Theslumpcanalsobeseeninthedrop-oﬀ insalesactivity.Settledsalesinthe 12monthstotheendofAugustnumbered29,475 -downfromthe34,694inthe12 monthstotheendof March.

KOHIMARAMA $2,417,000$2,578,000$2,382,000 6.2%1.5%70

PUKENUI $791,000$761,000$633,0003.9%25.0%20

REGENT $763,000$815,000$698,000 6.4%9.3%38

GREYLYNN $2,021,000$2,136,000$1,986,000 5.4%1.8%222

AGO QoQ CHANGE YoY CHANGE SETTLED SALES LAST12 MONTHS

RIVERSIDE $812,000$869,000$758,000 6.6%7.1%23

MEADOWBANK $1,849,000$1,936,000$1,843,000 4.5%0.3%73

AVERAGEPROPERTY VALUEYEARONYEARCHANGE

RAUMANGA $571,000$602,000$512,000 5.1%11.5%64

NEWWINDSOR $1,405,000$1,501,000$1,343,000 6.4%4.6%58

WAIPU $1,274,000$1,334,000$1,114,000 4.5%14.4%103

KAWAKAWA $503,000$511,000$445,000 1.6%13.0%33

PAIHIA $814,000$827,000$711,000 1.6%14.5%65

GREAT BARRIERIS. (AOTEAISLAND) $842,000$833,000$715,0001.1%17.8%49 GREENLANE $2,032,000$2,163,000$2,083,000 6.1% 2.4%88

THREE

WHANGAREIHEADS $1,221,000$1,261,000$1,071,000 3.2%14.0%38

KAITAIA $468,000$455,000$376,0002.9%24.5%136

WOODHILL $648,000$704,000$617,000 8.0%5.0%38 1.7%147 GLENDOWIE $2,544,000$2,707,000$2,487,000 6.0%2.3%115 GRAFTON $711,000$761,000$768,000 6.6% 7.4%70

NORTHLAND’S averagepropertyvaluefell2.9% to$893,000in thelastthreemonths. That'sstill$103,000upon ayearago(and $271,000abovetheAugust2020 ﬁgure),but thepaceofdeclinehasincreasedsincetheregionﬁrstslippedintonegativegrowth territoryinApril.

NORTHLAND

KARIKARIPENINSULA $812,000$807,000$633,0000.6%28.3%88

ROYALOAK

BIRKENHEAD $1,445,000$1,508,000$1,419,000 4.2%1.8%189

BUCKLANDSBEACH $1,860,000$1,966,000$1,766,000 5.4%5.3%169 CLENDONPARK $803,000$881,000$792,000 8.9%1.4%176

OTEHA $1,230,000$1,278,000$1,230,000 3.8%0.0%89

ARMY BAY

MANGEREBRIDGE $1,407,000$1,497,000$1,282,000 6.0%9.8%137 MANGERE EAST $986,000$1,044,000$925,000 5.6%6.6%255 MANUKAU $678,000$714,000$712,000 5.0% 4.8%89 MANUREWA $907,000$951,000$905,000 4.6%0.2%748 MANUREWAEAST $798,000$886,000$884,000 9.9% 9.7%112 MARAETAI $1,657,000$1,810,000$1,608,000 8.5%3.0%41 MELLONS BAY $2,262,000$2,457,000$2,256,000 7.9%0.3%47 NORTHPARK $1,546,000$1,665,000$1,563,000 7.1% 1.1%56 LOCATION CURRENT AVERAGE PROPERTY VALUE THREE MONTHS AGO 12 MONTHS AGO QoQ CHANGE YoY CHANGE SETTLED SALES LAST12 MONTHS LOCATION

$2,619,000$2,761,000$2,512,000 5.1%4.3%92

SURFDALE $1,573,000$1,676,000$1,392,000 6.1%13.0%48

RANDWICK PARK $837,000$920,000$850,000 9.0% 1.5%98

ONEHUNGA $1,266,000$1,270,000$1,289,000 0.3% 1.8%289

ORAKEI $2,637,000$2,689,000$2,516,000 1.9%4.8%80

2.9%27 WINDSOR PARK $1,515,000$1,564,000$1,494,000 3.1%1.4%24 PAPAKURA $1,136,000$1,176,000$1,061,000 3.4%7.1%2154 CONIFERGROVE $1,131,000$1,227,000$1,092,000 7.8%3.6%87 DRURY $1,515,000$1,594,000$1,311,000 5.0%15.6%28 KARAKA $1,874,000$1,974,000$1,745,000 5.1%7.4%252 OPAHEKE $1,197,000$1,259,000$1,095,000 4.9%9.3%137 PAHUREHURE $1,109,000$1,199,000$1,068,000 7.5%3.8%88 PAPAKURA $944,000$963,000$865,000 2.0%9.1%961 REDHILL $924,000$989,000$826,000 6.6%11.9%66 ROSEHILL $1,027,000$1,099,000$930,000 6.6%10.4%89 TAKANINI $1,034,000$1,062,000$971,000 2.6%6.5%438 RODNEY$1,523,000$1,580,000$1,441,000 3.6%5.7%3285 ALGIES BAY $1,480,000$1,545,000$1,423,000

WAIHEKEISLAND $2,106,000$2,249,000$1,900,000 6.4%10.8%292

WIRI $754,000$817,000$773,000 7.7% 2.5%43

TORBAY $1,358,000$1,412,000$1,350,000 3.8%0.6%281 VALE $1,129,000$1,191,000$1,118,000 5.2%1.0%100 8.8%0.0%72 9.7% 4.2%4.0%22 $1,243,000$1,338,000$1,234,000 7.1%0.7%28 $3,743,000$3,704,000$3,269,0001.1%14.5%51 $2,485,000$2,555,000$2,349,000 2.7%5.8%71 GULFHARBOUR $1,216,000$1,244,000$1,079,000

$1,595,000$1,659,000$1,509,000 3.9%5.7%65

FLAT BUSH $1,484,000$1,524,000$1,427,000 2.6%4.0%819

ALBANYHEIGHTS $1,488,000$1,554,000$1,422,000 4.2%4.6%111

DEVONPORT $2,287,000$2,461,000$2,325,000 7.1% 1.6%109

EAST TAMAKIHEIGHTS $1,885,000$2,032,000$1,855,000 7.2%1.6%64

HILLCREST $1,365,000$1,426,000$1,376,000 4.3% 0.8%162

PARNELL $2,237,000$2,336,000$2,211,000 4.2%1.2%168

HALFMOON BAY $1,773,000$1,831,000$1,664,000 3.2%6.6%105 7.3%1.0%76 7.8% 1.0%78 5.7%1.0%242 4.6%9.4%170

BAYSWATER $1,874,000$2,032,000$1,844,000 7.8%1.6%39

NORTHSHORE $1,570,000$1,660,000$1,568,000 -5.4%0.1%4237

PAKURANGAHEIGHTS $1,312,000$1,369,000$1,261,000 4.2%4.0%141

EASTERNBEACH $2,045,000$2,172,000$2,043,000 5.8%0.1%23

POINTENGLAND $1,240,000$1,312,000$1,268,000 5.5% 2.2%52

SUNNYNOOK $1,334,000$1,398,000$1,339,000 4.6% 0.4%77

PALMBEACH $2,155,000$2,230,000$1,893,000 3.4%13.8%20

BROWNS BAY $1,368,000$1,416,000$1,304,000 3.4%4.9%243

$1,396,000$1,505,000$1,444,000

BIRKDALE $1,050,000$1,101,000$1,065,000 4.6% 1.4%184

$1,205,000$1,310,000$1,168,000

CLARKSBEACH $1,349,000$1,393,000$1,205,000

FORRESTHILL $1,506,000$1,593,000$1,562,000 5.5% 3.6%135

EAST TAMAKI $1,225,000$1,266,000$1,184,000 3.2%3.5%101

PINEHILL $1,788,000$1,892,000$1,798,000 5.5% 0.6%57

DAIRYFLAT

SHELLYPARK $1,693,000$1,852,000$1,658,000 8.6%2.1%32

POINTCHEVALIER $2,112,000$2,232,000$2,122,000 5.4% 0.5%144

WAIAKE $1,692,000$1,873,000$1,743,000

PANMURE $1,153,000$1,225,000$1,151,000 5.9%0.2%112

WHITFORD $3,654,000$3,728,000$3,466,000 2.0%5.4%41

WATTLEDOWNS $1,170,000$1,235,000$1,088,000 5.3%7.5%139

PAREMOREMO $2,027,000$2,226,000$1,929,000 8.9%5.1%28

SCHNAPPER ROCK $1,724,000$1,821,000$1,716,000 5.3%0.5%54

$1,678,000$1,768,000$1,638,000 5.1%2.4%103

MANGERE $1,012,000$1,061,000$925,000

WAIOTAIKI BAY $1,681,000$1,853,000$1,665,000 9.3%1.0%30

CHATSWOOD $1,611,000$1,720,000$1,602,000 6.3%0.6%46

PAPATOETOE $926,000$986,000$911,000 6.1%1.6%800

CASTOR BAY $2,046,000$2,225,000$2,092,000 8.0% 2.2%72

OMIHA $1,207,000$1,347,000$1,179,000 10.4%2.4%20

ROTHESAY BAY $1,693,000$1,868,000$1,798,000 9.4% 5.8%47

UNSWORTHHEIGHTS $1,263,000$1,385,000$1,263,000

TOTARA PARK $2,477,000$2,776,000$2,197,000 10.8%12.7%34

PAKURANGA $1,323,000$1,391,000$1,304,000 4.9%1.5%152

GREENHITHE $1,877,000$2,012,000$1,826,000 6.7%2.8%122 HAURAKI $2,209,000$2,382,000$2,110,000 7.3%4.7%89

NEWMARKET $989,000$1,005,000$1,020,000 1.6% 3.0%39

OSTEND $1,576,000$1,677,000$1,425,000 6.0%10.6%53

HUNUA $1,637,000$1,698,000$1,430,000

WEYMOUTH $891,000$945,000$870,000 5.7%2.4%211

REMUERA $2,987,000$3,018,000$2,809,000 1.0%6.3%433

GLENBROOK $1,343,000$1,423,000$1,221,000

FRANKLIN 5.6%15.8%24 3.2%12.0%51 5.6%10.0%72 3.6%14.5%31 PAERATA 7.1%8.3%49 WAIUKU $1,013,000$1,030,000$904,000 1.7%12.1%274

$1,734,000$1,785,000$1,686,000 2.9%2.8%84

GOLFLANDS 7.2% 3.3%43

MURRAYSBAY $1,858,000$1,996,000$1,893,000 6.9% 1.8%68

BELMONT $1,728,000$1,814,000$1,635,000 4.7%5.7%49

CURRENT

NARROW NECK $2,141,000$2,297,000$2,102,000 6.8%1.9%32

NORTHCOTE $1,380,000$1,434,000$1,348,000 3.8%2.4%139

COATESVILLE

ST HELIERS $2,523,000$2,656,000$2,462,000 5.0%2.5%244

DANNEMORA $1,740,000$1,876,000$1,785,000 7.2% 2.5%35

ALBANY $1,222,000$1,293,000$1,165,000 5.5%4.9%184

HILLPARK $1,023,000$1,109,000$1,033,000

CLOVER PARK $939,000$1,012,000$897,000 7.2%4.7%97

FARMCOVE $1,886,000$2,057,000$1,841,000 8.3%2.4%28

TOTARA HEIGHTS $1,126,000$1,219,000$1,121,000 7.6%0.4%33

CLEVEDON $2,278,000$2,343,000$2,113,000 2.8%7.8%44

HOWICK $1,325,000$1,405,000$1,312,000

GOODWOODHEIGHTS 8.0%3.2%59

MANUKAU (EAST ANDSOUTH) $1,307,000$1,383,000$1,265,000 5.5%3.3%6314 BEACHLANDS $1,722,000$1,812,000$1,636,000 5.0%5.3%152 BOTANYDOWNS $1,389,000$1,474,000$1,363,000 5.8%1.9%110

$1,287,000$1,367,000$1,311,000 5.9% 1.8%45

OTARA $872,000$938,000$829,000 7.0%5.2%128

ONETANGI $2,137,000$2,290,000$1,921,000 6.7%11.2%40

TAKAPUNA $2,392,000$2,529,000$2,337,000 5.4%2.4%168

$1,201,000$1,233,000$1,091,000 2.6%10.1%1348 BOMBAY $1,842,000$1,951,000$1,591,000

PONSONBY

HIGHLAND PARK $1,266,000$1,365,000$1,254,000

ONEROA $2,382,000$2,546,000$2,168,000 6.4%9.9%80

THREEKINGS

COCKLE BAY $1,738,000$1,879,000$1,689,000 7.5%2.9%87

BAYVIEW $1,117,000$1,200,000$1,090,000 6.9%2.5%113

$1,486,000$1,559,000$1,352,000 4.7%9.9%47 PATUMAHOE $1,403,000$1,473,000$1,249,000 4.8%12.3%34 POLLOK $1,183,000$1,161,000$1,006,0001.9%17.6%22 PUKEKOHE $1,025,000$1,058,000$953,000 3.1%7.6%651 RAMARAMA $1,844,000$1,985,000$1,702,000

BEACHHAVEN $1,176,000$1,250,000$1,207,000 5.9% 2.6%223

WESLEY $1,267,000$1,369,000$1,284,000 7.5% 1.3%33

NORTHCROSS $1,402,000$1,491,000$1,418,000 6.0% 1.1%54

STONEFIELDS

SANDRINGHAM $1,589,000$1,650,000$1,541,000 3.7%3.1%195

WATERVIEW $1,154,000$1,273,000$1,128,000 9.3%2.3%40

SUNNYHILLS $1,848,000$1,949,000$1,775,000 5.2%4.1%55

LONG BAY $1,767,000$1,874,000$1,757,000 5.7%0.6%110

CAMPBELLS BAY $2,452,000$2,642,000$2,512,000 7.2% 2.4%50

SAINTMARYS BAY $3,184,000$3,319,000$2,984,000 4.1%6.7%40

FAIRVIEWHEIGHTS $1,706,000$1,783,000$1,704,000 4.3%0.1%47

NORTHCOTEPOINT $1,813,000$1,957,000$1,820,000 7.4% 0.4%46

TOTARA

ONETREEHILL $1,504,000$1,578,000$1,486,000 4.7%1.2%69

THE GARDENS $1,411,000$1,512,000$1,351,000 6.7%4.4%48

SAINTJOHNS

GLENFIELD $1,164,000$1,206,000$1,130,000 3.5%3.0%290

WAIHEKEISLAND $3,600,000$3,869,000$3,245,000 7.0%10.9%31

WESTMERE $2,743,000$2,955,000$2,655,000 7.2%3.3%67

2.3%12.7%192

SOMERVILLE $1,622,000$1,736,000$1,613,000 6.6%0.6%50

AVERAGE PROPERTY VALUE THREE MONTHS AGO 12 MONTHS AGO QoQ CHANGE YoY CHANGE

OTAHUHU $877,000$944,000$840,000 7.1%4.4%186

SALES LAST12 MONTHS OneRoof.co.nz 37

MAIRANGI BAY $1,878,000$1,999,000$1,910,000 6.1% 1.7%100 MILFORD $1,935,000$2,087,000$1,878,000 7.3%3.0%146

FAVONA $951,000$1,000,000$895,000 4.9%6.3%70

SETTLED

POINTWELLS

HILLCREST $828,000$881,000$825,000 6.0%0.4%134

OREWA $1,364,000$1,401,000$1,271,000 2.6%7.3%389

GLENDENE $1,084,000$1,168,000$1,044,000 7.2%3.8%92

WESTHARBOUR $1,456,000$1,537,000$1,367,000 5.3%6.5%164

KELSTON $1,032,000$1,105,000$1,001,000 6.6%3.1%70

RIVERLEA $926,000$988,000$891,000 6.3%3.9%22

LEIGH $1,620,000$1,645,000$1,360,000 1.5%19.1%20

HAMILTONCENTRAL $816,000$831,000$782,000 1.8%4.3%59

TITIRANGI $1,376,000$1,426,000$1,347,000 3.5%2.2%254

MURIWAI

MASSEY $1,108,000$1,128,000$1,083,000 1.8%2.3%538

MAKARAU $1,321,000$1,387,000$1,235,000 4.8%7.0%27

PIHA $1,511,000$1,574,000$1,318,000 4.0%14.6%20

ENDERLEY $647,000$670,000$631,000 3.4%2.5%79

HUNTINGTON $1,147,000$1,155,000$1,069,000 0.7%7.3%145

MELVILLE $696,000$731,000$676,000 4.8%3.0%119

PUKETE $873,000$921,000$847,000 5.2%3.1%98

Waikato'sbestperformingsuburbinthreemonthstotheendofAugustwas Meremere,in Waikato.Itsaveragepropertyvaluejumped10.9%to$531,000 -again of$52,000.TheweakestwasNgatea,inHauraki,withitsaveragepropertyvalue down12.9%($110,000)overthequarter,althoughstillup12.6%yearonyear.

38 OneRoof.co.nz

FAIRFIELD $834,000$859,000$784,000 2.9%6.4%158

MATAKANA $2,071,000$2,150,000$1,796,000 3.7%15.3%44

CHARTWELL $918,000$923,000$850,000 0.5%8.0%252

WAIMAUKU $1,761,000$1,851,000$1,655,000 4.9%6.4%73

SWANSON $1,306,000$1,375,000$1,220,000 5.0%7.0%110

WAITAKERE $1,169,000$1,216,000$1,138,000 3.9%2.7%4648

SILVERDALE

ONEROOF VALOCITYHOUSE VALUEINDEX

STILLWATER $1,706,000$1,789,000$1,598,000 4.6%6.8%34

GLENVIEW $809,000$845,000$786,000 4.3%2.9%137

GLENEDEN $1,013,000$1,054,000$989,000 3.9%2.4%412

$2,344,000$2,435,000$2,058,000 3.7%13.9%34

FAIRVIEWDOWNS $771,000$797,000$745,000 3.3%3.5%44

$1,194,000$1,307,000$1,184,000 8.6%0.8%28

TINDALLSBEACH $1,704,000$1,887,000$1,671,000 9.7%2.0%20

MANLY $1,356,000$1,444,000$1,338,000 6.1%1.3%121

SNELLSBEACH

RIVERHEAD $2,042,000$2,059,000$1,811,000 0.8%12.8%114

HAMILTONEAST $772,000$785,000$756,000 1.7%2.1%282

NAWTON $706,000$735,000$689,000 3.9%2.5%233

SAINTANDREWS $902,000$941,000$861,000 4.1%4.8%140

Hamilton'saveragepropertyvalueismorethan$60,000belowwhereitwasat thestartoftheyear,andonly$33,000aheadofSeptember2021levels.Thetrend linesuggestspropertyvaluesinthecitywillcomeunderfurtherpressure.Aquarter ofthecity's41suburbs recordedfewerthan20settledsalesinthelast12months andonlyone,Flagstaﬀ,registeredvaluegrowthinthelastthreemonths -quitea turnaroundfromtheﬁrstquarteroftheyearwheneverysuburb recordedgrowth.

ORATIA $1,761,000$1,771,000$1,627,000 0.6%8.2%20

SILVERDALE $784,000$847,000$758,000 7.4%3.4%31

$1,507,000$1,589,000$1,428,000 5.2%5.5%202

WHENUAPAI $1,421,000$1,552,000$1,392,000

$1,192,000$1,245,000$1,119,000 4.3%6.5%97

STANMORE BAY $1,225,000$1,275,000$1,150,000 3.9%6.5%271

BEERESCOURT $1,071,000$1,071,000$971,0000.0%10.3%56

HAURAKI $792,000$880,000$640,000 10.0%23.8%413 KEREPEHI $594,000$630,000$446,000 5.7%33.2%20 NGATEA $741,000$851,000$658,000 12.9%12.6%39 PAEROA $624,000$664,000$527,000 6.0%18.4%97 WAIHI $781,000$841,000$637,000 7.1%22.6%165 MATAMATA PIAKO$881,000$878,000$739,0000.3%19.2%674 MATAMATA $889,000$875,000$771,0001.6%15.3%243 MORRINSVILLE $879,000$888,000$758,000 1.0%16.0%241 TEAROHA $774,000$770,000$604,0000.5%28.1%98 OTOROHANGA$670,000$756,000$664,000 -11.4%0.9%148 KAWHIA $582,000$668,000$570,000 12.9%2.1%24 OTOROHANGA $642,000$718,000$620,000 10.6%3.5%93 SOUTH WAIKATO$546,000$564,000$489,000 3.2%11.7%498 PUTARURU $586,000$604,000$506,000 3.0%15.8%109 TIRAU $701,000$736,000$655,000 4.8%7.0%56 TOKOROA $463,000$478,000$379,000 3.1%22.2%301 TAUPO $962,000$1,001,000$859,000 3.9%12.0%1175 ACACIABAY $1,501,000$1,528,000$1,251,000 1.8%20.0%57 HILLTOP $967,000$1,008,000$858,000 4.1%12.7%67 KINLOCH $1,395,000$1,439,000$1,188,000 3.1%17.4%79 KURATAU $910,000$919,000$814,000 1.0%11.8%22 MANGAKINO $551,000$540,000$453,0002.0%21.6%45 MOTUOAPA $818,000$849,000$742,000 3.7%10.2%36 NUKUHAU $949,000$964,000$835,000 1.6%13.7%113 OMORI $845,000$853,000$743,000 0.9%13.7%22 LOCATION CURRENT AVERAGE PROPERTY VALUE THREE MONTHS AGO 12 MONTHS AGO QoQ CHANGE YoY CHANGE SETTLED SALES LAST12 MONTHS LOCATION CURRENT AVERAGE PROPERTY VALUE THREE MONTHS AGO 12 MONTHS AGO QoQ CHANGE YoY CHANGE SETTLED SALES LAST12 MONTHS WAIKATO'S AVERAGE propertyvalueslipped0.6%($6000)to$981,000inthelast threemonths,withstrongvaluegrowthin Waikato TAoﬀsettingthe10%-plusdrops inHaurakiandOtorohanga. Housevaluesinthe regionarestill9.7%($87,000)abovewheretheywerea year ago,and42%($293,000)abovewheretheywerejustbeforethehousingmarkettook WAIKATO $981,000 9.7% AVERAGEPROPERTY VALUEYEARONYEARCHANGE

PARAKAI $875,000$900,000$841,000 2.8%4.0%27

FITZROY $845,000$874,000$801,000 3.3%5.5%41

OKURABUSH $2,757,000$3,033,000$2,861,000 9.1% 3.6%21

PUHOI

FORESTLAKE $799,000$818,000$745,000 2.3%7.2%67

FRANKTON $698,000$723,000$691,000 3.5%1.0%164

CLAUDELANDS $820,000$841,000$777,000 2.5%5.5%63

WAITAKERE $1,640,000$1,682,000$1,430,000 2.5%14.7%33

GRANDVIEWHEIGHTS $956,000$1,014,000$915,000 5.7%4.5%25

HATFIELDSBEACH

WELLSFORD $901,000$944,000 $844,000 4.6% 6.8% 66

$1,589,000$1,732,000$1,580,000 8.3%0.6%28

$1,719,000$1,733,000$1,520,000 0.8%13.1%20

HENDERSON $1,086,000$1,133,000$1,051,000 4.1%3.3%661

WAINUI $1,652,000$1,769,000$1,635,000 6.6%1.0%179

MAEROA $777,000$793,000$741,000 2.0%4.9%56

LAINGHOLM

QUEENWOOD $1,107,000$1,110,000$994,000 0.3%11.4%65

DINSDALE $770,000$801,000$737,000 3.9%4.5%201

oﬀ inSeptember2020.Theslowrateofdeclinemeansthosepost-Covidgainsaresafe fornow,butweaknessesareevidentinthe region'sdiversehousingmarket -someof whichcouldbeseasonallydriven.

GREEN BAY $1,353,000$1,437,000$1,292,000 5.8%4.7%60

TE ATATUSOUTH $1,099,000$1,135,000$1,100,000 3.2% 0.1%259

$1,152,000$1,222,000$1,120,000 5.7%2.9%46

REDBEACH

FLAGSTAFF $1,230,000$1,227,000$1,138,0000.2%8.1%254

HAMILTONLAKE $975,000$1,030,000$984,000 5.3% 0.9%48

WAIKATO$981,000$987,000$894,000 0.6%9.7%10689 HAMILTON$879,000$897,000$846,000 2.0%3.9%3398 BADER $624,000$651,000$625,000 4.1% 0.2%43

SUNNYVALE $1,016,000$1,089,000$991,000 6.7%2.5%106

HELENSVILLE $1,305,000$1,340,000$1,233,000 2.6%5.8%121

KAIPARAFLATS $1,516,000$1,572,000$1,369,000 3.6%10.7%23

KUMEU $1,758,000$1,876,000$1,695,000 6.3%3.7%181

ROTOTUNA $1,073,000$1,092,000$1,012,000 1.7%6.0%69

OMAHA $2,753,000$2,812,000$2,506,000 2.1%9.9%29

DEANWELL $672,000$727,000$681,000 7.6% 1.3%24

ROTOTUNANORTH $1,111,000$1,170,000$1,110,000 5.0%0.1%153

NEW LYNN $975,000$986,000$991,000 1.1% 1.6%374

WHITIORA $714,000$720,000$661,000 0.8%8.0%39

HUAPAI $1,404,000$1,470,000$1,306,000 4.5%7.5%74

HENDERSON VALLEY $1,494,000$1,612,000$1,351,000 7.3%10.6%44

KAUKAPAKAPA

WAITOKI $2,169,000$2,231,000$2,080,000 2.8%4.3%24

HOBSONVILLE $1,264,000$1,303,000$1,190,000 3.0%6.2%583

RANUI $976,000$1,031,000$961,000 5.3%1.6%220

Deanwell,inHamilton'ssouth-west,wasthecity'sbiggestwinterloser,withits averagepropertyvaluedown7.6%($55,000)to$672,000overthequarteranddown 1.3%yearonyear.

WARKWORTH $1,312,000$1,329,000$1,198,000 1.3%9.5%212

$1,528,000$1,543,000$1,457,000 1.0%4.9%52

CHEDWORTH $989,000$1,017,000$913,000 2.8%8.3%26

WESTGATE $1,078,000$1,137,000$1,074,000 5.2%0.4%75 8.4%2.1%159

TE ATATUPENINSULA $1,301,000$1,376,000$1,289,000 5.5%0.9%290

$1,344,000$1,420,000$1,271,000 5.4%5.7%131

PUKEKAWA $1,239,000$1,117,000$1,159,00010.9%6.9%24

WHATAWHATA $1,349,000$1,271,000$1,244,0006.1%8.4%33

BAYOF PLENTY

COOKSBEACH $1,470,000$1,498,000$1,349,000 1.9%9.0%29

POKENO

AVERAGEPROPERTY VALUEYEARONYEARCHANGE

WAIPA$1,103,000$1,138,000$989,000 3.1%11.5%1409 CAMBRIDGE $1,273,000$1,284,000$1,156,000 0.9%10.1%326 KARAPIRO $1,611,000$1,668,000$1,335,000 3.4%20.7%24 KIHIKIHI $831,000$856,000$726,000 2.9%14.5%126 LEAMINGTON $1,036,000$1,044,000$920,000 0.8%12.6%259 NGAHINAPOURI $1,527,000$1,543,000$1,260,000 1.0%21.2%55 OHAUPO $1,399,000$1,428,000$1,189,000 2.0%17.7%45 PIRONGIA $1,106,000$1,166,000$993,000 5.1%11.4%41 TE AWAMUTU $856,000$872,000$747,000 1.8%14.6%412 TEMIRO $1,453,000$1,510,000$1,228,000 3.8%18.3%24 WAITOMO $462,000$480,000$374,000 -3.8%23.5%183 TE KUITI $464,000$491,000$385,000 5.5%20.5%119 BAYOFPLENTY$1,040,000$1,088,000$969,000 4.4%7.3%6076 KAWERAU $441,000$443,000$400,000 0.5%10.3%140 OPOTIKI $617,000$615,000$607,0000.3%1.6%101 OPOTIKI $467,000$467,000$466,0000.0%0.2%59 WAIOTAHE $989,000$1,010,000$976,000 2.1%1.3%21 ROTORUA $792,000$799,000$744,000 0.9%6.5%1120 FAIRYSPRINGS $617,000$611,000$582,0001.0%6.0%37 FENTON PARK $604,000$584,000$572,0003.4%5.6%21 FORDLANDS $407,000$412,000$392,000 1.2%3.8%24 GLENHOLME $706,000$719,000$684,000 1.8%3.2%95 HAMURANA $1,362,000$1,338,000$1,188,0001.8%14.6%27 HILLCREST $653,000$674,000$628,000 3.1%4.0%27 KAWAHAPOINT $834,000$848,000$795,000 1.7%4.9%46 KOUTU $545,000$560,000$538,000 2.7%1.3%21 LYNMORE $991,000$1,010,000$926,000 1.9%7.0%67 MAMAKU $604,000$591,000$558,0002.2%8.2%27 MANGAKAKAHI $574,000$570,000$549,0000.7%4.6%55 NGONGOTAHA $756,000$755,000$694,0000.1%8.9%85 OWHATA $718,000$731,000$671,000 1.8%7.0%106 POMARE $776,000$808,000$745,000 4.0%4.2%25 PUKEHANGI $675,000$679,000$647,000 0.6%4.3%82 SPRINGFIELD $847,000$871,000$818,000 2.8%3.5%64 SUNNYBROOK $764,000$789,000$727,000 3.2%5.1%34 VICTORIA $575,000$574,000$562,0000.2%2.3%39 WESTERNHEIGHTS $557,000$565,000$544,000 1.4%2.4%57 TAURANGA$1,172,000$1,241,000$1,112,000 5.6%5.4%3161 BELLEVUE $853,000$928,000$808,000 8.1%5.6%74 BETHLEHEM $1,241,000$1,313,000$1,127,000 5.5%10.1%164 BROOKFIELD $860,000$925,000$814,000 7.0%5.7%130 GATE PA $731,000$768,000$690,000 4.8%5.9%133 GREERTON $788,000$842,000$746,000 6.4%5.6%70 HAIRINI $847,000$919,000$805,000 7.8%5.2%45 JUDEA $797,000$857,000$766,000 7.0%4.0%64 MATUA $1,291,000$1,383,000$1,207,000 6.7%7.0%91 MAUNGATAPU $983,000$1,050,000$935,000 6.4%5.1%60 MOUNTMAUNGANUI $1,604,000$1,678,000$1,480,000 4.4%8.4%462 OHAUITI $1,194,000$1,255,000$1,112,000 4.9%7.4%136 OTUMOETAI $1,144,000$1,194,000$1,081,000 4.2%5.8%149 PAPAMOA $1,023,000$1,108,000$947,000 7.7%8.0%118 PAPAMOABEACH $1,199,000$1,256,000$1,129,000 4.5%6.2%666 PARKVALE $709,000$768,000$676,000 7.7%4.9%63 HousesinHamilton.The city'saveragepropertyvaluedropped 2% inthelastthree months. Photo /FionaGoodall LOCATION CURRENT AVERAGE PROPERTY VALUE THREE MONTHS AGO 12 MONTHS AGO QoQ CHANGE YoY CHANGE SETTLED SALES LAST12 MONTHS LOCATION CURRENT AVERAGE PROPERTY VALUE THREE MONTHS AGO 12 MONTHS AGO QoQ CHANGE YoY CHANGE SETTLED SALES LAST12 MONTHS

RANGATIRAPARK

WAIPAHIHI $1,130,000$1,188,000$1,038,000 4.9%8.9%36

THEDECLINE inBayofPlenty'saveragepropertyvalueacceleratedoverwinter.In thelastthreemonthsitdropped4.4%($48,000)to$1.04m,althoughitisstillup7.3% ($71,000)yearonyear,whichsuggestsnewhomeownerswillbeabletoholdonto valuegainsforlonger.

$1,761,000$1,808,000$1,540,000

THAMES 1.6%11.0%112

$800,000$813,000$721,000

HUNTLY $595,000$570,000$554,0004.4%7.4%152

$1,083,000$1,110,000$944,000 2.4%14.7%45

TURANGI $509,000$529,000$468,000 3.8%8.8%104

$1,172,000$1,151,000$991,0001.8%18.3%259 WAIKATO$1,178,000$1,098,000$1,088,0007.3%8.3%1654 BUCKLAND $1,494,000$1,408,000$1,369,0006.1%9.1%34

TAIRUA $1,266,000$1,241,000$1,080,0002.0%17.2%72

COROMANDEL $933,000$917,000$831,0001.7%12.3%40

PAUANUI

TAUHARA $631,000$649,000$577,000 2.8%9.4%31

MEREMERE $531,000$479,000$530,00010.9%0.2%29

PORTWAIKATO $667,000$633,000$681,0005.4% 2.1%22

TUAKAU $912,000$888,000$833,0002.7%9.5%173

WHITIANGA

WHAREWAKA $1,414,000$1,480,000$1,255,000 4.5%12.7%106

$1,177,000$1,083,000$1,046,0008.7%12.5%193

TE KAUWHATA $912,000$851,000$835,0007.2%9.2%123

$1,438,000$1,308,000$1,292,0009.9%11.3%24

TE KOWHAI $1,448,000$1,353,000$1,332,0007.0%8.7%33

OneRoof.co.nz 39

MATANGI $1,861,000$1,789,000$1,674,0004.0%11.2%39

RICHMONDHEIGHTS $836,000$876,000$763,000 4.6%9.6%61

RAGLAN $1,286,000$1,207,000$1,176,0006.5%9.4%157

MATARANGI 2.6%10.3%76

NGARUAWAHIA $822,000$796,000$774,0003.3%6.2%206

$1,627,000$1,587,000$1,367,0002.5%19.0%106

TAMAHERE $2,235,000$2,049,000$1,965,0009.1%13.7%81

FentonParkinRotoruaenjoyedthe region'sbiggestvaluelift.Itsaverageproperty valuejumped3.5%to$604,000.However,thedownturndidpullLynmore outof Rotorua's$1mclub,withtheprizedsuburb'saveragepropertyvaluedropping1.9%to $991,000.

COROMANDEL$1,290,000$1,280,000$1,151,0000.8%12.1%1137

THAMES

WHANGAMATA 1.5%11.4%192

WAIRAKEI $1,168,000$1,183,000$967,000 1.3%20.8%27

$1,197,000$1,229,000$1,085,000

MANGATAWHIRI

HAHEI 2.6%14.4%20

$1,040,000 7.3%

Opotikiwastheonly TAtoseevaluegrowthoverthequarter -amodest0.3%,but stillgrowthin aslowingmarket.Thebiggestfalleroverthequarterwas Tauranga, withitsaveragepropertyvaluedropping5.6%($69,000)to$1.172m.Noneofthecity's suburbs recordedvaluegrowthovertheperiod.Poikesuﬀeredtheworstdrop,both inthecityand Waikatoas awhole.Its averagepropertyvaluefell9.1%($72,000)to $723,000.Theleastaﬀected TaurangasuburbwasPyesPa,whichdroppedonly1.9% overthesameperiod.

TAUPO $796,000$796,000$709,0000.0%12.3%211

TAUPIRI $1,208,000$1,133,000$1,103,0006.6%9.5%41

TWOMILEBAY $971,000$1,028,000$906,000 5.5%7.2%29

$1,526,000$1,549,000$1,370,000

OMOKOROA

$723,000$795,000$706,000 9.1%2.4%28

KATIKATI $880,000$889,000$770,000 1.0%14.3%154

PARKVALE $730,000$775,000$729,000 5.8%0.1%79

FRIMLEY

HAVELOCKNORTH $1,334,000$1,381,000$1,222,000 3.4%9.2%288

POIKE

AHURIRI $1,154,000$1,258,000$1,093,000 8.3%5.6%35

NAPIER SOUTH $762,000$807,000$756,000 5.6%0.8%101

40 OneRoof.co.nz

MAREWA $629,000$705,000$669,000 10.8% 6.0%78

$1,385,000$1,426,000$1,198,000 2.9%15.6%34

PYESPA $1,218,000$1,242,000$1,154,000 1.9%5.5%316

GISBORNE,HAWKE'SBAY,MANAWATU-WHANGANUIAND TARANAKI

OMANAWA

AKINA $679,000$727,000$672,000 6.6%1.0%81

FLAXMERE

TE AWA $901,000$958,000$876,000 5.9%2.9%24

$1,694,000$1,771,000$1,471,000 4.3%15.2%27

TARADALE $934,000$977,000$920,000 4.4%1.5%230

ONEKAWA $660,000$714,000$682,000 7.6% 3.2%105

HASTINGS $669,000$700,000$642,000 4.4%4.2%69

$1,547,000$1,617,000$1,350,000 4.3%14.6%34

ESKDALE

WESTERNBAYOFPLENTY$1,282,000$1,337,000$1,134,000 4.1%13.1%1008

NAPIER $878,000$933,000$872,000 5.9%0.7%1173

PAENGAROA $1,154,000$1,181,000$1,001,000 2.3%15.3%34

TAURANGA $1,122,000$1,194,000$1,051,000 6.0%6.8%53

$1,027,000$1,071,000$919,000 4.1%11.8%112

WHAKAMARAMA $1,691,000$1,790,000$1,499,000 5.5%12.8%47

CLIVE $978,000$1,059,000$924,000 7.6%5.8%38 $1,393,000$1,525,000$1,321,000 8.7%5.5%23 $497,000$529,000$491,000 6.0%1.2%126 $963,000$1,030,000$906,000 6.5%6.3%76

CENTRAL NORTH ISLAND

WAIROA$463,000$499,000$388,000 7.2%19.3%122 MAHIA $841,000$910,000$726,000 7.6%15.8%25 WAIROA $339,000$360,000$272,000 5.8%24.6%72 MANAWATU WHANGANUI$659,000$687,000$646,000 4.1%2.0%4965 HOROWHENUA $685,000$724,000$671,000 5.4%2.1%840 FOXTON $556,000$594,000$543,000 6.4%2.4%79 FOXTONBEACH $682,000$732,000$654,000 6.8%4.3%69 LEVIN $663,000$700,000$645,000 5.3%2.8%462 OHAU $1,072,000$1,130,000$969,000 5.1%10.6%44 SHANNON $554,000$591,000$540,000 6.3%2.6%50 TOKOMARU $763,000$799,000$725,000 4.5%5.2%20 WAITAREREBEACH $728,000$797,000$706,000 8.7%3.1%43 MANAWATU $732,000$745,000$712,000 1.7%2.8%628 FEILDING $709,000$723,000$695,000 1.9%2.0%428 HALCOMBE $836,000$849,000$755,000 1.5%10.7%35 HIMATANGIBEACH $555,000$576,000$538,000 3.6%3.2%24 RONGOTEA $736,000$750,000$694,000 1.9%6.1%32 PALMERSTONNORTH$747,000$792,000$750,000 5.7% 0.4%1587 AOKAUTERE $1,238,000$1,275,000$1,119,000 2.9%10.6%25 ASHHURST $764,000$818,000$763,000 6.6%0.1%73 AWAPUNI $698,000$725,000$697,000 3.7%0.1%156 BUNNYTHORPE $978,000$996,000$896,000 1.8%9.2%37 CLOVERLEA $611,000$677,000$641,000 9.7% 4.7%31 FITZHERBERT $1,037,000$1,088,000$1,033,000 4.7%0.4%96 HIGHBURY $593,000$624,000$586,000 5.0%1.2%107 HOKOWHITU $892,000$930,000$868,000 4.1%2.8%176 KELVINGROVE $880,000$918,000$873,000 4.1%0.8%167 MILSON $696,000$736,000$690,000 5.4%0.9%131 PALMERSTONNORTH $706,000$740,000$691,000 4.6%2.2%128 GISBORNE $706,000$729,000$672,000 3.2%5.1%665 ELGIN $525,000$538,000$495,000 2.4%6.1%31 GISBORNE $586,000$602,000$573,000 2.7%2.3%35 INNER KAITI $734,000$785,000$731,000 6.5%0.4%34 KAITI $530,000$540,000$486,000 1.9%9.1%38 LYTTONWEST $915,000$968,000$909,000 5.5%0.7%31 MAKAURI $1,500,000$1,478,000$1,341,0001.5%11.9%21 MANGAPAPA $676,000$699,000$640,000 3.3%5.6%93 OUTER KAITI $525,000$519,000$471,0001.2%11.5%52 RIVERDALE $817,000$854,000$807,000 4.3%1.2%25 TEHAPARA $613,000$640,000$587,000 4.2%4.4%101 LOCATION CURRENT AVERAGE PROPERTY VALUE THREE MONTHS AGO 12 MONTHS AGO QoQ CHANGE YoY CHANGE SETTLED SALES LAST12 MONTHS LOCATION CURRENT AVERAGE PROPERTY VALUE THREE MONTHS AGO 12 MONTHS AGO QoQ CHANGE YoY CHANGE SETTLED SALES LAST12 MONTHS

MAHORA $775,000$841,000$766,000 7.8%1.2%75

BAYVIEW $1,160,000$1,228,000$1,103,000 5.5%5.2%36

OROPI

PIRIMAI $694,000$761,000$712,000 8.8% 2.5%70

PUKEHINA $1,314,000$1,374,000$1,099,000 4.4%19.6%46

WAIHIBEACH $1,557,000$1,608,000$1,331,000 3.2%17.0%62

AONGATETE $1,418,000$1,493,000$1,223,000 5.0%15.9%31

ONEROOF VALOCITYHOUSE VALUEINDEX

MINDEN

WHAKATANE $807,000$824,000$749,000 2.1%7.7%546 COASTLANDS $1,034,000$1,059,000$974,000 2.4%6.2%36 EDGECUMBE $669,000$659,000$621,0001.5%7.7%42 MATATA $878,000$891,000$812,000 1.5%8.1%31 OHOPE $1,231,000$1,335,000$1,209,000 7.8%1.8%95 WHAKATANE $729,000$726,000$664,0000.4%9.8%247 WAINUI $1,509,000$1,607,000$1,476,000 6.1%2.2%23 WHATAUPOKO $895,000$934,000$867,000 4.2%3.2%74 HAWKE'SBAY$869,000$917,000$836,000 5.2%3.9%2903 CENTRALHAWKE'SBAY$720,000$756,000$621,000 4.8%15.9%371 OTANE $846,000$894,000$740,000 5.4%14.3%52 TAKAPAU $532,000$532,000$423,0000.0%25.8%20 WAIPAWA $706,000$725,000$601,000 2.6%17.5%86 WAIPUKURAU $699,000$729,000$592,000 4.1%18.1%138

RAUREKA $685,000$737,000$688,000 7.1% 0.4%67

AWATOTO $1,042,000$1,091,000$961,000 4.5%8.4%33

TAURANGASOUTH

MAYFAIR $664,000$710,000$655,000 6.5%1.4%80

TEPUNA $2,019,000$2,123,000$1,756,000 4.9%15.0%23

WELCOMEBAY $993,000$1,028,000$890,000 3.4%11.6%211

TAHAWAI

MARAENUI $542,000$605,000$554,000 10.4% 2.2%53

TAMATEA $692,000$748,000$705,000 7.5% 1.8%90

Taranakiﬁnallyjoinedthe restoftheNorthIslandinnegativegrowthterritory,with itsaveragepropertydown1%($7000)overthequarter.NewPlymouthhadthegentlest fall,withitsaveragepropertyvaluedown0.7%($6000)to$798,000.

ATHENREE $1,135,000$1,201,000$1,033,000 5.5%9.9%34

PORAITI $1,379,000$1,440,000$1,271,000 4.2%8.5%54

$1,199,000$1,248,000$1,086,000 3.9%10.4%207

HASTINGS$942,000$988,000$903,000 -4.7%4.3%1237

The7.2%fallin Wairoa'saveragepropertyvalueoverthequarteris abrutal turnaroundforthe TA,whichhadenjoyed a5.3%valuesurgeinthethreemonthsto theendofMay -moreevidenceoftheinstabilitythatgoeswith alow-salesmarkets.

$1,787,000$1,882,000$1,562,000 5.0%14.4%31

BLUFFHILL $1,151,000$1,236,000$1,105,000 6.9%4.2%53

TEPUKE $896,000$923,000$788,000 2.9%13.7%183

WESTSHORE $1,194,000$1,230,000$1,168,000 2.9%2.2%31

HOSPITALHILL $1,126,000$1,195,000$1,046,000 5.8%7.6%44

Gisborne,Hawke'sBay,Manawatu-Whanganuiand Taranakiallsuﬀereddropsintheir averagepropertyvalueoverthequarter,withHawke'sBaysuﬀeringthesteepestdecline. Itsaveragepropertyvaluefell5.2%($48,000)to$869,000onthebackofweakmarket conditionsintheregion'stwobiggestcentres,NapierandHastings.Salesvolumesare downintheregion,puttingdownwardspressureonprices.All28NapierandHastings suburbsthatrecorded20ormoresettledsalesinthelast12monthsareinaworse positionnowthantheywereatthestartoftheyear,andpropertyvaluesinsevenare downbyasmuchas6%yearonyear.

SAINTLEONARDS $667,000$732,000$682,000 8.9% 2.2%45

GREENMEADOWS $905,000$975,000$879,000 7.2%3.0%125

Valuedropsofmorethan5%inHorowhenuaandPalmerstonNorthdragged Manawatu-Whanganui'soverallaveragepropertyvaluedown4.1%($28,000)overthe quarterto$659,000.OnlyRuapehu sawvaluegrowth,butagain,lowsalescouldbe maskinggreaterweaknessesin thatmarket.

GREATER WELLINGTON

FRANKLEIGH $744,000$747,000$657,000 0.4%13.2%57 GLEN AVON $804,000$802,000$713,0000.2%12.8%22

OKATO $701,000$673,000$602,0004.2%16.4%33

EPUNI

MOTUROA $797,000$779,000$684,0002.3%16.5%52

TEHOROBEACH

HIGHLANDS PARK $964,000$984,000$850,000 2.0%13.4%42 HURDON $827,000$833,000$737,000 0.7%12.2%20

EASTBOURNE

FAIRFIELD $855,000$1,002,000$973,000

INGLEWOOD $677,000$657,000$592,0003.0%14.4%105

OAKURA $1,315,000$1,363,000$1,164,000 3.5%13.0%23

LYNMOUTH $703,000$734,000$643,000 4.2%9.3%26 MARFELL $477,000$478,000$425,000 0.2%12.2%45

HURWORTH $1,220,000 $1,197,000 $1,034,000 1.9% 18.0% 29

STRANDON $1,013,000$1,010,000$903,0000.3%12.2%52 UPPER VOGELTOWN $710,000$720,000$642,000 1.4%10.6%28 VOGELTOWN $655,000$667,000$599,000 1.8%9.3%45 WAITARA $514,000$508,000$456,0001.2%12.7%108 WAIWHAKAIHO $1,154,000$1,151,000$996,0000.3%15.9%24 WELBOURN $723,000$756,000$681,000 4.4%6.2%35 WESTOWN $665,000$663,000$603,0000.3%10.3%121 WHALERS GATE $799,000$818,000$701,000 2.3%14.0%54 SOUTH TARANAKI $515,000$525,000$441,000 -1.9%16.8%588 ELTHAM $446,000$458,000$392,000 2.6%13.8%36 HAWERA $569,000$568,000$488,0000.2%16.6%301 MANAIA $399,000$403,000$320,000 1.0%24.7%27 NORMANBY $531,000$559,000$451,000 5.0%17.7%27 OPUNAKE $507,000$525,000$442,000 3.4%14.7%59 PATEA $332,000$348,000$258,000 4.6%28.7%29 WAVERLEY $444,000$440,000$349,0000.9%27.2%35 STRATFORD $574,000$584,000$517,000 1.7%11.0%223 STRATFORD $548,000$555,000$489,000 1.3%12.1%170 GREATERWELLINGTON$992,000$1,091,000$1,054,000 9.1% 5.9%8215 CARTERTON $850,000$877,000$803,000 3.1%5.9%252 CARTERTON $726,000$769,000$704,000 5.6%3.1%168 KAPITICOAST $1,003,000$1,039,000$996,000 3.5%0.7%1121 HAUTERE $1,509,000$1,536,000$1,372,000 1.8%10.0%21 OTAKI $815,000$855,000$784,000 4.7%4.0%136 OTAKIBEACH $729,000$776,000$723,000 6.1%0.8%63 PAEKAKARIKI $1,092,000$1,124,000$1,089,000 2.8%0.3%24 PARAPARAUMU $904,000$948,000$911,000 4.6% 0.8%167 PARAPARAUMUBEACH $991,000$1,031,000$967,000 3.9%2.5%179 RAUMATIBEACH

VALUEYEARONYEARCHANGE OneRoof.co.nz 41

ROSLYN $612,000$661,000$616,000 7.4% 0.6%107 TAKARO $617,000$649,000$619,000 4.9% 0.3%108 TERRACEEND $706,000$758,000$707,000 6.9% 0.1%102 WESTEND $671,000$723,000$681,000 7.2% 1.5%80 WESTBROOK $624,000$675,000$627,000 7.6% 0.5%41 RANGITIKEI $554,000$564,000$508,000 1.8%9.1%293 BULLS $606,000$631,000$562,000 4.0%7.8%49 MARTON $603,000$615,000$528,000 2.0%14.2%154 TAIHAPE $414,000$415,000$391,000 0.2%5.9%45 RUAPEHU $462,000$458,000$425,0000.9%8.7%287 OHAKUNE $571,000$583,000$531,000 2.1%7.5%94 RAETIHI $414,000$405,000$363,0002.2%14.0%25 TAUMARUNUI $375,000$378,000$352,000 0.8%6.5%65 TARARUA $528,000$545,000$505,000 3.1%4.6%435 DANNEVIRKE $525,000$540,000$483,000 2.8%8.7%164 EKETAHUNA $492,000$505,000$453,000 2.6%8.6%33 PAHIATUA $544,000$564,000$526,000 3.5%3.4%105 WOODVILLE $489,000$497,000$472,000 1.6%3.6%72 WHANGANUI $578,000$604,000$563,000 4.3%2.7%895 ARAMOHO $512,000$539,000$475,000 5.0%7.8%83 CASTLECLIFF $447,000$482,000$427,000 7.3%4.7%121 DURIEHILL $643,000$675,000$626,000 4.7%2.7%34 GONVILLE $449,000$487,000$448,000 7.8%0.2%121 OTAMATEA $931,000$984,000$892,000 5.4%4.4%25 SAINTJOHNSHILL $726,000$764,000$713,000 5.0%1.8%28 SPRINGVALE $632,000$653,000$601,000 3.2%5.2%90 TAWHERO $557,000$591,000$556,000 5.8%0.2%58 WESTMERE $1,078,000$1,102,000$986,000 2.2%9.3%21 WHANGANUI $421,000$450,000$424,000 6.4% 0.7%95 WHANGANUI EAST $484,000$505,000$482,000 4.2%0.4%119 TARANAKI $723,000$730,000$642,000 1.0%12.6%2411 NEWPLYMOUTH $798,000$804,000$714,000 0.7%11.8%1600 BELLBLOCK $781,000$786,000$672,000 0.6%16.2%132 BLAGDON $600,000$621,000$553,000 3.4%8.5%32

WAIKANAE

FERNDALE $822,000$823,000$726,000 0.1%13.2%21

Thecapitalsufferedtheregion'ssteepestdecline,withtheaveragepropertyvaluein thecityfalling 11.7%($151,000)inthelastthreemonthsto$1.137m.Alsofallinghard overthequarterwereUpperHutt(-9%to$874,000);LowerHutt(-8.5%to$888,000) andPorirua(-8.3%to$947,000).Propertyvaluesinallfour TAsweredownyearon yearbyasmuchas8%,whichwillprovidemoreaffordableopportunitiesto first-home buyersandinvestorsinthe region,butalsoleavemanyhomeownerswhoboughtat theheightofthemarketatriskofnegativeequity.

FITZROY $958,000$967,000$873,000 0.9%9.7%38

14.7% 12.1%44 HUTTCENTRAL $1,235,000$1,349,000$1,282,000 8.5% 3.7%43 KELSON $914,000$1,024,000$999,000 10.7% 8.5%43 MAUNGARAKI $975,000$1,140,000$1,060,000 14.5% 8.0%41 NAENAE $712,000$794,000$779,000 10.3% 8.6%110 NORMANDALE $1,004,000$1,100,000$1,064,000 8.7% 5.6%22 PETONE $982,000$1,056,000$1,047,000 7.0% 6.2%124 STOKES VALLEY $725,000$801,000$784,000 9.5% 7.5%157 TAITA $702,000$780,000$776,000 10.0% 9.5%88 WAINUIOMATA $719,000$777,000$777,000 7.5% 7.5%337 WAIWHETU $854,000$966,000$952,000 11.6% 10.3%73 WATERLOO $960,000$1,097,000$1,060,000 12.5% 9.4%67 WOBURN $1,345,000$1,472,000$1,419,000 8.6% 5.2%46 MASTERTON $768,000$789,000$726,000 2.7%5.8%637 KURIPUNI $632,000$654,000$609,000 3.4%3.8%57 LOCATION CURRENT AVERAGE PROPERTY VALUE THREE MONTHS AGO 12 MONTHS AGO QoQ CHANGE YoY CHANGE SETTLED SALES LAST12 MONTHS LOCATION CURRENT AVERAGE PROPERTY VALUE THREE MONTHS AGO 12 MONTHS AGO QoQ CHANGE YoY CHANGE SETTLED SALES LAST12 MONTHS

AVERAGEPROPERTY

NEWPLYMOUTH $887,000$935,000$798,000 5.1%11.2%100

Shrinkingsalesvolumesarealso acauseforconcern,withthenumberofsettled salesinthe regionfallingfrom9083inthe12monthstotheendof Marchto8215in the12monthstotheendofAugust. Theturnaroundinthecapital'sfortuneshasbeen severe.InthethreemonthstoMarch,justthreesuburbs recordeddeclinesintheir averagepropertyvalueandeverysuburbwasupyearonyear.Now,nosuburbis recordingquarterlygrowth,andhousepricesin47outofthecapital's56suburbsare lowerthantheywere ayearago,withthepricedropsrangingfromaslittleas$6000 inKhandallahtoasmuchas$228,000inOrientalBay. Somesuburbsarelooking particularlyvulnerable:propertyvaluesinPipitea, WellingtonCentral,Mount Victoria, TeAro,OrientalBayandMountCookarelessthan20%aheadofwheretheywerein September2020.Thecrunchhas reducedPipitea'stwo-yearvaluegaintojust$26,000.

THESLUMP hashitGreater Wellingtonhard.Notonlydidtheregion suﬀerthe country'sbiggestvaluedropoverthelastthreemonths,butGreaterWellingtonproperty valuesarenow 5.9% ($62,000)belowwheretheywereinSeptember2021,withtherapid gainsmadeat theendoflastyearandstartof thisyearallgone.

LOWERHUTT$888,000$970,000$975,000 8.5% 8.9%1578 ALICETOWN $918,000$1,014,000$1,026,000 9.5% 10.5%35 AVALON $832,000$918,000$895,000 9.4% 7.0%72 BELMONT $1,042,000$1,164,000$1,096,000 10.5% 4.9%48 $977,000$1,106,000$1,111,000 11.7% 12.1%36 $1,240,000$1,414,000$1,334,000 12.3% 7.0%52 $904,000$1,017,000$997,000 11.1% 9.3%41

LOWER VOGELTOWN $748,000$759,000$667,000 1.4%12.1%41

RAUMATI

$992,000 5.9%

SPOTSWOOD $588,000$580,000$528,0001.4%11.4%43 $1,002,000$1,059,000$993,000 5.4%0.9%82 SOUTH $994,000$1,069,000$1,012,000 7.0% 1.8%79 $930,000$978,000$914,000 4.9%1.8%21 $1,049,000$1,085,000$1,018,000 3.3%3.0%218 WAIKANAEBEACH $1,083,000$1,153,000$1,118,000 6.1% 3.1%78

MERRILANDS $822,000$830,000$732,000 1.0%12.3%66

PARK

BOULCOTT

CHURTONPARK $1,186,000$1,351,000$1,259,000 12.2% 5.8%106

PAPAKOWHAI $980,000$1,116,000$1,080,000 12.2% 9.3%37

AOTEA $1,357,000$1,465,000$1,381,000 7.4% 1.7%92

LYALLBAY $1,118,000$1,291,000$1,179,000 13.4% 5.2%43

WAIKAWA $967,000$983,000$877,000 1.6%10.3%39

GREYTOWN $1,104,000$1,154,000$1,016,000 4.3%8.7%103

MONACO $722,000$785,000$713,000 8.0%1.3%23

TASMAN $994,000$1,014,000$924,000 -2.0%7.6%1190 APPLEBY $1,221,000$1,230,000$1,212,000 0.7%0.7%60 BRIGHTWATER $1,029,000$1,044,000$933,000 1.4%10.3%61 HOPE $1,396,000$1,392,000$1,215,0000.3%14.9%24 KAITERITERI $1,463,000$1,490,000$1,318,000 1.8%11.0%28 MAPUA $1,169,000$1,187,000$1,056,000 3.3%6.1%216 $707,000$736,000$669,000 3.9%5.7%154

PUKERUABAY $967,000$1,112,000$1,054,000 13.0% 8.3%22

$874,000$960,000$948,000 9.0% 7.8%747

CLOUSTONPARK $741,000$854,000$837,000 13.2% 11.5%32

THEBROOK $758,000$806,000$708,000 6.0%7.1%27

TOTARA PARK $749,000$848,000$838,000 11.7% 10.6%36

KELBURN $1,672,000$1,930,000$1,773,000 13.4% 5.7%42

RANUI

MOUNTVICTORIA $1,386,000$1,610,000$1,470,000 13.9% 5.7%64

WestCoastwasthesole regionto registergrowthinthelastthreemonths.Its averagepropertyvaluewasup2.5%($10,000)to$403,000,drivenby arelatively strongshowingby Westland(up4.2%)andGrey(2.6%).ThefactthatNewZealand's cheapesthousingmarketisstillgrowingwhilethe restofthecountryisin aslumpis telling,butlowsalesactivity(the region recorded 1107settledsalesinthe12months totheendofAugust,downfrom1365inthe12monthstotheendofMarch)makesit hardto drawtoomanyhardconclusionsaboutpriceandaﬀordability.

1.5%10.7%36 MOTUEKA $800,000$815,000$753,000 1.8%6.2%141 REDWOOD VALLEY $1,673,000$1,641,000$1,454,0002.0%15.1%30 RICHMOND $910,000$939,000$849,000 3.1%7.2%446 RUBYBAY $1,566,000$1,561,000$1,402,0000.3%11.7%26 TAKAKA $711,000$746,000$678,000 4.7%4.9%34 UPPERMOUTERE $1,351,000$1,346,000$1,196,0000.4%13.0%32 WAKEFIELD $970,000$990,000$878,000 2.0%10.5%66 WESTCOAST $403,000$393,000$355,0002.5%13.5%1107 BULLER $375,000$371,000$329,0001.1%14.0%365 KARAMEA $412,000$393,000$336,0004.8%22.6%21 REEFTON $324,000$306,000$262,0005.9%23.7%29 WESTPORT $371,000$381,000$329,000 2.6%12.8%179 LANSDOWNE $734,000$760,000$692,000 3.4%6.1%107 MASTERTON $645,000$667,000$608,000

MIRAMAR $1,177,000$1,328,000$1,203,000 11.4% 2.2%112

KENEPURU $936,000$1,056,000$1,004,000 11.4% 6.8%39

NEWLANDS $956,000$1,072,000$993,000 10.8% 3.7%105

SOLWAY

SPRINGLANDS $870,000$893,000$805,000 2.6%8.1%139

MAYFIELD $605,000$614,000$605,000 1.5%0.0%31

ISLANDBAY $1,326,000$1,455,000$1,355,000 8.9% 2.1%90

BROADMEADOWS $1,012,000$1,152,000$1,070,000 12.2% 5.4%21

UPPERHUTT

RIVERSTONETERRACES

TEARO $796,000$871,000$810,000 8.6% 1.7%242 THORNDON $1,127,000$1,251,000$1,181,000 9.9% 4.6%74 WADESTOWN $1,412,000$1,636,000$1,543,000 13.7% 8.5%44 WELLINGTONCENTRAL $627,000$668,000$634,000 6.1% 1.1%64 WILTON $1,097,000$1,286,000$1,129,000 14.7% 2.8%33 WOODRIDGE $1,045,000$1,206,000$1,110,000 13.3% 5.9%25 LOCATION CURRENT AVERAGE PROPERTY VALUE THREE MONTHS AGO 12 MONTHS AGO QoQ CHANGE YoY CHANGE SETTLED SALES LAST12 MONTHS LOCATION CURRENT AVERAGE PROPERTY VALUE THREE MONTHS AGO 12 MONTHS AGO QoQ CHANGE YoY CHANGE SETTLED SALES LAST12 MONTHS

MAUPUIA $1,085,000$1,190,000$1,081,000 8.8%0.4%24

BISHOPDALE $794,000$831,000$739,000 4.5%7.4%33

CANNONSCREEK $603,000$698,000$642,000 13.6% 6.1%31

42 OneRoof.co.nz

ONEROOF VALOCITYHOUSE VALUEINDEX

$712,000$794,000$734,000 10.3% 3.0%45

CROFTONDOWNS $1,179,000$1,363,000$1,204,000 13.5% 2.1%28

TAWA $985,000$1,072,000$1,011,000

NELSON $1,179,000$1,269,000$1,107,000 7.1%6.5%26

MARYBANK $974,000$1,001,000$911,000 2.7%6.9%21

STEPNEYVILLE $1,246,000$1,358,000$1,241,000 8.2%0.4%21

GRENADAVILLAGE $1,135,000$1,306,000$1,188,000 13.1% 4.5%40 HATAITAI $1,313,000$1,513,000$1,394,000 13.2% 5.8%88

JOHNSONVILLE $956,000$1,036,000$999,000 7.7% 4.3%163

MELROSE $1,165,000$1,357,000$1,300,000 14.1% 10.4%27

HAVELOCK $722,000$723,000$630,000 0.1%14.6%30

FEATHERSTON $692,000$743,000$690,000 6.9%0.3%77

ELDERSLEA $810,000$908,000$897,000 10.8% 9.7%36

BRITANNIAHEIGHTS $1,551,000$1,682,000$1,469,000 7.8%5.6%20

BIRCHVILLE $784,000$896,000$869,000 12.5% 9.8%41

PAREMATA $1,075,000$1,204,000$1,123,000 10.7% 4.3%32

BERHAMPORE

NORTHLAND $1,247,000$1,467,000$1,321,000 15.0% 5.6%59

SEATOUN $2,007,000$2,267,000$1,979,000

UPPER SOUTH ISLAND

REDWOODTOWN $625,000$642,000$610,000 2.6%2.5%142

ENNERGLYNN $942,000$994,000$870,000 5.2%8.3%30

KILBIRNIE $1,021,000$1,183,000$1,092,000 13.7% 6.5%41

RIVERSDALE $584,000$599,000$587,000 2.5% 0.5%30

PORIRUA $947,000$1,033,000$997,000 8.3% 5.0%748

BURLEIGH $1,068,000$1,089,000$979,000 1.9%9.1%21

TRENTHAM $774,000$870,000$827,000 11.0% 6.4%142

WALLACEVILLE $833,000$927,000$912,000 10.1% 8.7%100 14.3% 7.7%38 $962,000$1,097,000$1,053,000 12.3% 8.6%62

CAMBORNE $1,008,000$1,120,000$1,067,000 10.0% 5.5%29

RENWICK $790,000$811,000$753,000 2.6%4.9%46

NELSON SOUTH $812,000$867,000$771,000 6.3%5.3%75

BROWNOWL $844,000$982,000$953,000 14.1% 11.4%27

MAORIBANK $691,000$806,000$786,000 14.3% 12.1%24

WELLINGTON$1,137,000$1,288,000$1,213,000 11.7% 6.3%2796 AROVALLEY $1,110,000$1,295,000$1,202,000

MARLBOROUGH $795,000$806,000$751,000 1.4%5.9%1182

KHANDALLAH $1,518,000$1,661,000$1,524,000 8.6% 0.4%119

BLENHEIM $638,000$640,000$619,000 0.3%3.1%178

NEWTOWN $1,091,000$1,260,000$1,157,000 13.4% 5.7%91 NGAIO $1,246,000$1,392,000$1,268,000 10.5% 1.7%74

KARORI $1,301,000$1,385,000$1,332,000 6.1% 2.3%210

EBDENTOWN $756,000$848,000$844,000 10.8% 10.4%54

Propertyvaluesinthe restoftheupperSouthIslandstruggledoverthequarter. Nelson'saveragepropertyvaluefell5.9%($53,000)to$850,000asbuyerscontinued their retreat,butthesevereﬂoodingthathaswreakedhavocacrossthe regionislikely tohave abiggerimpactonvaluesinthe monthsahead.

PINEHAVEN $853,000$952,000$910,000 10.4% 6.3%32

MARTINBOROUGH $1,175,000$1,191,000$1,078,000 1.3%9.0%64

TOITOI $568,000$625,000$565,000 9.1%0.5%45 WAKATU $771,000$810,000$722,000 4.8%6.8%20 WASHINGTONVALLEY $645,000$702,000$653,000 8.1% 1.2%44

$1,164,000$1,292,000$1,193,000 9.9% 2.4%31

NELSON $850,000$903,000$823,000 5.9%3.3%960 ATAWHAI $973,000$1,024,000$936,000 5.0%4.0%57

PICTON $676,000$688,000$642,000 1.7%5.3%89

THE WOOD $834,000$905,000$818,000 7.8%2.0%63

WITHERLEA $794,000$816,000$750,000 2.7%5.9%150

TAHUNANUI $749,000$789,000$682,000 5.1%9.8%88

ASCOT PARK $727,000$809,000$787,000 10.1% 7.6%29

WHITBY $1,091,000$1,139,000$1,116,000 4.2% 2.2%215

SOUTH WAIRARAPA$1,022,000$1,049,000$958,000 2.6%6.7%336

SILVERSTREAM $1,004,000$1,086,000$1,034,000 7.6% 2.9%60

TIMBERLEA $843,000$973,000$932,000 13.4% 9.5%43

MOUNTCOOK $894,000$1,007,000$963,000 11.2% 7.2%55

PAPARANGI $953,000$1,101,000$1,003,000 13.4% 5.0%40 12.0% 11.2%21 11.5%1.4%45 13.5%1.5%39 8.1% 2.6%195

PLIMMERTON $1,148,000$1,259,000$1,167,000 8.8% 1.6%27

STRATHMORE PARK $1,190,000$1,375,000$1,172,000

MARLBOROUGH,NELSON, TASMANANDWESTCOAST

Thequarterlydeclinesin Marlboroughand Tasmanwererelativelygentler -1.4% and2% respectively -buttheslumphaseatenupmuchofthegainsmadeatthestartof theyear.

BROOKLYN $1,241,000$1,380,000$1,267,000 10.1% 2.1%88

STOKE $801,000$823,000$755,000 2.7%6.1%306

ROSENEATH $1,714,000$1,947,000$1,930,000

TAKAPUWAHIA $679,000$770,000$725,000 11.8% 6.3%21

TITAHIBAY $794,000$889,000$873,000 10.7% 9.0%92

KAINGA $548,000$543,000$472,0000.9%16.1%29

DALLINGTON $573,000$581,000$514,000 1.4%11.5%35

WAINONI $491,000$492,000$439,000 0.2%11.8%58

SPREYDON $654,000$667,000$569,000 1.9%14.9%166

HEATHCOTE VALLEY $813,000$841,000$700,000 3.3%16.1%26

PAPANUI $777,000$794,000$667,000 2.1%16.5%137

$786,000 15.4% AVERAGEPROPERTY VALUEYEARONYEARCHANGE OneRoof.co.nz 43

STROWAN $1,300,000$1,299,000$1,070,0000.1%21.5%73

ThreeofCanterbury'snine TAswerestillenjoyinggrowthoverthequarter: Kaikoura'saveragepropertyvaluewasup13.2%to$761,000;Mackenzie'swasup4% to$801,000 andWaimatewasup1.8%$515,000.Homeownersinthosedistrictsshould avoid readingtoomuchintothese ﬁguresaslowsalesvolumesinallthreecouldbe leadingtovolatilityinthemarket.Selwyn,the region'smostexpensive TA,suﬀeredthe biggestdrop,at3.7%,whileChristchurch'sdeclinewas arelativelysmall1.1%.

MARSHLAND $1,126,000$1,117,000$904,0000.8%24.6%86

NORTHNEWBRIGHTON $569,000$559,000$478,0001.8%19.0%91

WAIMAIRIBEACH $952,000$964,000$827,000 1.2%15.1%24

CHRISTCHURCHCENTRAL $716,000$722,000$614,000 0.8%16.6%243

NEWBRIGHTON $540,000$542,000$461,000 0.4%17.1%148

HOONHAY $701,000$699,000$583,0000.3%20.2%115

HUNTSBURY $1,139,000$1,139,000$991,0000.0%14.9%57

SYDENHAM $569,000$578,000$512,000 1.6%11.1%154

HILLSBOROUGH $814,000$833,000$693,000 2.3%17.5%46

MERIVALE $1,582,000$1,534,000$1,357,0003.1%16.6%125

FENDALTON $1,845,000$1,820,000$1,620,0001.4%13.9%103

MOUNTPLEASANT $1,167,000$1,141,000$963,0002.3%21.2%67

ST ALBANS $873,000$894,000$786,000 2.3%11.1%389

PARKLANDS $759,000$747,000$647,0001.6%17.3%178

OPAWA $786,000$776,000$680,0001.3%15.6%20

CANTERBURY

LYTTELTON $768,000$777,000$663,000 1.2%15.8%29

HILLMORTON $701,000$700,000$597,0000.1%17.4%50

MAIREHAU $642,000$647,000$550,000 0.8%16.7%169

ISLINGTON $587,000$583,000$499,0000.7%17.6%23

CASHMERE $1,144,000$1,146,000$950,000 0.2%20.4%94

PHILLIPSTOWN $454,000$463,000$395,000 1.9%14.9%111

BURNSIDE $902,000$900,000$775,0000.2%16.4%198

REDWOOD $683,000$689,000$572,000 0.9%19.4%178

SHIRLEY $662,000$668,000$566,000 0.9%17.0%104

SUMNER $1,145,000$1,156,000$1,006,000 1.0%13.8%30

UPPERRICCARTON $705,000$731,000$631,000 3.6%11.7%93

SOMERFIELD $759,000$778,000$645,000 2.4%17.7%110

At asuburblevel,thebiggestdropwasinAkaroa,ontheoutskirtsofChristchurch. Theholidaytown'saveragepropertyvaluefell7.2%($73,000)to$945,000.Thenext biggestdropswereinSelwyn'sSpringston(down6.8%)andDunsandel(6.6%).South NewBrightonwasChristchurch'sbiggestrise- itsaveragepropertyvaluewasup2.9% to$613,000 -but ofthe region'sbiggestwinners overthequarterwereKaikouraFlat,in Kaikoura(up 11.7%to$870,000),andBenOhau,inMackenzie(up9.5%to$1.09m).

BRYNDWR $805,000$798,000$709,0000.9%13.5%117

WALTHAM $508,000$518,000$433,000 1.9%17.3%93 WESTMORLAND $1,172,000$1,149,000$968,0002.0%21.1%27 WIGRAM $906,000$911,000$737,000 0.5%22.9%77 WOOLSTON $547,000$558,000$474,000 2.0%15.4%250 YALDHURST $1,091,000$1,081,000$928,0000.9%17.6%34 HURUNUI $665,000$679,000$585,000 2.1%13.7%407 AMBERLEY $701,000$717,000$613,000 2.2%14.4%119 HANMERSPRINGS $746,000$777,000$671,000 4.0%11.2%100 LEITHFIELD $661,000$672,000$567,000 1.6%16.6%40 KAIKOURA$761,000$672,000$642,00013.2%18.5%116 KAIKOURA $699,000$631,000$596,00010.8%17.3%56 KAIKOURAFLAT $870,000$779,000$727,00011.7%19.7%32 LOCATION CURRENT AVERAGE PROPERTY VALUE THREE MONTHS AGO 12 MONTHS AGO QoQ CHANGE YoY CHANGE SETTLED SALES LAST12 MONTHS LOCATION CURRENT AVERAGE PROPERTY VALUE THREE MONTHS AGO 12 MONTHS AGO QoQ CHANGE YoY CHANGE SETTLED SALES LAST12 MONTHS

TEMPLETON $864,000$836,000$699,0003.3%23.6%33

HALSWELL $894,000$907,000$747,000 1.4%19.7%210

NORTHCOTE $599,000$604,000$519,000 0.8%15.4%62

SOUTHNEWBRIGHTON $613,000$596,000$516,0002.9%18.8%43

BROOMFIELD $711,000$722,000$627,000 1.5%13.4%31

NORTHWOOD $1,145,000$1,157,000$945,000 1.0%21.2%111

RICCARTON $764,000$768,000$668,000 0.5%14.4%207

SOCKBURN $659,000$663,000$566,000 0.6%16.4%74

SOUTHSHORE $710,000$692,000$592,0002.6%19.9%21

GREY$397,000$387,000$349,0002.6%13.8%413 BLAKETOWN $270,000$279,000$235,000 3.2%14.9%27 COBDEN $252,000$259,000$221,000 2.7%14.0%58 GREYMOUTH $388,000$387,000$339,0000.3%14.5%98 KARORO $510,000$494,000$455,0003.2%12.1%23 MARSDEN $658,000$636,000$586,0003.5%12.3%21 PAROA $614,000$586,000$548,0004.8%12.0%27 RUNANGA $233,000$229,000$202,0001.7%15.3%25 WESTLAND $449,000$431,000$399,0004.2%12.5%329 ARAHURAVALLEY $604,000$577,000$550,0004.7%9.8%25 FRANZJOSEFGLACIER $490,000$468,000$439,0004.7%11.6%30 HOKITIKA $397,000$396,000$361,0000.3%10.0%97 RUATAPU $547,000$541,000$477,0001.1%14.7%21 CANTERBURY$786,000$795,000$681,000 1.1%15.4%13867 ASHBURTON $609,000$610,000$533,000 0.2%14.3%921 ALLENTON $623,000$622,000$536,0000.2%16.2%214 ASHBURTON $508,000$498,000$441,0002.0%15.2%119 HAMPSTEAD $441,000$441,000$378,0000.0%16.7%86 HUNTINGDON $1,047,000$1,039,000$958,0000.8%9.3%48 METHVEN $684,000$676,000$585,0001.2%16.9%113 NETHERBY $542,000$549,000$471,000 1.3%15.1%60 RAKAIA $558,000$545,000$476,0002.4%17.2%68 TINWALD $599,000$597,000$533,0000.3%12.4%130 CHRISTCHURCH $790,000$799,000$687,000 1.1%15.0%7212 ADDINGTON $556,000$559,000$473,000 0.5%17.5%113 AIDANFIELD $958,000$942,000$802,0001.7%19.5%34 AKAROA $945,000$1,018,000$881,000 7.2%7.3%21 ARANUI $465,000$470,000$401,000 1.1%16.0%91 AVONDALE $543,000$536,000$457,0001.3%18.8%72 AVONHEAD $839,000$830,000$728,0001.1%15.2%204 AVONSIDE $545,000$533,000$470,0002.3%16.0%28 BECKENHAM $838,000$875,000$756,000 4.2%10.8%31 BELFAST $697,000$708,000$609,000 1.6%14.4%80 BISHOPDALE $695,000$694,000$588,0000.1%18.2%164

EDGEWARE $558,000$557,000$483,0000.2%15.5%105

BURWOOD $686,000$677,000$568,0001.3%20.8%163

SAINTMARTINS $747,000$767,000$645,000 2.6%15.8%48

RUSSLEY $728,000$735,000$639,000 1.0%13.9%61

HORNBY $614,000$610,000$509,0000.7%20.6%92

ILAM $966,000$982,000$863,000 1.6%11.9%191

RICHMOND $554,000$570,000$483,000 2.8%14.7%88

HAREWOOD $1,125,000$1,116,000$941,0000.8%19.6%39

HEIHEI $610,000$617,000$521,000 1.1%17.1%51

REDCLIFFS $1,155,000$1,204,000$1,038,000 4.1%11.3%45

CANTERBURY'S AVERAGE propertyvalueslipped1.1%($9000)overthequarterto $786,000,butisstillup15%($105,000)yearonyear.Canterburyhasbeenoneofthelast regionstofeelthefullimpactoftheslump,althoughvaluegrowthintheﬁrsthalfofthe yearwasacrawlcomparedtothe9.3%surgeenjoyedinthelastthreemonthsof2021. Butwhiletheregion'shousingmarketisunlikelytoseethesuper-chargedgrowthrates of2021again,it'sequallyunlikelytoexperiencethesteepdeclinesseeninotherpartsof thecountry,withtheregion'smaincentresstillseenasaﬀordableanddesirablebybuyers rightnow.

CASEBROOK $846,000$831,000$700,0001.8%20.9%92

LINWOOD $491,000$494,000$423,000 0.6%16.1%225

BROMLEY $532,000$525,000$444,0001.3%19.8%50

Anaerialviewof Lake Tekapo,inMackenzie,Canterbury. Thetown'saverageproperty valuejumped4%inthelastthreemonths to $1.131m. Photo /GettyImages

LOCATION CURRENT AVERAGE PROPERTY VALUE THREE MONTHS AGO 12 MONTHS AGO QoQ CHANGE YoY CHANGE SETTLED SALES LAST12 MONTHS LOCATION CURRENT AVERAGE PROPERTY VALUE THREE MONTHS AGO 12 MONTHS AGO QoQ CHANGE YoY CHANGE SETTLED SALES LAST12 MONTHS 44 OneRoof.co.nz

MACKENZIE $801,000$770,000$720,0004.0%11.3%234 BENOHAU $1,095,000$1,000,000$927,0009.5%18.1%22 FAIRLIE $545,000$520,000$478,0004.8%14.0%37 LAKETEKAPO $1,131,000$1,087,000$1,057,0004.0%7.0%50 TWIZEL $749,000$727,000$673,0003.0%11.3%102 SELWYN$988,000$1,026,000$846,000 3.7%16.8%2108 DARFIELD $857,000$875,000$699,000 2.1%22.6%127 DUNSANDEL $849,000$909,000$716,000 6.6%18.6%27 KIRWEE $1,085,000$1,087,000$844,000 0.2%28.6%40 LEESTON $793,000$821,000$657,000 3.4%20.7%86 LINCOLN $1,045,000$1,060,000$863,000 1.4%21.1%353 PREBBLETON $1,337,000$1,378,000$1,104,000 3.0%21.1%124 ROLLESTON $893,000$926,000$783,000 3.6%14.0%983 SOUTHBRIDGE $666,000$696,000$564,000 4.3%18.1%35 SPRINGSTON $1,042,000$1,118,000$864,000 6.8%20.6%58 TAITAPU $1,513,000$1,568,000$1,229,000 3.5%23.1%37 WESTMELTON $1,419,000$1,431,000$1,138,000 0.8%24.7%104 WINDWHISTLE $741,000$766,000$608,000 3.3%21.9%26 TIMARU $582,000$584,000$519,000 0.3%12.1%1096 GERALDINE $581,000$582,000$513,000 0.2%13.3%100 GLENITI $799,000$808,000$716,000 1.1%11.6%79 GLENWOOD $550,000$539,000$488,0002.0%12.7%49 HIGHFIELD $606,000$598,000$528,0001.3%14.8%96 KENSINGTON $459,000$452,000$405,0001.5%13.3%31 MAORIHILL $575,000$575,000$534,0000.0%7.7%31 MARCHWIEL $526,000$525,000$462,0000.2%13.9%75 OCEANVIEW $632,000$631,000$556,0000.2%13.7%23 PARKSIDE $447,000$447,000$413,0000.0%8.2%74 PLEASANTPOINT $588,000$577,000$510,0001.9%15.3%37 SEAVIEW $468,000$472,000$431,000 0.8%8.6%60 TEMUKA $498,000$491,000$437,0001.4%14.0%123 WAIMATAITAI $514,000$508,000$451,0001.2%14.0%47 WATLINGTON $460,000$467,000$420,000 1.5%9.5%32 WESTEND $492,000$491,000$438,0000.2%12.3%67 WAIMAKARIRI $838,000$846,000$718,000 0.9%16.7%1598 ASHLEY $986,000$991,000$822,000 0.5%20.0%20 BURNTHILL $923,000$907,000$786,0001.8%17.4%26 CUST $1,099,000$1,072,000$903,0002.5%21.7%20 EYREWELL $1,038,000$1,033,000$860,0000.5%20.7%26 FERNSIDE $1,258,000$1,269,000$1,076,000 0.9%16.9%32 KAIAPOI $686,000$694,000$586,000 1.2%17.1%302 LOBURN $1,119,000$1,103,000$916,0001.5%22.2%49 OHOKA $1,465,000$1,448,000$1,200,0001.2%22.1%33 OXFORD $691,000$705,000$591,000 2.0%16.9%81 PEGASUS $854,000$867,000$702,000 1.5%21.7%198 RANGIORA $723,000$725,000$623,000 0.3%16.1%447 SEFTON $1,003,000$984,000$819,0001.9%22.5%20 SWANNANOA $1,238,000$1,237,000$1,030,0000.1%20.2%46 WAIKUKUBEACH $659,000$669,000$580,000 1.5%13.6%31 WOODEND $749,000$772,000$640,000 3.0%17.0%176 WAIMATE $515,000$506,000$432,0001.8%19.2%175 WAIMATE $496,000$488,000$410,0001.6%21.0%142

KAIKORAI $625,000$651,000$628,000 4.0% 0.5%38 KARITANE $747,000$773,000$652,000 3.4%14.6%22 KENMURE $651,000$700,000$659,000 7.0% 1.2%42 MAORIHILL $1,139,000$1,155,000$1,060,000 1.4%7.5%48 MORNINGTON $610,000$641,000$630,000 4.8% 3.2%58 MOSGIEL $766,000$774,000$747,000 1.0%2.5%320 MUSSELBURGH $689,000$718,000$682,000 4.0%1.0%37 NORTHDUNEDIN $792,000$818,000$795,000 3.2% 0.4%45 NORTH EAST VALLEY $580,000$594,000$580,000 2.4%0.0%77 OPOHO $753,000$775,000$726,000 2.8%3.7%20 RAVENSBOURNE $568,000$582,000$555,000 2.4%2.3%21 ROSLYN $940,000$972,000$919,000 3.3%2.3%41 SAINTCLAIR $966,000$1,004,000$904,000 3.8%6.9%52 SAINTKILDA $530,000$553,000$532,000 4.2% 0.4%120 SAWYERSBAY $711,000$732,000$656,000 2.9%8.4%34 SHIELHILL $832,000$891,000$830,000 6.6%0.2%22

OTAGO$952,000$956,000$860,000 0.4%10.7%5290 CENTRAL OTAGO$908,000$888,000$783,0002.3%16.0%624 ALEXANDRA $756,000$753,000$685,0000.4%10.4%134 BRIDGEHILL $908,000$905,000$804,0000.3%12.9%38 CLYDE $977,000$939,000$787,0004.0%24.1%35 CROMWELL $963,000$939,000$835,0002.6%15.3%207 MOUNTPISA $1,369,000$1,310,000$1,095,0004.5%25.0%27 CLUTHA $445,000$454,000$405,000 2.0%9.9%360 BALCLUTHA $446,000$456,000$410,000 2.2%8.8%100 KAITANGATA $286,000$289,000$245,000 1.0%16.7%20 MILTON $447,000$460,000$410,000 2.8%9.0%65 WAIHOLA $666,000$688,000$628,000 3.2%6.1%20 DUNEDIN $707,000$737,000$704,000 4.1%0.4%2265 ABBOTSFORD $655,000$704,000$674,000 7.0% 2.8%33 ANDERSONSBAY $719,000$771,000$731,000 6.7% 1.6%44 BELLEKNOWES $852,000$887,000$823,000 3.9%3.5%37 BROCKVILLE $533,000$567,000$544,000 6.0% 2.0%21 CALTONHILL $503,000$525,000$511,000 4.2% 1.6%32 CAVERSHAM $479,000$514,000$484,000 6.8% 1.0%46 CONCORD $620,000$642,000$622,000 3.4% 0.3%28 CORSTORPHINE $650,000$684,000$624,000 5.0%4.2%32 DUNEDINCENTRAL $751,000$785,000$736,000 4.3%2.0%73 FAIRFIELD $805,000$831,000$773,000 3.1%4.1%42

OTAGOANDSOUTHLAND

HAMPDEN $463,000$461,000$401,0000.4%15.5%26

NEWFIELD

ARTHURSPOINT $1,589,000$1,525,000$1,405,0004.2%13.1%30

GREENISLAND

$677,000$712,000$664,000

WANAKA $1,993,000$2,032,000$1,661,000 1.9%20.0%393

WAIKOUAITI $531,000$546,000$515,000 2.7%3.1%37

SOUTHLAND $520,000$532,000$477,000 2.3%9.0%2265 GORE $456,000$457,000$417,000 0.2%9.4%277 EAST GORE $399,000$381,000$336,0004.7%18.8%30 GORE $473,000$470,000$437,0000.6%8.2%174 MATAURA $242,000$254,000$224,000 4.7%8.0%47 INVERCARGILL $513,000$529,000$483,000 -3.0%6.2%1374 APPLEBY $327,000$353,000$319,000 7.4%2.5%92 AVENAL $509,000$526,000$468,000 3.2%8.8%26 BLUFF $326,000$350,000$313,000 6.9%4.2%62 CLIFTON $379,000$402,000$365,000 5.7%3.8%38 GEORGETOWN $388,000$397,000$354,000 2.3%9.6%45 GLADSTONE $643,000$660,000$587,000 2.6%9.5%56 GLENGARRY $436,000$454,000$416,000 4.0%4.8%88 GRASMERE $478,000$493,000$448,000 3.0%6.7%70 HARGEST $542,000$550,000$487,000 1.5%11.3%25 HAWTHORNDALE

OAMARU $471,000$457,000$404,0003.1%16.6%71

FORBURY $484,000$506,000$498,000 4.3% 2.8%26 $625,000$657,000$642,000 4.9% 2.6%68

HALFWAYBUSH 4.9%2.0%33

LAKEHAYES $2,481,000$2,334,000$1,933,0006.3%28.3%68

QUEENSTOWN LAKES$1,878,000$1,845,000$1,597,0001.8%17.6%1458

ALBERTTOWN $1,497,000$1,435,000$1,234,0004.3%21.3%68

FERNHILL $1,238,000$1,268,000$1,169,000 2.4%5.9%52

KELVINHEIGHTS $2,602,000$2,660,000$2,224,000 2.2%17.0%22

WAVERLEY $827,000$886,000$834,000 6.7% 0.8%38

OAMARUNORTH $507,000$502,000$438,0001.0%15.8%140

Otago'saveragepropertyvaluedropped0.4%($4000)to$952,000inthelastthree months,whileSouthland's fell2.3%($3000)to$520,000overthe same period.Property valuesin both regionsarestillmorethan30% abovewhere they wereatthe startofpostCovidboom,butthegainsmadeinthelatter halfoflast yearwillslowlybeeatenaway bytheslump.

QUEENSTOWN $1,611,000$1,577,000$1,415,0002.2%13.9%149

KAKANUI $643,000$630,000$541,0002.1%18.9%26

WAKARI $639,000$671,000$648,000 4.8% 1.4%43

TAINUI $645,000$676,000$650,000 4.6% 0.8%24

PALMERSTON $443,000$437,000$395,0001.4%12.2%42

LAKEHAWEA $1,219,000$1,226,000$957,000 0.6%27.4%50

HEIDELBERG

LOWERSHOTOVER $1,623,000$1,643,000$1,373,000 1.2%18.2%81

WAITAKI $571,000$561,000$489,0001.8%16.8%583

0.7%10.2%86 RICHMOND $497,000$524,000$467,000 5.2%6.4%64 ROSEDALE $738,000$742,000$658,000 0.5%12.2%30 SEAWARDBUSH $959,000$956,000$851,0000.3%12.7%21 STRATHERN $378,000$397,000$357,000 4.8%5.9%90 TURNBULLTHOMSON PARK $386,000$402,000$370,000 4.0%4.3%20 WAIKIWI $627,000$630,000$570,000 0.5%10.0%80 WAVERLEY $575,000$591,000$527,000 2.7%9.1%44 WINDSOR $590,000$593,000$555,000 0.5%6.3%106 SOUTHLAND $566,000$572,000$494,000 1.0%14.6%614 LUMSDEN $359,000$367,000$308,000 2.2%16.6%26 MAKAREWA $730,000$733,000$658,000 0.4%10.9%26 MANAPOURI $631,000$625,000$559,0001.0%12.9%20 RIVERSDALE $498,000$507,000$424,000 1.8%17.5%20 RIVERTON $644,000$651,000$561,000 1.1%14.8%61 TEANAU $712,000$711,000$645,0000.1%10.4%152 WINTON $599,000$610,000$530,000 1.8%13.0%92 LOCATION CURRENT AVERAGE PROPERTY VALUE THREE MONTHS AGO 12 MONTHS AGO QoQ CHANGE YoY CHANGE SETTLED SALES LAST12 MONTHS LOCATION CURRENT AVERAGE PROPERTY VALUE THREE MONTHS AGO 12 MONTHS AGO QoQ CHANGE YoY CHANGE SETTLED SALES LAST12 MONTHS

GLENORCHY $1,405,000$1,359,000$1,127,0003.4%24.7%26

KINGSTON $787,000$795,000$682,000 1.0%15.4%37

SOUTHHILL $555,000$547,000$474,0001.5%17.1%76 WESTON $771,000$742,000$602,0003.9%28.1%31 $484,000$508,000$457,000 4.7%5.9%22 $421,000$426,000$386,000 1.2%9.1%60 $403,000$420,000$379,000 4.0%6.3%59 $443,000$458,000$425,000 3.3%4.2%56 $759,000$764,000$689,000

SOUTHDUNEDIN $433,000$450,000$448,000 3.8% 3.3%92

ARROWTOWN $2,443,000$2,388,000$1,983,0002.3%23.2%99

KINGSWELL

OTATARA

JACKS POINT $1,908,000$1,865,000$1,548,0002.3%23.3%169

LOWER SOUTH ISLAND

HOLMESHILL $616,000$595,000$518,0003.5%18.9%42

DraggingSouthlanddownwasthe3%valuedeclineinitsbiggestcentre, Invercargill.Theslidein SouthlandandGoredistrictswassmaller(1%and0.2% respectively)butboth TAsare low-salesenvironmentsandhaven'tseentherapid growthseeninthelikesof Wellington.

HELENSBURGH $754,000$795,000$745,000 5.2%1.2%26

Otago'smostexpensivehousingmarket,Queenstown-Lakes,hasn'tsuccumbed tothemarketdownturnyet,withitsaveragepropertyvalueup1.8%($33,000) over thequarterto$1.87m.The region'sbiggesthousingmarketontheotherhandhasfelt thewinterchill.Dunedin'saveragepropertyvaluefell4.1%($30,000)overthesame periodto$707,000, andisjust0.4%upyearonyear,withhousepricesin13ofthecity's suburbslowerthantheywereinSeptember2021.

OneRoof.co.nz 45

FRANKTON $1,151,000$1,189,000$1,088,000 3.2%5.8%89

OTEMATATA $588,000$562,000$502,0004.6%17.1%22

OWNERSHIP TRANSFORMSOUR RELATIONSHIPWITH SOCIETY.ITENHANCESOUR SENSEOF CIVICRESPONSIBILITY AND,OVERTIME,INCREASES OURWEALTH." 46 OneRoof.co.nz

Nothinginlifeiscertain–butowningyourownhome willgiveyouadegreeofindependenceandstability whichwillmakeitthatbiteasiertofacethechallenges thatmightcomeuponyou.

time,testthemarketto seewhether that placeyou love reallyisoutofyourpricerange.Ifyou’rereadytobuy, theheadlinesareirrelevant. It’sallaboutwhatgoeson betweenyouandthevendor.

I

Iftheanswertothisquestionisyes–ifyourplanisto remain ahomeownerineither yourﬁrstorsubsequent homes –thenthetimetobuyisnow.Why?Because themediumtolong-term trajectoryofhouseprices isupwhichmeans thatwhateveryoupaytodaywill beeclipsedbywhatyourhouseisworth in 10,15or 20years. Ioncehaggledoverthelast$5000in ahouse purchasewhereIeventuallypaid$371,500.Eighteen yearslaterthathouseisnowwortharound$1.8million. Therateofgrowthmaynotbeatquitethatpacegoing forward,butitillustratestheimportanceofkeepingthe biggerpictureinmind.

3

aresomequestionsthatmighthelp youtodecidewhetherwaitingis reallytherightchoiceforyou:

Did youpredictthatthe propertymarketwouldpeak in Novemberoflast year?

Areyouhoping to get abargain?

•AshleyChurchisapropertycommentatorfor OneRoof.co.nznzandarealestatebusinessowner. EmailhimatAshley@nzmemail.com

2

"HOME

ASHLEYCHURCH’S advicefor thosewhoareholdingback becauseofhousepriceandinterest rateworries.

Whyright nowisstillthe best timetobuy

Once you’ve bought ahome,is it yourintention to ownone forthe restof yourlife?

Connecttoeverythingyoulove withSparkBroadband. Notavailableeverywhere.Oneligiblebroadbandplans. Compatiblesoftware/device required.Sparkand partnertermsapply.Visitwww.spark.co.nz/shop/internet/plans/tolearnmore. COMMENT

Thesethoughtsareneitherunreasonable,nornew–infacteverygenerationofﬁrst-homebuyersthatwent beforeyouhavegrappledwiththesameissues–sohere

Why?Becausehome-ownershiptransformsour relationshipwithsociety.Itenhancesoursenseofcivic responsibility,ampliﬁesourcontributiontotheeconomy, givesmeaningtoourparticipationinsocialdemocracy and,overtime,increasesourwealth.

Ifyoudidn’tseethesuddenturninthe marketcominglastyear,you’reingoodcompany. Noonedid.Forallofthe headlines,commentar hyperbole –notoneeconomistorcommentatorsawthe peakcomingandtheywereallcaughtoﬀ guard.My point? Thesameistrue withpicking thebottom ofthe market.Everyonethinks theycandoit,butnoone really can –andwhenitturns,itcanturnquickly.

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Ialreadyknow youranswertothisquestion –it’s‘no’. Ofcourseyouexpectyourincometo increaseovertime–andthesameistrueofprettymucheveryotheraspectof yourlife.Lifeisaboutchangeandchallenges–somewill begood,somemaybenotsogood –butmostofuscome throughthetoughtimesstrongerfor theexperience.

Infact,NewZealandhousepricesalmostexactly doubledinvalue,onaverage,ineverydecadebetween 1980and2010–anddoubledagaininthe12years between2010and2022–withthatgrowthinhousevalues givingusthefreedomtotravel,investinbusinesses, assetsandideas,improveourlivesandprepareforour retirement.It’sprimarilyforthisreasonthatIstrongly believethatthere’sno‘bad’timetobuyandthatthe righttimetogetintothemarketisassoonasyou’reina positiontodoso.

’ve hadthe very realprivilegeof mentoring many peopleintheirpropertyjourneyoverthe years– butbyfarthemostsatisfyingofthese relationships arethose which haveinvolvedhelping peoplegetintotheir firsthome.There arefewthings asfulfillingasknowingthatyou’veplayeda partin helpingtoget someoneontothepropertyladderand, asI’vestated manytimes before,ifIhadmyway, firsthomeownership wouldbeoneoftheprimarypolicy aspirationsofanygovernment.

Ifyou’re apotentialﬁrst-homebuyerandhaveread thisfaryouprobablyalreadyknowall of this –but youmay alsobeholdingbackfromactingbased on uncertainty about house pricesorinterestrates,orin thebeliefthat youmight beable to snap up abargain by waiting abitlonger.

Buyingnowdoesn’tmean youcan’tmake agreat purchase.Oneoftheadvantagesofaﬂat marketisthat everything is upfornegotiation.Ifyouhavethe luxury of

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Do youexpect to beearning what you’re earningnowin20years?

Bestofluck,whateveryouchoosetodo.

Contact Robyn or Racheltodaytofind out howour High Performance System works! 021 800 891 (Robyn)|021 195 4321 (Rachel) JTRealty Limited (REAA 2008) No.3 International Salesperson Settled CommissionJuly 2021 -June2022 Robyn Ellson Rachel Berry No.10International Salesperson Settled CommissionJuly 2021 -June2022 Congratulations! “Having two of New Zealand’s toprealestate agents representour ofﬁce at RayWhite Mt Eden is such an honour.Their hardwork and dedication to achieving thebest results for theirclients is testament to their recent awards.” -Jared Cooksley| Business Owner

Contactustoday: greenhomesnz.co.nz 0800330000 Theonlyhomebuilder compliance ISO 50001 COMPLIANT Memberof theNZGBC Lifemark® Design Partner thatdon’tcostthe earth Feelrightat home with GreenHomes Workwithourteamtobring yourideastolife,orchoose fromour range ofpre-designedplans.Livewarmer,drierand healthier -talktoustodayaboutbuilding yournewhome. MA TER BU LD 0-YEAR GUARANTEE

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