Channel Property March 2024

23 Audrey Road, proudly brought to you by Robert and Richard Milne, Premium Real Estate, Takapuna

Confidence from sellers, and buyers warming up

As this issue went to press in late February, the Real Estate Institute of New Zealand (REINZ) had released their data for January 2024, showing slower sales and a significant increase in the number of property listings available. This shows confidence from sellers, while warming up buyers with a greater choice of property to choose from.

“January is usually a slower month for the completion of sales in New Zealand and this year is no exception with 2,995 properties being sold,” commented REINZ CEO Jen Baird in her January report.

"While this is 4.9% more than January 2023, the increase in listings is a stronger indicator that the market continues to pick up. Listings increased by 10.4% nationally, and by 5.4% for New Zealand (excluding Auckland), year-on-year. The biggest increases in listings compared with the previous month were seen in Wellington at 148%, followed by Gisborne at 84%, Canterbury at 81%, and Auckland at 76.8%.

"The national median sale price has slightly decreased from December 2023, down 2.5% from $779,830 to $760,000. Year-on-year, there is a slight decrease in the national median price by 0.7% from $765,000 to $760,000, while New Zealand (excluding Auckland), is down by 2.1% month-on-month (from $700,000 to $685,000), and up year-on-year by 0.8% (from $680,000 to $685,000).

“The data shows regional variation in median sale prices, with Northland topping the scale with a 21% increase month-on-month from $630,000 to $762,000, and a 10.8% increase yearon-year from $687,500 to $762,000.

Meanwhile, Auckland’s median sale price has fallen under the $1 million mark again this month, for the fifth time in a year, to $975,000. However, this is still 3.4% more than a year ago.

“Despite the wave of listings favouring buyers, the challenges of last year, including the cost of living, inflation, interest rate changes, and government reforms, mean some buyers remain cautious. However, most regions are reporting more buyer activity across the board, with some seeing a particular surge in first-home buyer interest. Vendors are also being confident but realistic with prices as activity increases over the summer months. This is likely to resolve in inventory moving over the coming more active months in the year.

"One area of significant change that has widespread support across the property sector is the Residential Property Managers' Bill. This regulation provides much-needed structure to a sector that collects rent from 670,000 tenants and manages billions of dollars in assets for everyday New Zealanders. As disincentives

are removed, this is important regulation to monitor as it may change market activity, inviting investors back or to refresh their portfolios, making more housing available for those who are not in the market.

“2024 is shaping up to deliver a series of changes and shifts in dynamics for the market. The property sector is expecting the new government to make good on its promises to reduce the bright line back to two years and reintroduce interest deductibility on investment properties, changing the dynamics of the property market again.”

January is obviously one of the lighter months of the year for house sales. 126 houses were sold on the North Shore in January, down from 139 in January 2023. The median house price in January 2024 for the North Shore was $1,161,260, down from $1,220,000 in December 2023 and $1,225,000 in January 2023, 12 months ago.

Local real estate offices report strong sales in February and there is clearly an increase in listings for the busy selling months of March and April.

Dream location, panoramic views

23 Audrey Road, Takapuna

Superbly located in Audrey Road, one position back from the water, sits this elevated, north-facing, Mediterranean style townhouse which enjoys breathtaking views of the sea, Rangitoto and Hauraki Gulf.

Gorgeous formal and informal living and dining spaces on the top level flow seamlessly to a private courtyard, expansive balcony and offer an exquisite area to enjoy the panoramic views. The main living area is spacious and complete with a gas fireplace. The kitchen is well appointed and boasts plenty of storage. Comprising three large bedrooms plus a study, two bathrooms (including ensuite) and guest powder room. Internal access garage with room for three cars, plenty of off-street parking, great storage, and easy access to all levels of the home with the built-in lift.

… elevated, north-facing, Mediterranean style townhouse which enjoys breathtaking views of the sea, Rangitoto and Hauraki Gulf…

Close proximity to Takapuna and Milford shops, restaurants, cafes and an easy stroll to the beach via a private access way.

This must-see gem is proudly offered to market by Robert and Richard Milne, Premium, Real Estate, Takapuna.

Expressions of Interest close on Thursday 28 March at 4pm (unless sold prior).

Robert Milne

No.1 Team 2018-2023 Premium Group NZ

Licensed Real Estate Salesperson

RobertMilne@premium.co.nz

022 011 24 94, 09 916 4217

Richard Milne

No. 1 Salesperson 2012, 2016, 2018-2022, Premium Group No.1 Sales Team 2018-2023 NZ

Licensed Real Estate Salesperson

themilnes@premium.co.nz

021 770 611, 09 916 4392

Angela

Rory

angela@prestigerealestate.co.nz

Unquestionably

Beautifully

Stunning

Prime

Only

Raewyn

Whitney

raewyn@prestigerealestate

Due

Starting From:

$495,000

Sections Sized:

400m2 - 1000m2

By Yan Davies, Takapuna Residential Bayleys Real Estate Ltd

What to look for in a real estate agent

Selecting the right real estate agent and agency is paramount. It’s essential to know what qualities to look for to ensure a smooth and successful experience. Here are some key factors to consider when choosing a real estate agent and agency.

Experience and expertise: Look for agents and agencies with a proven track record of success in your local market; experience matters. As seasoned professionals we have the knowledge and skills to navigate complex transactions and overcome challenges.

Knowledge of the local market: A deep understanding of the local market is crucial. Your agent should be well-versed in neighbourhood trends, property values, school districts and

Look for agents and agencies with a proven track record of success in your local market; experience matters.

amenities.

Strong communication skills: Your agent should be responsive, attentive, and able to clearly convey information and updates throughout the process.

Negotiation skills: Look for a skilled negotiator, who can advocate for your interests and secure the best possible deal on your behalf.

Transparency and integrity: Choose an agent and agency that operates with honesty, integrity and transparency, prioritising your best interests above all else.

Marketing strategies: A robust marketing plan and targeted advertising can help attract qualified buyers and maximise your property’s exposure.

References and reviews: Hearing about others’ experiences can provide valuable insight into an agent’s professionalism, competence and customer satisfaction.

Compatibility and trust: Lastly, trust your instincts and choose an agent and agency with whom you feel comfortable and confident. Building a strong rapport and fostering open communication are essential for a positive and successful working relationship.

In summary, when selecting a real estate agent and agency, consider factors such as experience, local market knowledge, communication skills, negotiation abilities, integrity, marketing strategies, references and personal compatibility.

Yan Davies, a long-time North Shore local, has amassed a wide network of quality clients and superior knowledge of the area. She is a straight talker who enjoys an open communication style and ethical business model. She works hard for her clients, driven by a sense of duty to provide a

Yan

021 585 590

yan.davies@bayleys.co.nz

Licensed under the REA Act 2008

Thompson Milford

Houses don’t maintain themselves

Our focus this month is on the ongoing maintenance of rental properties. It’s important for landlords to understand there are always ongoing costs associated with owning a physical asset – houses don’t maintain themselves.

Many property investors don’t like unit title properties because of annual body corporate fees, but those fees actually include an allowance for major works in future, such as a repaint or roof replacement. The maintenance portion of the fee is simply the estimated cost of future maintenance, smoothed over time. These future costs are ‘invisible’ when you buy a freehold or crosslease property, but it doesn’t mean they won’t arise.

We manage rental properties for clients for many years in some cases, and our goal is always to return the property in at least as good a condition as when we started. This involves more than just ensuring tenants are taking good care and things are fixed if they break. A proactive approach recognises that some parts of a home deteriorate faster than others, and will need to be replaced or upgraded over time. We often work with owners to plan future kitchen and bathroom upgrades, because this investment has huge benefit whether you plan to sell or rent long term. There is simply much higher demand for homes in modern condition.

If your tradesperson falls off a ladder while wearing jandals, you may be personally liable.

For many owners, high mortgage interest rates mean this is not the best time to consider major works, and even minor maintenance costs can be difficult. It’s crucial to build these into your annual budget, because problems that are ignored don’t go away. And gradual damage (caused by an ongoing water leak for example) will not be covered by your insurance.

If you manage your property yourself and employ contractors, remember health and safety legislation means as a 'Person conducting a business or undertaking' you have responsibility to ensure their work is conducted safely. If your tradesperson falls off a ladder while wearing jandals, you may be personally liable. To manage your risk, you should undertake a pre-qualification of all contractors. Ensure they provide you with proof of competencies before commencing work, and also provide a safety/risk management plan and have public liability insurance. Make sure you retain a record of these after reviewing.

Louise

Barfoot

027 431 9536

milford.rental@barfoot.co.nz

Louise

Elegant Takapuna Penthouse

High-end finishing and some of the most beautiful views in Auckland await you

Spencer on Byron, 9-17 Byron Ave, Takapuna

$3,195,000 - 3 beds, 3 bathrooms, 2 carparks

Expansive, modern and stylish, this lovingly refurbished split-level penthouse in Spencer on Byron delivers spectacular, panoramic views from the heart of Takapuna, from sunrise over Rangitoto to sunset over the Waitākere ranges. Bathed in natural light with a north-westerly aspect, the view up the coast is as warm as it is beautiful. It is truly a sight to behold from your plush, open-plan living space, framed by floor-to-ceiling windows. The vantage point is as exclusive as it is remarkable; looking down upon the North Shore you can see where Lake Pupuke all but meets the Hauraki Gulf. This is world-class living in the heart of Takapuna, and it only comes to market once in a blue moon.

You're in luck - a blue moon is rising.

Awaiting you in this fabulous penthouse apartment:

• High-spec refurbishment, giving a high-end, modern yet homely feel

• Double-glazed, tinted floor-to-ceiling windows keep a warm and quiet ambience all year round

• Brand new, engineered oak flooring for a luxurious finish

• New air conditioning consoles for complete climate control

• Fibre and mesh internet upgrades to cater for the whole family

• Electric blinds and sheer curtains

• Bespoke wine storage

Bathed in natural light with a north-westerly aspect, the view up the coast is as warm as it is beautiful.

Representing a rare and unique chance to own a truly spectacular penthouse residence in Takapuna, this property demands your attention. Contact James Mairs for your private viewing today.

James Mairs

Licensed Salesperson

City Sales

Licensed Agent

027 580 2727

jamesm@citysales.co.nz

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