Your propertyis worthit tanya.maich@bayleys.co.nz Ibayleys.co.nz 021247 4274 MACKYS REALESTATELTD,BAYLEYS,LICENSEDUNDERTHEREA ACT2008 Business Growth Award, 2022 Bayleys AuctionClub, 2021/2022 #5SettledSales Nationwide, April2022 PLUS: Housepricesin your suburb —havetheyresistedthedownturn? Monday,September12,2022 PROPERTY REPORT
TutukakaCoast 33RauhomaumauRoad 4 3 3 2 SetSaleDate (unlesssoldprior) 4pm,Thu22Sep2022 84WaltonStreet,Whangarei View byappointment DamienDavis 021387345 damien.davis@bayleys.co.nz SueMaich 021793822 sue.maich@bayleys.co.nz MACKYSREALESTATELTD,BAYLEYS,LICENSEDUNDER THEREAACT2008 Grandstand, waterfront position... Thisbeautifulmodern-dayvillawithseparateguestcottagesitsonsome4904squaremetresofclifftop,waterfrontlandwith vast,sweepinglawnsoverlookingTutukaka’sstunningcoastlineandbeyond.Withdirectaccessto asecludedbeach,the turquoisewatersareaccessibleforyourdailydip.Designedtocapitaliseontheoceanviews,thehousecomprisesgenerous livingspace,largebedroomsandmultipleoutdoorentertainingareas,andiscladwithtimelessweatherboardandstately bullnoseverandahs.Theseparateguestcottageoffersan equallyluxuriousexperienceandinspiringoceanvistasforextended familyorguests.Theproperty’socean-facingaspectensures achoiceofeithersun-filledorshade-protectedpanoramasforall dayenjoyment.Thetimehascomeforthislegacypropertytobepassedontothenext owners, to makenewmemoriesofthis iconicresidence,forgenerationstocome. bayleys.co.nz/1052849 Residential /Commercial /Rural /Property Services 2 OneRoof.co.nz
Residential /Commercial /Rural /PropertyServices MACKYS REAL ESTATELIMITED,BAYLEYS, LICENSED UNDER THE REA ACT2008 The28thissue of Bayleys’annual Waterfront portfolio will showcase an aspirational line-up of waterfront property forsale around NewZealand and the Pacific. Thelastfew yearshaveebbed and flowedjustlikethe tide,with change aprevalent theme We understand thelureofawaterfront position and appreciate the push-pull emotions in sellingaproperty locatedclose to the sea, harbour,lakeorriver Bayleys’team of provenwaterfront specialists will castyour waterfront property outtodiscerningand motivated buyers, reel in theinterestand landthe bestresult. Shore up your future–let us assess the conditions and help younavigate the waters Groundwork has started on the 2022-2023 edition of Waterfront,sooptimise your opportunities with Bayleys Call 0800 80 20 40 or see bayleys.co.nz/waterfront Catchthe wave of successwithBayleys’ Waterfront Ride the tide OneRoof.co.nz 3
EALESTATELTD,BAYLEYS,LICENSEDUNDERTHERE TOP SALESPERSON BAYLEYS WHANGAREI TOP SALESPERSON BAYLEYS WHANGAREI 2018 TOP SALESPERSON BAYLEYS WHANGAREI 2019 TOP SALESPERSON BAYLEYS WHANGAREI 2020 TOP SALESPERSON BAYLEYS WHANGAREI 2021 TOP SALESPERSON BAYLEYS WHANGAREI 2022 MACKYSRE AACT2008 DamienDavis 021387 345 damien.davis@bayleys.co.nz SueMaich 021793 822 sue.maich@bayleys.co.nz 4 OneRoof.co.nz
feelfarworsewaitingtoolongand missingeitherthan takingadvantageofthelargenumberofpeopleon the
O
MOVING INTOA NEW HOUSE? We canmatch youto theperfectsleepwith Northland’slargestrangeof NZmadeSleepyheadbeds Mattressonly From$339 Mattress &Base From $639 AMAZING SAVINGS IN STORE CnrofPorowini Ave&TarewaRd Phone094383550 Open 7Days •Backissues? •Partnerdisturbance? •Hotsleepers? •Bedbugs? Getyourbedroomsorted withBedsRusWhangarei! BedsRus Whangarei MARKET WATCH
Whyholdingoff untilpriceshavebottomedisthewrongchoiceforKiwis tryingtoget afootonthepropertyladder, writes TONYALEXANDER “RIGHTNOW,POTENTIALLY EVENTHISMONTH,ISAS GOODASITISGOING TO GET FOR AVERYLONGTIME.” From theeditor 6 Coverstory:Beginner’sluck 13 OneRoofFirstHomeBuyerGuide 29 Moneymatters:RupertGough 30 OneRoof-ValocityHousePriceReport 46 Comment:AshleyChurch Inside Designandcover BethWalsh │ Artwork Derek Watts Subeditor Akanisi Taumoepeau Photos FionaGoodall, TedBaghurst,PeterMeecham,GettyImages OneRoof.co.nz 5
Alsoinsidearethelatestsuburbvaluesforallof NewZealand,providedbyourdatapartner,Valocity, andinsightsandcommentaryfromindependent economist TonyAlexander,propertycommentator AshleyChurchandmortgagebrokerRupertGough. Keepintheknow!
naverageeachyearinNewZealandabout 80,000housesareboughtandsoldaroundthe country.Thisisabout4.4%ofthetotalhousing stockandmeansthatforthevastmajorityof peoplethesometimeslargeupsanddownsofhouse pricesareirrelevant.Sowhydowepaysomuchattention towhatishappeninginthehousingmarket?
First,as anewbieintheinvestment fieldyouwon’t yet havelearnt akeylessontheexperiencedinvestors have.Don’ttrytopickthetopsandthebottoms.You’ll
Ifyouareafirst-homebuyerand yourfocusison wealthgrowth,thenyouthinkyouareincentivisedto holdoff untilprices havebottomed.Thisis adangerous strategy easilychallengedintwoways.
Mainlyitis because we considermorewealth to be betterthanless.Ifhousepricesarerising,wefeelricher, potentiallymorecleverandpleasedwithourselves, happier aboutourabilitytofundour retirementby downsizingifnecessary,and perhapswelike areason to justifyspendinguplargeon aholidayor newfurniture.
Whenwe talkedaboutgettinga footontheproperty ladderit wasinthecontextofstartingsmall,thenlater upgradingtoaccountformorechildrenand ahigher incomefurtherupthe workladder.Thesedaysit seemsmore to refertooutrightbuildingofafinancial wealthportfolio andavoidingmissingoutonwealth accumulationbeingenjoyedby others.
Thisis aproblemfor currentfirst-homebuyersright thismomentbecauseofthestagewhichourhousing cyclehas just reached.Currentlythereisadominant focus onhow muchfurtherprices have tofallafter alreadydeclining10.4%fromtheir nationwidepeak lastNovember.Aucklandpricesare down16%.The commonexpectationisthatpriceswilldeclinemaybe another5%.Afterthatitseemstheprevalentview isthingswillsit flatfor anextendedperiod of time. Actually, Iexpectrises of5% -10%in2023.
W
Thatis,yousellwhenmarketsareexceptionally frothyandthereisnotroublefinding abuyerwhosets noconditionsforthe lesserqualityassetyoumight wanttosell.Youbuywhenthereare ahighnumberof sellers,youcanuseeachas abargainingchipagainst theothers,andyoucanpickandchoosethe bestquality assetswith greatestlong-termoryield growth potential.
elcometothelatestOneRoofProperty ReportandourfirstOneRoofFirstHome BuyerGuide. We wantedtoputour expertisetouseandhelpnervousfirst-homebuyers andpropertynovicesmakesenseofthebuying process.Inthefollowingpageswe’llprovidetipsthat willsupportKiwisontheirpropertyjourneyand set outwhatgrantstheycandrawonwhenmakinga purchase.
We’veaskedNZ’sleadingpropertyexpertsto explainwhythehousingmarkethaschangedinsuch ashortspaceoftimeandwhateffectinflationand interestratesarehavingonhouseprices.
Shouldyoutryandbecleverandhold outforthe final5%of pricedeclines? Considerthis.Haveyouever heardyour parentsorgrandparentsbemoanthefact theyboughttheir firsthousefor$65,000 buthadthey waitedthreemonthscouldhavegot it for$61,750?
So,arefirst-homebuyersinfactstartingtofocuson thenewopportunitytosecureahome?Maybe.My latestsurveyof real estateagentsshowsthatfor the firsttimesinceSeptemberlastyearmoreagents are seeingincreasednumbersoffirst-homebuyersthan decreasednumbers.Lastmonth anet 36%wereseeing fewer. Thingsmaybechangingveryquicklyamongst first-homebuyersandif youhave amisplacedfocus on gettingyour firsthousingassetatthebottomof the pricecycleratherthanyourfirst ownedhome,thenthe clockistickingagainstyou.
Second,ifyourfocus is whereitshouldbeon securing ahomeratherthanthefirsthousingassetfor yourportfolio,then wherethemarketsits rightnow, potentiallyeventhis month,isasgoodasitisgoingto getfor averylongtime.
•TonyAlexanderisanindependenteconomics commentator.Additionalcommentaryfromhimcanbe foundatwww.tonyalexander.nz Theriskiest
MysurveywithREINZshows thatworriesabout highinterestrates,accessto finance,andevenfalling prices,areallabating.Italsoshows numbersattending openhomesrisingforthe firsttimesinceFebruary2021. The housingcyclehasnowentered thepreparatory phaseforturningbackupward. move afirst homebuyer can make
Youcan pickupapropertyforasmuch as 15% -20% lessinAucklandthanyouwouldhavepaidlatelast year.InAucklandyouhave80%morehousestochoose fromthanayearago,outsideofAucklandalmost 130%more. Vendorshavelikely reached their pointof capitulationto market reality, witha recentASBsurvey showinga net31%ofpeopleexpectpricestofallfurther (28%inAuckland).Thissurveyis notagoodpredictor ofwhatwillhappen,butitdoes in thisinstanceallow ustosayvendors havealmostcertainlylost faithinany beliefthatwaitingwill yield abetterprice.
Forthosewhocan’ttelltheirdeadlinesalesfrom theirtenders,andareterrifiedbyauctions,thisisthe perfectguide.
Butfor thoseofus whomadeour firstpurchase beforegovernmentstoldusweneededtobuildwealth for retirementbecausenationalsuperannuationmight notbeaffordableoneday, lifetimewealthaccumulation wasnot reallythemotivation.Ourfocuswason securing ahomeinwhich toraise afamily. We wanted somethingnot too farfromourworkplace,perhapswith someoutsidespaceforplaying,gardening,andhanging the washing.
othersideofthetransaction givingyou the abilityto pickandchoose.
Mymonthlysurveyof realestateagentsundertaken alongsideREINZhasjust shownthat45%ofinvestors lookingtomake apurchasearemotivatedbyhopesof findinga bargain,up from30%inFebruary.Thesmallest netproportionofagentsareseeinginvestorsstanding backfromthemarketsince Septemberlastyear.
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
6 OneRoof.co.nz
PHOTO /T ED BAGHURST
BEGINNER’S LUCK
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.
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.
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.
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.
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.”
“If you have half amillion dollars of debt,for every percent your mortgagerate goes up,that’s $5000 of additionalinterest.”
“Theyknowverywellthewaythingsaregoingwith interestratesandothercostsiftheywanttospend$1mor morethenthatit’sgoingtoputalotofburdenonthem.”
“USUALLY, BEFORE YOUREALISE IT’S HAPPENING,YOU’RELOCKED OUT AGAINSODON’T FALL INTOTHE TRAP OF SITTING BACK AND WAITING.“ JAMESWILSON, VALOCITY HEADOFVALUATIONS
The rollercoaster housing market changes direction quicklyand not-if-but-when it flips back to asellers’ market firsthome buyers could again struggle to compete.
Economist Benje Patterson, however,urges caution about buying far from home just for the sakeofgetting on the property ladder
”If the unthinkable ever happened and they went to something like 12 or 15 percent would Ihaveaway to get through?”
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.
If they were entering the market now,with the FOMO having dissipated, they may have decided not to uproot themselves, he says.
“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.”
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.
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.
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.
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.
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.
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.
“If they could have afforded $1m last year for a mortgageitwould be about $850,000 this year”
suburbs and also other parts of the country
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.
People arealso realising thereisnopoint stretching their budgets to the maximumoftheir loan approval, he says.
“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.
Kurukuntala also thinks firsthome buyers arerelying on brokers morethan banks, and shoppingaround among brokers, to make surethey aregetting theright information andthe best deal.
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
“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.”
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
That’s because they have to find alot moremoney to pay back theloan.
Forastart,thephonesareringingagain–but Kurukuntalasaysfirsthomebuyersarealsocomingback tothemarketfarmoreeducatedandmuchmoresensible.
James Wilson, head of valuations forOneRoof’sdata partner Valocity,saysfirst homebuyers who think they
INTEREST RATE PRESSURE
OneRoof.co.nz 7
“Over recent years we’ve seenalot of people pushed in to places they don’t actually really want to live,both
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.
“They realise they can’t keep spending theway they used to beforeand alsohave amortgage.”
He says he bought when rates wereabout 5per cent but was alwayslooking at how he would cope if they were10per cent or more.
MISSED OPPORTUNITIES
“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.”
“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.”
CHANGING MINDSET
BuiltforWhangarei Builtwithunmatchedvalueandquality SAT17TH &SUN18THSEPTEMBER FROM11AMTO3PM Bethefirsttoview! NEWSHOWHOME OPENING 24TironuiDrive,Maunu,Whangarei JulieScott 021930310 JuliaRussell 0276308849 DiscoverWhangarei’snewfavouritehome.Experience thesuperiorfeaturesandarchitecturaldesignsthathave madeourhomes afavouriteofNewZealandfamilies. (justoffTeHapeRoad) stonewood.co.nz 8 OneRoof.co.nz
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
OneRoof.co.nz 9
WHANGAREI HAS SEEN abigupswingin firsthomebuyeractivityaftertheywere stoppedintheirtracksbytheCCCFA regulations,saysSteveSharp,branch managerforBarfoot&Thompson.
“Go and find out the factsbecause you may be surprised, you could be alot closer to being able to buy than you think.”
FurthernorthinKaitaia,GerardPonsonby, LJHookerfranchiseowner,reportsaquiet firsthomebuyermarket,mainlybecause therearesofewlistings.
‘Firsttime buyers juststopped looking’
FIRST HOME BUYERS | COVER STORY
“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.”
PHOTO /TED BAGHURST
Sincetheruleswererelaxed,first-home buyershavebeenoutandaboutagainand thefallingmarkethasmadehomesmore affordableforthem,hesays.
“They’reable to buy properties alot moreontheir own terms of howthey go about it and any potential conditions they put on the purchase.”
can’t affordtobuy ahomeshouldnot be swayed by advice from mum or dad or familybut should talktotheirbank or abroker
ButwhileSharphasnoticedabig upswinginactivity,it’snotfullforceyet
Ponsonbytellsbuyerstobepatient, sayinghe’sneverseenitsoquietbuthe expectsthemarkettopickupinspring GarySteed,managingdirectorforRay WhiteKaitaia,however,saysthefirsthome buyermarketisstillactive, addingthat thereareopportunitiesforthemandthat theyneverleftthemarket
“Togetthemmovingagain,it’snot somethingthathappensinstantly.It’sgoing totakeawhileforustobuildbackuptothe pointwherewewerebefore.”
PHOTO: FMICHAEL CUNNINGHAM
“IF YOUHAVEHALF A MILLIONDOLLARS OF DEBT, FOR EVERYPERCENT YOUR MORTGAGERATE GOES UP,THAT’S $5000OFADDITIONAL INTEREST.” ECONOMISTBENJEPATTERSON
But Tuffley pointsout therehave always been, and always willbe, cycles in prices and interest rates.
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
Buyersarelikelytobeabletopickup a1960sweatherboardhomeoraformer statehomeonadecentsection,Sharp says.
MostofthehomesinKaitaiaare affordable,hesays,sothereisagood rangeofpropertiesforfirst-homebuyers, andtherearealsoopportunitiesinKaikohe, AhiparaandAwanui,northofKaitaia.
WHANGAREI
Firsthomebuyerstocktheregoesfor under$400,000butpeoplewiththose homesaren’tlistingbecausethere’s nothingforthemtomoveinto,hesays.
“Theproblemis,onceyoustop somethingpeoplegetoutofthehabitso whentheCCCFAcameinfirsttimebuyers juststoppedlooking
With interest rates the way they aredebt servicing affordability is an issue as first home buyers generally start from lowdepositsbut want to borrow alot.
“Thereareopportunitiesinmostofthe markets,itjustdepends[on]wherethey wanttolive.”
“Therearenooptionsforpeopletoshift tosothey’renotputtingitonthemarket We’vegotpeopleonourdatabasewaiting buttheoptionsarenotthere.”
Thefirsthomebuyerpricerangeis nowaround$500,000to$800,000in thecityandthereareplentyofoptions inthatrange
First-homebuyerlocationsinWhangarei includeTikipunga,Morningside,Otaika, HorahoraandalsoHikurangi,whichisalittle bitoutoftown.
“Usually,beforeyou realise it’s happening, you’re locked out again so don’t fall into thetrap of sitting back and waiting.”
‘We’re themostaffordable cityinNewZealand’
Thatsameamountinsomeoftheotherfirst homebuyersuburbswouldgetafreestanding 1960sfamilyhomeon600sqmto800sqm.
“Christchurchunashamedly-it’sbeen oursecretforawhile-butwe’rethemost affordablecityinNewZealandandpeopleare startingtowakeuptothatnow.”
Anotheroptionisanew-buildinthecentral citywhere$600,000-pluswouldbuyan apartmentorpossiblyaterracehouse.
10 OneRoof.co.nz
can’taffordalotofthetime.”
Rawsonsaysthateventhoughmany firsthomebuyerswouldprefertomake conditionaloffers,theyshouldstilllookat what’sonofferatauction.That’sbecause he’sseeingalotofinvestorswhohave hadenoughandaresellingupbutthey wantthedealdoneontheday.
AUCKLAND
PHOTO:FIONAGOODALL
Pricedropshaveputmoresuburbs withinreachoffirsthomebuyerswith lessthan$1mtospend,withTraglia highlightingopportunitiesinGlenfield, BirkdaleandBeachHavenonAuckland’s NorthShoreandthewholeofWest Auckland,includingMassey,Henderson andpartsofWestHarbour.
Hesayssubdivisionsthroughoutthe northwestofthecityarepopularareasfor first-timebuyerswithbudgetsofbetween $400,000and$850,000,aswellascity suburbs.
DiegoTraglia,atop-sellingagentfor HarcourtsNorthwestRealty,whosellsall overthecity,saystherecentsoftening oftheCCCFAandchangestoprice capsandgrantshadmadelifeeasierfor buyersbuthigherinterestratesand,more importantlyhighertestrates,werestilla problem.
“Predominantlyalothavebeenlandingin HalswellthroughtoLincoln.It’sgoodtosee themre-enteringthemarketastheCCCFA easementsstarttotakeeffectalittlebit.”
It’salsopossibleforfirsthomebuyersto breakintosomeoftheposhersuburbs,such asMerivale,whereHaleysaystheycould pickupatwo-bedroomproperty,which mightbeoneoftwoorthreeunits,foraround $600,000-$700,000.
Thefirst-timebuyerswhodoarriveinthe cityarepartofitsrevitalisation,Haleysays.
Opawa,Woolston,Linwoodandthe outskirtsofRichmond,BishopdaleandSt Albansareallgreatplacestobuy,asareparts ofAvonhead,BurnsideandSummerfield.
Haleysaysmorethan25,000peopleleft AucklandsinceCovidandalotofthemended upinChristchurchwherethereisbrand-new infrastructureandeasyaccesstomountains andsea,plusaffordablehousing.
“Therehavebeentwoorthreedifferent changesofheartintermsofregulations andincentivesfromtheGovernmentbut it’sstillveryhardbecauseoftheinterest rates.”
CHRISTCHURCH
If aNorthlandpropertyhasbeen soldanytimeoverthepast 26years,chancesare... 'The Butler Did It!' Contact TraceyLovelock-Butler forexceptional 5star serviceandresults 0278595777 /www.traceylovelockbutler.co.nz/ IndependentAgentLtd -LicensedREAA(2008) FIRSTHOMEBUYERS | COVERSTORY ‘A lotofinvestorshave had enoughandaresellingup’
TomRawson,co-ownerofRayWhite Manukau,inSouthAuckland,isseeing farmorefirsthomebuyerslooking inareaslikeWattleDowns,Conifer Grove,WeymouthandManurewa. “Thatsouthwesternsideseemstobea desirableparttobebuyinginandit’sat pricepointswefindfirsthomebuyers areshoppinginaswell.The$600,000to $850,000rangeseemstobegoodfirst homebuyerterritory,”hesays.
Firsthomebuyersstarteddisappearing fromthemarketlastSeptember/Octoberand Bayleysisreadyfortheirreturnwithaninhouseteamsetuptohelpthemworkthrough allthechangesand helpthemdealwithbanks sotheycangettheirfinancepre-approved andbereadytogo.
Incentivesforfirsthomebuyerstobuyoff the-plantendtodrivemanythroughtonew subdivisions,hesays,althoughChristchurch hasplentyofoptions.
Rawsonaddsthatfirsthomebuyers strugglingtogettheirheadsaroundhigh interestratesshouldrealisethey’renot thathigh.Heboughthisfirsthousewhen rateswereatninepercent:“Theseare normalinterestrates-wejusthadatwoyearperiodofincrediblylowrates.”
PHOTO:PETERMEECHAM
Havingthefinancealreadyapprovedmakes abigdifferenceoutinthemarketplaceif peoplegointoadeadlinesaleormulti-offer situation,Haleysays.
ALOT OF firsthomebuyershavemovedto Christchurchbecauseoftheaffordableprices, saysJustinHaley,residentialandprojects divisionalmanagerforBayleysChristchurch.
“Someofthemaredrivingfromallover Aucklandtoouroffices.Theywantto doadealandoftenthey’renothanging arounduntilthenextdaytodoadealwith aconditionalmarket,”hesays.
Traglianotesthatsomefirsthome buyerscanbepicky,wantingchampagne onabeerbudget.“Theywantthe dream-theywantthequarteracrewith thedoublegarageandtherenovated house.Thereareplentyofoptionsfor townhousesbutKiwisdon’tlikethattype ofpropertysotheystillwantwhatthey
“You’vegotanexpertworkingforyourather thanyouworkingagainstyourbank.We’re seeingbrokersgetpeopleapprovedwhereas theyhavealreadybeendeclinedbytheirown banksoit’sdefinitelyhighlyrecommended.”
AGENTSIN AUCKLAND agreethefirst homebuyermarketiswakingup.
“Tanya hasbeen wonderful to deal with.Shehas keptin touch regularly, helpedwithproblem-solving,andhas gonethe extramile to assist us.”
“I wouldnothesitateto use Tanyato sell aproperty formeandwillhighly recommendher to friendsand family.”
JANE ANDROBERT,
OUTSTANDING RESULTS INALL MARKETS
021247 4274 tanya.maich@bayleys.co.nz OneRoof.co.nz 11
JAN2022 TOPPERFORMING RESIDENTIAL SALESPERSON JANUARY- APRIL2022 BAYLEYSWHANGAREI
Contact me today foraw service ward-winning MACKYS REALESTATE LTD, BAYLEYS,LICENSEDUNDERTHEREAACT2008.*EOFY 2021/2022
Whether
With Jules has asolid understanding of whatit her an edgeonhow to
it be digital, printorradio,she has the advertising skillsto implement an effective campaign to market your property GiveJules acall to see howshe can helpwith your property journey. Jules Shinyei 022671 4274 jules.shinyei@bayleys.co.nz MACKYS REAL ESTATELTD,BAYLEYS, LICENSED UNDER THEREA ACT2008 JULES SHINYEI BAYLEYSREAL ESTATE 12 OneRoof.co.nz
over adecade of sales andmarketingexperience,
takes to get results. Herbackground in media gives
Residential /Commercial /Rural /Property Services
market your property
Discoverwheretostartandhowto buywith OneRoof’scomprehensive guide.
We’vecmpiled aseriesofarticles coveringthehome-buyingjourney fromdreamto reality.Thisguide coverseverythingfrom:howtosave for adeposit,tosettlementday,when thehomebecomesyours.
BY DIANACLEMENTguide to The
ithproperty pricesfalling, moreand morefirsthome buyers willachieve theirdreamoverthenext 12 to24 months,picking upthekeys totheir veryownhome.It’sdo-able withthe rightknowledgeandattitude.
W
Buying your first homeis abig step. Butevery yearthousandsofNew Zealandersmanagetodo it and becomehomeowners.
Findouthowmuchdeposityou need,howto qualifyfor amortgage, thedifferentsalesmethods,buying new,andthelegalprocess. We cover allthemainquestions andissuesthat first-homebuyerswillencounteron thejourney.
OneRoof buying your firsthome
How much canIborrow?
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.
● $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
1 FIRST HOME BUYERS GUIDE
Whatare the upfront costs and legalfees?
Ahome-buyingbudgettakesintoaccount howmuchyouearn,howmuchdeposit youhave,thecostsofbuying,andwhat yourone-offandongoingexpenseswillbe afteryoumovein.
Tocalculatehowmuchyouhave foradeposit,adduphowmuchyou havesavedalreadyinKiwiSaver,other investmentsandinthebank.Youmaybe abletoborrowmoneyfromthebankof mumanddad,or,ifyou’relucky,receive agiftthathelpsyougathersufficient deposittobuy
Paymorethan theminimum repaymentif youcan
● At least $400 for each building inspection
Ifyoucanafford to,it’sworth budgetingforhigher repaymentsora shorterloanterm(25 or15years).
● Youwon’t be tempted to dipinto your savings for everyday spending
● SETTING A BUDGET
You’ll need to learn some of thejargon:
Whatyou canaffordnow mightchange in thefuture
Most banks have affordability calculators, which crunch your income andspendingtodetermine how much youcan comfortably payeach fortnight or month.
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.
How much you canborrow fora mortgage comes down tohow much the bank believes you can repay comfortably
Speak to thebank or a mortgageadviser Yourbank’smobilemortgage manageroranindependent mortgageadviser(broker)canhelp youdothenumbers.Theservice isusuallyfree.Yourmanager oradviserwillgothroughyour financesandadviseonissuessuch asconsumerdebt,andsuggestways toincreasetheavailablesurplus youhaveformortgagerepayments.
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.
● 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.
Supplementing income to affordrepayments
Using KiwiSaver
Mostfirst-home buyerstakeouta 30-yearmortgage becausethe repaymentsare lowerthanshorter mortgageterms However,thelonger themortgageterm themoreinterestyou willpayintotalover thelifetimeofthe loan.
Thetotal amount of money you need to buy ahome is more than just the deposit. Upfront expenses forbuying ahome include:
14 OneRoof.co.nz
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
● 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.
Saving for ahousedeposit requires that you spend lessthan you earn. Most firsthome buyers save with KiwiSaver.There aremany advantages to this:
● Buying as asingle or acouple: Buying with two incomes is usually
● 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
● Good an additional 3%, although some employers use a“total remuneration” clause in the employmentagreement to avoid paying this.
Thingstoconsider
● Debt-to-income ratios (DTIs): some banks will onlylend you a certainmultiple of your income, such as six timesyour salary
Makesureyou calculatethe upfront costs of buyingahomesuch as lawyers’ fees and LIMs, and alsonew ongoing costs such as council rates, body corporatefees andhouseinsurance.
● 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.
Often, first-home buyerswill seek to supplement their income to helpcover therepayments:
● You’ll receive the annual government contribution of up to $521.
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.
If ahousepurchasefalls through andyou havetostartagain,you mayhavetopaymorethanoncefor buildinginspectionsandlegalfees.It’s unfortunate,howeveryourbuilding inspectorand/or lawyercansaveyou frombuying alemon.
Additional costs
● Around $300foreachLIM(Land InformationMemorandum)
Yourmortgagealsocan have hiddencosts suchaslendersmortgage insurance (LMI)/LowEquity Premiums(LEP)ifyourdepositis lessthan20%.
Ongoing expensesincludefortnightly ormonthlymortgage repayments, utilitiesbills,councilrates,home insurance,andmaintenance.Inmany apartmentcomplexesyouwillhave body corporatefeesto pay, which do atleastcoveryourmaintenanceand insurance.
Movinginalsocostsmoney.Thereare removaltruckcostsifneeded,utility connection feesandyouwill needtobuy furniture andfurnishings(unlessyou alreadyownthese).
OneRoof.co.nz 15
The costofbuying ahomedoesn’t stop withmovingin. Youmayneedto budgetfor renovationcosts.
AllKiwiSavers receiveagovernment contributionofupto $521.43eachyearon thefirst$1042.86saved. Ifyou’reemployed,you shouldalsoreceivea contributionfromyour employerequalto3% ofyourgrossincome Anotheradvantageof savingforahomeloan withKiwiSaverisyou can’tbetemptedtodip intoyoursavings.
● If you break even each month: you may have enough income to cover mortgage repayments.
Topsavingstips
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.
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 you can, savingmorethan the minimum deposit makes sense. With a
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.
Start by searchingOneRoof to get an ideaofhow much you’ll pay for a home in yourcriteria.
2 FIRST HOME BUYERS GUIDE
How long will it take?
● 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.
Using Kiwisaver
Work outhow much youneed to save
Theverybestplaceto keepyourfirst-home savingsisinKiwiSaver becauseofthebenefits forfirst-homebuyers. You’llneedtosavefor atleastthreeyearsin KiwiSaverbeforeyou canuseittobuyyour firsthome.Togetthe mostoutofKiwiSaver youneedtosaveforfive yearsormore.
Saving for ahouse deposit is not easy, but the sooner you have adeposit, the sooner youcan buy
How long it will take you to save for a deposit on your first home will depend on:
● How much disposable income you have to save after necessitiesare paid for
SAVING FORA DEPOSIT
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.
The banks may be able to split your pay into various accounts as it comes in, which makes saving easier
How to createabudget
● 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.
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.
Budget apps and spreadsheets are available on the Internet. Sorted has a simple budgeting tool. Most banks also have tools to help you budget.
● Ask parents forhelp. Some parents areinthe financial position to help
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
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
16 OneRoof.co.nz
● 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.
Earning moremoney makessaving for adeposit easier.Italso increasesthe amount you can borrow
Decreasingwhatyou spend now can pay off.Ifyou’relike most New Zealanders, you’ll spend morethan you needto, and smallexpenses addupvery quickly
Next, compareyour expenses with your earnings.
● If you arespending morethan you earn: you will need to cut costs.
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
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
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
Afterthreeyears youcanwithdrawallof yoursavings,except for$1000,tobuyyour firsthome.Saverswho qualifycanalsogeta FirstHomeGrantofup to$5000perperson foranexistinghome,or $10,000forabrand-new home.That’sdoubled iftwopeoplesuchas acouplearebuying together
Toolstohelp yousave
● How much deposit you willneed, and
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
● What the home willcost
● Speaktoanaccountant,mortgage adviser(broker)orfinancialadviser earlyon.Theycangiveusefuladvice.
adepositcouldbeeasierifyoumove backhome,takeinflatmates,orget acheaper rental.It’snotforeverand canspeedupyourhomepurchase considerably.
● Reduce yourday-to-day expenses. Makingsavings is easierthanyou think. Take areallyhardlookatyour bankandcreditcardstatements.Most peoplehavemoreentriesforlunches, coffees,takeaways,and restaurants thanthey think.Take alonghardlook atyoursubscriptionsfromsoftware toNetflix.Cutthemout,orlimitthe numbertomakethem atreat.
Ifyou haven’t done this for 12 if y. n
yourpower, broadband andmobile
● Learnhow to savemoneyon groceries. Oneofthe bigexpenses whereweconfusewantsandneeds isoursupermarkettrolley.Planyour meals,learnto cook,andaskyourselfif everyiteminyour trolleyisa necessity. Manyaren’t.Comparepricesbetween mainstreamsupermarketsandother suppliers.Youmay havea Chineseor Indian supermarketnearyou, acheap fruitandvegetableshop,or afarmers market.Savingscanbeconsiderable.
phone. Ifyouhaven’tdonethisfor12 monthsmostlikelyyou’reonan old plan,whichcostsmorethanthelatest onebeingofferedto newcustomers.
Treatyourself to anewbed togowithyour new home
BedsRusWhangarei 094383550 •Open 7Days Cnr PorowiniAve &TarewaRd
OneRoof.co.nz 17
andmaybeabletolendorgiftyou someofthedeposit.
● Watch living costs. Renteatsupa huge chunkof yourincome.Saving for
● Getapay riseorswitch jobs.You canincreaseyourincomebyseeking apromotion,orswitchingemployers. Earningmoreatworkisn’talways easy.Lookatyourskillsetthentalk toyourbossorhuman resources departmentabouthowyoucanmove upintheorganisation.Ifthereare nopossibilitieswithinyourexisting organisation,itmay be timetomove.
● Find an additionalsourceofincome. Somesaversget asecondjob,or aside hustle to makeextramoney.Youmight alsowanttoselloff someunwanted belongings.Doingsocouldadd afew thousanddollars to yoursavings,but alsoteachyounot to confuseneeds andwantsinthefuture.
● Shoparound forbetterdealson
$ $
Howmuch shouldyou beearningto payoffyour mortgage?
18 OneRoof.co.nz
GETTING A HOME LOAN
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.
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.
Floating versus fixed interest rates
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.
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
Reducing balance loans
Thereare different types of homeloans. The most common ones are:
As well as choosing the most appropriate type of home loan for your circumstances, you also need to consider floating versus fixed interest rates.
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
Thehome loan application process
Differenttypes of homeloans
● Proof of income
There’snomagicsum youneedtoearntobe eligibleforamortgage It’slessabouthow muchyouearnand moreaboutbeing prudentwithyour finances.
Youcould delay your purchase. That allows you to build up abiggerdeposit and/orincrease your income, both of which allow you to borrow more.
The first hurdletopassfor buyers is thebank’s affordabilitytest, which considers whether the surplusleftover onceyour expenses arededucted from your incomeissufficient to cover mortgagerepayments.
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.
Revolving credit home loan
qualifyto borrowfrom
interest payments component.
● Evidence of yourdeposit
If youdon’t abank or can’tget as much as you need,there areother options.
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
Whenassessing yourabilitytopay, thebankwilltakeinto accountexpenses thatyoudidn’thave beforebuying.They includecouncilrates, maintenanceandhome insurance,whichis compulsoryifyouhave amortgage.
3 FIRST HOME BUYERS GUIDE
● Bank statements from thelast six months
Evenifitlookslike youcanaffordto borrow,sometimes thebanksdecline That’sbecausethey determineaffordability usinga“testrate”, whichisseveralpercent higherthantheactual interestrateyou’llpay. Thereasonforthisis thatthelenderwants tostress-testyour financestoensureyou canstillaffordtopayif mortgageratesrise.
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.
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:
● Acopy of your photo ID, and
If going directly to thebank rather than via amortgage adviser,make sure you ask thebank aboutthe interest rate, its
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.
● Proof of address.
Mortgage calculatorscan give you an indication of how much you may be eligible to borrow
Mortgage /income calculatortools
Tableloans
● Arecordofoutgoings and debts
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.
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
Starting out
Thegeneralruleis thatyouwillneedto earnsufficientmoney tocoverrepayments afteryourexpenses.
Applying foramortgage
Contact amortgageadviseror your lenderofchoiceanddiscussyour circumstanceswith them.Theywillbe abletoassessyourmortgageeligibility and tellyouwhatthey’rewillingto lend yousubjecttoconditions.
KiwiSaverFirst Home Grantconsiderations
How long does applying fora home loan take?
● Proofofincome(suchasyour balancesheet profitandloss,orcash flowstatements)
● IRDdocuments (GSTandIR4 returns).
● Makesure youbudgetin expenses such as councilrates,maintenanceand insurance
● Pre-approvalisn’t aguaranteethat youcanborrow.It’s anindicationand expiresafteraperiodoftime
OneRoof.co.nz 19
F l O a t i n
As aself-employedhomeloanapplicant, you’regoingtoneedthefollowing ontopofthestandardsupporting documentation:
● Self-employedapplicants need additionaldocumentationandmay havetoconsideralternativelenders
Typicallyyouneed14daystothree weeksforthebanktoassessand approveyourhomeloanapplication. Makecontactwiththebankormortgage advisermuchearlierthanthat.
Mortgageadvisersare ago-between, workingonyourbehalf.Theycan adviseyouonhowtoimproveyour abilitytoborrow,shoparoundfor you,andnegotiatewiththebanksand otherlenders.Theserviceisfreeifyour mortgageisplacedwith abank.Ifyou don’tfitthebankcriteriaandborrowfrom anon-banklender,youwillneedtopaya feeforthis.
Pre-approvalisanindication
Mortgage adviserscanworkwithyou topickthemostappropriatealternative lenderforyourpurchase.
● Banks’mortgagemanagersand independentmortgageadviserscan helpyou navigatetheprocess
Gettingpre-approvalcostsnothing. Nor doesitlockyou intothelender.
Gettingpreapproval homforyour eloan
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.
First-homebuyers canfindthepurchase process daunting. Having amortgage adviserinyourcorner takes someofthe uncertainty out. They’reexpertsintheirfieldand workfor you.
Homebuyersoften applyto getpreapprovedby abanktogetanideaof theirpotentialbuyingpowerandprice range. Thisgivesyou more confidence toshoparoundforaproperty.Itshows to realestateagentsand vendorsthat youareaseriousbuyer.
FIXED RATE
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.
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.
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.
● Youcanonlyborrowasmuchasyour depositandincome/expenseswill allowyou
Thingstokeep in mind when ahgetting ome loan
Itcansometimesbehardertoget amortgageifyou’reself-employed becausethestandardeligibilitycriteria ismoresuitedto employees.Ifyou don’tqualifyforahomeloan froma bank,mortgageadviserscan placeyour business withalternativelenders.That usuallycomesatthecostof ahigher interestrate.
Applying fora home loan whileyou’reself-employed
%
Theadvantages of usinga mortgagebroker
● KiwiSaver contributionstatements
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.
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
Using your FirstHome Grantonanew-build
Getalawyerinvolvedassoonaspossible New-buildcontractsveryoftenhave clausesthatstandardsaleandpurchase agreementsforexistinghomeswillnot have.Itisbesttogetalegalopinionon thesaleandpurchaseagreementbefore yousubmityourFirstHomeGrant application.
Using your Kiwisaver
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.
● Apply once you findaproperty and have asigned sale and purchase agreement.
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.
● Asettlement date or adate when the money is needed to pay the deposit, which is at least four weeks away
● Submit yourapplication online at least four weeks beforesettlement
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.
Youcan only receive the First HomeGrant once. That includesits predecessors, HomeStartgrantor KiwiSaver deposit subsidy
To qualify for the First Home Grant on land you need to apply and getpre approval. Make sureyou:
BecauseKiwiSaveris lockedin,it’sagreatwayto stopyoufromdippinginto savingswheneveryou’re tempted.
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.
Find out how theKiwiSaver First Home Withdrawal andFirst Home Grant schemes can boostthe deposit and makeit easier for youtobuy your first home.
How does theFirst Home Grantwork?
● Havesaved at least 3% of your total income into your KiwiSaver for a minimum of threeyears
● Acopy of the agreement or asigned sale and purchase agreement or a contract fora new build
Additional considerations forfirst-timebuyersof new-builds
● Supply the plans for building work or relocation related to thelandthat you arebuying
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
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.
Theapplication process
Thereare two ways to apply foryour First Home Grant:
FIRSTHOME BUYERGRANTS ANDKIWISAVER
Purchaseprice caps
The applicationprocessstarts online via Kāinga Ora’s KiwiSaver portal. For preapproval you will need thefollowing documents to hand:
Using your FirstHome Granttobuy land
● Have afixedprice building contract showing the cost of construction and estimated start and finish dates
● Proof of income
TheGovernment contributes50cforevery $1yousaveeachyearupto $1042.86.Thatmeansup to$521.43offreemoney, whichthencompoundsand growsovertime,boosting yourdeposit.Theannual cut-offdateforKiwiSaver contributionsisJune30.
Yoursavingsand employer/government contributionsareinvested byyourfundproviderand growovertime.Typically,the returnishigherthanyou’d getinatermdepositand youpaylesstaxthanyou wouldonastandardsavings account,meaningyour moneygrowsfaster
To be eligible youneed to:
It’salsopossibleforfirst-homebuyers tousetheirKiwiSaverFirstHomeGrant topurchaselandtobuildapermanent house.Buyersneedtoliveinthehome foratleastsixmonthsfromtheissueof theCCCforthehouse.TheFirstHome Grantisthesameasforanew-build.The FirstHomeGrantruleshaveacapon themaximumcostofthelandandhome combined.
● Include asigned sale and purchase agreement
4 FIRST HOME BUYERS GUIDE
20 OneRoof.co.nz
Schemesthatcan contribute toward your deposit
of up to $10,000 for asingleordouble that for twoormorepeople buying, providing you meet the eligibility criteria.
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.
Buying afirst homeisn’t easy. KiwiSaver andother government schemes canhelp.The earlier youlearn aboutthem, thebetterprepared youcan be to use them.
If youhavefound ahometobuy already, you willalsoneed:
● Apply for pre-approval beforeyou decide on aproperty to giveyou adegree of certainty about your eligibility; or
● Earn less than $95,000for asingle or $150,000for twobuyers or an individualbuyerwithone or more dependants
● Other supporting documentation relevant to your purchase.
● Photo ID
● Chooseahomethatfallsunder thecurrentpurchasepricecapfor thearea
Someprevioushomeownersina similarpositiontofirst-homebuyers mayalsoqualifyfortheFirstHomeGrant andFirstHomeWithdrawalschemes.
● Anyfeesubsidiesyou’ve received
● Thegrowthyou’veearnedonyour KiwiSaverfunds
● Certified proofofaddress
OneRoof.co.nz 21
Additional optionsfor first homebuyers
● Certified photoID
● 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.
TheFirstHomeWithdrawalschemeenables first-homebuyersand othersin asimilar financialpositiontowithdrawallbutthe last $1000ofKiwiSaverfundsfor thedeposit ortowardssettlementontopof anyFirst HomeGrantentitlement.
Aswellasanexistinghome,theFirst HomeWithdrawalcanbeusedtobuyanewbuild,landyouintendtobuildon,ortobuild ahomeonmultiple-ownedMāoriland.
● KāingaWhenuaLoan Scheme. The KāingaWhenuaLoanSchemerun byKāingaOra and Kiwibankhelps Māoribuildor relocatehomesonto ancestralland.Ifyou’reeligiblefora KiwiSaverFirstHome Withdrawal, youcan alsoputanyfundsobtained that waytowardsthepurchaseofa KaingaWhenuaproperty.
● KiwiSavercontributionsyour employerhasmade
Applying fora First Home Withdrawalgrant
CnrofPorowini Ave&TarewaRd Phone094383550 Open 7Days BedsRus Whangarei We’vegotbedsofallsizes to go inhousesofallsizes, comeseeustoday
KiwiSaverFirst Home Withdrawal scheme
thefollowingprovidingyouleavebehind $1000inyourKiwiSaver savings account:
● Acopyofthesaleandpurchase agreement foryour property
Yourmortgagebrokerormobile mortgagemanager willconfirmthe amountthatyou needtowithdraw. Once youhaveapplied,yourscheme providerwillliaise withyourlawyer. Themoneyispaidbytheproviderinto your lawyer’strustaccount.
● 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
● Governmentcontributionstoyour KiwiSaveraccount,and
Beforeyouapplywithyourscheme providerfor aKiwiSaverFirstHome Withdrawal,youwillneedthefollowing readytogo:
● KiwiSavercontributionsyou’vemade personally
● Yoursolicitor’strust accountdetails
Whatdoyouneed to make aKiwiSaverFirst Home Withdrawal? TheeligibilitycriteriaforFirstHome Withdrawalisthesameas theFirstHome Grant,except there arenoincomeorhouse pricecaps. Whatcan youwithdraw from yourKiwiSaver? Ifyou’reeligibletomake aKiwiSaver withdrawaltowardsyourfirsthome purchasethen you’ll beabletowithdraw
● 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.
TheKiwiSaverFirstHomeGrantis justoneofthemanyoptionsfirst-home buyerscanaccesstohelppurchase theirfirsthome.Thereare anumber ofotherschemesforfinancingpartof thepurchasepriceorprovidingmore affordablehomes.
Theyinclude:
FINDING THE RIGHT PROPERTY
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.
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.
Think of howyou could compromise. Forexample, you mightbe able to movefurther out of town where homes arecheaper if thereisgood public transport.
● What is the proximity to public transport or main highways?
● Which schools areinzone?
FLATS AND APARTMENTS areusuallyhomesin multi-unitblocks orhighrise buildings.
Finding thebest suburb foryou
Therearethreemain propertytypesin NewZealand: Freestandinghomesare generallythemostsought afterinNewZealandand sitonlargerpiecesof land,whichmeansthey costmore.Thesmallerthe sectionthelowertheprice, whichiswhytownhouses willusuallybecheaper thanastandalonehome andapartmentsandflats thecheapest
● Some homes bought off the plan can be alteredduring the build.
5 FIRST HOME BUYERS GUIDE
Whatare bodycorps?
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,
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.
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.
● 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.
Buying off theplan
FREE STANDING HOMES arethemostcommon stylesofhomesinNew Zealand.Theyare detachedandsiton theirownsection. TOWNHOUSES arehomesthathave theirownexittooutside, butareusuallyconnectedto theneighbouringproperty. Usuallyit’saterraceof townhouses.
22 OneRoof.co.nz
All owners in unit title developments, suchas apartment buildings, automatically become members of thebody corporate.
● 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.
Ask yourself questions such as:
The different typesof property
Gettingstarted
Workingout prices
and may even limit things likepet ownershiporpaint colours
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
Freehold,leasehold or crosslease?
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
This hassomeadvantages forfirst-home buyers.
● What about local shops, cafes and night life?
Buying your first home is abig step in life. It will take time to find the right propertyinthe right suburbata price you can afford.
Consider what’s important to you in a suburb. Depending on yourstage of life and priorities,different amenities might be important to you.
We’d all like to liveinabeautiful home in aperfectlocation.Your firsthomeis not your forever home, however
Freehold: Most traditional homes in New Zealand arefreehold whereyou own the house and the land it sits on.
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.
● Whereare the nearest parks, beaches or other recreational areas?
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.
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.
● Otherissuessuchasfailuretogeta
● Typically it’s cheaper to buy ahome off the planthanonce it’s complete. Thisisbecausedevelopersneedto secureapercentageofpre-salestoget theirfinancetobuild.They’reoften willingtosellslightlymorecheaply tothefirstbuyerswhosignsaleand purchasecontracts.
OneRoof.co.nz 23
Someofthoserisks are:
Getting amortgage
● KiwiBuild: Youcangointo aballotto buy aKiwiBuildhomeoff theplan. Theyaretypicallypricedlessthanan equivalent homebeingsoldonthe openmarket.
CanyouuseKiwiSaver to builda house?
floororcarparkplans,thedeveloper usesthe‘specificationslist’to substituteitemsthatarenotalways like-for-like
Ifit’s astandalonehome you mightbeabletochangethedesign orarrangeforcosmeticorappliance upgradesatyourcost.
● Thebuildisdelayedandyourpreapprovalforfinance runsout
● A“sunsetclause” is invokedbecause thebuildhastaken toolong,and thedevelopercancelsthesaleand purchaseagreement.Itmaybe considerablymoreexpensivebythen tobuyanotherhome
Theadvantageofbuildingisthatyou get ahomethat’suniquely yoursinthe locationofyourchoice.Butthereare risks:
Typically,youwillpay a10%deposit andthenprogresspaymentsasthebuild progresses.Banksoffer construction loansdesignedtopayforthebuildin stages.It’sa goodideatoseekadvice from amortgageadviserorbank’s mortgage managertoensureyou understand howtheseloansworkand getthemostappropriateoneforyour situation.
● The homeissmallerthanitappeared inthe “renders”onthemarketing material,oritis poorqualitywhen built.
● Thedevelopergoesbustanddoesn’t completethe build
10-year-guaranteeon thework Averyspecificriskforfirst-home buyersusingKiwiSaveristhatthe costtobuildincreases(thanksto“cost adjustments”clauses)anditexceedsthe pricecapsfortheFirstHomeGrant.This couldspelldisastersobecareful.
● Thebuildermightdopoor workmanship,or
Building ahouse as afirst-home buyer
● The projectmaybedelayedandyour pre-approval runout
Youcan useKiwiSaverFirstHome WithdrawalorFirstHomeGrant to paythe deposit,andorwithdraw at settlement.TheKiwiSavermoney mustbeheldintrustorescrowby the developeruntilthecertificate of titleand theCodeCompliance Certificate(CCC)
NewZealandhasalongstanding traditionofgetting ahouse builttoyour ownspecifications.Youeitherbuya houseand landpackage wherethehome isbuilttoyourliking,oryoubuy the landseparatelyand employanarchitect andbuilder, orchoose agroupbuild home.
Therearepotential downsides to buying offtheplan
● “Materialdifferencesclauses”are usedtomakechangestoproposed
● Therecouldbebudgetblowouts
Buyingoff theplan ismoreriskythan buying aturnkey (completed)home.
be sold hardto se n? ouncil b) yo couldaffordmore. Whathappens at ahouse valuation? When aregisteredvaluervisitsthe propertytheydoalotmorethansimply compareittonearbyhomes.They willlookatthesizeandconditionofa property,itslayout,elevation,views,and surroundings. hers very e ng. u ou 24 OneRoof.co.nz
Valuations
Building reports andLIMs
hansimply izeandconditionofa tslayout,elevation,views,and
Banksoftenrequirearegistered valuationbeforetheywilllendona property. That’stoensurethatshouldyou defaultonyourmortgage, theycansell thepropertyand recouptheirmoney. If you arebuyingthehouseformorethan thevaluationit’sunlikelyyou’llbeloaned asmuch moneyas youexpect.
Aregistered valuationwillhelp ensure youa)don’tpay toomuchfor ahomeand b)don’toffertoolittleandloseoutifyou
areissued.Oncethathappensthe saleis settledandthebuyercanmovein.
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.
Pros and cons
ManyhomesinNewZealand aresold without apriceonthembyauction, tenderordeadlinetreaty.Itcanbeha knowwhattobidorofferinthatcase.
Thecost of renovatingdepends onthe scopeofthework.Some renovationsareaestheticandothers arestructural.Thelattercanbevery expensiveindeed.
Yourhomeis averybiginvestment. It’s agoodideatoget reportsdoneto ensureit’singoodorderandthereare nosurprises.
● Theproperty file contains all thedocuments that relatetoa LIM reportsuchas building and resourceconsents,and correspondence withthecouncil aboutthe property. Be aware thatbuildingworkdonewithout consentisn’tincluded in thefile.
Whypaymore whenyoucouldbuy, sell,or refinance yourpropertyfora low,fixedfee? FIRSTHOMEBUYERSGUIDE
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.
WhydoI needone?
Buying to renovate
● 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.
Homescanbevaluedfordifferent purposesandit’s importantto understandwhattheymean.Thecou valuation(CV),whichcanalsobe
● ALandInformationMemorandum (LIM) is afile heldbylocalcouncils thatsummarisestheinformation heldonthatproperty. Itcontains arangeofinformationsuchas rates information,stormwaterand seweragepipeson theproperty, consents, andpotentialerosion, subsidence, slippageorflooding, andthepossiblepresenceof hazardousmaterials.
Manyfirst-homebuyersoftenbuyfixeruppersas awayofgettingontheproperty ladderat alowerprice.
Whatisahousevaluation?
How much does it cost to renovate?
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.
Residential /Commercial/Rural /PropertyServices Homeprepguide If youfail to plan,thenplan tofail… Whengettingreadytosellyourhome,it’svitaltomakeitasvaluableaspossible to yourpotentialbuyers. By properlypreparing yourhome forsale, yougiveyourself thebestchanceofachievingthebestpossibleresult. Thisguidewillhelp youwith: Making agreat first impression. Giving youclarityonwhat areasinyourhometofocuson. Formingpartof awinninggameplan,whenworkingwithanagentthatwillhelpyou at every stage ofthesellingjourney. ALTOGETHER BETTERPREPARED MACKYS REALESTATELTD,BAYLEYS,LICENSEDUNDERTHEREAACT2008 PaulSumich 021606460 |paul.sumich@bayleys.co.nz JustscantheQR code to get yourdigital copy oftheguidedelivereddirectly to you.Orgo to www.paulsumich.co.nz/ home-preptodownloadit. OneRoof.co.nz 25
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.
Legalfeesand paperwork
Anofferby negotiationor tenderisnotlegally bindinguntilitis acceptedandboth thebuyerandseller signthesaleand purchaseagreement (contract).
26 OneRoof.co.nz
● Asunset clause which voids the agreement afteracertain period of time
Sold by negotiation
6 FIRST HOME BUYERS GUIDE
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
Biddingatauctionisoneofthemost commonwaystobuypropertyinNew Zealand.Atauctionyoubidagainst otherstobuythehome.Theauction isrunbyanauctioneerwhoopensthe biddingatafigurethatisusuallyless thanthereserve,thepricetheselleris willingtoaccept.Eachbidneedstobe higherthanthepreviousbid.
How to make an offer on ahouse
Whathappens after youmakeanoffer?
Whether you’rebidding at auction or making an offer,you’ll need your ducks in arow to win that dreamhome
Sale and purchase agreements for new-builds areoften bespoke and could
have worrying clausesthat alawyer will spot
Getting started
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.
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.
If the house isfor sale by negotiation, you offer an amount you areprepared to pay.Usually you don’t makeyour best offer immediately
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.
Typesofoffers youcan make Unconditional and conditional offers
● Securing finance
● Getting asatisfactory building report
● Early access to do renovations prior to settlement
Your offer canbeunconditional, or conditional. Some of the common conditions include:
Buyers should notmake offers on multiple properties at the same time, because they areduty-boundtobuy both properties if theoffers areaccepted.
can accept or negotiate on(called countersign or counter offer).
Most existing homes in New Zealand aresold using thestandardADLS/ REINZ Sale Purchase of Real Estate Agreement. Eventhen, therecan be different clausesused.
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.
Buying at auction
An offer by negotiation or tender is not legally bindinguntil it is accepted and both the buyer and sellersign the saleand purchase agreement (contract).
Iftheauctiondoesn’treachits reserve,itwillveryoftensellshortly after,bynegotiationwiththehighest bidder.Sometimesconditional buyerswhoneedtimetogetfinance willbeconsiderediftheauctionfails toresultinasale.
● Alonger than normalsettlement period
Whenbuyingatauctionyouare usuallybuyingunconditionally,so youcannotbackout.Sometimes thesellerwillagreetoavariation ofagreementinadvance,suchas alowerdepositamount,orthe settlementdate.
Ifyouwinatauction,youwillneed topaythedeposit,usually10%,on thesameday.Youwillalsohaveto signthesaleandpurchaseagreement.
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.
Sold at tender or ‘bydeadline’
When ahouse is sold by negotiation, buyers make offers whichsellers
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.
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.
THE BUYING PROCESS
Othermethods of sale
P: 094304988 E: mail@smconveyancing.co.nz A: 96BankStreet,Whangarei W: www.smconveyancing.co.nz BUYING SELLING REFINANCING Without mortgage Without mortgage discharge Withone mortgage Withone mortgage discharge Onedischargeand onenewmortgage $1200$1450 $1150 Conditionsapply.Anon-refundabledepositof$200willbechargedatthetimeofengagement. adivisionofHendersonReevesLawyers $1400$1650
Thecostofconveyancing istypically$1000to$1500. Somelawyersoffer acheaper service,butmaychargeextra for‘disbursements’suchasLand InformationNewZealand(LINZ) feesandotherexpenses.
What happens at settlement?
thekeys released.Thatsounds straightforward,buttakestime becauseofthenumberofsteps needed.Ifonesideisnot ready tosettle,theycanbecharged penalties.
Afewdayspriortothehome becomingyours,youwilltodoa pre-settlementinspectiontoensurethe houseis intheconditionitwaswhenyou agreedtobuy.
thetitle transferiscompletedand
Oncesettlementiscompleteyoupick upthekeysandcanmovein.Sometimes itpaystobook removalvansfortheday aftersettlement,justincasethings go wrongonsettlementdayandyouwaste yourmoney.
Settlementdayiswhentheproperty transferstoyou and it’sofficiallyyours. Itcanbe along nerve-wrackingday in which alot happensbehindthescenes. Thebuyer’slawyerneedsto arrangeforpaymenttobetransferred totheseller’slawyerandin return
Thevastmajorityof purchasesgothroughwithout problem,butsometimes thingscango wrong,suchas thesellerortenantsfailing tomoveout, rubbishleft behind,newdamagetothe property, ormissingkeys.In circumstancessuchasthesethelawyers willnegotiateto reach asatisfactory resolutionbeforethesettlementgoes through.
Thecostof conveyancing istypically $1000to $1500. OneRoof.co.nz 27
Residential /Commercial/ Rural/PropertyServices With acollectivepassion forpeople and property,Helen and Hayley, knowhow to consistently achieve outstanding results in this ever-changingmarket, with aprovenrecipe of exceptional service, marketing, local knowledge,and negotiation skills. Contact Helen and Hayleytoday. MACKYS REALESTATELTD,BAYLEYS, LICENSED UNDERTHE REA ACT2008 Helen Dwane 027716 6882 |helen.dwane@bayleys.co.nz YOUR LOCAL PROPERTY PARTNERS Find out firsthand whatquality means to H+H HayleyMoon 027477 1457|hayley.moon@bayleys.co.nz 28 OneRoof.co.nz
•RupertGoughisthefounderandCEOofMortgageLab andauthorofTheSuccessfulFirstHomeBuyer.
AsbestosSurveys and Testing
Somearemoreconservativethanotherswhenitcomestomortgag andifyourapplicationisdeclined,alwaysaskthe reason,writes OneRoof.co.nz 29
MONEYMATTERS
M
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.
Inspections
Itdoesn’tmatterwhereyouareonyourhome-buying journey;checkingyourbudgetisagoodidea.Ifyou’re startingout,controllingyourspendingwillmeanyour depositgrowsfaster.Ifyou’realmostreadytoapply,a goodbudgetwillmeanyoucanborrowmore.Removing a$10,000creditcardlimitcanincreaseyourmortgage
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.
PrePurchase BuildingReports BUILDINGINSPECTIONS LTD
A‘NO’ATONE BANK ISN’T A‘NO’ATALL BANKS
Whileresearchinggovernmentbenefits,gettoknow commontermsinthemortgageandpropertyindustry.The mostcommontermsareLoantoValueRatios,servicing rates(alsoknownasstress-testrates)andthedifference betweenfixedversusfloating.
sometimesitcanbeassimpleastheydon’thaveenough moneytolendoutthisweek.Ifyouknowwhyyouwere declined,youknowwhatitwilltaketofixit. Nothingisstoppingyoufromapplyingwithmultiple lenders,butitmaymeantheybrushyourapplicationaway morequickly.Ifabankcanseeasmallissuewithyour applicationandtheyaretheonlylenderyouaretalkingto, theymayworkwithyoutoapprovetheapplication.Ifthey knowtheyareoneofmanylendersyouareworkingwith, chancesaretheywilldeclinetheapplicationandmoveon tothenextone.Gotothebestlenderfirstandapproach othersifrequiredtoafterthat
affordability spendby$50pe abilityby$30,000.Th quicklyadduptoa Onceyouhaveyour lookingatyour andhirepurchase thatallowsy moneyyouw creditcardlimit,no howmuchyo unusedcardsan meagreamountofloyaltypointsyougeteachmonth worththeeff
Finally,it’stimetofindouthowmuchmoneyyoucan borrow.Youcanchattoyourbankortalktoanadviser
Weathertight
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
Themost expensivesuburboutside ofAuckland is Queenstown-Lakes' KelvinHeights(down2.2% over the quarterto$2.6m)
THE BIGGEST WINNERS, BIGGEST LOSERS
Thecapital’s average propertyvalue dropped11%
"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."
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).
ONEROOF VALOCITY HOUSE VALUE INDEX
"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.
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%.
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
"It'sabig drop from the10,500 mortgagesregisteredto first-home buyers 12 months ago,whenthe buyergroup represented 39.9%ofall newmortgages."
MOST EXPENSIVE: Herne Bay,inAuckland. Photo /Fiona Goodall
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
Almost half of the value gains made in the last 12 monthshavebeenwipedout by the slump.
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
Wayne Shum, head of research at Valocity,said that the volume of mortgage registrations wasfalling fast.
Nelson's average propertyvalu biggest quarterly drop after Greater followedbyHawke'sBay (down (down4.4%).
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.
NZ’S MOSTEXPENSIVE
"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.
NZ’S CHEAPEST
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."
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.
($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
GreaterWellington was also the down year on year,but it won't regions follow suit.
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."
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."
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
last year and early this year, with $40,000 lost inthe last ontinued decline at current pace could magic $1mmark beforethe end of
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.
30 OneRoof.co.nz
Thefigurescited belowonly cover suburbs with 20plus settled sales in thelast 12 months.
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.
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
Suffering the country's biggest Wellington. Theregion'saverag 9.1% over thequarter,ending its $1m club
HOUSING MARKET'S WINTER FREEZE
Only West Coast, NewZealand's market, managed to escape thed average property value up 2.5%( quarterto$403,000.
Theaveragepropertyvaluein 158suburbsislowernowthan whatitwas ayearago, withRoseneath,in Wellington,suffering thebiggestdollar dropyearonyear -adeclineof $216,000to $1.71m.
2%+ 1%+ 0%+ -1% -2% -3% -4% -5% -6% -9%
Whatthemaptells
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.
you Themapshowsthecurrentaverageproperty valueforeach region,andgivesthethree-month change.Thedifferentcoloursonthemapexpress thechangeinhousevaluesineachlocation. All NZ -3.7% $1.043m OneRoof.co.nz 31
KaikouraFlat,inKaikoura,Canterbury,recordedthe strongestgrowthoverthequarter,withthesuburb’s averagepropertyvalueup11.7%to$870,000.Growthwas alsostrongin MeremereandPukekawa,bothin Waikato district,buttheoverallnumberofgrowthsuburbs droppedfrom223inthethreemonthstotheendofJuly to 157inthethree monthstotheendofJuly.
LakeHayes,in Queenstown-Lakes,enjoyedthe biggestdollar gainoverthequarter,withitsaverage propertyvaluerising $147,000to$2.48m.
OutsideofQueenstown-LakesandChristchurch, heatinthemajormetrosisbecomingharderto find.No suburbinDunedin, Taurangaor Wellington recorded valuegrowth overthequarter,whilethenumberof growthsuburbsinAucklandandHamiltonwasthree andone respectively.
FALLINGFAST
INDEMAND
Ofthe71suburbswithanaveragepropertyvalueof lessthan$500,000,49experiencedvaluedeclinesover thequarter.Thedownturnhasalsowidenedthepoolof “cheap”suburbsinthecountry’smostexpensivecity, withthenumberofAucklandsuburbswithanaverage propertyvalueoflessthan$1mupfrom17sixmonths agoto24now.
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%
It’s spring cleaning time! Communityskipbin event Areyou in need of aclear out? There’snobettertimeofyear! Come alongtothe communityskip binand disposeofyour*rubbish forapapernotedonation. AllproceedsgotoSalvation Army September17th2022 9am -12pm(unlessbinfilledprior) SalvationArmyCarpark Aubrey Street,Regent,Whangarei LIMITSAPPLY-Ifyouareunsurepleasecontact BernadetteWarne- 021983760 No oversized furnitureandwhiteware.Noprohibited wasteincludingbutnotlimitedto;hazardous wastes,batteries, corrosives,bulkliquids,flammableliquids,flammablesolids,sludges,odorous waste,pressurisedcontainers,tyres,pesticides polystyrene, oxidisngsubstances,organicperoxides,medical waste, reactivesubstancesandanyothertoxic waste. * 32 OneRoof.co.nz
Whangarei 180BankStreet | M 09 4388667 | E whangarei@pb.co.nz
Bernadette WarneMikeProcterMikeColthurst ValRouse KevinBillingtonImogenBillingtonJorjaWilsonLloyd KirkhamJiaMulder KenniWitt
PropertyBrokersLtdLicensedREAA2008 PB062884 pb.co.nz We arelooking fornew andexperienced residential, lifestyle, ruraland commercial salesconsultants to join our team! Choose theteamthatwillsupport your growth andsuccess within ourteam. Choose PB! Areyou dynamic and motivatedtosucceed? Do youbelieve in providing exceptional customer service? Bernadette Warne Branch Manager AREINZ P 021983 760 Getin touch foraprivate, no obligation chat: OneRoof.co.nz 33
RIVERSIDE $812,000$869,000$758,000 6.6%7.1%23
NORTHLAND
TIKIPUNGA $683,000$704,000$626,000 3.0%9.1%196
Northland'sstarperformersoverthe quarterwere Waipapa(up1.2%to$1.13m), Kaitaia(up2.9%to$468,000)andPukenui(up3.9%to$791,000).
$1,452,000 2.3% AVERAGEPROPERTY VALUEYEARON YEARCHANGE 34 OneRoof.co.nz
TAMATERAU $1,261,000$1,310,000$1,111,000 3.7%13.5%23
OPONONI $567,000$586,000$484,000 3.2%17.1%30
THREE MONTHS AGO 12 MONTHS AGO QoQ CHANGE YoY CHANGE SETTLED SALES LAST12 MONTHS
KARIKARIPENINSULA $812,000$807,000$633,0000.6%28.3%88
PARAHAKI $850,000$881,000$757,000 3.5%12.3%27
MOUNTWELLINGTON $1,113,000$1,150,000$1,088,000 3.2%2.3%375
KAIKOHE $385,000$390,000$336,000 1.3%14.6%66
MOUNT ROSKILL $1,312,000$1,331,000$1,276,000 1.4%2.8%311
KAEO $834,000$843,000$668,000 1.1%24.9%42
KAITAIA $468,000$455,000$376,0002.9%24.5%136
GREATER AUCKLAND’S averagepropertyvaluefell4.3%($66,000)to$1.45minthe lastthreemonths.Housevaluesinthecityare8% belowwheretheywereat thestart oftheyearandonly2.3%abovewheretheywereinSeptember2021.
MEADOWBANK $1,849,000$1,936,000$1,843,000 4.5%0.3%73
WAIPAPA $1,130,000$1,117,000$934,0001.2%21.0%65
KAWAKAWA $503,000$511,000$445,000 1.6%13.0%33
FARNORTH $797,000$803,000$675,000 0.7%18.1%1435
CABLE BAY $860,000$866,000$716,000 0.7%20.1%60
AHIPARA $666,000$674,000$538,000 1.2%23.8%28
CURRENT AVERAGE
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% 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 GREAT
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.
RUSSELL $1,496,000$1,544,000$1,299,000 3.1%15.2%47 TAIPA $767,000$768,000$627,000 0.1%22.3%24
Of theAucklandsuburbsthatrecorded20ormoresettledsales in thelast12 months,three -GreatBarrierIsland(AoteaIsland),CoatesvilleandPollok -sawvalue growthoverthequarterwhile TotaraParksufferedthebiggestquarterlydrop,10.8% to$2.47m.
NEWWINDSOR $1,405,000$1,501,000$1,343,000 6.4%4.6%58
REGENT $763,000$815,000$698,000 6.4%9.3%38
MORNINGSIDE $1,428,000$1,539,000$1,444,000 7.2% 1.1%68
NORTHLAND $893,000$920,000$790,000 2.9%13.0%4208
RUATANGATAWEST $1,116,000$1,172,000$984,000 4.8%13.4%21
KOHIMARAMA $2,417,000$2,578,000$2,382,000 6.2%1.5%70 LYNFIELD $1,481,000$1,568,000$1,423,000 5.5%4.1%50
KERIKERI $1,129,000$1,156,000$985,000 2.3%14.6%331
KINGSLAND $1,556,000$1,658,000$1,562,000 6.2% 0.4%70
PARUA BAY $1,235,000$1,290,000$1,094,000 4.3%12.9%42
MOUNTEDEN $2,005,000$2,086,000$1,896,000 3.9%5.7%354
LOCATION PROPERTY VALUE
TUTUKAKA $1,497,000$1,451,000$1,223,0003.2%22.4%50
MANGONUI $833,000$839,000$692,000 0.7%20.4%48
Propertyvaluesin41suburbsarelowernowthantheywere inSeptemberlastyear, withManurewaEastdownthemostyearonyear(-9.7%to$798,000).
GREATER AUCKLAND
KAIPARA$983,000$1,007,000$863,000 2.4%13.9%657
COOPERSBEACH $920,000$919,000$737,0000.1%24.8%28
Kaipara'saveragepropertyvaluewasdown2.4%overthequarter,with Te Kopuru leadingthe TA'sslumpwith avaluefallof8.1%.MangawhaiHeadsnarrowlyescaped thewintercoldspell,withitsaveragepropertyvaluedownonly0.7%overthequarter.
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.
RAUMANGA $571,000$602,000$512,000 5.1%11.5%64
WHAUVALLEY $765,000$808,000$713,000 5.3%7.3%51
ONEROOF VALOCITYHOUSE VALUEINDEX
WAIPU $1,274,000$1,334,000$1,114,000 4.5%14.4%103
The region'smostexpensivesuburbisLangsBeach(averagepropertyvalueof $2.39m)anditscheapestisKaikohe(averagepropertyvalueof$385,000).
Allsevenof theregion'sformerlocalgovernmentareas recordednegativegrowth overthequarter,withManukau andtheNorthShoretakingthebiggesthits;their averagepropertyvaluesfell5.5%and5.4% respectivelyoverthe quarter,fuelled byquietersalesactivityintheirhighervaluesuburbs.Thevaluefallsinthefour remainingAucklanddistrictswerebetween 2.6%and3.9%.
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
HARURU $865,000$874,000$739,000 1.0%17.1%45
ONERAHI $701,000$720,000$653,000 2.6%7.4%140
$842,000$833,000$715,0001.1%17.8%49 GREENLANE $2,032,000$2,163,000$2,083,000
MOUNTALBERT $1,529,000$1,593,000$1,508,000 4.0%1.4%242
WHANGAREIHEADS $1,221,000$1,261,000$1,071,000 3.2%14.0%38
WOODHILL $648,000$704,000$617,000 8.0%5.0%38 BARRIERIS. (AOTEAISLAND) 6.1% 2.4%88 GREYLYNN $2,021,000$2,136,000$1,986,000 5.4%1.8%222 HERNE BAY $3,904,000$4,140,000$3,740,000 5.7%4.4%71 HILLSBOROUGH $1,454,000$1,541,000$1,441,000 5.6%0.9%89
PAIHIA $814,000$827,000$711,000 1.6%14.5%65
OKAIHAU $785,000$785,000$655,0000.0%19.8%31
RUAKAKA $1,045,000$1,077,000$899,000 3.0%16.2%95
MISSION BAY $2,437,000$2,626,000$2,352,000 7.2%3.6%86
$893,000 13%%
AVERAGEPROPERTY VALUEYEARON YEARCHANGE
PUKENUI $791,000$761,000$633,0003.9%25.0%20
Theslumpcanalsobeseeninthedrop-off insalesactivity.Settledsalesinthe 12monthstotheendofAugustnumbered29,475 -downfromthe34,694inthe12 monthstotheendofMarch.
CLENDONPARK $803,000$881,000$792,000 8.9%1.4%176
$1,263,000$1,385,000$1,263,000 8.8%0.0%72 WAIAKE $1,692,000$1,873,000$1,743,000 9.7% 2.9%27 WINDSOR PARK $1,515,000$1,564,000$1,494,000 3.1%1.4%24 PAPAKURA $1,136,000$1,176,000$1,061,000 3.4%7.1%2154 CONIFERGROVE $1,131,000$1,227,000$1,092,000 7.8%3.6%87 DRURY $1,515,000$1,594,000$1,311,000 5.0%15.6%28 KARAKA $1,874,000$1,974,000$1,745,000 5.1%7.4%252 OPAHEKE $1,197,000$1,259,000$1,095,000 4.9%9.3%137 PAHUREHURE $1,109,000$1,199,000$1,068,000 7.5%3.8%88 PAPAKURA $944,000$963,000$865,000 2.0%9.1%961 REDHILL $924,000$989,000$826,000 6.6%11.9%66 ROSEHILL $1,027,000$1,099,000$930,000 6.6%10.4%89 TAKANINI $1,034,000$1,062,000$971,000
SHELLYPARK $1,693,000$1,852,000$1,658,000 8.6%2.1%32
BIRKENHEAD $1,445,000$1,508,000$1,419,000 4.2%1.8%189
POINTENGLAND $1,240,000$1,312,000$1,268,000 5.5% 2.2%52
WAIHEKEISLAND $2,106,000$2,249,000$1,900,000 6.4%10.8%292
ALBANYHEIGHTS $1,488,000$1,554,000$1,422,000 4.2%4.6%111
ROTHESAY BAY $1,693,000$1,868,000$1,798,000 9.4% 5.8%47
SANDRINGHAM $1,589,000$1,650,000$1,541,000 3.7%3.1%195
COCKLE BAY $1,738,000$1,879,000$1,689,000 7.5%2.9%87
LONG BAY $1,767,000$1,874,000$1,757,000 5.7%0.6%110 MAIRANGI BAY $1,878,000$1,999,000$1,910,000 6.1% 1.7%100
BAYSWATER $1,874,000$2,032,000$1,844,000 7.8%1.6%39
PAREMOREMO $2,027,000$2,226,000$1,929,000 8.9%5.1%28
WATTLEDOWNS $1,170,000$1,235,000$1,088,000 5.3%7.5%139
DEVONPORT $2,287,000$2,461,000$2,325,000 7.1% 1.6%109
PAKURANGAHEIGHTS $1,312,000$1,369,000$1,261,000 4.2%4.0%141
DANNEMORA $1,740,000$1,876,000$1,785,000 7.2% 2.5%35
EASTERN BEACH $2,045,000$2,172,000$2,043,000 5.8%0.1%23 $1,886,000$2,057,000$1,841,000 8.3%2.4%28 4.9%6.3%70 BUSH 2.6%4.0%819 7.2% 3.3%43
REMUERA $2,987,000$3,018,000$2,809,000 1.0%6.3%433
$1,201,000$1,233,000$1,091,000
NORTHCROSS $1,402,000$1,491,000$1,418,000 6.0% 1.1%54
CURRENT
CLEVEDON $2,278,000$2,343,000$2,113,000 2.8%7.8%44
BELMONT $1,728,000$1,814,000$1,635,000 4.7%5.7%49
PINEHILL $1,788,000$1,892,000$1,798,000 5.5% 0.6%57
EAST TAMAKI $1,225,000$1,266,000$1,184,000 3.2%3.5%101
AVERAGE PROPERTY VALUE THREE MONTHS AGO 12 MONTHS AGO QoQ CHANGE YoY CHANGE SETTLED SALES LAST12 MONTHS OneRoof.co.nz 35
TOTARA HEIGHTS $1,126,000$1,219,000$1,121,000 7.6%0.4%33
SAINTMARYS BAY $3,184,000$3,319,000$2,984,000 4.1%6.7%40
SOMERVILLE $1,622,000$1,736,000$1,613,000 6.6%0.6%50
$1,484,000$1,524,000$1,427,000
CHATSWOOD $1,611,000$1,720,000$1,602,000 6.3%0.6%46
ALBANY $1,222,000$1,293,000$1,165,000 5.5%4.9%184
SURFDALE $1,573,000$1,676,000$1,392,000 6.1%13.0%48
$1,307,000$1,383,000$1,265,000
SAINTJOHNS $1,678,000$1,768,000$1,638,000 5.1%2.4%103
WHITFORD $3,654,000$3,728,000$3,466,000 2.0%5.4%41
BEACHHAVEN $1,176,000$1,250,000$1,207,000 5.9% 2.6%223
PANMURE $1,153,000$1,225,000$1,151,000 5.9%0.2%112
THREEKINGS $1,287,000$1,367,000$1,311,000 5.9% 1.8%45
$1,842,000$1,951,000$1,591,000
BAYVIEW $1,117,000$1,200,000$1,090,000 6.9%2.5%113
ONETANGI $2,137,000$2,290,000$1,921,000 6.7%11.2%40
WESLEY $1,267,000$1,369,000$1,284,000 7.5% 1.3%33
PALMBEACH $2,155,000$2,230,000$1,893,000 3.4%13.8%20
WAIHEKEISLAND $3,600,000$3,869,000$3,245,000 7.0%10.9%31
NORTHCOTE $1,380,000$1,434,000$1,348,000 3.8%2.4%139
NEWMARKET $989,000$1,005,000$1,020,000 1.6% 3.0%39
$1,595,000$1,659,000$1,509,000 3.9%5.7%65
MILFORD $1,935,000$2,087,000$1,878,000 7.3%3.0%146
EAST TAMAKIHEIGHTS $1,885,000$2,032,000$1,855,000 7.2%1.6%64
FAIRVIEWHEIGHTS $1,706,000$1,783,000$1,704,000 4.3%0.1%47
WIRI $754,000$817,000$773,000 7.7% 2.5%43
CAMPBELLS BAY $2,452,000$2,642,000$2,512,000 7.2% 2.4%50
NARROW NECK $2,141,000$2,297,000$2,102,000 6.8%1.9%32
SCHNAPPER ROCK $1,724,000$1,821,000$1,716,000 5.3%0.5%54
OTARA $872,000$938,000$829,000 7.0%5.2%128
CASTOR BAY $2,046,000$2,225,000$2,092,000 8.0% 2.2%72
WEYMOUTH $891,000$945,000$870,000 5.7%2.4%211
HILLCREST $1,365,000$1,426,000$1,376,000 4.3% 0.8%162
ROYALOAK
RANDWICK PARK $837,000$920,000$850,000 9.0% 1.5%98
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 UNSWORTHHEIGHTS 2.6%6.5%438 $2,485,000$2,555,000$2,349,000 2.7%5.8%71 $1,216,000$1,244,000$1,079,000 2.3%12.7%192
GULFHARBOUR
CLOVER PARK $939,000$1,012,000$897,000 7.2%4.7%97
FARMCOVE
PAPATOETOE $926,000$986,000$911,000 6.1%1.6%800
SUNNYHILLS $1,848,000$1,949,000$1,775,000 5.2%4.1%55
WATERVIEW $1,154,000$1,273,000$1,128,000 9.3%2.3%40
STONEFIELDS
BIRKDALE $1,050,000$1,101,000$1,065,000 4.6% 1.4%184
$1,734,000$1,785,000$1,686,000 2.9%2.8%84
WESTMERE $2,743,000$2,955,000$2,655,000 7.2%3.3%67
FAVONA $951,000$1,000,000$895,000
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 $3,743,000$3,704,000$3,269,0001.1%14.5%51 DAIRYFLAT
MANUKAU (EAST ANDSOUTH) 5.5%3.3%6314 BEACHLANDS $1,722,000$1,812,000$1,636,000 5.0%5.3%152 BOTANYDOWNS $1,389,000$1,474,000$1,363,000 5.8%1.9%110
OTEHA $1,230,000$1,278,000$1,230,000 3.8%0.0%89
BUCKLANDSBEACH $1,860,000$1,966,000$1,766,000 5.4%5.3%169
GOLFLANDS $1,396,000$1,505,000$1,444,000
FRANKLIN 2.6%10.1%1348 BOMBAY 5.6%15.8%24 CLARKSBEACH $1,349,000$1,393,000$1,205,000 3.2%12.0%51 GLENBROOK 3.1%7.6%651 RAMARAMA $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
GOODWOODHEIGHTS $1,205,000$1,310,000$1,168,000 8.0%3.2%59 HALFMOON BAY $1,773,000$1,831,000$1,664,000 3.2%6.6%105 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% 1.0%78 HOWICK $1,325,000$1,405,000$1,312,000 5.7%1.0%242 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
FORRESTHILL $1,506,000$1,593,000$1,562,000 5.5% 3.6%135 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
FLAT
THE GARDENS $1,411,000$1,512,000$1,351,000 6.7%4.4%48
WAIOTAIKI BAY $1,681,000$1,853,000$1,665,000 9.3%1.0%30
PAKURANGA $1,323,000$1,391,000$1,304,000 4.9%1.5%152
ONEROA $2,382,000$2,546,000$2,168,000 6.4%9.9%80
$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 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
BROWNS BAY $1,368,000$1,416,000$1,304,000 3.4%4.9%243
OMIHA $1,207,000$1,347,000$1,179,000 10.4%2.4%20
PONSONBY $2,619,000$2,761,000$2,512,000 5.1%4.3%92
ORAKEI $2,637,000$2,689,000$2,516,000 1.9%4.8%80
OSTEND $1,576,000$1,677,000$1,425,000 6.0%10.6%53
ONETREEHILL $1,504,000$1,578,000$1,486,000 4.7%1.2%69
ONEHUNGA $1,266,000$1,270,000$1,289,000 0.3% 1.8%289
OTAHUHU $877,000$944,000$840,000 7.1%4.4%186
NORTHSHORE $1,570,000$1,660,000$1,568,000 5.4%0.1%4237
SUNNYNOOK $1,334,000$1,398,000$1,339,000 4.6% 0.4%77
0800667278 www.diamondfusion.co.nz OURDIAMOND FUSIONGLASS DEFENDERS COMETOYOU! Ourexperiencedandprofessional teamwillvisityourhomeor commercialsiteandapplyour DiamondFusionGlassDefender rangeofproductstoyourglass.
MURRAYSBAY $1,858,000$1,996,000$1,893,000 6.9% 1.8%68
NORTHCOTEPOINT $1,813,000$1,957,000$1,820,000 7.4% 0.4%46
PARNELL $2,237,000$2,336,000$2,211,000 4.2%1.2%168
ST HELIERS $2,523,000$2,656,000$2,462,000 5.0%2.5%244
TOTARA PARK $2,477,000$2,776,000$2,197,000 10.8%12.7%34
POINTCHEVALIER $2,112,000$2,232,000$2,122,000 5.4% 0.5%144
ENDERLEY $647,000$670,000$631,000 3.4%2.5%79
FORESTLAKE $799,000$818,000$745,000 2.3%7.2%67
FAIRFIELD $834,000$859,000$784,000 2.9%6.4%158
KAUKAPAKAPA
PUHOI
TINDALLSBEACH $1,704,000$1,887,000$1,671,000 9.7%2.0%20
HELENSVILLE $1,305,000$1,340,000$1,233,000 2.6%5.8%121
WELLSFORD $901,000$944,000$844,000 4.6%6.8%66
SNELLSBEACH $1,192,000$1,245,000$1,119,000 4.3%6.5%97
GREEN BAY $1,353,000$1,437,000$1,292,000 5.8%4.7%60
$1,152,000$1,222,000$1,120,000 5.7%2.9%46
WESTHARBOUR $1,456,000$1,537,000$1,367,000 5.3%6.5%164
HENDERSON VALLEY $1,494,000$1,612,000$1,351,000 7.3%10.6%44
WHITIORA $714,000$720,000$661,000 0.8%8.0%39
Hamilton'saveragepropertyvalueismorethan$60,000belowwhereitwasat thestartoftheyear,andonly$33,000aheadofSeptember2021levels.Thetrend linesuggestspropertyvaluesinthecitywillcomeunderfurtherpressure.Aquarter ofthecity's41suburbs recordedfewerthan20settledsalesinthelast12months andonlyone,Flagstaff,registeredvaluegrowthinthelastthreemonths -quitea turnaroundfromthe first quarteroftheyearwheneverysuburb recordedgrowth.
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.
$1,507,000$1,589,000$1,428,000 5.2%5.5%202
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
RIVERHEAD $2,042,000$2,059,000$1,811,000 0.8%12.8%114
STANMORE BAY $1,225,000$1,275,000$1,150,000 3.9%6.5%271
CHEDWORTH $989,000$1,017,000$913,000 2.8%8.3%26
$1,719,000$1,733,000$1,520,000 0.8%13.1%20
RIVERLEA $926,000$988,000$891,000 6.3%3.9%22
$1,528,000$1,543,000$1,457,000 1.0%4.9%52
FITZROY $845,000$874,000$801,000 3.3%5.5%41
SWANSON $1,306,000$1,375,000$1,220,000 5.0%7.0%110
MANLY $1,356,000$1,444,000$1,338,000 6.1%1.3%121
REDBEACH
HUNTINGTON $1,147,000$1,155,000$1,069,000 0.7%7.3%145
DEANWELL $672,000$727,000$681,000 7.6% 1.3%24
$2,757,000$3,033,000$2,861,000 9.1% 3.6%21
FLAGSTAFF $1,230,000$1,227,000$1,138,0000.2%8.1%254
LEIGH $1,620,000$1,645,000$1,360,000 1.5%19.1%20
HATFIELDSBEACH
WARKWORTH $1,312,000$1,329,000$1,198,000 1.3%9.5%212
HENDERSON $1,086,000$1,133,000$1,051,000 4.1%3.3%661
NEW LYNN $975,000$986,000$991,000 1.1% 1.6%374
KUMEU $1,758,000$1,876,000$1,695,000 6.3%3.7%181
WAITOKI $2,169,000$2,231,000$2,080,000 2.8%4.3%24
$1,194,000$1,307,000$1,184,000 8.6%0.8%28
HUAPAI $1,404,000$1,470,000$1,306,000 4.5%7.5%74
SILVERDALE
HAMILTONEAST $772,000$785,000$756,000 1.7%2.1%282
36 OneRoof.co.nz
OKURABUSH
CLAUDELANDS $820,000$841,000$777,000 2.5%5.5%63
CHARTWELL $918,000$923,000$850,000 0.5%8.0%252
OMAHA $2,753,000$2,812,000$2,506,000 2.1%9.9%29
PUKETE $873,000$921,000$847,000 5.2%3.1%98
MASSEY $1,108,000$1,128,000$1,083,000 1.8%2.3%538
ROTOTUNA $1,073,000$1,092,000$1,012,000 1.7%6.0%69
MAEROA $777,000$793,000$741,000 2.0%4.9%56
RANUI $976,000$1,031,000$961,000 5.3%1.6%220
WAINUI $1,652,000$1,769,000$1,635,000 6.6%1.0%179
TE ATATUPENINSULA $1,301,000$1,376,000$1,289,000 5.5%0.9%290
DINSDALE $770,000$801,000$737,000 3.9%4.5%201
WAITAKERE $1,640,000$1,682,000$1,430,000 2.5%14.7%33
MATAKANA $2,071,000$2,150,000$1,796,000 3.7%15.3%44
$1,344,000$1,420,000$1,271,000 5.4%5.7%131
FRANKTON $698,000$723,000$691,000 3.5%1.0%164
HAMILTONCENTRAL $816,000$831,000$782,000 1.8%4.3%59
QUEENWOOD $1,107,000$1,110,000$994,000 0.3%11.4%65
GRANDVIEWHEIGHTS $956,000$1,014,000$915,000 5.7%4.5%25
ROTOTUNANORTH $1,111,000$1,170,000$1,110,000 5.0%0.1%153
FAIRVIEWDOWNS $771,000$797,000$745,000 3.3%3.5%44
WAITAKERE $1,169,000$1,216,000$1,138,000 3.9%2.7%4648
MELVILLE $696,000$731,000$676,000 4.8%3.0%119
HILLCREST $828,000$881,000$825,000 6.0%0.4%134
$2,344,000$2,435,000$2,058,000 3.7%13.9%34
MAKARAU $1,321,000$1,387,000$1,235,000 4.8%7.0%27
PARAKAI $875,000$900,000$841,000 2.8%4.0%27
GLENEDEN $1,013,000$1,054,000$989,000 3.9%2.4%412
SAINTANDREWS $902,000$941,000$861,000 4.1%4.8%140
SILVERDALE $784,000$847,000$758,000 7.4%3.4%31
STILLWATER $1,706,000$1,789,000$1,598,000 4.6%6.8%34
POINTWELLS
KAIPARAFLATS $1,516,000$1,572,000$1,369,000 3.6%10.7%23
Deanwell,inHamilton'ssouth-west,wasthecity'sbiggestwinterloser,withits averagepropertyvaluedown7.6%($55,000)to$672,000overthequarteranddown 1.3%yearonyear.
ONEROOF VALOCITYHOUSE VALUEINDEX
WESTGATE $1,078,000$1,137,000$1,074,000 $1,071,000$1,071,000$971,0000.0%10.3%56
GLENVIEW $809,000$845,000$786,000 4.3%2.9%137
NAWTON $706,000$735,000$689,000 3.9%2.5%233
KELSTON $1,032,000$1,105,000$1,001,000 6.6%3.1%70
MURIWAI $1,589,000$1,732,000$1,580,000 8.3%0.6%28
LAINGHOLM
PIHA $1,511,000$1,574,000$1,318,000 4.0%14.6%20
TE ATATUSOUTH $1,099,000$1,135,000$1,100,000 3.2% 0.1%259 TITIRANGI $1,376,000$1,426,000$1,347,000 3.5%2.2%254
off inSeptember2020.Theslowrateofdeclinemeansthosepost-Covidgainsaresafe fornow,butweaknessesareevidentinthe region'sdiversehousingmarket -someof whichcouldbeseasonallydriven.
SUNNYVALE $1,016,000$1,089,000$991,000 6.7%2.5%106
HOBSONVILLE $1,264,000$1,303,000$1,190,000 3.0%6.2%583
OREWA $1,364,000$1,401,000$1,271,000 2.6%7.3%389
GLENDENE $1,084,000$1,168,000$1,044,000 7.2%3.8%92
ORATIA $1,761,000$1,771,000$1,627,000 0.6%8.2%20
HAMILTONLAKE $975,000$1,030,000$984,000 5.3% 0.9%48
WAIMAUKU $1,761,000$1,851,000$1,655,000 4.9%6.4%73
5.2%0.4%75 WHENUAPAI $1,421,000$1,552,000$1,392,000 8.4%2.1%159 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 BEERESCOURT
WHITIANGA $1,172,000$1,151,000$991,0001.8%18.3%259
PAUANUI $1,627,000$1,587,000$1,367,0002.5%19.0%106 TAIRUA $1,266,000$1,241,000$1,080,0002.0%17.2%72
TE KOWHAI $1,448,000$1,353,000$1,332,0007.0%8.7%33
AVERAGEPROPERTY VALUEYEARON YEARCHANGE
WHANGAMATA $1,526,000$1,549,000$1,370,000
NGARUAWAHIA $822,000$796,000$774,0003.3%6.2%206
$1,861,000$1,789,000$1,674,0004.0%11.2%39
MATANGI
TWOMILEBAY $971,000$1,028,000$906,000 5.5%7.2%29
TAUPO $796,000$796,000$709,0000.0%12.3%211
HUNTLY $595,000$570,000$554,0004.4%7.4%152
TAUHARA $631,000$649,000$577,000 2.8%9.4%31
$800,000$813,000$721,000
MATARANGI $1,197,000$1,229,000$1,085,000
TURANGI $509,000$529,000$468,000 3.8%8.8%104
PORTWAIKATO $667,000$633,000$681,0005.4% 2.1%22
TAMAHERE $2,235,000$2,049,000$1,965,0009.1%13.7%81
WHATAWHATA $1,349,000$1,271,000$1,244,0006.1%8.4%33 7.3%
THEDECLINE inBayofPlenty'saveragepropertyvalueacceleratedoverwinter.In thelastthreemonthsitdropped4.4%($48,000)to$1.04m,althoughitisstillup7.3% ($71,000)yearonyear,whichsuggestsnewhomeownerswillbeabletoholdonto valuegainsforlonger.
TE KAUWHATA $912,000$851,000$835,0007.2%9.2%123
$531,000$479,000$530,00010.9%0.2%29
THAMES 1.6%11.0%112 1.5%11.4%192
WAIPAHIHI $1,130,000$1,188,000$1,038,000 4.9%8.9%36
RAGLAN $1,286,000$1,207,000$1,176,0006.5%9.4%157
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 BAYOF PLENTY $1,040,000
MANGATAWHIRI
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.
$1,239,000$1,117,000$1,159,00010.9%6.9%24
OneRoof.co.nz 37
PUKEKAWA
TUAKAU $912,000$888,000$833,0002.7%9.5%173
WHAREWAKA $1,414,000$1,480,000$1,255,000 4.5%12.7%106
MEREMERE
TAUPIRI $1,208,000$1,133,000$1,103,0006.6%9.5%41
0800667278 www.diamondfusion.co.nz OURDIAMOND FUSIONGLASS DEFENDERS COMETOYOU! Ourexperiencedandprofessional teamwillvisityourhomeor commercialsiteandapplyour DiamondFusionGlassDefender rangeofproductstoyourglass.
WAIKATO$1,178,000$1,098,000$1,088,0007.3%8.3%1654
COROMANDEL $933,000$917,000$831,0001.7%12.3%40 HAHEI
BUCKLAND $1,494,000$1,408,000$1,369,0006.1%9.1%34
POKENO $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.
WAIRAKEI $1,168,000$1,183,000$967,000 1.3%20.8%27
THAMES 1.9%9.0%29 $1,761,000$1,808,000$1,540,000 2.6%14.4%20 2.6%10.3%76
$1,438,000$1,308,000$1,292,0009.9%11.3%24
COROMANDEL$1,290,000$1,280,000$1,151,0000.8%12.1%1137 COOKSBEACH $1,470,000$1,498,000$1,349,000
RICHMONDHEIGHTS $836,000$876,000$763,000 4.6%9.6%61
RANGATIRAPARK $1,083,000$1,110,000$944,000 2.4%14.7%45
ALL YOUR HOME &DECORATING NEEDS UNDER ONEROOF! Abouttotackle arenovation,DIYprojectorlookingforsomehomedécorinspiration? We’vegot yousortedwith over130companiesshowcasing everythingfromkitchensandbathrooms, toheatingandinsulation,artisanfood,lifestyleandhomewareproductsandmuchmore. Plus,don’tmisstheamazingshow-onlydealsacrossthe weekend! Doorsales$5andkidsunder12arefree. homeandlifestyleshow.co.nz 30Sep -2Oct |McKayStadium,Whangarei Openinghours: Fri&Sat10am -5pm,Sun10am -4pm 2-FOR-1 TICKETSON 38 OneRoof.co.nz
OneRoof.co.nz 39
$1,199,000$1,248,000$1,086,000 3.9%10.4%207
$1,787,000$1,882,000$1,562,000 5.0%14.4%31
OMANAWA
TEPUKE $896,000$923,000$788,000 2.9%13.7%183
KATIKATI $880,000$889,000$770,000 1.0%14.3%154
SAINTLEONARDS $667,000$732,000$682,000 8.9% 2.2%45
TAURANGASOUTH
PARKVALE $730,000$775,000$729,000 5.8%0.1%79 RAUREKA $685,000$737,000$688,000 7.1% 0.4%67
TAMATEA $692,000$748,000$705,000 7.5% 1.8%90
TARADALE $934,000$977,000$920,000 4.4%1.5%230
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.
The7.2%fallin Wairoa'saveragepropertyvalueoverthequarteris abrutal turnaroundforthe TA,whichhadenjoyed a5.3%valuesurgeinthethreemonthsto theendofMay -moreevidenceoftheinstabilitythatgoeswith alow-salesmarkets.
$1,694,000$1,771,000$1,471,000 4.3%15.2%27
NAPIER SOUTH $762,000$807,000$756,000 5.6%0.8%101
CENTRAL NORTH ISLAND
AHURIRI $1,154,000$1,258,000$1,093,000 8.3%5.6%35
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
PYESPA $1,218,000$1,242,000$1,154,000 1.9%5.5%316
TAHAWAI
MAREWA $629,000$705,000$669,000 10.8% 6.0%78
40 OneRoof.co.nz
HASTINGS$942,000$988,000$903,000 6.6%1.0%81 $978,000$1,059,000$924,000 69
MINDEN
PORAITI $1,379,000$1,440,000$1,271,000 4.2%8.5%54
TE AWA $901,000$958,000$876,000 5.9%2.9%24
ONEKAWA $660,000$714,000$682,000 7.6% 3.2%105
HOSPITALHILL $1,126,000$1,195,000$1,046,000 5.8%7.6%44
ATHENREE $1,135,000$1,201,000$1,033,000 5.5%9.9%34
BLUFFHILL $1,151,000$1,236,000$1,105,000 6.9%4.2%53
WELCOMEBAY $993,000$1,028,000$890,000 3.4%11.6%211
PIRIMAI $694,000$761,000$712,000 8.8% 2.5%70
WESTSHORE $1,194,000$1,230,000$1,168,000 2.9%2.2%31
Valuedropsofmorethan5%inHorowhenuaandPalmerstonNorthdragged Manawatu-Whanganui'soverallaveragepropertyvaluedown4.1%($28,000)overthe quarterto$659,000.OnlyRuapehusawvaluegrowth,butagain,lowsalescouldbe maskinggreaterweaknessesin thatmarket.
GREENMEADOWS $905,000$975,000$879,000 7.2%3.0%125
PAENGAROA
WESTERNBAYOFPLENTY$1,282,000$1,337,000$1,134,000 4.1%13.1%1008
MAHORA $775,000$841,000$766,000 7.8%1.2%75
WHAKAMARAMA $1,691,000$1,790,000$1,499,000 5.5%12.8%47 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
MARAENUI $542,000$605,000$554,000 10.4% 2.2%53
PUKEHINA $1,314,000$1,374,000$1,099,000 4.4%19.6%46
$1,547,000$1,617,000$1,350,000 4.3%14.6%34
OROPI
AWATOTO $1,042,000$1,091,000$961,000 4.5%8.4%33
$723,000$795,000$706,000 9.1%2.4%28
CLIVE
OMOKOROA
POIKE
TAURANGA $1,122,000$1,194,000$1,051,000 6.0%6.8%53
4.7%4.3%1237 AKINA $679,000$727,000$672,000
$1,385,000$1,426,000$1,198,000 2.9%15.6%34
7.6%5.8%38 ESKDALE $1,393,000$1,525,000$1,321,000 8.7%5.5%23 FLAXMERE $497,000$529,000$491,000 6.0%1.2%126 FRIMLEY $963,000$1,030,000$906,000 6.5%6.3%76 HASTINGS $669,000 $700,000 $642,000 4.4% 4.2%
WAIHIBEACH $1,557,000$1,608,000$1,331,000 3.2%17.0%62
$1,027,000$1,071,000$919,000 4.1%11.8%112
HAVELOCKNORTH $1,334,000$1,381,000$1,222,000 3.4%9.2%288
GISBORNE,HAWKE'SBAY,MANAWATU-WHANGANUIANDTARANAKI
ONEROOF VALOCITYHOUSE VALUEINDEX
BAYVIEW $1,160,000$1,228,000$1,103,000 5.5%5.2%36
Taranakifinallyjoinedthe restoftheNorthIslandinnegativegrowthterritory,with itsaveragepropertydown1%($7000)over thequarter.NewPlymouthhadthegentlest fall,withitsaveragepropertyvaluedown0.7%($6000) to $798,000.
TEPUNA $2,019,000$2,123,000$1,756,000 4.9%15.0%23
MAYFAIR $664,000$710,000$655,000 6.5%1.4%80
AONGATETE $1,418,000$1,493,000$1,223,000 5.0%15.9%31
$1,154,000$1,181,000$1,001,000 2.3%15.3%34
NAPIER $878,000$933,000$872,000 5.9%0.7%1173
11.1% 9.3%41 FAIRFIELD $855,000$1,002,000$973,000 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
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.
MERRILANDS $822,000$830,000$732,000 1.0%12.3%66
$992,000 5.9%
MOTUROA $797,000$779,000$684,0002.3%16.5%52
OAKURA $1,315,000$1,363,000$1,164,000 3.5%13.0%23
AVERAGEPROPERTY VALUEYEARON YEARCHANGE
HURWORTH $1,220,000$1,197,000$1,034,0001.9%18.0%29
OKATO $701,000$673,000$602,0004.2%16.4%33 3.3%3.0%218 WAIKANAEBEACH $1,083,000$1,153,000$1,118,000 6.1% 3.1%78
HURDON $827,000$833,000$737,000 0.7%12.2%20
BOULCOTT
NEWPLYMOUTH $887,000$935,000$798,000 5.1%11.2%100
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 $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
THESLUMP hashitGreater Wellingtonhard.Notonlydidtheregionsufferthe country'sbiggest valuedropoverthelastthree months,butGreater Wellingtonproperty valuesarenow5.9%($62,000) belowwheretheywereinSeptember2021, with therapid gainsmadeattheendoflastyearand startofthisyearallgone.
GREATER WELLINGTON
INGLEWOOD $677,000$657,000$592,0003.0%14.4%105
EASTBOURNE
EPUNI
0800667278 www.diamondfusion.co.nz USEDSHOWERGLASS RESTORATION 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 FERNDALE $822,000$823,000$726,000 0.1%13.2%21 FITZROY $958,000$967,000$873,000 0.9%9.7%38
LYNMOUTH $703,000$734,000$643,000 4.2%9.3%26 MARFELL $477,000$478,000$425,000 0.2%12.2%45
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.
HIGHLANDS PARK $964,000$984,000$850,000 2.0%13.4%42
OneRoof.co.nz 41
SPOTSWOOD $588,000$580,000$528,0001.4%11.4%43 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 $1,002,000$1,059,000$993,000 5.4%0.9%82 RAUMATI SOUTH $994,000$1,069,000$1,012,000 7.0% 1.8%79 TEHOROBEACH $930,000$978,000$914,000 4.9%1.8%21 WAIKANAE $1,049,000$1,085,000$1,018,000
LOWER VOGELTOWN $748,000$759,000$667,000 1.4%12.1%41
FRANKLEIGH PARK $744,000$747,000$657,000 0.4%13.2%57 GLEN AVON $804,000$802,000$713,0000.2%12.8%22
BELMONT
FEATHERSTON $692,000$743,000$690,000 6.9%0.3%77
$874,000$960,000$948,000 9.0% 7.8%747
BURLEIGH $1,068,000$1,089,000$979,000 1.9%9.1%21
RIVERSDALE $584,000$599,000$587,000 2.5% 0.5%30
$1,386,000$1,610,000$1,470,000
PORIRUA 8.3% 5.0%748 $1,357,000$1,465,000$1,381,000 7.4% 1.7%92 PARK $727,000$809,000$787,000 10.1% 7.6%29
KHANDALLAH $1,518,000$1,661,000$1,524,000 8.6% 0.4%119
MAYFIELD $605,000$614,000$605,000 1.5%0.0%31
PAREMATA $1,075,000$1,204,000$1,123,000 10.7% 4.3%32
RIVERSTONETERRACES
AOTEA
RENWICK $790,000$811,000$753,000 2.6%4.9%46
MAUPUIA $1,085,000$1,190,000$1,081,000 8.8%0.4%24
NEWLANDS
WALLACEVILLE $833,000$927,000$912,000 10.1% 8.7%100 10.1% 2.1%88 5.8%106 13.5% 2.1%28
$712,000$794,000$734,000 10.3% 3.0%45
KARORI $1,301,000$1,385,000$1,332,000 6.1% 2.3%210
WAIKAWA $967,000$983,000$877,000 1.6%10.3%39
$1,313,000$1,513,000$1,394,000
MOUNTCOOK 11.2% 7.2%55
MARYBANK $974,000$1,001,000$911,000 2.7%6.9%21
10.8%
NEWTOWN $1,091,000$1,260,000$1,157,000 13.4%
ThequarterlydeclinesinMarlboroughand Tasmanwererelativelygentler -1.4% and2% respectively -buttheslumphaseatenupmuchofthegainsmadeatthestartof theyear.
Propertyvaluesintherestof theupperSouthIslandstruggledoverthequarter. Nelson's averagepropertyvaluefell5.9%($53,000)to$850,000asbuyerscontinued their retreat,but theseverefloodingthathaswreakedhavocacrossthe regionislikely tohave abiggerimpactonvaluesinthemonthsahead.
MIRAMAR 11.4% 2.2%112
JOHNSONVILLE $956,000$1,036,000$999,000 7.7% 4.3%163
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 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 3.3%6.1%216 SOLWAY $707,000$736,000$669,000 3.9%5.7%154
UPPER SOUTH ISLAND
ENNERGLYNN $942,000$994,000$870,000 5.2%8.3%30
BROWNOWL $844,000$982,000$953,000 14.1% 11.4%27
KILBIRNIE $1,021,000$1,183,000$1,092,000 13.7% 6.5%41
STEPNEYVILLE $1,246,000$1,358,000$1,241,000 8.2%0.4%21
TAHUNANUI $749,000$789,000$682,000 5.1%9.8%88
SOUTH WAIRARAPA$1,022,000$1,049,000$958,000 2.6%6.7%336
SILVERSTREAM $1,004,000$1,086,000$1,034,000 7.6% 2.9%60
NELSON SOUTH $812,000$867,000$771,000 6.3%5.3%75
STOKE $801,000$823,000$755,000 2.7%6.1%306
LYALLBAY $1,118,000$1,291,000$1,179,000 13.4% 5.2%43
KENEPURU $936,000$1,056,000$1,004,000 11.4% 6.8%39
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
MONACO $722,000$785,000$713,000 8.0%1.3%23
APPLEBY
TITAHIBAY $794,000$889,000$873,000 10.7% 9.0%92
CHURTONPARK $1,186,000$1,351,000$1,259,000 12.2%
$1,177,000$1,328,000$1,203,000
PAPARANGI $953,000$1,101,000$1,003,000 13.4% 5.0%40 ROSENEATH $1,714,000$1,947,000$1,930,000 12.0% 11.2%21 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 8.1% 2.6%195 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
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 14.3% 7.7%38 BERHAMPORE $962,000$1,097,000$1,053,000 12.3% 8.6%62 BROADMEADOWS $1,012,000$1,152,000$1,070,000 12.2% 5.4%21 BROOKLYN $1,241,000$1,380,000$1,267,000
ISLANDBAY $1,326,000$1,455,000$1,355,000 8.9% 2.1%90
MELROSE $1,165,000$1,357,000$1,300,000 14.1% 10.4%27
THEBROOK $758,000$806,000$708,000 6.0%7.1%27 THE WOOD $834,000$905,000$818,000 7.8%2.0%63 TOITOI $568,000$625,000$565,000 9.1%0.5%45 WAKATU $771,000$810,000$722,000 4.8%6.8%20 WASHINGTONVALLEY $645,000$702,000$653,000 8.1% 1.2%44 $994,000$1,014,000$924,000 2.0%7.6%1190 $1,221,000$1,230,000$1,212,000
PINEHAVEN $853,000$952,000$910,000 10.4% 6.3%32
NELSON $1,179,000$1,269,000$1,107,000 7.1%6.5%26
$894,000$1,007,000$963,000
MOUNTVICTORIA 13.9% 5.7%64 $956,000$1,072,000$993,000 3.7%105 5.7%91 1.7%74 5.6%59
NORTHLAND $1,247,000$1,467,000$1,321,000 15.0%
NGAIO $1,246,000$1,392,000$1,268,000 10.5%
PAPAKOWHAI $980,000$1,116,000$1,080,000 12.2% 9.3%37
MARLBOROUGH,NELSON, TASMANANDWESTCOAST
GREYTOWN $1,104,000$1,154,000$1,016,000 4.3%8.7%103
BISHOPDALE $794,000$831,000$739,000 4.5%7.4%33
PICTON $676,000$688,000$642,000 1.7%5.3%89
ASCOT
WITHERLEA $794,000$816,000$750,000 2.7%5.9%150
RANUI
BIRCHVILLE $784,000$896,000$869,000 12.5% 9.8%41
ELDERSLEA $810,000$908,000$897,000 10.8% 9.7%36
TASMAN
$1,164,000$1,292,000$1,193,000 9.9% 2.4%31
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.
TRENTHAM $774,000$870,000$827,000 11.0% 6.4%142
42 OneRoof.co.nz
CLOUSTONPARK $741,000$854,000$837,000 13.2% 11.5%32
WHITBY $1,091,000$1,139,000$1,116,000 4.2% 2.2%215
MAORIBANK $691,000$806,000$786,000 14.3% 12.1%24
EBDENTOWN $756,000$848,000$844,000 10.8% 10.4%54
$1,135,000$1,306,000$1,188,000
KELBURN $1,672,000$1,930,000$1,773,000 13.4% 5.7%42
BRITANNIAHEIGHTS $1,551,000$1,682,000$1,469,000 7.8%5.6%20
UPPERHUTT
BLENHEIM $638,000$640,000$619,000 0.3%3.1%178
REDWOODTOWN $625,000$642,000$610,000 2.6%2.5%142
SPRINGLANDS $870,000$893,000$805,000 2.6%8.1%139
CANNONSCREEK $603,000$698,000$642,000 13.6% 6.1%31
PLIMMERTON $1,148,000$1,259,000$1,167,000 8.8% 1.6%27
GRENADAVILLAGE 13.1% 4.5%40 HATAITAI 13.2% 5.8%88
CROFTONDOWNS $1,179,000$1,363,000$1,204,000
ONEROOF VALOCITYHOUSE VALUEINDEX
$947,000$1,033,000$997,000
MARLBOROUGH $795,000$806,000$751,000 1.4%5.9%1182
PUKERUABAY $967,000$1,112,000$1,054,000 13.0% 8.3%22
HAVELOCK $722,000$723,000$630,000 0.1%14.6%30
MARTINBOROUGH $1,175,000$1,191,000$1,078,000 1.3%9.0%64
TAKAPUWAHIA $679,000$770,000$725,000 11.8% 6.3%21
CAMBORNE $1,008,000$1,120,000$1,067,000 10.0% 5.5%29
TIMBERLEA $843,000$973,000$932,000 13.4% 9.5%43
TOTARA PARK $749,000$848,000$838,000 11.7% 10.6%36
BROOMFIELD $711,000$722,000$627,000 1.5%13.4%31
SUMNER $1,145,000$1,156,000$1,006,000 1.0%13.8%30
EDGEWARE $558,000$557,000$483,0000.2%15.5%105
WAINONI
CASHMERE $1,144,000$1,146,000$950,000 0.2%20.4%94
STROWAN $1,300,000$1,299,000$1,070,0000.1%21.5%73
0800667278 www.diamondfusion.co.nz COMMERCIAL GLASS 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
CHRISTCHURCHCENTRAL $716,000$722,000$614,000 0.8%16.6%243
HILLMORTON $701,000$700,000$597,0000.1%17.4%50
MAIREHAU $642,000$647,000$550,000 0.8%16.7%169
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.
$491,000$492,000$439,000 0.2%11.8%58 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
RUSSLEY $728,000$735,000$639,000 1.0%13.9%61
MOUNTPLEASANT $1,167,000$1,141,000$963,0002.3%21.2%67
SOUTHNEWBRIGHTON $613,000$596,000$516,0002.9%18.8%43
RUNANGA
NORTHCOTE $599,000$604,000$519,000 0.8%15.4%62
BRYNDWR $805,000$798,000$709,0000.9%13.5%117
HEIHEI $610,000$617,000$521,000 1.1%17.1%51
ST ALBANS $873,000$894,000$786,000 2.3%11.1%389
HAREWOOD $1,125,000$1,116,000$941,0000.8%19.6%39
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).
LINWOOD $491,000$494,000$423,000 0.6%16.1%225
SYDENHAM $569,000$578,000$512,000 1.6%11.1%154
HEATHCOTE VALLEY $813,000$841,000$700,000 3.3%16.1%26
$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
MERIVALE $1,582,000$1,534,000$1,357,0003.1%16.6%125
SOCKBURN $659,000$663,000$566,000 0.6%16.4%74
HORNBY $614,000$610,000$509,0000.7%20.6%92
NORTHWOOD $1,145,000$1,157,000$945,000 1.0%21.2%111
HALSWELL $894,000$907,000$747,000 1.4%19.7%210
RICHMOND $554,000$570,000$483,000 2.8%14.7%88
SOUTHSHORE $710,000$692,000$592,0002.6%19.9%21
LYTTELTON $768,000$777,000$663,000 1.2%15.8%29
HUNTSBURY $1,139,000$1,139,000$991,0000.0%14.9%57
REDCLIFFS $1,155,000$1,204,000$1,038,000 4.1%11.3%45
TEMPLETON $864,000$836,000$699,0003.3%23.6%33
SPREYDON $654,000$667,000$569,000 1.9%14.9%166
CASEBROOK $846,000$831,000$700,0001.8%20.9%92
PAPANUI $777,000$794,000$667,000 2.1%16.5%137
REDWOOD $683,000$689,000$572,000 0.9%19.4%178
HOONHAY $701,000$699,000$583,0000.3%20.2%115
SAINTMARTINS $747,000$767,000$645,000 2.6%15.8%48
SOMERFIELD $759,000$778,000$645,000 2.4%17.7%110
PARKLANDS $759,000$747,000$647,0001.6%17.3%178
ILAM $966,000$982,000$863,000 1.6%11.9%191
KAINGA $548,000$543,000$472,0000.9%16.1%29
BURWOOD $686,000$677,000$568,0001.3%20.8%163
FENDALTON $1,845,000$1,820,000$1,620,0001.4%13.9%103
UPPERRICCARTON $705,000$731,000$631,000 3.6%11.7%93
OPAWA $786,000$776,000$680,0001.3%15.6%20
NORTHNEWBRIGHTON $569,000$559,000$478,0001.8%19.0%91
CANTERBURY
DALLINGTON $573,000$581,000$514,000 1.4%11.5%35
BURNSIDE $902,000$900,000$775,0000.2%16.4%198
RICCARTON $764,000$768,000$668,000 0.5%14.4%207
ISLINGTON $587,000$583,000$499,0000.7%17.6%23
WAIMAIRIBEACH $952,000$964,000$827,000 1.2%15.1%24
HILLSBOROUGH $814,000$833,000$693,000 2.3%17.5%46
PHILLIPSTOWN $454,000$463,000$395,000 1.9%14.9%111
SHIRLEY $662,000$668,000$566,000 0.9%17.0%104
$786,000 15.4% AVERAGEPROPERTY VALUEYEARON YEARCHANGE OneRoof.co.nz 43
NEWBRIGHTON $540,000$542,000$461,000 0.4%17.1%148
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%.
MARSHLAND $1,126,000$1,117,000$904,0000.8%24.6%86
BROMLEY $532,000$525,000$444,0001.3%19.8%50
LOCATION CURRENT AVERAGE PROPERTY VALUE THREE MONTHS AGO 12 MONTHS AGO QoQ CHANGE YoY CHANGE SETTLED SALES LAST12 MONTHS LOCATION CURRENT AVERAGE PROPERTY VALUE THREE MONTHS AGO 12 MONTHS AGO QoQ CHANGE YoY CHANGE SETTLED SALES LAST12 MONTHS 44 OneRoof.co.nz
MACKENZIE $801,000$770,000$720,0004.0%11.3%234 BENOHAU $1,095,000$1,000,000$927,0009.5%18.1%22 FAIRLIE $545,000$520,000$478,0004.8%14.0%37 LAKETEKAPO $1,131,000$1,087,000$1,057,0004.0%7.0%50 TWIZEL $749,000$727,000$673,0003.0%11.3%102 SELWYN$988,000$1,026,000$846,000 3.7%16.8%2108 DARFIELD $857,000$875,000$699,000 2.1%22.6%127 DUNSANDEL $849,000$909,000$716,000 6.6%18.6%27 KIRWEE $1,085,000$1,087,000$844,000 0.2%28.6%40 LEESTON $793,000$821,000$657,000 3.4%20.7%86 LINCOLN $1,045,000$1,060,000$863,000 1.4%21.1%353 PREBBLETON $1,337,000$1,378,000$1,104,000 3.0%21.1%124 ROLLESTON $893,000$926,000$783,000 3.6%14.0%983 SOUTHBRIDGE $666,000$696,000$564,000 4.3%18.1%35 SPRINGSTON $1,042,000$1,118,000$864,000 6.8%20.6%58 TAITAPU $1,513,000$1,568,000$1,229,000 3.5%23.1%37 WESTMELTON $1,419,000$1,431,000$1,138,000 0.8%24.7%104 WINDWHISTLE $741,000$766,000$608,000 3.3%21.9%26 TIMARU $582,000$584,000$519,000 0.3%12.1%1096 GERALDINE $581,000$582,000$513,000 0.2%13.3%100 GLENITI $799,000$808,000$716,000 1.1%11.6%79 GLENWOOD $550,000$539,000$488,0002.0%12.7%49 HIGHFIELD $606,000$598,000$528,0001.3%14.8%96 KENSINGTON $459,000$452,000$405,0001.5%13.3%31 MAORIHILL $575,000$575,000$534,0000.0%7.7%31 MARCHWIEL $526,000$525,000$462,0000.2%13.9%75 OCEANVIEW $632,000$631,000$556,0000.2%13.7%23 PARKSIDE $447,000$447,000$413,0000.0%8.2%74 PLEASANTPOINT $588,000$577,000$510,0001.9%15.3%37 SEAVIEW $468,000$472,000$431,000 0.8%8.6%60 TEMUKA $498,000$491,000$437,0001.4%14.0%123 WAIMATAITAI $514,000$508,000$451,0001.2%14.0%47 WATLINGTON $460,000$467,000$420,000 1.5%9.5%32 WESTEND $492,000$491,000$438,0000.2%12.3%67 WAIMAKARIRI $838,000$846,000$718,000 0.9%16.7%1598 ASHLEY $986,000$991,000$822,000 0.5%20.0%20 BURNTHILL $923,000$907,000$786,0001.8%17.4%26 CUST $1,099,000$1,072,000$903,0002.5%21.7%20 EYREWELL $1,038,000$1,033,000$860,0000.5%20.7%26 FERNSIDE $1,258,000$1,269,000$1,076,000 0.9%16.9%32 KAIAPOI $686,000$694,000$586,000 1.2%17.1%302 LOBURN $1,119,000$1,103,000$916,0001.5%22.2%49 OHOKA $1,465,000$1,448,000$1,200,0001.2%22.1%33 OXFORD $691,000$705,000$591,000 2.0%16.9%81 PEGASUS $854,000$867,000$702,000 1.5%21.7%198 RANGIORA $723,000$725,000$623,000 0.3%16.1%447 SEFTON $1,003,000$984,000$819,0001.9%22.5%20 SWANNANOA $1,238,000$1,237,000$1,030,0000.1%20.2%46 WAIKUKUBEACH $659,000$669,000$580,000 1.5%13.6%31 WOODEND $749,000$772,000$640,000 3.0%17.0%176 WAIMATE $515,000$506,000$432,0001.8%19.2%175 WAIMATE $496,000$488,000$410,0001.6%21.0%142
AnaerialviewofLakeTekapo,in Mackenzie,Canterbury. Thetown'saverageproperty valuejumped4%inthelastthreemonths to $1.131m. Photo /GettyImages
HELENSBURGH $754,000$795,000$745,000 5.2%1.2%26 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%
0800667278 www.diamondfusion.co.nz AUTOMOTIVE& MARINE 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
ARTHURSPOINT $1,589,000$1,525,000$1,405,0004.2%13.1%30
QUEENSTOWN $1,611,000$1,577,000$1,415,0002.2%13.9%149
WAITAKI $571,000$561,000$489,0001.8%16.8%583
OAMARUNORTH $507,000$502,000$438,0001.0%15.8%140
WAVERLEY $827,000$886,000$834,000 6.7% 0.8%38
KAKANUI $643,000$630,000$541,0002.1%18.9%26
DraggingSouthlanddownwasthe3%valuedeclineinits biggestcentre, Invercargill.TheslideinSouthlandandGoredistrictswassmaller(1%and0.2% respectively) butboth TAsare low-salesenvironmentsand haven'tseentherapid growthseeninthelikesof Wellington.
WAIKOUAITI $531,000$546,000$515,000 2.7%3.1%37
ALBERTTOWN $1,497,000$1,435,000$1,234,0004.3%21.3%68
LAKEHAYES $2,481,000$2,334,000$1,933,0006.3%28.3%68
OneRoof.co.nz 45
$677,000$712,000$664,000
QUEENSTOWN-LAKES$1,878,000$1,845,000$1,597,0001.8%17.6%1458
JACKSPOINT $1,908,000$1,865,000$1,548,0002.3%23.3%169
FRANKTON $1,151,000$1,189,000$1,088,000 3.2%5.8%89
LAKEHAWEA $1,219,000$1,226,000$957,000 0.6%27.4%50
SAWYERSBAY $711,000$732,000$656,000 2.9%8.4%34 SHIELHILL $832,000$891,000$830,000 6.6%0.2%22
PALMERSTON $443,000$437,000$395,0001.4%12.2%42
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.
SOUTHHILL $555,000$547,000$474,0001.5%17.1%76
OTATARA $759,000$764,000$689,000 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
HAMPDEN $463,000$461,000$401,0000.4%15.5%26
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 $484,000$508,000$457,000 4.7%5.9%22 HEIDELBERG $421,000$426,000$386,000 1.2%9.1%60 KINGSWELL
SOUTHDUNEDIN $433,000$450,000$448,000 3.8% 3.3%92
ARROWTOWN $2,443,000$2,388,000$1,983,0002.3%23.2%99
OTEMATATA $588,000$562,000$502,0004.6%17.1%22
KINGSTON $787,000$795,000$682,000 1.0%15.4%37
TAINUI $645,000$676,000$650,000 4.6% 0.8%24
WESTON $771,000$742,000$602,0003.9%28.1%31 $403,000$420,000$379,000 4.0%6.3%59 $443,000$458,000$425,000 3.3%4.2%56
LOWER SOUTH ISLAND
FERNHILL $1,238,000$1,268,000$1,169,000 2.4%5.9%52
HALFWAYBUSH 4.9%2.0%33 0.4%120
KELVINHEIGHTS $2,602,000$2,660,000$2,224,000 2.2%17.0%22
OAMARU $471,000$457,000$404,0003.1%16.6%71
HOLMESHILL $616,000$595,000$518,0003.5%18.9%42
LOWERSHOTOVER $1,623,000$1,643,000$1,373,000 1.2%18.2%81
GLENORCHY $1,405,000$1,359,000$1,127,0003.4%24.7%26
WANAKA $1,993,000$2,032,000$1,661,000 1.9%20.0%393
NEWFIELD
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.
OTAGOAND SOUTHLAND
WAKARI $639,000$671,000$648,000 4.8% 1.4%43
Whyright nowisstill thebesttimetobuy
Once you’ve bought ahome,isityour intention to ownone forthe rest of yourlife?
Ifyoudidn’tseethesuddenturninthe marketcominglastyear,you’reingoodcompany. Noonedid.Foralloftheheadlines, hyperbole –notoneeconomistor commentatorsawthe peak comingandtheywereallcaughtoffguard.My point?Thesameistruewithpickingthebottomofthe market.Everyonethinkstheycandoit,butnoone really can –andwhenitturns,it canturnquickly.
ASHLEYCHURCH’S adviceforthosewhoareholding back because of house priceandinterest rateworries. "HOME OWNERSHIP TRANSFORMSOUR RELATIONSHIPWITH SOCIETY.ITENHANCESOUR SENSEOFCIVICRESPONSIBILITY AND,OVER TIME,INCREASES OURWEALTH." 46 OneRoof.co.nz
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.
Thesethoughtsareneitherunreasonable,nornew–infacteverygenerationoffirst-homebuyersthatwent beforeyouhavegrappledwiththesameissues–sohere
Areyouhoping to get abargain?
4Do youexpecttobeearningwhatyou’re earningnowin20years?
time,testthemarketto seewhetherthatplaceyoulove reallyisoutofyourpricerange.Ifyou’rereadytobuy, theheadlines areirrelevant.It’sallaboutwhatgoeson betweenyouandthe vendor.
Ialreadyknowyouranswertothisquestion –it’s‘no’. Ofcourseyouexpectyourincometoincreaseovertime–andthe sameistrueofprettymucheveryotheraspectof yourlife.Lifeisaboutchangeandchallenges –somewill begood, somemaybenotsogood –butmostofus come throughthetoughtimesstrongerfortheexperience. Nothinginlifeiscertain–butowningyour ownhome willgiveyou adegreeofindependenceandstability whichwillmakeitthatbiteasiertofacethechallenges thatmight comeuponyou.
Buyingnowdoesn’tmeanyoucan’tmake agreat purchase.Oneoftheadvantagesof aflatmarketisthat everythingisupfornegotiation.Ifyouhavetheluxuryof
Bestofluck,whateveryouchoosetodo.
Connecttoeverything youlove withSparkBroadband. Notavailableeverywhere.Oneligiblebroadbandplans. Compatiblesoftware/device required.Sparkand partnertermsapply.Visitwww.spark.co.nz/shop/internet/plans/tolearnmore. COMMENT
3
Infact,NewZealandhousepricesalmostexactly doubledinvalue,onaverage,ineverydecadebetween 1980and2010–anddoubledagaininthe12years between2010and2022–withthatgrowthinhousevalues givingusthefreedomtotravel,investinbusinesses, assetsandideas,improveourlivesandprepareforour retirement.It’sprimarilyforthisreasonthatIstrongly believethatthere’sno‘bad’timetobuyandthatthe righttimetogetintothemarketisassoonasyou’reina positiontodoso.
’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.
aresomequestionsthatmighthelp youtodecidewhetherwaitingis reallytherightchoiceforyou:
1Did youpredictthatthe propertymarket would peakin Novemberoflastyear?
Why?Becausehome-ownershiptransformsour relationshipwithsociety.Itenhancesoursenseofcivic responsibility,amplifiesourcontributiontotheeconomy, givesmeaningtoourparticipationinsocialdemocracy and,overtime,increasesourwealth.
Ifyou’reapotentialfirst-homebuyer andhave read thisfaryouprobablyalreadyknowallofthis –but youmayalsobeholdingbackfrom acting basedon uncertaintyabouthouse pricesorinterestrates,orin thebeliefthatyoumightbeable tosnap up abargainby waiting abitlonger.
2
I
•AshleyChurchisapropertycommentatorfor OneRoof.co.nznzandarealestatebusinessowner. EmailhimatAshley@nzmemail.com
Letyourbach PAYFOR YOUR SUMMER HOLIDAY Getintouch foryour income appraisal 0800 42 22 42 newowners.bachcare.co.nz Bachcare takescareofyourholidayhomerentalbookings,guests and cleaning so youdon’t have to.Plus, by listing withBachcare youare automatically advertisingwithover20partner sites including Airbnb,Bookabach and Booking.com.Let your bach today, andhaveitpay foryoursummer holiday. OneRoof.co.nz 47
FOR20YEARS WE’VEBEENPROUDLY BUILDINGKIWIHOMESFORKIWIS USINGALLTHEBESTSTUFFFROMRIGHTHEREINGOOD OL’NZ. Overthelast20yearstheKiwi dreamhascome alongwaysincetheelusivequarteracre. That’swhywe’reproudtostillbeabletoprovide aKiwisolutionforyourfirsthome,second home, ahomewhereyouneed abitmorehome,or evenyourhomeawayfromhome. We offer arangeofplansfrom60to250squaremetres.Thesecanbebuiltstraightfrom theplans,orwecanusethemasinspirationto createyourownKiwidream. 0800A1homes |A1homes.co.nz Showhome CnrSandfordRoad andState Highway1,Ruakaka Open MontoFri8:30am -4pm Saturday10am -2pm Contact:SteveHart 094330200 a1northland@A1homes.co.nz
