Hawkes Bay OneRoof Property Report - 12th September 2022

Sayyes to theaddress Tremain RealEstate (2012) Ltd, Tremain RealEstate Taupo Ltd, Tremain RealEstate BOP Ltd, Tremain RealEstate Rotorua Ltd, Tremain RealEstate Wairarapa Ltd,Licensed RealEstate AgentREAA2008 PLUS: Housepricesin your suburb —havetheyresistedthedownturn? Monday,September12,2022 PROPERTY REPORT

Nowmorethan ever,it’simportanttohavethe rightpeople selling your home. When yousell your homewith Tremains, we getmorebuyers through your door Letusturn thatFor Sale to Sold, and getbuyers saying yestoyour address. Contact your preferred Tremains salesconsultanttoday. Tremain Real Estate (2012)Ltd Licensed Real Estate AgentREAA 2008tremains.co.nz Congratulations to the buyers who said yestothe address. Sold! 2 OneRoof.co.nz

Shouldyoutryandbecleverandholdoutforthe final5%ofpricedeclines?Considerthis.Haveyouever heardyourparentsorgrandparentsbemoanthefact theyboughttheir first housefor$65,000buthadthey waitedthreemonthscouldhavegotitfor$61,750?

Mainlyitisbecauseweconsidermorewealthtobe betterthanless.Ifhousepricesarerising,wefeelricher, potentiallymorecleverandpleasedwithourselves, happieraboutourabilitytofundour retirementby downsizingifnecessary,andperhapswelike areasonto justifyspendinguplargeon aholidayornewfurniture.

First,as anewbieintheinvestment fieldyouwon’t yethavelearnt akeylessontheexperiencedinvestors have.Don’ttryto pickthetopsandthebottoms.You’ll feelfarworsewaitingtoolongandmissingeitherthan takingadvantageofthelargenumberofpeopleonthe

Thatis,you sellwhenmarketsareexceptionally frothyandthereisnotroublefinding abuyerwhosets noconditionsforthelesserqualityassetyoumight wanttosell.Youbuywhenthereare ahighnumberof sellers,youcanuseeachas abargainingchipagainst theothers,andyoucanpickandchoosethebestquality assetswithgreatestlong-termoryieldgrowthpotential.

Mymonthly surveyofrealestateagentsundertaken alongsideREINZhas just shownthat45%ofinvestors lookingtomake apurchasearemotivatedbyhopesof finding abargain, upfrom30%inFebruary.The smallest netproportionofagentsare seeinginvestorsstanding backfromthe marketsinceSeptemberlastyear.

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Ifyouareafirst-homebuyerandyourfocusison wealthgrowth,thenyou thinkyouareincentivisedto holdoff untilpriceshavebottomed.Thisis adangerous strategyeasilychallengedin twoways.

Second,ifyour focusiswhereitshouldbeon securing ahomeratherthan thefirsthousingassetfor yourportfolio,thenwherethemarketsitsrightnow, potentiallyeventhismonth,isasgoodasitisgoingto getfor averylongtime.

So,arefirst-homebuyersinfactstartingtofocuson thenewopportunitytosecureahome?Maybe.My latestsurveyof realestateagentsshowsthatforthe firsttimesinceSeptemberlastyearmoreagentsare seeingincreasednumbersof first-homebuyersthan decreasednumbers.Lastmonth anet36%wereseeing fewer.Thingsmaybechangingveryquicklyamongst first-homebuyersandifyouhave amisplacedfocus ongettingyour first housingassetatthebottomofthe pricecycleratherthanyour firstownedhome,thenthe clockistickingagainstyou.

Youcanpickup apropertyforasmuchas15% -20% lessinAucklandthanyouwouldhavepaidlatelast year.InAucklandyouhave80%morehousestochoose fromthan ayearago,outsideofAucklandalmost 130%more. Vendorshavelikely reachedtheirpointof capitulationtomarket reality,with arecentASBsurvey showing anet31%ofpeopleexpectpricestofallfurther (28%inAuckland).Thissurveyisnot agoodpredictor ofwhatwillhappen, butitdoesinthisinstanceallow ustosayvendorshavealmostcertainly lostfaithinany beliefthatwaitingwillyield abetterprice.

MARKET WATCH

MysurveywithREINZshowsthatworriesabout highinterestrates,accessto finance,andevenfalling prices,areallabating.Italsoshowsnumbersattending openhomesrisingfor thefirsttimesinceFebruary2021. Thehousingcyclehasnowenteredthepreparatory phaseforturningbackupward.

commentator.Additionalcommentaryfromhimcanbe foundatwww.tonyalexander.nz

Theriskiest move afirst homebuyercan make

Forthosewho can’ttelltheirdeadlinesalesfrom theirtenders,andare terrifiedbyauctions,this isthe perfectguide.

Whyholdingoff untilpriceshavebottomedis thewrongchoicefor Kiwis tryingto geta footonthe propertyladder,writes TONYALEXANDER “RIGHTNOW, POTENTIALLY EVENTHISMONTH,ISAS GOODASITISGOING TO GET FOR AVERYLONGTIME.” From theeditor 4 Coverstory:Beginner’sluck 9 OneRoofFirstHomeBuyerGuide 25 Moneymatters:RupertGough 26 OneRoof-ValocityHousePriceReport 38 Comment:AshleyChurch Inside Designandcover Beth Walsh │ Artwork Derek Watts Subeditor Akanisi Taumoepeau Photos FionaGoodall, TedBaghurst,PeterMeecham, GettyImages PROUDLY LOCAL LeadersHawke’s BayLimitedLicensed(REAA2008) 068338500 |RWHAWKESBAY.CO.NZ RAYW HITE HAWKE’ SB AY PROUDLY RAYW HITE Napier |Hastings |Havelock North |Central Hawke’sBay WE’REPROU DT OO FFE RL OCA LS ERVICE BA CKED BY THEST RENGTH OF AG LO BA LB RAND.

Whenwetalkedaboutgetting afootontheproperty ladderitwasinthecontextofstartingsmall,thenlater upgradingtoaccountformorechildrenand ahigher incomefurtheruptheworkladder.Thesedaysit seemsmoretorefertooutrightbuildingof afinancial wealthportfolioandavoidingmissingoutonwealth accumulationbeingenjoyedbyothers.

•TonyAlexanderisanindependenteconomics

Thisis aproblemforcurrentfirst-homebuyersright thismomentbecauseofthestagewhichourhousing cyclehasjust reached.Currentlythereisa dominant focusonhowmuchfurtherpriceshavetofallafter alreadydeclining10.4%fromtheirnationwide peak lastNovember.Aucklandpricesaredown16%.The commonexpectationisthatpriceswilldeclinemaybe another5%.Afterthatitseemstheprevalentview isthingswillsit flatforanextendedperiodoftime. Actually,I expectrisesof5% -10%in2023.

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

We’veaskedNZ’sleadingpropertyexpertsto explainwhythehousing markethas changedinsuch ashortspaceoftimeand whateffect inflationand interestratesare having on houseprices.

Butforthoseofuswhomadeour firstpurchase beforegovernmentstoldusweneededtobuildwealth for retirementbecausenationalsuperannuationmight notbeaffordableoneday,lifetimewealthaccumulation wasnot reallythemotivation.Ourfocuswason securing ahomeinwhichtoraise afamily. We wanted somethingnottoofarfromourworkplace,perhapswith someoutsidespaceforplaying,gardening,andhanging thewashing.

othersideof thetransactiongivingyoutheabilityto pickandchoose.

elcometothelatestOneRoofProperty ReportandourfirstOneRoofFirstHome BuyerGuide. We wanted to putour expertisetouseandhelpnervous first-homebuyers andpropertynovicesmakesenseofthebuying process.Inthefollowing pageswe’llprovidetipsthat will supportKiwis on theirpropertyjourneyandset out whatgrantstheycan drawonwhen makinga purchase.

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Alsoinsideare thelatestsuburbvaluesforallof NewZealand,provided by ourdatapartner, Valocity, andinsightsand commentaryfromindependent economistTonyAlexander, propertycommentator AshleyChurchandmortgagebrokerRupertGough. Keep in theknow!

Listings areup, pricesare down andcredit rulesare loosening. Can first home buyers getahead, when so muchhas beenstacked against them? CATHERINE MASTERS checks out the state of the market. ? FIRST HOME BUYERS | COVER STORY

BEGINNER’S LUCK

PHOTO /T ED BAGHURST

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RupertGough, CEOandowner of the MortgageLab, says interest rates arethe really big problem in thefirst home buyer market because higher rates meanpeople lose asignificant amount of their buying power

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 thewater again -and those rules aredue to befurther loosened, although the next wave of changes won’t take place until March.

“I think therewas alot of despair around ‘I can’t find a house’ ayear agoand nowit’s back to ‘I can’t affordthe house Iwant’. That’s ahuge change.”

Some have said next year is notsoon enough because the CCCFA, which has seen banks examining expenses on the bank statements of would-beborrowers with a magnifying glass, has stopped many firsthome buyers in their tracks.

IRST HOME BUYERS areemergingfroman enforcedhouse buying slumber,although the road to home ownership is still noteasy. Tweaks to Government regulations and home loan schemes, however,have eased the pain abit after adifficult few years, say agentsand commentators.

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

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

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INTEREST RATE PRESSURE

Kurukuntala also thinks firsthome buyers arerelying on brokers morethan banks, and shoppingaround among brokers, to make surethey aregetting theright information andthe best deal.

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

And while the banks have dialleddown on the CCCFAstringency,Kurukuntala says the strictness over the firsthalf of the year contributed to achange in the cultureofhow first home buyers managetheir finances.

“As abroker Icalled all my firsthome buyers who couldn’t buylast year and told them themarket is changing; nowinvestors areout; now it’s your time to get in and buy.”

But mortgage broker Solomon Kurukuntala,fromthe Loan Market, who works in firsthome buyer areas in Auckland’s south, says he’s noticed changes in the first home buyer psycheoflate.

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

The rollercoaster housing market changes direction quicklyand not-if-but-when it flips back to asellers’ market firsthome buyers could again struggle to compete.

Patterson says he haspeers 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.

Forastart,thephonesareringingagain–but Kurukuntalasaysfirsthomebuyersarealsocomingback tothemarketfarmoreeducatedandmuchmoresensible.

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

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

“If you have half amillion dollars of debt,for every percent your mortgagerate goes up,that’s $5000 of additionalinterest.”

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

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

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

“Theyknowverywellthewaythingsaregoingwith interestratesandothercostsiftheywanttospend$1mor morethenthatit’sgoingtoputalotofburdenonthem.”

CHANGING MINDSET

Developers have become morerealistic, 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

MISSED OPPORTUNITIES

Economist Benje Patterson, however,urges caution about buying far from home just for the sakeofgetting on the property ladder

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

Patterson also saysfirsthomebuyers shouldworkout their own mortgage repaymentbudget on very high interest rates, regardless of whatever thebanks’ shortterm stress test rates are, because anything canhappen.

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

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

“If they could have afforded $1m last year for a mortgageitwould be about $850,000 this year”

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

If they were entering the market now,with the FOMO having dissipated, they may have decided not to uproot themselves, he says.

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

“USUALLY, BEFORE YOUREALISE IT’S HAPPENING,YOU’RELOCKED OUT AGAINSODON’T FALL INTOTHE TRAP OF SITTING BACK AND WAITING.“ JAMESWILSON, VALOCITY HEADOFVALUATIONS

Caveats to thegoodnews for firsthome buyers is not just high inflation and risinginterest rates but the fact banks aretesting people’s abilitytorepaymortgages on much higher rates.

suburbs and also other parts of the country

“They realise they can’t keep spending theway they used to beforeand alsohave amortgage.”

James Wilson, head of valuations forOneRoof’sdata partner Valocity,saysfirst homebuyers who think they

Yourlocal firsthome buyer experts RozDonoghue, PeterClarke, KendallHinton, ShellyWitchallsand KelvinWinnie. Combiningyearsofexperiencetoprovideyouwiththebestadvice,we're heretohelpyouonyourpropertyjourney. Bringingpeopleandproperty together. tremains.co.nz Tremain Real Estate (2012)LtdLicensed Real EstateAgentREAA2008 Roz Donoghue 0220986439 roz.donoghue@tremains.co.nz PeterClarke 021835449 peter.clarke@tremains.co.nz KendallHinton 021835400 kendall.hinton@tremains.co.nz ShellyWitchalls 021835444 shelly.witchalls@tremains.co.nz KelvinWinnie 021835439 kelvin.winnie@tremains.co.nz 6 OneRoof.co.nz

Firsthomebuyersshouldbetaking advantagebecausethemarketcould runawayonthemagain, Tremainwarns.

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

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

“We’ve gottotake that perspective that we get these periods whereinterest rates maybequitehigh and that can make life abit challenging for ayear or two butthey arenot always goingtoremain at those levels. ”

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

FIRST HOME BUYERS | COVER STORY

InNapier,hewouldpointfirsthome buyersatsuburbslikePirimaiand Tamatea,sayinghomestherewould costover$600,000whileproperties inNapierHillhavebeensellinginthe $500,000sand$600,000s.

can’t affordtobuy ahomeshouldnot be swayed by advice from mum or dad or familybut should talktotheirbank or abroker

“Therearesomereallygood opportunitiesatthemomentbecause therearejustnotasmanybuyers aroundandfirsthomebuyersare normallycashbuyers.

“Go and find out the factsbecause you may be surprised, you could be alot closer to being able to buy than you think.”

Buyerswouldneed$600,000or undertogetintoFlaxmereandRanui whereassixto12monthsagosimilar propertiesweresellingat$700,000to $750,000,Tremainsays.

TheASB’s chief economist,Nick Tuffley,says he sees two bigpositivesfor first home buyers at the moment one is house prices arelikely to keep falling into the early parts of next year,and the other is the disappearance of the FOMO factor

PHOTO /TED BAGHURST

WITH THE MARKET takingahitover thelastsixmonthsnowistheperfect timeforfirsthomebuyerstobebuying ahouseintheHawke’sBay,saysSimon Tremain,managingpartnerofTremains RealEstate.

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

“Nooneknowswhatthefutureholds butIthinkwehaveprobablyhitthe lowsforthiscycle.”

HAWKE’S BAY

Forawhilepeoplesatontheirhands witharisk-averseattitudebecause theydidn’twanttopaytoomuchina fallingmarket,butthetimetositback isover,hesays.

PHOTO: FMICHAEL CUNNINGHAM

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“WhenIsaycash,yes,they’vegot conditionstomeetbuttheydon’thave housestosell,theyareinaposition wheretheycanbuytheirfirsthome becausethey’vesavedupenough moneyandthey’reinacashposition andthat’swhatpeoplearelookingfor.”

Sellerswanttomoveonwiththeir livesbutthebuyershavenotbeen there,Tremainsays.

SuburbslikeFlaxmereandRanui arelowsociosuburbsthatcouldbe attractiveforfirst-homebuyersand probablyofferthebestvaluefor money,buttherearealsoplentyof opportunitiesinHastingsandNapier.

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

“Alotofoursuburbsareoffering goodvalueatgoodfirst-homebuyer levels.IfIwasafirsthomebuyer,I wouldberippingintoitrightnow, gettingmyfinancessortedandstart lookingatwhatIcanbuywithmy money.

‘If Iwas a first home buyer, Iwould be ripping into it right now’

“IF YOUHAVEHALF A MILLIONDOLLARS OF DEBT, FOR EVERYPERCENT YOUR MORTGAGERATE GOES UP,THAT’S $5000OFADDITIONAL INTEREST.” ECONOMISTBENJEPATTERSON

“Therehavebeentwoorthreedifferent changesofheartintermsofregulations andincentivesfromtheGovernment butit’sstillveryhardbecauseofthe interestrates.”

‘Outerareashave taken amuch bigger fallthanthecity’

AGENTSIN AUCKLAND agreethefirst homebuyermarketiswakingup.

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

Traglianotesthatsomefirsthome buyerscanbepicky,wantingchampagne onabeerbudget.“Theywantthedreamtheywantthequarteracrewiththedouble garageandtherenovatedhouse.There areplentyofoptionsfortownhousesbut Kiwisdon’tlikethattypeofpropertyso theystillwantwhattheycan’taffordalot ofthetime.”

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

INWELLINGTON, agentsreportthat buyerhavemuchlesspurchasepower thantheydidattheendoflastyear, becauseofthesqueezeonlending andrisinginterestrates.

PHOTO /FIONAGOODALL

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

It’sashamebecausehousehuntingwisethere’sprobablythebestchoice theyhaveeverhad:“Beforetheyhadto buywhattheycouldgetbutnowtheycan actuallyhaveagoodlookaround.”

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

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

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

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

WELLINGTON AUCKLAND

Pricedropshaveputmoresuburbs withinreachoffirsthomebuyerswith lessthan$1mtospend,withTraglia highlightingopportunitiesinGlenfield, BirkdaleandBeachHavenonAuckland’s NorthShoreandthewholeofWest Auckland,includingMassey,Henderson andpartsofWestHarbour.

NUMBER 1NAPIERAGENT EASTERNREALTYLTD 2020/2022 M +642102220387 E caroline.meo@bayleys.co.nz FIRSTHOMEBUYERS | COVERSTORY

Bankscanofferlowerinterestratesfor newbuildsatabouthalfthenormalrates, Cruickshanksays.

havetakenamuchbiggerfallthanthe city,theyalwaysdo,becausepeople havetogofurtheroutasthingsgetmore expensiveandthenasthepricesdropit contractsbackinagainsothoseouter areasdodropmorethanthecity.”

‘A lotofinvestorshave had enoughandaresellingup’

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

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

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

PHOTO:GETTYIMAGES

Cruickshanksaysdespitetherebeing twiceasmanyhomesonthemarketthan lastyeartherearefarfewerfirsthome buyersoutlooking.

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

Shethinkssomegaveupthehome ownershipdreamwhenpriceswereso highandsomeofthosebuyershave possiblybecomingpartofthenet migrationlossthecountryisseeing.

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

Buying your first homeis abig step. Butevery yearthousandsofNew Zealandersmanagetodo it and becomehomeowners.

ithproperty pricesfalling, moreand morefirsthome buyers willachieve theirdreamoverthenext 12 to24 months,picking upthekeys totheir veryownhome.It’sdo-able withthe rightknowledgeandattitude.

OneRoof buying your firsthome

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

Findouthowmuchdeposityou need,howto qualifyfor amortgage, thedifferentsalesmethods,buying new,andthelegalprocess. We cover allthemainquestions andissuesthat first-homebuyerswillencounteron thejourney.

BY DIANACLEMENTguide to The

Discoverwheretostartandhowto buywith OneRoof’scomprehensive guide.

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Most banks have affordability calculators, which crunch your income andspendingtodetermine how much youcan comfortably payeach fortnight or month.

● $1000 to $1500 forconveyancing/legal fees

When buying your first home, it’scritical to set arealistic budget.It’s thefirst step in working outhow much youcan affordand how much thebank is likelytolendyou

easier than one. If you are applying for ajoint mortgage (with apartner,family member or friend) the bank will calculate how much it will lendyou based on your joint income and expenses. If the mortgage is 100% in your name the amount you can borrow will be based solely on your income and expenses

Using KiwiSaver

1 FIRST HOME BUYERS GUIDE

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● Youwon’t be tempted to dipinto your savings for everyday spending

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

● At least $400 for each building inspection

Whatare the upfront costs and legalfees?

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): some banks will onlylend you a certainmultiple of your income, such as six timesyour salary

Paymorethan theminimum repaymentif youcan

● Having atenant, flatmate or boarder: If youplantolivewith aflatmate in yournew home,you mightbeable to count some of the rent as income in the mortgage calculation. Be aware that lenders won’t count theentirerent paid to youasincome.

Whatyou canaffordnow mightchange in thefuture

Once you’ve worked out how much deposityou have, youwill have an indication of how much youcan afford to payfor ahome.Itisimportant to understand howmuch homes are sellingfor in theareayou 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 monthly on OneRoof.co.nz.

When banks assess whether they will lend to you, they use atest rate which is several percentage points higher than the actual interest rate. This helps ensureyou can affordthe mortgage if interest rates goup. It is still agood ideato create apersonal budget based on your actualexpenses.

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

● SETTING A BUDGET

Makesureyou calculatethe upfront costs of buyingahomesuch as lawyers’ fees and LIMs, and alsonew ongoing costs such as council rates, body corporatefees andhouseinsurance.

Saving for ahousedeposit requires that you spend lessthan you earn. Most firsthome buyers save with KiwiSaver.There aremany advantages to this:

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

Most buyers need 20% of thehome’s purchase price as adeposit in order to borrow therest as amortgage.With a brand-new home,the deposit is 10%.If youqualify for schemes such as Kāinga Ora’s FirstHome Loan andFirst Home Partner,itispossibletobuy with a5% depositprovidedyou meet certain income and propertyprice thresholds.

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

How much canIborrow?

● Loan-to-value ratios (LVRs): the percentage of theloan that the bankiswilling to lend. It adds up to 100%. So if the LVRis80%,you needa20% deposit.

● CreditContracts and Consumer Finance Act (CCCFA): alaw thatrequireslenderstoact responsibly.Itcan, however, restrict how muchhome buyers can borrow because banksare required by lawtoensurethe loan is affordable forthe home buyer

Thetotal amount of money you need to buy ahome is more than just the deposit. Upfront expenses forbuying ahome include:

● Good an additional 3%, although some employers use a“total remuneration” clause in the employmentagreement to avoid paying this.

Thingstoconsider

How much you canborrow fora mortgage comes down tohow much the bank believes you can repay comfortably

● 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 home is existingorbrand-new,and if you’reasingle or acouple, buying.

The first step in working out howmuch you can affordand how much the bank is likely to lend you is to crunch the numbers to determine howmuch you can affordtospend on ahome. This helps you focus on the right housesin your price range.

You’ll need to learn some of thejargon:

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

● You’ll receive the annual government contribution of up to $521.

Often, first-home buyerswill seek to supplement their income to helpcover therepayments:

Supplementing income to affordrepayments

Additional costs

Movinginalsocostsmoney.Thereare removaltruckcostsifneeded,utility connection feesandyouwill needtobuy furniture andfurnishings(unlessyou alreadyownthese).

● Around $300foreachLIM(Land InformationMemorandum)

The costofbuying ahomedoesn’t stop withmovingin. Youmayneedto budgetfor renovationcosts.

If ahousepurchasefalls through andyou havetostartagain,you mayhavetopaymorethanoncefor buildinginspectionsandlegalfees.It’s unfortunate,howeveryourbuilding inspectorand/or lawyercansaveyou frombuying alemon.

Ongoing expensesincludefortnightly ormonthlymortgage repayments, utilitiesbills,councilrates,home insurance,andmaintenance.Inmany apartmentcomplexesyouwillhave body corporatefeesto pay, which do atleastcoveryourmaintenanceand insurance.

Yourmortgagealsocan have hiddencosts suchaslendersmortgage insurance (LMI)/LowEquity Premiums(LEP)ifyourdepositis lessthan20%.

OneRoof.co.nz 11

If you’ve decided to buy yourfirst home, you’ll need to save fora depositand the sooner youstart the better.Hereare some practical tipstohelp you startsaving

If your first home is likely to cost $600,000, a5%depositis$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.

Topsavingstips

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

SAVING FORA DEPOSIT

To set your savings target for the deposit, work out approximately what you expect your first hometo cost at the time when you’reready to buy.With that figureyou can work out howmuch your 5%, 10% or 20% deposit will be in dollar terms

Next, compareyour expenses with your earnings.

How long will it take?

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

Decreasingwhatyou spend now can pay off.Ifyou’relike most New Zealanders, you’ll spend morethan you needto, and smallexpenses addupvery quickly

● Ask parents forhelp. Some parents areinthe financial position to help

Earning moremoney makessaving for adeposit easier.Italso increasesthe amount you can borrow

Saving for ahouse deposit is not easy, but the sooner you have adeposit, the sooner youcan buy

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

Start by searchingOneRoof to get an ideaofhow much you’ll pay for a home in yourcriteria.

● Increase your KiwiSaver contributions. If you’re already saving all you can, great. If you needsome encouragement, you could increase your KiwiSaver contributions because it comes out of yourpay before you receive it.You can choosecontributionsrates of 3%, 4%, 6%,8% or 10%. Then just adjust yourbudget aroundyour newnet pay.Ifyou can’t committoputting away moreinKiwiSaver because you might need it in emergencies, at least set up automatic payments from your bank accountintosavings.

Trygaming yourself to spend less and savemore. That might encourage you to thinkbeforespending unnecessarily If youwantyour budget to succeed, always makesureyou give yourself afixedsum of “fun”moneyeachpay packet to spend on whateveryou want, then manage the rest carefully

● How much disposable income you have to save after necessitiesare paid for

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

Using Kiwisaver

● How much deposit you willneed, and

12 OneRoof.co.nz

Toolstohelp yousave

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.

● Payoff consumer debt. If you’re paying interest on storecards, credit cards, hire purchase, or otherdebts, it’s slowingdown your savings. Pay off thehighest interest debtfirst if you can. Paying downconsumer debtisimportant if you’regetting ready to buy.Any debt youstill have, including student loans and buy now pay later, willreduce the amount you can borrow because youhaveless spare money to payyour mortgage. If youcan’t increase payments on the existing debt as wellassave for a deposit,then at least stoptaking out new debt. If youcan’t trust yourself, cut up your credit andstorecards.

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

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.

● What the home willcost

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

● 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.

2 FIRST HOME BUYERS GUIDE

Once you know how much deposit you need, dividethat by the sum you plantosave weekly or monthly,and from this you canworkout how many years it will taketoget your deposit together

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

Work outhow much youneed to save

How to createabudget

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

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

With abrand-new home, thedeposit is usually 10%. Those who qualify for schemessuchas Kāinga Ora’sFirst Home Loan it could be 5% if youmeet certain incomeand propertyprice thresholds.With First Home Partner, the deposit will vary according to how much aparticipating lender is willing to lend to you andthe percentage contributionKāinga Ora will make towards purchasing the homewith you.

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

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

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

● Bank statements from thelast six months

Differenttypes of homeloans

Thereare different types of homeloans. The most common ones are:

GETTING A HOME LOAN

● Acopy of your photo ID, and

Applying foramortgage

Floating versus fixed interest rates

● Evidence of yourdeposit

3 FIRST HOME BUYERS GUIDE

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

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

Thegeneralruleis thatyouwillneedto earnsufficientmoney tocoverrepayments afteryourexpenses.

Arevolving credit home loan is like a giant overdraft.Yousave interest when your wages gointo the account each month becauseit reduces the outstanding balance.Youneed to be very disciplined for thissort of home loan to work, but it’s an option forthose who arefinancially prudent.

Thehome loan application process

Acommon tactic for homebuyersis to split amortgage overmorethan one fixed-rateterm, and to keepaportion on afloating rate, which allows extra repayments, paying down the home loan faster

Youcould delay your purchase. That allows you to build up abiggerdeposit and/orincrease your income, both of which allow you to borrow more.

Afloating(variable) interest rate can rise or fall at any time, affecting your repayments.Afixedinterest rate(for anywherebetween one andfive years) ensures that the interest rate youpay on your loan is fixedfor theentirety of that period.Your repaymentsdon’t change until thefixed-rate period expires.

It costs the same to completethe application witha mortgageadviser or thebank’s mobilelendingmanager as doing it online. They can give you a clear pictureofwhattoexpect from your lender beforeyou sign the mortgage documentation

● Arecordofoutgoings and debts

The first hurdletopassfor buyers is thebank’s affordabilitytest, which considers whether the surplusleftover onceyour expenses arededucted from your incomeissufficient to cover mortgagerepayments.

How much you canborrow forahome loan depends on the size of your deposit. If you’rebuying an existing property, you’ll usually need a20% deposit. For abrand-new home, that percentage drops to 10%. Buyers who qualify for the government’s First Home Loan scheme only need a5%deposit.

interest payments component.

If you’reunsure about which home loan options arebest foryou,your mortgage adviser or manager can help identify the most appropriate for your financial circumstances.

qualifyto borrowfrom

Revolving credit home loan

Mortgage /income calculatortools

Starting out

Asmall proportion of buyers who can’t borrow from thebank anddon’t want to wait borrow instead through “non-bank lenders” such as building societies and finance companies.Amortgage adviser can arrange this. But the trade-off is that usually you’llpay ahigherinterest rate for loansfromnon-bank lenders.

Reducing balance loans

If going directly to thebank rather than via amortgage adviser,make sure you ask thebank aboutthe interest rate, its

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

As well as choosing the most appropriate type of home loan for your circumstances, you also need to consider floating versus fixed interest rates.

14 OneRoof.co.nz

● Proof of income

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 too does the

Tableloans

Mortgage calculatorscan give you an indication of how much you may be eligible to borrow

Beforeyou applyfor ahome loan, you’ll need to getsome documentationtogether Regardless of whether you’regoing direct to abank as your lender orgoing through amortgage adviser you’regoing to need the following:

With table loans, you pay afixedamount each fortnight or month. In the beginning, most of the payment is interest, but as the balance slowly reduces, agreater portion of your payments goesto pay off the capital.

● Proof of address.

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

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

Howmuch shouldyou beearningto payoffyour mortgage?

Most people needtoborrowtobuy ahome. The mortgage (also known as ahome loan)combined withyourdeposit make up the purchase price of the property.Inmost casesyou’ll need to have 20% of the purchase price of the house saved as adeposit beforethe home loan application process starts.

● Proofofincome(suchasyour balancesheet profitandloss,orcash flowstatements)

F l O a t i n

Thingstokeep in mind when ahgetting ome loan

● Makesure youbudgetin expenses such as councilrates,maintenanceand insurance

KiwiSaverFirst Home Grantconsiderations

Homebuyersoften applyto getpreapprovedby abanktogetanideaof theirpotentialbuyingpowerandprice range. Thisgivesyou more confidence toshoparoundforaproperty.Itshows to realestateagentsand vendorsthat youareaseriousbuyer.

Pre-approvalisanindication

First-homebuyers canfindthepurchase process daunting. Having amortgage adviserinyourcorner takes someofthe uncertainty out. They’reexpertsintheirfieldand workfor you.

OneRoof.co.nz 15

Mortgage adviserscanworkwithyou topickthemostappropriatealternative lenderforyourpurchase.

How long does applying fora home loan take?

%

Gettingpre-approvalcostsnothing. Nor doesitlockyou intothelender.

● IRDdocuments (GSTandIR4 returns).

Mortgageadvisersalsosaveon legworkbecausetheyknoweach bank’scriteria,andtheycan argue yourcaseif yourloan is borderline.Theycan alsonegotiateconditions suchasguarantees.If youhaveconsumer debtthat’sstandingin yourwayofgettinga mortgage,mortgage adviserscanhelp restructure thatdebt orgiveadviceabout payingitoff faster.

Itcansometimesbehardertoget amortgageifyou’reself-employed becausethestandardeligibilitycriteria ismoresuitedto employees.Ifyou don’tqualifyforahomeloan froma bank,mortgageadviserscan placeyour business withalternativelenders.That usuallycomesatthecostof ahigher interestrate.

Contact amortgageadviseror your lenderofchoiceanddiscussyour circumstanceswith them.Theywillbe abletoassessyourmortgageeligibility and tellyouwhatthey’rewillingto lend yousubjecttoconditions.

fees,yourabilitytomakechangesto your mortgageonceset up,andwhat happens if youbreak afixed-rateterm. Youare not limitedto borrowingfrom your ownbank.Shop around.When competitionis highbetweenbanks, youcanoftennegotiatetheinterestrate downor getthe loanapplicationfees reduced.

● Youcanonlyborrowasmuchasyour depositandincome/expenseswill allowyou

Typicallyyouneed14daystothree weeksforthebanktoassessand approveyourhomeloanapplication. Makecontactwiththebankormortgage advisermuchearlierthanthat.

As aself-employedhomeloanapplicant, you’regoingtoneedthefollowing ontopofthestandardsupporting documentation:

ofwhatyoucan borrowifthe bank approvesof thepropertyyouwantto buy.Ifinterestratesrise,loan-to-value ratios(LVRs)andother ruleschange, oryoudon’tmanagetosettlewithin thepre-approval period, youwillmost likely need to reapplyfor pre-approval. Thisis somethingtobevery waryofif buyingatauction,goingunconditional onanyproperty,orbuyingoff-the-plan whenthebuildcouldtakelongerthan expected.

Gettingpreapproval homforyour eloan

Mortgageadvisersare ago-between, workingonyourbehalf.Theycan adviseyouonhowtoimproveyour abilitytoborrow,shoparoundfor you,andnegotiatewiththebanksand otherlenders.Theserviceisfreeifyour mortgageisplacedwith abank.Ifyou don’tfitthebankcriteriaandborrowfrom anon-banklender,youwillneedtopaya feeforthis.

Theadvantages of usinga mortgagebroker

● Pre-approvalisn’t aguaranteethat youcanborrow.It’s anindicationand expiresafteraperiodoftime

● Self-employedapplicants need additionaldocumentationandmay havetoconsideralternativelenders

Applying fora home loan whileyou’reself-employed

● Banks’mortgagemanagersand independentmortgageadviserscan helpyou navigatetheprocess

Ifyoualreadyhave apropertylined up,thenit’s agoodideatogetyour KiwiSaverwithdrawalandFirstHome Grantapplicationsinatthistime. As aruleofthumb,FirstHome Withdrawal andFirstHome Grants cantake anywherebetween 20 days andfourweekstosortout.Sogetthe paperwork togetheratthesametime aschoosing alender.Ifyou’reunsure abouttheapplications requiredforyou to accessyourKiwiSaverfundsfor buyingyour firsthome,orifyou have questionsaboutyour owneligibility, OneRoof has aKiwiSaver firsthome buyer’sguide.

FIXED RATE

● Other supporting documentation relevant to your purchase.

● Apply once you findaproperty and have asigned sale and purchase agreement.

● Photo ID

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

● Havesaved at least 3% of your total income into your KiwiSaver for a minimum of threeyears

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

● Submit yourapplication online at least four weeks beforesettlement

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

Find out how theKiwiSaver First Home Withdrawal andFirst Home Grant schemes can boostthe deposit and makeit easier for youtobuy your first home.

The applicationprocessstarts online via Kāinga Ora’s KiwiSaver portal. For preapproval you will need thefollowing documents to hand:

Using your Kiwisaver

Schemesthatcan contribute toward your deposit

What youwanttobuy must fallunder the purchaseprice capfor theregion you live into be eligible forthe First Home Grant.Thosecapswill also vary dependingonwhetheryou’re buying an existinghome or anew 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.

● Proof of income

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

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.

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

Buying anew build withthe FirstHome Grant involves afew more steps.For example, for aproperty to qualify asa new-build,itmust have received itsCode Compliance Certificate (CCC) within six monthsof the date of yourFirstHome Grant application.

Using your FirstHome Granttobuy land

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

Using your FirstHome Grantonanew-build

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

The FirstHome Grant is overseen by Kāinga Ora and provides up to $10,000 per coupletowards the purchase of an existing first home or $20,000 fora brand-new home.

● Earn less than $95,000for asingle or $150,000for twobuyers or an individualbuyerwithone or more dependants

Additional considerations forfirst-timebuyersof new-builds

Underthe First Home Grant, firsthome buyerslooking to purchase an existing home areeach eligible to receiveup to $1000 peryearfromtheir three-year savings mark,capped at $5000. Thoselooking to buyanew home or landwillqualify for $2000per yearupto$10,000 each.Where two people arebuying the house andboth qualify,the grant is doubled.

To qualify for the First Home Grant on land you need to apply and getpre approval. Make sureyou:

Youcan only receive the First HomeGrant once. That includesits predecessors, HomeStartgrantor KiwiSaver deposit subsidy

Both First Home Withdrawal and First HomeGrant schemes can boost your deposit providingyou have been saving into KiwiSaver for at least three years andpreferably five or more.

4 FIRST HOME BUYERS GUIDE

Purchaseprice caps

FIRSTHOME BUYERGRANTS ANDKIWISAVER

Thereare two ways to apply foryour First Home Grant:

If youhavefound ahometobuy already, you willalsoneed:

● Supply the plans for building work or relocation related to thelandthat you arebuying

How does theFirst Home Grantwork?

16 OneRoof.co.nz

If you’rebuying aproperty where you have to make progress payments at specificpoints 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

To be eligible youneed to:

● Acopy of the agreement or asigned sale and purchase agreement or a contract fora new build

Theapplication process

Buying afirst homeisn’t easy. KiwiSaver andother government schemes canhelp.The earlier youlearn aboutthem, thebetterprepared youcan be to use them.

● 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 younavigate the application process.

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

● Chooseahomethatfallsunder thecurrentpurchasepricecapfor thearea

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 Home Grant

● KiwiSaver contributionstatements

● Include asigned sale and purchase agreement

● Thegrowthyou’veearnedonyour KiwiSaverfunds

● Acopyofthesaleandpurchase agreement foryour property

● FirstHomeLoan. TheFirst Home Loanscheme runbyKāingaOra enablesqualifyingbuyersto purchase ahomewitha5% deposit.KāingaOra doesn’tprovidethedeposit.Instead, itprovidesaguarantee,enabling your banktolendmoretoyouthan itsnormallendingstandards would otherwise allow. LiketheKiwiSaver FirstHomeGrant,thereisan income capandaregional housepricecap.

thefollowingprovidingyouleavebehind $1000inyourKiwiSaver savings account:

Whatdoyouneed

Whatcan youwithdraw from yourKiwiSaver? Ifyou’reeligibletomake aKiwiSaver withdrawaltowardsyourfirsthome purchasethen you’ll beabletowithdraw

● Governmentcontributionstoyour KiwiSaveraccount,and

TheeligibilitycriteriaforFirstHome Withdrawalisthesameas theFirstHome Grant,except there arenoincomeorhouse pricecaps.

TheKiwiSaverFirstHomeGrantis justoneofthemanyoptionsfirst-home buyerscanaccesstohelppurchase theirfirsthome.Thereare anumber ofotherschemesforfinancingpartof thepurchasepriceorprovidingmore affordablehomes.

Applying fora First Home Withdrawalgrant

Comeseeusfirst. 1000OmahuRd,Hastings|P 06879 4501| Esales@floormart.co.nz |W www.floormart.co.nz Open: MondaytoFriday 8amto5pm

Someprevioushomeownersina similarpositiontofirst-homebuyers mayalsoqualifyfortheFirstHomeGrant andFirstHomeWithdrawalschemes.

Beforeyouapplywithyourscheme providerfor aKiwiSaverFirstHome Withdrawal,youwillneedthefollowing readytogo:

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

Specialistinthesupplyandinstallation ofqualityflooring solutions. ofqualityflooringsolutions.

TheFirstHomeWithdrawalschemeenables first-homebuyersand othersin asimilar financialpositiontowithdrawallbutthe last $1000ofKiwiSaverfundsfor thedeposit ortowardssettlementontopof anyFirst HomeGrantentitlement.

● KiwiBuild. Thisis aprogramme toencouragedevelopers,iwiand councilstocreateaffordablehomes withinpricecaps.KiwiBuild homes aretypicallycheaperthanequivalent homesonthe openmarketandare verypopular.Allnormal KiwiSaver criteriaapplyforthe FirstHome Withdrawal andFirstHome Grant schemeson aKiwiBuild home.Tobuy one, youneedtobechosen by ballot. Moreinformationcanbefoundat www.kiwibuild.govt.nz

● Certified proofofaddress

KiwiSaverFirst Home Withdrawal scheme

Yourmortgagebrokerormobile mortgagemanager willconfirmthe amountthatyou needtowithdraw. Once youhaveapplied,yourscheme providerwillliaise withyourlawyer. Themoneyispaidbytheproviderinto your lawyer’strustaccount.

to make aKiwiSaverFirst Home Withdrawal?

● KiwiSavercontributionsyour employerhasmade

● Certified photoID

OneRoof.co.nz 17

Additional optionsfor first homebuyers

● Anyfeesubsidiesyou’ve received

● KāingaWhenuaLoan Scheme. The KāingaWhenuaLoanSchemerun byKāingaOra and Kiwibankhelps Māoribuildor relocatehomesonto ancestralland.Ifyou’reeligiblefora KiwiSaverFirstHome Withdrawal, youcan alsoputanyfundsobtained that waytowardsthepurchaseofa KaingaWhenuaproperty.

Theyinclude:

● Yoursolicitor’strust accountdetails

● KiwiSavercontributionsyou’vemade personally

● FirstHome Partner is another governmentschemethatallows qualifyingbuyerstoshareownership of abrand-newhomewithKāinga Ora.KāingaOrabuysupto25%ofthe propertythatyou’reinterestedin, and becomesaco-owner on thetitle.Over time,thehomeowner willeventually buyout Kainga Ora’sshare.

Think of howyou could compromise. Forexample, you mightbe able to movefurther out of town where homes arecheaper if thereisgood public transport.

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

Buying your first home is abig step in life. It will take time to find the right propertyinthe right suburbata price you can afford.

18 OneRoof.co.nz

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

Buying off the plan means you sign up to buy ahomewhen it’saplan only and isn’t built.Yousign asale and purchase agreement upfront and pay adeposit to securethe property,but don’t settleuntil the home is built.

With many apartments you needtobudget for annual body corporate levies, which cover the building management, upkeep of shared areas and lifts, insurance and maintenance costsofthe building.

Your lender will take into account the body corporate fees when assessing how much youcan afford to borrow.Don’t letbodycorporate fees putyou off buying.You’d needtospend moneyeachyear on maintenance of ahome,somay find the cost of owning is little different whether thereisabodycorporate or not

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

Buying off theplan

This hassomeadvantages forfirst-home buyers.

Freehold,leasehold or crosslease?

and may even limit things likepet ownershiporpaint colours

Finding thebest suburb foryou

Freehold: Most traditional homes in New Zealand arefreehold whereyou own the house and the land it sits on.

Cross lease: This is aform of home ownership whereeach home on a cross-lease section owns ashare of the underlying land. Historically these came about whensomeone subdivided their section into two or three. Instead of eachowner buying theland beneath their home, they took ashareinthe entirelandand alease for thebuilding Some New Zealanders arehesitant to buy cross leased properties because the ownershipstructurerestricts them from alteringorextendingtheirhome,

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 others on 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.

Leasehold: is where you own the building, butnot theland.Youpay annual ground rent to the landowner Leasehold is common overseas,but apart from someapartment buildings isn’t oftenseen in New Zealand. The lease may be fora fixed number of years, such as 100,after which youno longerhave theright to havea home on it.Orthe lease can be in perpetuity The shorter the lease and the higher the groundrent, thelowerprice thehome will fetch when sold.

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

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

Whatare bodycorps?

● What about local shops, cafes and night life?

● Which schools areinzone?

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

FLATS AND APARTMENTS areusuallyhomesin multi-unitblocks orhighrise buildings.

Gettingstarted

● Brand-newhomes come with a guarantee against defects,and usually they won’tneedmuch in the wayofmaintenance for thefirst sevento10years.Thiscan be abonus in theearly years when mortgage repayments can be adrain on finances.

You’ll almostcertainly need to make compromises and start your journey with amoremodest home. That might be an apartment or terrace house to begin with beforeyou can trade up the property ladder to astandalonehome in your suburb of choice.

We’d all like to liveinabeautiful home in aperfectlocation.Your firsthomeis not your forever home, however

Before you gettoo far into your house-hunting journey,find out how much you canaffordtopay for ahome and how much you canborrow by checking with your bank or mortgage adviser(broker).They will look at your savings, salary,spending,and the variouscosts associated with buying homes such as lawyers’ fees and moving costs. Banksalso have useful calculators on their websites thatcan give you ageneral indication of how much you mightbeapproved to borrow

Consider what’s important to you in a suburb. Depending on yourstage of life and priorities,different amenities might be important to you.

5 FIRST HOME BUYERS GUIDE

Ask yourself questions such as:

FINDING THE RIGHT PROPERTY

Workingout prices

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.

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

The different typesof property

To get an indication of what a property is worth, searchfor it on OneRoof.co.nz. TheAVM(automated valuationmodel) will giveyou agood indication of what the property is worth, while recent sales information will tell you what propertiesare selling for in individual suburbs.

Ifit’s astandalonehome you mightbeabletochangethedesign orarrangeforcosmeticorappliance upgradesatyourcost.

● Typically it’s cheaper to buy ahome off the planthanonce it’s complete. Thisisbecausedevelopersneedto secureapercentageofpre-salestoget theirfinancetobuild.They’reoften willingtosellslightlymorecheaply tothefirstbuyerswhosignsaleand purchasecontracts.

Building ahouse as afirst-home buyer

OneRoof.co.nz 19

● “Materialdifferencesclauses”are usedtomakechangestoproposed

Someofthoserisks are:

Therearepotential downsides to buying offtheplan

Buyingoff theplan ismoreriskythan buying aturnkey (completed)home.

● Therecouldbebudgetblowouts

● Otherissuessuchasfailuretogeta

● The homeissmallerthanitappeared inthe “renders”onthemarketing material,oritis poorqualitywhen built.

CanyouuseKiwiSaver to builda house?

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

Theadvantageofbuildingisthatyou get ahomethat’suniquely yoursinthe locationofyourchoice.Butthereare risks:

10-year-guaranteeon thework Averyspecificriskforfirst-home buyersusingKiwiSaveristhatthe costtobuildincreases(thanksto“cost adjustments”clauses)anditexceedsthe pricecapsfortheFirstHomeGrant.This couldspelldisastersobecareful.

Getting amortgage

● The projectmaybedelayedandyour pre-approval runout

● KiwiBuild: Youcangointo aballotto buy aKiwiBuildhomeoff theplan. Theyaretypicallypricedlessthanan equivalent homebeingsoldonthe openmarket.

● Thedevelopergoesbustanddoesn’t completethe build

Typically,youwillpay a10%deposit andthenprogresspaymentsasthebuild progresses.Banksoffer construction loansdesignedtopayforthebuildin stages.It’sa goodideatoseekadvice from amortgageadviserorbank’s mortgage managertoensureyou understand howtheseloansworkand getthemostappropriateoneforyour situation.

Youcan useKiwiSaverFirstHome WithdrawalorFirstHomeGrant to paythe deposit,andorwithdraw at settlement.TheKiwiSavermoney mustbeheldintrustorescrowby the developeruntilthecertificate of titleand theCodeCompliance Certificate(CCC)

● Thebuildermightdopoor workmanship,or

● A“sunsetclause” is invokedbecause thebuildhastaken toolong,and thedevelopercancelsthesaleand purchaseagreement.Itmaybe considerablymoreexpensivebythen tobuyanotherhome

NewZealandhasalongstanding traditionofgetting ahouse builttoyour ownspecifications.Youeitherbuya houseand landpackage wherethehome isbuilttoyourliking,oryoubuy the landseparatelyand employanarchitect andbuilder, orchoose agroupbuild home.

● Thebuildisdelayedandyourpreapprovalforfinance runsout

Pros and cons

FIRSTHOMEBUYERSGUIDE

izeandconditionofa tslayout,elevation,views,and

● ALandInformationMemorandum (LIM) is afile heldbylocalcouncils thatsummarisestheinformation heldonthatproperty. Itcontains arangeofinformationsuchas rates information,stormwaterand seweragepipeson theproperty, consents, andpotentialerosion, subsidence, slippageorflooding, andthepossiblepresenceof hazardousmaterials.

ManyhomesinNewZealand aresold without apriceonthembyauction, tenderordeadlinetreaty.Itcanbeha knowwhattobidorofferinthatcase.

Thecost of renovatingdepends onthe scopeofthework.Some renovationsareaestheticandothers arestructural.Thelattercanbevery expensiveindeed.

● Theproperty file contains all thedocuments that relatetoa LIM reportsuchas building and resourceconsents,and correspondence withthecouncil aboutthe property. Be aware thatbuildingworkdonewithout consentisn’tincluded in thefile.

Discoverthousands ofproperty listingsright acrossthe countryand FREE estimated valuesbasedonthe very latest sales figures. Download theOneRoofapptoday.

What it’s worth.

Whathappens

How much does it cost to renovate?

Buying to renovate

Aregistered valuationwillhelp ensure youa)don’tpay toomuchfor ahomeand b)don’toffertoolittleandloseoutifyou

areissued.Oncethathappensthe saleis settledandthebuyercanmovein.

Manyfirst-homebuyersoftenbuyfixeruppersas awayofgettingontheproperty ladderat alowerprice.

hansimply

What’s forsale.

calledthegovernmentvaluation(GV) orconfusinglybecauseofitsacronym, theratingvaluation(RV),areproduced forratingspurposes.Theydon’tgive anaccurateindicationofhowmucha propertymightsellfor.Youcanalsoget insurancevaluations,whichtellyouthe costto replacethehomeifit’sdestroyed. Realestateagentscan giveyouan estimateof what ahouse mightsellfor. Registered valuations(RV)are betterto relyon.Theyoftencost around$1000, but willgive amoreaccurate valuationofthe home. Valuersare trainedtoassess the marketworthof apropertybasedonan inspectionandcomparablesales.

Homescanbevaluedfordifferent purposesandit’s importantto understandwhattheymean.Thecou valuation(CV),whichcanalsobe

● Apre-purchase report(AKA building report) canidentify defectsin ahome.It’sbesttoget yourownand notrely on one providedbytheseller.Aprepurchaseinspectionby abuilder willhelpyou avoid expensive mistakesbybuying aproperty with expensiveproblemssuchas rot,leaky roofs,oldwiring, and wornoutpipes.Itcanalsogiveyou negotiatingpowerwhenbuying, or helpyouchoose betweentwo properties.It’spainfultopayfor apre-purchaseinspectionbecause itcouldcost$1000or more,justto missout,and need anotherone on the nextproperty.

When aregisteredvaluervisitsthe propertytheydoalotmorethansimply compareittonearbyhomes.They willlookatthesizeandconditionofa property,itslayout,elevation,views,and surroundings.

at ahouse valuation?

Thetwomainadvantagesoffixer-uppers arethattheycanbepricedconsiderably cheaperthansimilarhomes,andyou cangrowyourequityinthehomeby doing renovations.Onthedownside, youwillfindthatdoingup ahomeis nowherenearaseasyasitappearson TV renovationprogrammes.Renovators oftenunderestimatethecostandtheir ownskills.Bylawmanyjobs requirea licensedbuildingpractitioner(LBP)such as abuilderorelectrician.Theycanbe expensive.

hers very e ng. u ou 20 OneRoof.co.nz

WhydoI needone?

Building reports andLIMs

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

be sold hardto se n? ouncil b) yo couldaffordmore.

Valuations

Whencalculatingthe costof buying ado-up house, makesure youfactorinthecostof renovating. Youcanonlyborrow topayfor renovations ifyou’renot already stretchedtothelimit.Bankswill runyourapplication throughan affordabilitycalculator andifyou don’thavesufficientequityand/ or income to make repaymentsyou won’tbe abletoborrowmore.

Whatisahousevaluation?

Banksoftenrequirearegistered valuationbeforetheywilllendona property. That’stoensurethatshouldyou defaultonyourmortgage, theycansell thepropertyand recouptheirmoney. If you arebuyingthehouseformorethan thevaluationit’sunlikelyyou’llbeloaned asmuch moneyas youexpect.

What’sfor sale. Whatit’sworth. Discoverthousandsofproperty listingsrightacrossthecountry and FREE estimated valuesbasedon theverylatest sales figures. Downloadthe OneRoof apptoday. OneRoof.co.nz 21

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

Beforemaking your starting offer,it’s averygood 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.

Buyers should notmake offers on multiple properties at the same time, because they areduty-boundtobuy both properties if theoffers areaccepted.

When ahouse is sold by negotiation, buyers make offers whichsellers

● Getting asatisfactory building report

Once both buyer andseller have signed, thecontract is “unconditional”. This meansyou can’t back out evenif you change your mind. Buyers willneed to paythe deposit as soon as thecontract is signed.

Some properties aresold at tender or by deadline sales (also called “treaties”). With atender youmake writtenoffers by acertain date, which areconsidered by the seller.Adeadline sale is similarwithbuyers able tomake an offer any timeuptothe deadline.

Whathappens after youmakeanoffer?

have worrying clausesthat alawyer will spot

Typesofoffers youcan make Unconditional and conditional offers

If the house isfor sale by negotiation, you offer an amount you areprepared to pay.Usually you don’t makeyour best offer immediately

Most existing homes in New Zealand aresold using thestandardADLS/ REINZ Sale Purchase of Real Estate Agreement. Eventhen, therecan be different clausesused.

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

Sold by negotiation

Buying at auction

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

● Early access to do renovations prior to settlement

Sellers tend to prefer unconditional offers or at leastas few conditions as possible. As aresult, your offer is more likelytobe accepted if it has fewer conditions.

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

● Asunset clause which voids the agreement afteracertain period of time

6 FIRST HOME BUYERS GUIDE

You’ve fallenin lovewith aproperty and want to buy it.You’ll need to have your ducks linedup. That includes your mortgage, your KiwiSaver withdrawal, FirstHomeGrant if you qualify,aproperty inspectorto write a pre-purchasereport, anda lawyer (or conveyancer) to handlethe salefor you.

An offer by negotiation or tender is not legally bindinguntil it is accepted and both the buyer and sellersign the saleand purchase agreement (contract).

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

How to make an offer on ahouse

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 wayuntil an agreement is reached. If you areinamulti-offer situation wherethereare other potential buyers you might need to put your best offer on thetable early

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

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

Your offer canbeunconditional, or conditional. Some of the common conditions include:

For tenders and deadline sales you usuallyonly getone shot at making an offer,soneed to make it your best first time. The seller chooses between the offers presented.

THE BUYING PROCESS

Getting started

Legalfeesand paperwork

Buying ahomeis abigcommitment and thereisquiteabit thatcould go wrong. Alawyer works for you and checks the sale and purchase agreement, the title, the LIM, and does the transfer of the property on settlement day.It’sbest to choosea specialistproperty lawyer to do this work.

Othermethods of sale

22 OneRoof.co.nz

Sold at tender or ‘bydeadline’

can accept or negotiate on(called countersign or counter offer).

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

● Securing finance

● Alonger than normalsettlement period

Afewdayspriortothehome becomingyours,youwilltodoa pre-settlementinspectiontoensurethe houseis intheconditionitwaswhenyou agreedtobuy.

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

Thecostof conveyancing istypically $1000to $1500. OneRoof.co.nz 23

What happens at settlement?

Settlementdayiswhentheproperty transferstoyou and it’sofficiallyyours. Itcanbe along nerve-wrackingday in which alot happensbehindthescenes. Thebuyer’slawyerneedsto arrangeforpaymenttobetransferred totheseller’slawyerandin return thetitle transferiscompletedand

Lookingfor professional, personalised mortgageadvice? CallPaultoday. PaulMichaelsen SpecialistMortgage &RiskInsuranceAdvisor 0277472856 •paul@hbmi.co.nz www.hbmi.co.nz •06600 0321 @hawkesbaymortgages

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

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

Oncesettlementiscompleteyoupick upthekeysandcanmovein.Sometimes itpaystobook removalvansfortheday aftersettlement,justincasethings go wrongonsettlementdayandyouwaste yourmoney.

Get theperfectlook foryourproperty with OneRoof’s Homes We Love. Fromthelatestdesign trends torenovation tips-and-tricks,there’s something foreveryone. Findinspirationat OneRoof.co.nz/homeswelove Brought to youbyBe property prepared 24 OneRoof.co.nz

Akey barrier to owning yourown home is saving fora deposit.

MONEY MATTERS

lawyer fit in? Alot of people we speak to are purchase ahome with afriend or another e‘stuck’with them.Theymight think that get out of the joint ownership should their change or won’tbeable to leave their sharein

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. Butifyou’reconsideringbuyingahome,myadviceisto startbyreviewingyourincome.Yourhouseholdincome (andexpenses)willdictatehowmuchyoucanborrowfrom thebank,whichwilldictatehowmuchdeposityouneed Therefore,beforeanythingelse,thefirstthingtodoistoget yourbudgetinorder.Knowexactlyhowmuchhascomein andgoneoutofyouraccountoverthepastthreemonths. Thebankwilltakeyourspendingintoaccountinyour application.Makesureyouknowwhatyou’respending yourmoneyon.

sometimesitcanbeassimpleastheydon’thaveenough moneytolendoutthisweek.Ifyouknowwhyyouwere declined,youknowwhatitwilltaketofixit Nothingisstoppingyoufromapplyingwithmultiple lenders,butitmaymeantheybrushyourapplicationaway morequickly.Ifabankcanseeasmallissuewithyour applicationandtheyaretheonlylenderyouaretalkingto, theymayworkwithyoutoapprovetheapplication.Ifthey knowtheyareoneofmanylendersyouareworkingwith, chancesaretheywilldeclinetheapplicationandmoveon tothenextone.Gotothebestlenderfirstandapproach othersifrequiredtoafterthat

We arepassionate about helping firsthomebuyers achieve their dream of home ownership. We understand that purchasing a first homecan be daunting and membersofour own team have recently been through the process so can relate to what you’re going through. We want to help youunderstand alternative pathways to getting on the property ladder and achieve your dream of home ownership.

Lois McLintock

affordability spendby$50 abilityby$30 quicklyaddu Onceyouha lookingatyo andhirepur thatallowsy moneyyouw creditcardlimi howmuchyo unusedcards meagreamo worththeeff Nowthatyo control,it’sti helpfromKā not;checkth parents,forexample,canhaveearnedupto$150,000in thelast12monthstoqualifyfortheFirstHomeLoan.This wouldmeantheyonlyrequirea5%deposittopurchasea house.IsuspectthousandsofpeopleacrossNewZealand qualifyforoneoftheKāingaOraschemesthatcouldget themintoahouseanddon’trealiseit.Thesepotentialhome buyerswillbescramblingtogethera10%or20%deposit whentheycouldbeintheirhomenow

In the past, most homeowners have chosen to purchase property with aspouse or partner anditmay have seemed unusual to purchase aproperty withafriend, family member,parent, or However,the housing crisis and inflationary many New Zealanders to get creative operty to getinonthe benefits of home couples arestruggling to getadeposit saved yourself is often out of reach of many.Shared aretaking offinthe housing market as we operty in more unconventional ways your best mate to raise adeposit has become popular way to get outofyour shared flatand stop into someone else’spocket. Arange of banks dwith these shared ownership structures oadapt to thechanging housing market Abenefitofowning property under these structures is that everyday expenses such as home maintenance can be shared. This also loanmoreachievable and paying ahome

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

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

•RupertGoughisthefounderandCEOofMortgageLab andauthorofTheSuccessfulFirstHomeBuyer

Thinking Outside the Box To Get on the Property Ladder

New Zealand has seen an escalation in housing prices in recent years and, unfortunately,this haskeptmany Kiwis from getting on the property ladder and fulfilling the dream of home ownership. However,the QV House Price Index recently reported that average house prices had decreased and in Hastings that meant adecrease of 3.3%and in Napier aconsiderable 7.2%.

A‘NO’ATONE BANK ISN’T A‘NO’ATALL BANKS

Finally,it’stimetofindouthowmuchmoneyyoucan borrow.Youcanchattoyourbankortalktoanadviser

Some aremoreconservative than others when it comes to mor and if your application is declined, always ask the reason, writes OneRoof.co.nz 25

Getting together a20% deposit has become out of reach for many Kiwis. Even with changes to the market the average house price in the Bay sits at around $850,000. Without help from the ‘Bank of Mum and Dad’ or friends and family,raising adeposit has become achallenge for many of us.

M

Bramwell Bate’snew solicitor,Lois McLintock, provides an overview of the current market and options for purchasing your first home.

www.bramwellbate.co.nz | Phone 06 872 8210 | 205 Hastings Street South, Hastings

If you arelooking into purchasing aproperty under ajoint ownership structure, it is important that you also have a‘Property Sharing Agreement’ drafted by your lawyer.This agreement sets out you and your co-owner’srights and obligations in relation to the property and detailsthings like who will pay for rates, insurance and upkeep of the house.Itmight alsocover how the mortgage repayments aretobemade and by who, and deal with who canoccupy thehouse and at what time. In addition, a property sharing agreement includes the process should someone want to sell their shareinthe property,orifthereisadispute. Having one of these agreements is important to ensure that your purchase and ownership process goes smoothly andthat youare on the same page with your co-owner

the property to their kids. It is important that potential buyers know that thereare solutions to these concerns. We areseeing a ‘tenants in common’ ownership model being utilised much more This means multiple people can ownaproperty and havedefined shares in it which they can deal with separatelyfromthe other owners. For example, their shareinthe property canbepassed on to someone when they die through their Will. We recommend this as the best way to own ahouse when purchasing using a joint ownership structure.These legal concepts can sound abit confusing, butyour lawyer will be happy to help you work through the best option for you andyour situation.

Thefigurescited belowonly cover suburbs with 20plus settled sales in thelast 12 months.

ONEROOF VALOCITY HOUSE VALUE INDEX

($151,000) over the quarter to $1.137m, and is down 6.3% ($76,000)year on year. The valuedecline in Tauranga over thequarter was 5.6%, andjust over 4% in Dunedin House values in Hamiltonand Christchurchdropped2% and1.1%respectively

Nelson's average propertyvalu biggest quarterly drop after Greater followedbyHawke'sBay (down (down4.4%).

"Some 7600, or 38.5%,ofall new mortgagesissued between Mayand July this year weretofirst-home buyers, compared with 7800, or 36.9%, in theprevious three-month period.

"It'sabig drop from the10,500 mortgagesregisteredto first-home buyers 12 months ago,whenthe buyergroup represented 39.9%ofall newmortgages."

Wilson said: "Fifty eight out of 72 territoriallocal authorities were in negative growth territory over the quarterand propertyvalues in five weredown year on year.Properties in Lowerand Upper Hutt, Porirua, Wellington and Palmerston North areworthless now than whatthey were ayearago."

Nationwide, moversmadeup 16.5% of new mortgage registrations in thethree months to theend of July, while investorsmade up 25.6%, and thosere-entering the market made up 2.9%.

Forty-sevensuburbs with 20 or more settled sales in the last 12 months have an averagepropertyvalue of $2m and above -down from 53 threemonths ago.Ofthe current crop of $2m-plus suburbs, just foursaw value growth over thequarter, and only eight areinabetter position now thanthey weresix monthsago.Values in six $2m-plus suburbs -all of which areinAuckland -are down year on year

Thecapital’s average propertyvalue dropped11%

Shum saidthe decline was in line with declining sales andrising interest rates. "Beforeweentered the Delta lockdown the market was stillpumping.Itwasn't until thewhole Delta lockdown was hanging aroundthat peoplestarted having doubts, especially inAuckland."

Auckland’s average property value was down 4.3% over the threemonths to theend ofAugust -its sixth successive quarterly decline since theend of March -and is up just 2.3% year on year

Thenumberofsettled sales in the last quarter was13% down on the quarterprior and 31%down on thesame quarterlast year."Moretelling is thefact thatsales were 24% down on the same quarter five years ago," Wilson said. "Auckland, which accounts for the bulk of sales activity in the country, recorded almost 8% fewersales last quarterthan it didduring the same three-month [period] in 2017, whenthe city's housing market was in the midst of aslump."

Runanga, in Grey,retains its crown as New Zealand's cheapest placetobuy,withthe 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 the property boom hasn’tadded hundreds of thousandsof dollars to the value of Runanga homes, residents who bought in the town post-lockdown, when the average property value was $165,000,aresitting on atidy $68,000 gain. Just four other towns andsuburbs have an average property value of less than$300,000: Mataura, in Gore($242,000);Cobden, in Grey ($252,000); Blaketown, alsoinGrey($270,000) andKaitangata, in Clutha ($286,000).

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

Wilson said hesitancyamong buyers, drivenbyrising interest rates, an inflation rate of morethan 7% and fears about the wider economy,was resultinginfewer sales, which in turn was putting downwards pressureon propertyvalues.

olumestumbled from 98,450 in the Julyto95,455 in the12months he 2605suburbscovered in 20 or moresettled salesover onth period, while 597 had one or none.

With an average property value of $3.9m, Herne Bay is New Zealand’s most expensive residential suburb, but the downturn has madehouses thereless expensive. The wealthy enclave has in the last three monthslost its status as NZ’s $4msuburb, withits average property value dropping 5.7% ($236,000) overthe quarter,and 6.91% ($290,000)in the last sixmonths.Year on yeargrowth for the suburb was4.4%,so those who bought lastSeptember have stillcome out$164,000 ahead.

Themost expensivesuburboutside ofAuckland is Queenstown-Lakes' KelvinHeights(down2.2% over the quarterto$2.6m)

Only West Coast, NewZealand's market, managed to escape thed average property value up 2.5%( quarterto$403,000.

"Worse still, thelastsix months have wipedout more than40% of the$350,000valuegains Wellingtonians made during thepost-Covidboom. Those whobought around market peak with aminimumdeposit maynow find themselves in negative equity,and runthe risk of incurring real losses if forced to sellinthe current market environment."

Suffering the country's biggest Wellington. Theregion'saverag 9.1% over thequarter,ending its $1m club

THE BIGGEST WINNERS, BIGGEST LOSERS

"Wellington’s newest homeowners arelooking particularly vulnerable. Forthe second month in arow, housevaluesinthe region weredownyear on year,with the 5.6% drop recorded in the 12 months to the endof August the region's biggestyear-on-yeardecline since.

The total number of newmortgages registrationsincluding first-home buyers, investors andmovers -had droppedfrom26,000 in the threemonthstothe endof June to 21,000 in thethree months to the end of July

last year and early this year, with $40,000 lost inthe last ontinued decline at current pace could magic $1mmark beforethe end of

dgrowth in thethree months est Coast (up 2.5%,to$403,000). dfromsix months agowhen and onlyAucklandwas on the .The region taking the biggest average propertyvalue verthe quarterto$992,000 -the low $1m since May 2021 rritorial local authorities,14 the threemonths to theend of wereinWest Coastand Otago, bury, and Waikatodistrict, in fthe rankings forthe second growth of 13.2% and7.3% was at the bottom of the heap, valuedown11.7% ($151,000) otherTAs also suffered doubleand Otorohanga,bothin

HE HOUSING market decline has accelerated and across the country New Zeala valuedropped months to $1. activity collaps Figuresfro ValocityHouse drops in 15 of with significant in Wellington andAuckland.

Of the country's seven majormetros, only one, Queenstown-Lakes, avoided thewinter chill. Itsaverage propertyvaluegrew1.8% ($33,000) in the last three months to $1.878m.

HOUSING MARKET'S WINTER FREEZE

NZ’S MOSTEXPENSIVE

NZ’S CHEAPEST

Almost half of the value gains made in the last 12 monthshavebeenwipedout by the slump.

26 OneRoof.co.nz

Wayne Shum, head of research at Valocity,said that the volume of mortgage registrations wasfalling fast.

At $1.043 million, New Zealand’s average property value is 4.7% ($47,000) aheadof whereitwas this time last year, but the downturn is eating away at the gains made late

James Wilson,head of valuations at Valocity, OneRoof's datapartner,said: "Almost half of thevalue gains made in the last 12 months have been wipedout by the slump, with the nationwide average propertyvalue down 5% -$55,000 -since peaking in February

GreaterWellington was also the down year on year,but it won't regions follow suit.

FALLINGFAST

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

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%

KaikouraFlat,inKaikoura,Canterbury,recordedthe strongestgrowthoverthequarter,withthesuburb’s averagepropertyvalueup11.7%to$870,000.Growthwas alsostrongin MeremereandPukekawa,bothin Waikato district,buttheoverallnumberofgrowthsuburbs droppedfrom223inthethreemonthstotheendofJuly to 157inthethree monthstotheendofJuly.

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

you Themapshowsthecurrentaverageproperty valueforeach region,andgivesthethree-month change.Thedifferentcoloursonthemapexpress thechangeinhousevaluesineachlocation. All NZ -3.7% $1.043m OneRoof.co.nz 27

Northland,inWellington,isthehousingmarket’s weakestlink.Thesuburb’saveragepropertyvaluefell 15%($220,000)to$1.24m in thethreemonthsto theendofAugust,andisdown5.6% year on year.Another64suburbs, mostlyinGreater Wellington,sawdouble-digit declinesoverthe quarter,up from52inthethreemonthstothe endofJuly.Thesuburb thatlostthemostdollars was TotaraPark,inAuckland'sManukaudistrict, withitsaverageproperty valuedropping$299,000 overthequarterto$2.47m.Allup768suburbs lostacombined$44moverthethree-month period,withvaluesdropsof$100,000-plus recorded in131suburbs.

LakeHayes,in Queenstown-Lakes,enjoyedthe biggestdollar gainoverthequarter,withitsaverage propertyvaluerising $147,000to$2.48m.

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

OutsideofQueenstown-LakesandChristchurch, heatinthemajormetrosisbecomingharderto find.No suburbinDunedin, Taurangaor Wellington recorded valuegrowth overthequarter,whilethenumberof growthsuburbsinAucklandandHamiltonwasthree andone respectively.

INDEMAND

Whatthemaptells

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

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

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

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

Allsevenof theregion'sformerlocalgovernmentareas recordednegativegrowth overthequarter,withManukau andtheNorthShoretakingthebiggesthits;their averagepropertyvaluesfell5.5%and5.4% respectivelyoverthe quarter,fuelled byquietersalesactivityintheirhighervaluesuburbs.Thevaluefallsinthefour remainingAucklanddistrictswerebetween 2.6%and3.9%.

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

THREE

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 LANGS BEACH $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

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

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

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

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

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

Draggingthe regiondownisWhangarei,wheretheaveragepropertyvaluedropped 4.4%($43,000)overthequarterto$934,000.Ofthe28suburbsinthe TAthathad20or moresettledsalesoverthepast12months,onlyone, Tutukaka, registeredvaluegrowth inthethreemonthstotheendofAugust -a healthy3.2%lift to $1.49m -but 11 suburbs fellharderthanthe TAaverage.

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

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

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

$1,452,000 2.3% AVERAGEPROPERTY VALUEYEARON YEARCHANGE 28 OneRoof.co.nz

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

ONEROOF VALOCITYHOUSE VALUEINDEX

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

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%

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

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

CURRENT AVERAGE PROPERTY VALUE MONTHS

Propertyvaluesin41suburbsarelowernowthantheywere inSeptemberlastyear, withManurewaEastdownthemostyearonyear(-9.7%to$798,000).

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

AGO 12 MONTHS AGO QoQ CHANGE YoY CHANGE SETTLED SALES LAST12 MONTHS

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

MOUNTWELLINGTON $1,113,000$1,150,000$1,088,000 3.2%2.3%375

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

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

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

NORTHLAND’S average property valuefell 2.9%to$893,000inthelastthreemonths. That's still$103,000 upon ayearago(and$271,000abovetheAugust2020figure),but thepaceofdeclinehasincreased sincetheregionfirst slippedintonegative growth territoryinApril.

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

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

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

Of theAucklandsuburbsthatrecorded20ormoresettledsales in thelast12 months,three -GreatBarrierIsland(AoteaIsland),CoatesvilleandPollok -sawvalue growthoverthequarterwhile TotaraParksufferedthebiggestquarterlydrop,10.8% to$2.47m.

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

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

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

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

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

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

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

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

NORTHLAND

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

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

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

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

LOCATION

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

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

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

$893,000 13%%

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

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

GREATER AUCKLAND

AVERAGEPROPERTY VALUEYEARON YEARCHANGE

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

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

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

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

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

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

MOUNTALBERT $1,529,000$1,593,000$1,508,000 4.0%1.4%242

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

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

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

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

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

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

OneRoof.co.nz 29

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

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

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 4.2%4.0%22 ARMY BAY $1,243,000$1,338,000$1,234,000 7.1%0.7%28 COATESVILLE

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

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

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

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

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

MILFORD $1,935,000$2,087,000$1,878,000 7.3%3.0%146

EASTERN BEACH $2,045,000$2,172,000$2,043,000 5.8%0.1%23

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

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

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

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

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

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

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

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

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

MAIRANGI BAY $1,878,000$1,999,000$1,910,000 6.1% 1.7%100

STONEFIELDS

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

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

HIGHLAND PARK $1,266,000$1,365,000$1,254,000 7.3%1.0%76 HILLPARK $1,023,000$1,109,000$1,033,000 7.8%

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

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

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

NORTHCROSS $1,402,000$1,491,000$1,418,000 6.0% 1.1%54 OTEHA $1,230,000$1,278,000$1,230,000 3.8%0.0%89

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

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

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

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

THREEKINGS

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

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

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

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

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

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

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

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

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

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

MANUKAU (EAST ANDSOUTH) $1,307,000$1,383,000$1,265,000 5.5%3.3%6314

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

PONSONBY

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

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

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

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

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

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

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

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

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

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

FLAT

DAIRYFLAT

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

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

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

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

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

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

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

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

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

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

$1,201,000$1,233,000$1,091,000

TAKAPUNA $2,392,000$2,529,000$2,337,000 5.4%2.4%168 TORBAY $1,358,000$1,412,000$1,350,000 3.8%0.6%281 TOTARA VALE $1,129,000$1,191,000$1,118,000 5.2%1.0%100 $1,263,000$1,385,000$1,263,000 8.8%0.0%72 9.7% 2.9%27 $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

ROYALOAK

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

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

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

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

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

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

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

FAVONA $951,000$1,000,000$895,000 4.9%6.3%70 BUSH $1,484,000$1,524,000$1,427,000 2.6%4.0%819 7.2% 3.3%43 8.0%3.2%59

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

REMUERA

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

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

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

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

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

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

FRANKLIN 2.6%10.1%1348 BOMBAY $1,842,000$1,951,000$1,591,000 5.6%15.8%24 CLARKSBEACH $1,349,000$1,393,000$1,205,000 3.2%12.0%51 GLENBROOK $1,343,000$1,423,000$1,221,000 5.6%10.0%72 HUNUA $1,637,000$1,698,000$1,430,000 3.6%14.5%31 3.1%7.6%651 $1,844,000$1,985,000$1,702,000 7.1%8.3%49 WAIUKU $1,013,000$1,030,000$904,000 1.7%12.1%274

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

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

RAMARAMA

HALFMOON BAY $1,773,000$1,831,000$1,664,000 3.2%6.6%105 1.0%78 5.7%1.0%242

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

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

MANGERE $1,012,000$1,061,000$925,000 4.6%9.4%170 MANGEREBRIDGE $1,407,000$1,497,000$1,282,000 6.0%9.8%137 MANGEREEAST $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 MANUREWA EAST $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 CURRENT AVERAGE PROPERTY VALUE THREE MONTHS AGO 12 MONTHS AGO QoQ CHANGE YoY CHANGE SETTLED SALES LAST12 MONTHS

UNSWORTHHEIGHTS

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

PAERATA $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

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

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

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

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

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

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

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

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

GULFHARBOUR $1,216,000$1,244,000$1,079,000 2.3%12.7%192

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

NEWMARKET

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

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

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

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

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

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

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

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

ONEROOF VALOCITYHOUSE VALUEINDEX

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

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

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

SILVERDALE

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

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

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

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

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

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

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

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

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

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

LAINGHOLM

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

PUHOI

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

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

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

POINTWELLS

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

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

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

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

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

REDBEACH

SNELLSBEACH

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

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

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

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

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

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)abovewheretheywereayear ago,and42%($293,000)abovewheretheywerejustbeforethehousingmarkettook WAIKATO $981,000 9.7% AVERAGEPROPERTY VALUEYEARON YEARCHANGE

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

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

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

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

30 OneRoof.co.nz

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

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

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

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

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

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

HATFIELDSBEACH

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

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

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

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

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

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.

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

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

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

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

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

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

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

$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

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

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

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

KAUKAPAKAPA

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

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

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%63HousesinHamilton.Thecity'saverageproperty valuedropped2% in thelastthreemonths. 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

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

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

OpotikiwastheonlyTAtoseevaluegrowthoverthequarter -amodest0.3%,but stillgrowthina slowingmarket.ThebiggestfalleroverthequarterwasTauranga, withitsaveragepropertyvaluedropping5.6%($69,000)to $1.172m.Noneofthecity's suburbs recordedvaluegrowthovertheperiod. Poikesufferedtheworstdrop,both inthecityand Waikatoas awhole.Itsaveragepropertyvaluefell9.1%($72,000) to $723,000.The leastaffected TaurangasuburbwasPyesPa,whichdroppedonly1.9% overthesameperiod.

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

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

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

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

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

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

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

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

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

THAMES

OneRoof.co.nz 31

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

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

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

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

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

RANGATIRAPARK

MATARANGI 2.6%10.3%76

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

HAHEI 2.6%14.4%20

THAMES 1.6%11.0%112

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

COOKSBEACH $1,470,000$1,498,000$1,349,000 1.9%9.0%29 $933,000$917,000$831,0001.7%12.3%40

BUCKLAND $1,494,000$1,408,000$1,369,0006.1%9.1%34

BAYOF PLENTY

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

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

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

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

$1,040,000 7.3%

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

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

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

PAUANUI

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

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

WHITIANGA

$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

POKENO

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

AVERAGEPROPERTY VALUEYEARON YEARCHANGE

MANGATAWHIRI

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

WHANGAMATA 1.5%11.4%192

COROMANDEL

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

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

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

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

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

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.

TAHAWAI

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

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

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

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

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

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

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

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

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

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

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

ONEROOF VALOCITYHOUSE VALUEINDEX

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

GISBORNE,HAWKE'SBAY,MANAWATU-WHANGANUIANDTARANAKI

CENTRAL NORTH ISLAND

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

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

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

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

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

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

OMANAWA

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

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

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

PAENGAROA

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

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

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

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

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

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

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

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

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

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

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

32 OneRoof.co.nz

$1,691,000$1,790,000$1,499,000

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

FRIMLEY $963,000$1,030,000$906,000 6.5%6.3%76

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

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

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

$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

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

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

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

ESKDALE

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

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

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

POIKE

MINDEN

FLAXMERE $497,000$529,000$491,000 6.0%1.2%126

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

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

OROPI

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

WHAKAMARAMA 5.5%12.8%47

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

NAPIER

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

OMOKOROA

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

FERNDALE $822,000$823,000$726,000 0.1%13.2%21 $958,000$967,000$873,000 0.9%9.7%38

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

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

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

Thecapitalsufferedthe region'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 yearbyasmuchas 8%, whichwillprovidemoreaffordableopportunitiestofirst-home buyersandinvestorsinthe region,butalsoleavemanyhomeownerswhoboughtat theheightofthemarketatriskofnegativeequity.

EASTBOURNE

Shrinkingsalesvolumesarealso acauseforconcern,withthenumberofsettled salesinthe regionfallingfrom9083in the12monthstothe endofMarchto8215in the12monthstothe endofAugust.Theturnaroundinthecapital'sfortuneshasbeen severe.In thethreemonthstoMarch,justthreesuburbs recordeddeclinesintheir averagepropertyvalueandeverysuburbwasupyearonyear.Now,nosuburbis recordingquarterlygrowth,andhousepricesin47outofthecapital's56suburbsare lowerthantheywereayearago,withthepricedropsrangingfromaslittleas $6000 inKhandallah to asmuchas$228,000inOrientalBay.Somesuburbsarelooking particularlyvulnerable:propertyvaluesinPipitea, WellingtonCentral,Mount Victoria, TeAro,OrientalBayandMountCookarelessthan20%aheadofwheretheywerein September 2020.Thecrunchhas reducedPipitea'stwo-yearvaluegaintojust$26,000.

AVERAGEPROPERTY VALUEYEARON YEARCHANGE

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

WAIKANAE

HURWORTH $1,220,000$1,197,000$1,034,0001.9%18.0%29

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

THESLUMP hashitGreater Wellingtonhard.Notonlydidtheregionsufferthe country'sbiggest valuedropoverthelastthree months,butGreater Wellingtonproperty valuesarenow5.9%($62,000) belowwheretheywereinSeptember2021, with therapid gainsmadeattheendoflastyearand startofthisyearallgone.

PARK

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

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

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

TEHOROBEACH

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

EPUNI

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

$992,000 5.9%

FAIRFIELD

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

RAUMATI

BOULCOTT

GREATER WELLINGTON

FITZROY

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

OneRoof.co.nz 33

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

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

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

UPPERHUTT

MARTINBOROUGH $1,175,000$1,191,000$1,078,000 1.3%9.0%64

PAPARANGI $953,000$1,101,000$1,003,000 13.4% 5.0%40 11.2%21 8.1% 2.6%195

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 hardtodrawtoomanyhardconclusionsaboutpriceandaffordability.

BRITANNIAHEIGHTS $1,551,000$1,682,000$1,469,000 7.8%5.6%20

MARLBOROUGH,NELSON, TASMANANDWESTCOAST

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

TAHUNANUI $749,000$789,000$682,000 5.1%9.8%88

PORIRUA $947,000$1,033,000$997,000 8.3% 5.0%748

BROWNOWL $844,000$982,000$953,000 14.1% 11.4%27

RIVERSTONETERRACES

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

TRENTHAM $774,000$870,000$827,000 11.0% 6.4%142

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

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

BIRCHVILLE $784,000$896,000$869,000 12.5% 9.8%41

KHANDALLAH $1,518,000$1,661,000$1,524,000 8.6% 0.4%119

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

Propertyvaluesintherestof theupperSouthIslandstruggledoverthequarter. Nelson's averagepropertyvaluefell5.9%($53,000)to$850,000asbuyerscontinued their retreat,but theseverefloodingthathaswreakedhavocacrossthe regionislikely tohave abiggerimpactonvaluesinthemonthsahead.

MARLBOROUGH $795,000$806,000$751,000 1.4%5.9%1182

STOKE $801,000$823,000$755,000 2.7%6.1%306

ThequarterlydeclinesinMarlboroughand Tasmanwererelativelygentler -1.4% and2% respectively -buttheslumphaseatenupmuchofthegainsmadeatthestartof theyear.

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

SILVERSTREAM $1,004,000$1,086,000$1,034,000 7.6% 2.9%60

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

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

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

REDWOODTOWN $625,000$642,000$610,000 2.6%2.5%142

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

TAKAPUWAHIA $679,000$770,000$725,000 11.8% 6.3%21

PINEHAVEN $853,000$952,000$910,000 10.4% 6.3%32

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

BURLEIGH $1,068,000$1,089,000$979,000 1.9%9.1%21

ROSENEATH $1,714,000$1,947,000$1,930,000 12.0%

WASHINGTONVALLEY $645,000$702,000$653,000 8.1% 1.2%44

UPPER SOUTH ISLAND

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

RENWICK $790,000$811,000$753,000 2.6%4.9%46

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

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

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

TOITOI $568,000$625,000$565,000 9.1%0.5%45 WAKATU $771,000$810,000$722,000 4.8%6.8%20

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

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

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

SOUTH WAIRARAPA$1,022,000$1,049,000$958,000 2.6%6.7%336

ENNERGLYNN $942,000$994,000$870,000 5.2%8.3%30

PICTON $676,000$688,000$642,000 1.7%5.3%89

ASCOT PARK $727,000$809,000$787,000 10.1% 7.6%29

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

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

KILBIRNIE $1,021,000$1,183,000$1,092,000 13.7% 6.5%41

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

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

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

MOUNTCOOK $894,000$1,007,000$963,000 11.2% 7.2%55

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

EBDENTOWN $756,000$848,000$844,000 10.8% 10.4%54

MAORIBANK $691,000$806,000$786,000 14.3% 12.1%24

WHITBY $1,091,000$1,139,000$1,116,000 4.2% 2.2%215

WITHERLEA $794,000$816,000$750,000 2.7%5.9%150

ONEROOF VALOCITYHOUSE VALUEINDEX

RIVERSDALE $584,000$599,000$587,000 2.5% 0.5%30

RANUI

TITAHIBAY $794,000$889,000$873,000 10.7% 9.0%92

BERHAMPORE

NELSON SOUTH $812,000$867,000$771,000 6.3%5.3%75

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

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

THE WOOD $834,000$905,000$818,000 7.8%2.0%63

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

KARORI $1,301,000$1,385,000$1,332,000 6.1% 2.3%210

SOLWAY

PLIMMERTON $1,148,000$1,259,000$1,167,000 8.8% 1.6%27

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

NORTHLAND $1,247,000$1,467,000$1,321,000 15.0% 5.6%59

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

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

CAMBORNE $1,008,000$1,120,000$1,067,000 10.0% 5.5%29

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

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

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

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

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

BROOKLYN $1,241,000$1,380,000$1,267,000 10.1% 2.1%88

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

TIMBERLEA $843,000$973,000$932,000 13.4% 9.5%43

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

SEATOUN $2,007,000$2,267,000$1,979,000 11.5%1.4%45 STRATHMORE PARK $1,190,000$1,375,000$1,172,000 13.5%1.5%39 TAWA $985,000$1,072,000$1,011,000

BLENHEIM $638,000$640,000$619,000 0.3%3.1%178

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

$1,164,000$1,292,000$1,193,000 9.9% 2.4%31

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

34 OneRoof.co.nz

PAREMATA $1,075,000$1,204,000$1,123,000 10.7% 4.3%32

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

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

MAIREHAU $642,000$647,000$550,000 0.8%16.7%169

HOONHAY $701,000$699,000$583,0000.3%20.2%115

SHIRLEY $662,000$668,000$566,000 0.9%17.0%104

HEIHEI $610,000$617,000$521,000 1.1%17.1%51

RICCARTON $764,000$768,000$668,000 0.5%14.4%207

BROMLEY $532,000$525,000$444,0001.3%19.8%50

BURWOOD $686,000$677,000$568,0001.3%20.8%163

SOUTHNEWBRIGHTON $613,000$596,000$516,0002.9%18.8%43

HAREWOOD $1,125,000$1,116,000$941,0000.8%19.6%39

WAINONI $491,000$492,000$439,000 0.2%11.8%58

MERIVALE $1,582,000$1,534,000$1,357,0003.1%16.6%125

HILLMORTON $701,000$700,000$597,0000.1%17.4%50

KAINGA $548,000$543,000$472,0000.9%16.1%29

EDGEWARE $558,000$557,000$483,0000.2%15.5%105

ISLINGTON $587,000$583,000$499,0000.7%17.6%23

LINWOOD $491,000$494,000$423,000 0.6%16.1%225

SPREYDON $654,000$667,000$569,000 1.9%14.9%166

FENDALTON $1,845,000$1,820,000$1,620,0001.4%13.9%103

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

At asuburblevel,thebiggestdropwasinAkaroa,ontheoutskirtsofChristchurch. Theholidaytown'saveragepropertyvaluefell 7.2%($73,000)to$945,000.Thenext biggestdropswereinSelwyn'sSpringston(down6.8%)andDunsandel(6.6%).South NewBrighton wasChristchurch'sbiggestrise -itsaveragepropertyvaluewasup2.9% to$613,000 -but of theregion'sbiggestwinners overthequarterwereKaikouraFlat,in Kaikoura(up 11.7%to$870,000),andBenOhau,inMackenzie(up9.5%to$1.09m).

MOUNTPLEASANT $1,167,000$1,141,000$963,0002.3%21.2%67

LYTTELTON $768,000$777,000$663,000 1.2%15.8%29

NORTHWOOD $1,145,000$1,157,000$945,000 1.0%21.2%111

OPAWA $786,000$776,000$680,0001.3%15.6%20

PAPANUI $777,000$794,000$667,000 2.1%16.5%137

SAINTMARTINS $747,000$767,000$645,000 2.6%15.8%48

SOMERFIELD $759,000$778,000$645,000 2.4%17.7%110

CHRISTCHURCHCENTRAL $716,000$722,000$614,000 0.8%16.6%243

UPPERRICCARTON $705,000$731,000$631,000 3.6%11.7%93

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.

HUNTSBURY $1,139,000$1,139,000$991,0000.0%14.9%57

PHILLIPSTOWN $454,000$463,000$395,000 1.9%14.9%111

SOCKBURN $659,000$663,000$566,000 0.6%16.4%74

$786,000 15.4% AVERAGEPROPERTY VALUEYEARON YEARCHANGE OneRoof.co.nz 35

NEWBRIGHTON $540,000$542,000$461,000 0.4%17.1%148

BROOMFIELD $711,000$722,000$627,000 1.5%13.4%31

NORTHNEWBRIGHTON $569,000$559,000$478,0001.8%19.0%91

ILAM $966,000$982,000$863,000 1.6%11.9%191

SYDENHAM $569,000$578,000$512,000 1.6%11.1%154

MARSHLAND $1,126,000$1,117,000$904,0000.8%24.6%86

HILLSBOROUGH $814,000$833,000$693,000 2.3%17.5%46

RICHMOND $554,000$570,000$483,000 2.8%14.7%88

SOUTHSHORE $710,000$692,000$592,0002.6%19.9%21

HEATHCOTE VALLEY $813,000$841,000$700,000 3.3%16.1%26

REDWOOD $683,000$689,000$572,000 0.9%19.4%178

ThreeofCanterbury'snine TAswerestillenjoyinggrowth overthequarter: Kaikoura'saveragepropertyvaluewasup13.2%to$761,000;Mackenzie'swasup4% to$801,000and Waimatewasup1.8%$515,000.Homeowners in thosedistrictsshould avoid readingtoomuchinto thesefiguresaslowsales volumesinallthreecouldbe leadingtovolatilityinthemarket.Selwyn, theregion'smostexpensive TA,sufferedthe biggestdrop,at3.7%,whileChristchurch'sdeclinewas arelativelysmall1.1%.

RUSSLEY $728,000$735,000$639,000 1.0%13.9%61

SUMNER $1,145,000$1,156,000$1,006,000 1.0%13.8%30

CANTERBURY

HORNBY $614,000$610,000$509,0000.7%20.6%92

HALSWELL $894,000$907,000$747,000 1.4%19.7%210

REDCLIFFS $1,155,000$1,204,000$1,038,000 4.1%11.3%45

BRYNDWR $805,000$798,000$709,0000.9%13.5%117

CASHMERE $1,144,000$1,146,000$950,000 0.2%20.4%94

PARKLANDS $759,000$747,000$647,0001.6%17.3%178

STROWAN $1,300,000$1,299,000$1,070,0000.1%21.5%73

NORTHCOTE $599,000$604,000$519,000 0.8%15.4%62

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

DALLINGTON $573,000$581,000$514,000 1.4%11.5%35

CASEBROOK $846,000$831,000$700,0001.8%20.9%92

BURNSIDE $902,000$900,000$775,0000.2%16.4%198

WAIMAIRIBEACH $952,000$964,000$827,000 1.2%15.1%24

ST ALBANS $873,000$894,000$786,000 2.3%11.1%389

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 36 OneRoof.co.nz

AnaerialviewofLakeTekapo,in Mackenzie,Canterbury. Thetown'saverageproperty valuejumped4%inthelastthreemonths to $1.131m. Photo /GettyImages

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

NEWFIELD

OTEMATATA $588,000$562,000$502,0004.6%17.1%22

OTAGOAND SOUTHLAND

ARTHURSPOINT $1,589,000$1,525,000$1,405,0004.2%13.1%30

KINGSWELL

LOWERSHOTOVER $1,623,000$1,643,000$1,373,000 1.2%18.2%81

DraggingSouthlanddownwasthe3%valuedeclineinits biggestcentre, Invercargill.TheslideinSouthlandandGoredistrictswassmaller(1%and0.2% respectively) butboth TAsare low-salesenvironmentsand haven'tseentherapid growthseeninthelikesof Wellington.

OneRoof.co.nz 37

WAVERLEY $827,000$886,000$834,000 6.7% 0.8%38

Otago'smostexpensivehousingmarket,Queenstown-Lakes,hasn'tsuccumbed tothemarketdownturnyet,withitsaveragepropertyvalueup1.8%($33,000)over thequarterto$1.87m.The region'sbiggesthousingmarketontheother handhasfelt thewinterchill.Dunedin'saveragepropertyvaluefell4.1%($30,000)overthesame periodto$707,000,andisjust0.4%up yearonyear,withhousepricesin13ofthecity's suburbslowerthanthey were inSeptember2021.

ARROWTOWN $2,443,000$2,388,000$1,983,0002.3%23.2%99

WAKARI $639,000$671,000$648,000 4.8% 1.4%43

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

$677,000$712,000$664,000

WAITAKI $571,000$561,000$489,0001.8%16.8%583

HALFWAYBUSH 4.9%2.0%33

SOUTHDUNEDIN $433,000$450,000$448,000 3.8% 3.3%92

LAKEHAYES $2,481,000$2,334,000$1,933,0006.3%28.3%68

KELVINHEIGHTS $2,602,000$2,660,000$2,224,000 2.2%17.0%22

LAKEHAWEA $1,219,000$1,226,000$957,000 0.6%27.4%50

PALMERSTON $443,000$437,000$395,0001.4%12.2%42

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

WANAKA $1,993,000$2,032,000$1,661,000 1.9%20.0%393

JACKSPOINT $1,908,000$1,865,000$1,548,0002.3%23.3%169

GLENORCHY $1,405,000$1,359,000$1,127,0003.4%24.7%26

HAMPDEN $463,000$461,000$401,0000.4%15.5%26

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 FORBURY $484,000$506,000$498,000 4.3% 2.8%26 GREENISLAND $625,000$657,000$642,000 4.9% 2.6%68

4.7%5.9%22 HEIDELBERG

OAMARU $471,000$457,000$404,0003.1%16.6%71

$754,000$795,000$745,000

FRANKTON $1,151,000$1,189,000$1,088,000 3.2%5.8%89

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 $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

Otago'saveragepropertyvaluedropped0.4%($4000)to$952,000inthelastthree months,whileSouthland'sfell2.3%($3000)to $520,000overthesameperiod.Property valuesinboth regionsarestill more than30%abovewhere they were atthe startofpostCovidboom,but thegainsmadeinthelatter halfoflastyearwillslowlybeeatenaway bythe slump.

HELENSBURGH 5.2%1.2%26

WAIKOUAITI $531,000$546,000$515,000 2.7%3.1%37

QUEENSTOWN $1,611,000$1,577,000$1,415,0002.2%13.9%149

LOWER SOUTH ISLAND

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

OTATARA

ALBERTTOWN $1,497,000$1,435,000$1,234,0004.3%21.3%68

OAMARUNORTH $507,000$502,000$438,0001.0%15.8%140

KINGSTON $787,000$795,000$682,000 1.0%15.4%37

TAINUI $645,000$676,000$650,000 4.6% 0.8%24

HOLMESHILL $616,000$595,000$518,0003.5%18.9%42

QUEENSTOWN-LAKES$1,878,000$1,845,000$1,597,0001.8%17.6%1458

FERNHILL $1,238,000$1,268,000$1,169,000 2.4%5.9%52

KAKANUI $643,000$630,000$541,0002.1%18.9%26

Did youpredictthatthe propertymarket would peakin Novemberoflastyear?

EASTERNREALTY LTD, BAYLEYS,LICENSEDUNDERTHEREA ACT2008 STILL AT THETOP AS NUMBERONE NUMBERONE AGENTFORBAYLEYSHAWKE’SBAY2021/22 EASTERNREALTY LTD, BAYLEYS,LICENSEDUNDERTHEREA ACT2008 M 021988904 E gretchen.paape@bayleys.co.nz Gretchenhasalsobeen recognisedasNo.12Top ResidentialSalesperson Nationwide forBayleys New Zealand,No.20acrossall divisionsBayleys Nationwide, and Top5%ofBayleys SalespersonsNationwide for thethirdyearrunning. COMMENT I

•AshleyChurchisapropertycommentatorfor OneRoof.co.nznzandarealestatebusinessowner. EmailhimatAshley@nzmemail.com

Do youexpecttobeearningwhatyou’re earningnowin20years?

Whyright nowisstill thebesttimetobuy

time,testthemarketto seewhetherthatplaceyoulove reallyisoutofyourpricerange.Ifyou’rereadytobuy, theheadlines areirrelevant.It’sallaboutwhatgoeson betweenyouandthe vendor.

Why?Becausehome-ownershiptransformsour relationshipwithsociety.Itenhancesoursenseofcivic responsibility,amplifiesourcontributiontotheeconomy, givesmeaningtoourparticipationinsocialdemocracy and,overtime,increasesourwealth.

53 32 HavelockNorth 515MiddleRoad Auction

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Ifyoudidn’tseethesuddenturninthe marketcominglastyear,you’reingoodcompany. Noonedid.Foralloftheheadlines, hyperbole –notoneeconomistor commentatorsawthe peak comingandtheywereallcaughtoffguard.My point?Thesameistruewithpickingthebottomofthe market.Everyonethinkstheycandoit,butnoone really can –andwhenitturns,it canturnquickly.

Thesethoughtsareneitherunreasonable,nornew–infacteverygenerationoffirst-homebuyersthatwent beforeyouhavegrappledwiththesameissues–sohere

Iftheanswertothisquestionisyes –ifyourplanisto remain ahomeownerineitheryourfirstorsubsequent homes –thenthetimetobuyisnow.Why?Because themediumtolong-termtrajectoryofhouseprices isupwhichmeansthatwhateveryoupaytodaywill beeclipsedbywhatyourhouse is worthin10,15or 20years. Ioncehaggledoverthe last$5000in ahouse purchasewhereIeventuallypaid$371,500.Eighteen yearslaterthathouseisnowwortharound$1.8million. Therateofgrowthmaynotbeatquitethatpacegoing forward,butitillustratestheimportanceofkeepingthe biggerpictureinmind.

Ialreadyknowyouranswertothisquestion –it’s‘no’. Ofcourseyouexpectyourincometoincreaseovertime–andthe sameistrueofprettymucheveryotheraspectof yourlife.Lifeisaboutchangeandchallenges –somewill begood, somemaybenotsogood –butmostofus come throughthetoughtimesstrongerfortheexperience. Nothinginlifeiscertain–butowningyour ownhome willgiveyou adegreeofindependenceandstability whichwillmakeitthatbiteasiertofacethechallenges thatmight comeuponyou.

OriginallypartoftheneighbouringHilton Station, thisgorgeoussliceofHawke’s Bayhistoryhasbeen sympathetically renovatedovertime to create an attractivefamilyhome,boastinganelevated positionand stunningviews.Tuckedbehindthemain dwelling,sits aseparatecottage forextended family orsupplementaryincome,aswellasaninvaluable 120sqm workshop.Panoramicviews overtheplains, out to theRanges,offer ascenicandtranquilposition, yetjustminutes to thehubofthevillage.Soakupthe sunontheNorth-facingpatio,theperfectsetting for entertaining familyandfriends. (willnotbesoldprior) 12pm,Fri16Sep2022 17Napier Road,HavelockNorth Gretchen Paape 021988904 gretchen.paape@bayleys.co.nz bayleys.co.nz/2853044

ElevatedLifestyle,Home andCottage

Infact,NewZealandhousepricesalmostexactly doubledinvalue,onaverage,ineverydecadebetween 1980and2010–anddoubledagaininthe12years between2010and2022–withthatgrowthinhousevalues givingusthefreedomtotravel,investinbusinesses, assetsandideas,improveourlivesandprepareforour retirement.It’sprimarilyforthisreasonthatIstrongly believethatthere’sno‘bad’timetobuyandthatthe righttimetogetintothemarketisassoonasyou’reina positiontodoso.

Ifyou’reapotentialfirst-homebuyer andhave read thisfaryouprobablyalreadyknowallofthis –but youmayalsobeholdingbackfrom acting basedon uncertaintyabouthouse pricesorinterestrates,orin thebeliefthatyoumightbeable tosnap up abargainby waiting abitlonger.

1

Once you’ve bought ahome,isityour intention to ownone forthe rest of yourlife?

3

Areyouhoping to get abargain?

Bestofluck,whateveryouchoosetodo.

aresomequestionsthatmighthelp youtodecidewhetherwaitingis reallytherightchoiceforyou:

’vehadthevery real privilegeof mentoring manypeopleintheirpropertyjourney overthe years –butby far themostsatisfyingofthese relationships arethosewhich haveinvolvedhelping people getintotheir firsthome.Thereare few things asfulfillingasknowing thatyou’veplayed apartin helpingtoget someoneontothepropertyladderand, asI’vestatedmanytimesbefore,if Ihadmy way,firsthomeownership wouldbeoneoftheprimarypolicy aspirationsof anygovernment.

4

Buyingnowdoesn’tmeanyoucan’tmake agreat purchase.Oneoftheadvantagesof aflatmarketisthat everythingisupfornegotiation.Ifyouhavetheluxuryof

ASHLEYCHURCH’S adviceforthosewhoareholding back because of house priceandinterest rateworries. "HOME OWNERSHIP TRANSFORMSOUR RELATIONSHIPWITH SOCIETY.ITENHANCESOUR SENSEOFCIVICRESPONSIBILITY AND,OVER TIME,INCREASES OURWEALTH." 38 OneRoof.co.nz

Notavailableeverywhere.Oneligiblebroadbandplans. Compatiblesoftware/device required.Spark andpartnertermsapply.Visitwww.spark.co.nz/myspark/myinternet/movehousetolearnmore. Connecttoeverythingyoulove withSparkBroadband. OneRoof.co.nz 39

Nowmorethan ever,it’simportanttohavethe rightpeople selling your home. When yousell your home with Tremains, we getmorebuyers through your door. Letus turnthatFor Sale to Sold, and getbuyers saying yestoyour address. Contact your preferred Tremains salesconsultanttoday. Tremain Real Estate (2012)Ltd Licensed Real Estate AgentREAA 2008tremains.co.nz Congratulations to the buyers who said yestothe address. Sold!