A U G U S T
M A R K E T
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P U L S E
C21
PUBLISHER Century 21 New Zealand Ltd
CONTRIBUTORS Tim Kearins Cameron Brewer Jen Baird Home Beautiful
EDITORIAL ENQUIRIES Century 21 New Zealand +64 9414 6041
ADVERTISING ENQUIRIES Century 21 New Zealand +64 9414 6041
WELCOME TO THE
AUGUST 2021 ISSUE OF
C21 MARKET PULSE
DISCLAIMER We have in preparing this information used our best endeavours to ensure that the information contained therein is true and accurate, but accept no responsibility and disclaim all liability in respect of any errors, inaccuracies or misstatements contained herein. Prospective buyers and sellers should make their own enquiries to verify the information contained herein. All information contained in the CENTURY 21 New Zealand Ltd website is provided as a convenience to clients. All links to property prices displayed on the website are current at the time of issue, but may change at any time and are subject to availability. For more information on our Privacy Policy please refer to: www.century21.com.au/privacy
C O N T E N T S A U G U S T
C21 NEW ZEALAND NEWS
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CITY BATTLES
Vendors needn’t be nervous about securing another
Battle of the CBD’s in C21 quarterly awards.
property.
Cameron Brewer
07
Century 21 New Zealand, Tim Kearins
PROPERTY MARKET UPDATE
04
TOWNHOUSE TENDER
New Zealand reaches new record median house
Consented Turangi townhouse development up for
price; Rate of growth shows signs of easing.
tender.
CEO, REINZ, Jen Baird
Cameron Brewer
C21 NEW ZEALAND NEWS
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WALK IN WONDERS
Ownership change for Century 21 New Zealand.
How to plan the perfect walk in wardrobe.
Cameron Brewer
Home Beautiful
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C21 NEW ZEAL AND NEWS
VENDORS NEEDN’T BE NERVOUS ABOUT SECURING ANOTHER PROPERTY For those nervous about selling and not successfully securing another home there’s a few things they can do to mitigate the risk. Delaying listing in this hot market, however, is not one of them.
BY TIM KEARINS,
CENTURY 21 NEW ZEALAND
However, those worried about
home only to miss out on their
selling and not being able to buy
dream home by a country mile.
again have options.
Protect yourself as much as you
Sellers can seek a longer settlement
can, but also know that right now
time – like three to four months – to
with the right agent, marketing
give themselves a better chance
campaign and exposure, you’ll get
at buying again. In this market,
top dollar!
desperate buyers can’t often be choosers so many would probably accept a longer settlement.
This winter could well prove stronger than the coming summer, so I’d be listing sooner rather than
With so few competing listings, and
Likewise, buyers can submit a
later. If that means, at worst, then
with interest rates expected to rise
conditional offer on their next
spending a few weeks living with
from the end of this year, if you’re
home subject to their own place
extended family or taking a short-
contemplating selling now is the
selling and hope that gets accepted.
term rental, it will be a small price
time to act.
However, in this current market, the
to pay.
When the market’s slow, some get caught not being able to sell their existing home after they’ve bought
likelihood of an escape clause being inserted for the benefit of the seller is high.
www.century21.co.nz
a new one. That can mean bridging
If buyers go for the ‘subject to sale’
finance. However, when the market
approach, they’ll need to put the
is hot like now, the reverse can
very best price forward and give
happen: vendors can potentially
every assurance their existing home
end up homeless!
is ready to sell in a flash.
The real estate market is suffering
In a hot market the industry sees
from very few listings which sees
plenty of examples where a vendor
many homeowners sitting tight.
decides to sell their own home very
They suspect they won’t be able
quickly, so they’re cashed up to
to find something better without
buy a place they’re dead keen on
forking out a lot more money.
at auction. However, it can deliver
Instead, many are spending on
double disappointment as they
home and property improvements.
effectively undersell their existing
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Contact: Tim Kearins - Century 21 New Zealand - (0274) 495-547
CELEBRATING 50 YEARS
Visit: C21.co.nz
P R O P E R T Y M A R K E T U P DAT E
NEW ZEALAND REACHES NEW RECORD MEDIAN HOUSE PRICE; RATE OF GROWTH SHOWS SIGNS OF EASING
BY J E N B A I R D, REINZ CEO
Median prices for residential property across New Zealand increased by 25.2% from $659,500 in July 2020 to a record $826,000 in July 2021, according to the latest data from the Real Estate Institute of New Zealand (REINZ), source of the most complete and accurate real estate data in New Zealand. Two out of 16 regions reached new record median prices, two regions saw equal records and 20 districts reached new record median highs.
prices. They were:
continued to rise across the country
• Canterbury: with a 24.7% increase from $477,000 in July 2020 to a new record of $595,000 in July
The median house price for New
2021. Additionally, Selwyn District
Zealand excluding Auckland
($740,000), Waimakariri District
increased by 23.3% from $557,500
($620,000), Timaru District
in July last year to a new record of
($460,000) and Ashburton District
$687,500 in July 2021.
($458,000) all reached record
Auckland again underpinned
median highs.
the strength in the New Zealand
• Manawatu/Wanganui: with a
median, reaching a record median
31.8% increase from $440,000
house price in July, up 28.0%
in July 2020 to a record equal of
from $918,000 in July 2020 to
$580,000 in June 2021 – flat from
$1,175,000 in July 2021. This growth
last month. Additionally, Palmerston
was reflected throughout the region
North City ($678,000), Manawatu
with 6 out of 7 districts reaching
District ($629,000), Rangitikei
new record median prices – North
District ($520,000) and Tararua
Shore City ($1,375,000), Rodney
District ($445,000) all reached
District ($1,240,000), Waitakere
record median prices.
City ($1,100,000), Manukau City ($1,075,000), Papakura District ($913,000) and Franklin District ($885,000). In addition to Auckland, 3 other regions reached record median
• Southland: with a 16.7% increase from $360,000 in July 2020 to a record equal of $420,000 in July 2021 – the same as last month. Jen Baird, Chief Executive at REINZ says: “House prices have
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as every region saw a year-onyear increase from July 2020. The last two months have shown early indications that the rate of growth is starting to ease, however, it is too early to say whether this is the usual winter easing we would normally see or if the Government’s intervention in the market and signalled changes to the OCR are starting to take effect. “The strength of the market has again been reflected in the REINZ House Price Index which reached a new high on the index nationally. Every region across New Zealand reached a record level in July, indicating the underlying value of property is holding strong and will likely do so for a few months yet,” continues Baird. “Looking at Auckland, we’ve seen another record median price, the ninth record in the last 12 months – this growth is spread across the region with six of the seven districts
ANNUAL ME DIAN PRICE CHANGES $
$
26.6%
28.0%
NORTHLAND
AUCKLAND
Record Median Price
18.9%
NATIONAL MEDIAN PRICE:
$
TARANAKI
25.2%
17.2%
30.0%
WAIKATO
19.8%
$826,000
25.8% BAY OF PLENTY
GISBORNE
31.8%
32.7%
MANAWATU / WANGANUI
HAWKE’S BAY
23.6%
NELSON
MEDIAN DAYS TO SELL:
21.3%
31 28.9%
41.5%
TASMAN
MARLBOROUGH
24.7%
WEST COAST
$
WELLINGTON
$
CANTERBURY
16.7%
21.6%
SOUTHLAND
OTAGO
Source: REINZ Monthly Property Report 12 August 2021 .
reaching new record median prices
In July, two regions out of 16 saw
winter month with the number of
in July,” she continues.
annual increases in sales volumes,
properties sold in July 2021 higher
SALES VOLUMES DECREASE ACROSS MOST OF NEW ZEALAND
Regions with increases were:
than in 2019, 2018 and 2017. It is
The number of residential properties sold in July across New
• Northland: +7.8% (from 218 to 235 – 17 more houses) – the highest for a July month since 2016.
Zealand decreased by 11.7% when
• Gisborne: +70.6% (from 34 to 58
compared to the same time last
– 24 more houses) – the highest for
year (from 8,135 to 7,187). July
a July month since 2016.
2020 was the first full month of real estate market activity postlockdown and saw an unusually high level of sales. What we see this July is far more aligned to the usual winter sales numbers, albeit in a
Regions with the biggest annual percentage decrease in sales volumes were: • Nelson: -50.0% (from 124 to 62 – 62 fewer houses) – the lowest for a
market.
• Tasman: -30.5% (from 95 to 66 –
For New Zealand excluding
29 fewer houses)
Auckland, the number of properties
• Hawke’s Bay: -28.4% (from 282 to
last year (from 5,427 to 4,496). In Auckland, the number of properties sold in July decreased by 0.6% year-on-year (from 2,708 to 2,691).
the country came out of COVID-19 lockdowns and completed delayed sales, so sales volumes were stronger than an average July,” says
“With a 5.3% decrease in the number of sales from June 2021, we may be starting to see purchasers
July month since 2014.
when compared to the same time
was a particularly strong month as
Baird.
high demand, supply constrained
sold in July decreased by 17.2%
important to note that July 2020
being impacted by the return of LVRs and talk of interest rates looking to rise. We need a few more months of data before we can see the impact of these changes and whether or not they are a long-term trend,” continues Baird.
202– 80 fewer houses) – the lowest for a July month since 2014. “July saw an easing in the number of properties sold across New Zealand, with an 11.7% decrease compared to July 2020 – although still showing strong numbers for a
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Click here to read the full report.
C21 NEW ZEAL AND NEWS
OWNERSHIP CHANGE FOR CENTURY 21 NEW ZEALAND Longstanding C21 franchisee, Tim Kearins, is the new part-owner of Century 21 New Zealand. The leadership change took effect on 30 July, following the sale by previous owner Derryn Mayne of her 25% of the business. As the Principal of Century 21 Premier in Manawatu, Mr Kearins has led a top performing team which services Palmerston North and surrounding areas. His extensive industry experience and wealth of knowledge has seen him achieve many accolades over his time with the
“I am proud to be joining the NZ
“We are excited to have Tim join us
arm of the business as a part owner.
as a partner of the C21 NZ business.
Century 21 is one of the most
Tim has an intimate understanding
respected names in the industry
of our culture and operations,
and I look forward to growing the
across both sales and property
network in more locations across
management and I am confident
the country and continuing to
that under the new ownership
support our franchises, vendors,
structure, the brand will continue to
buyers, landlords and tenants,” says
grow in strength,” says Mr Tarbey.
Mr Kearins.
As part of the leadership change,
Charles Tarbey, Chairman of
the Century 21 headquarters will
Century 21 Australasia, praised Ms
move to Manawatu. Described as
Mayne for her contribution to the
a fitting location, it will provide
brand since joining as a partner in
a strong and centrally located
2019.
representation of what is happening “I thank Derryn for
her leadership and “I am commitment proud to be over the last joining the NZ arm two years to of the business as a manage and grow the C21 part owner, Century business in 21 is one of the most New Zealand. respected names in Derryn has made the industry...”
brand including consistently being awarded Top Principal as well as achieving Centurion status. Tim Kearins is excited about the future of C21 New Zealand.
a significant contribution and will maintain involvement with the brand by focusing on her own Century 21 office in Manurewa, Auckland,” he says.
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across New Zealand. Recent REINZ numbers have shown that Manawatu/Whanganui has seen an over 35% increase in the median house price in the past year alone, with the region reaching a record median high. Mr Tarbey continues to maintain majority ownership of the Master Franchise for Century 21 New Zealand. www.century21.co.nz Contact: Tim Kearins - Century 21 New Zealand - (0274) 495-547
C I T Y BAT T L E S
BATTLE OF THE CBD’S IN C21 QUARTERLY AWARDS Century 21 New Zealand has announced its 2021 second quarter winners, which saw its central city franchises in both Wellington and Auckland take out some key awards. Alen Moshi, owner of Century 21
Papakura’s Century 21 Local Realty won Top Office for the Quarter for both GCC and Units, with their sales star Aman Kaushal winning Top Salesperson GCC and a Platinum sales award.
Chatty & Bani (Fairdeal Realty). Top Property Management Office for the Quarter Over 250 Managements was won by Botany’s Edwards Realty. Property Management Office for the Quarter
Other Diamond awards went to Gary
Under 250 went to both Papakura’s
Bal and Iresh Tennakoon (Local
Local Realty and Te Awamutu’s
Realty); and Rupinder Kaur (Century
Gadsby Realty. Rochelle Hall of
21 Fairdeal Realty, Manukau).
Manukau’s Fairdeal Realty was Property Manager of the Quarter.
The Moshi Group in Wellington
Gold awards went to Paul Wheeler
Central, won Top Principal for
(Century 21 Gadsby Realty, Te
Administration Team Member of
the Quarter for both GCC (Gross
Awamutu); Nidhi Chadha (Century
the Quarter went to Alex Zheng of
Closed Commission) and Units (the
21 Edwards Realty, Botany); Jeh
Edwards Realty. Robert Connors of
number of properties listed and
Wasti (The Moshi Group); Ian
Edwards Realty received the Quality
sold). Mr Moshi also won a Diamond
Pepper (Century 21 Rural &
Service Award, and the Recognition
sales award.
Residential Real Estate, Huntly);
Award went to Ambi Basati of
and Kanwar Dhillon and Anjali
Fairdeal Realty. Sales Assistant of
Amarasinghe (Local Realty).
the Quarter was awarded to Komal
For the second quarter running, Central Auckland’s Winson He of
Gill of Local Realty.
Century 21 Queen Street Realty
Silver Awards went to Katy Luo (The
won Top Salesperson for the
Moshi Group); Ian Nicholas (Gadsby
“Despite the Government and
Quarter for Units. Mr He also won a
Realty); Christine Stevens (Century
Reserve Bank’s best efforts to
Platinum sales award.
21 Stevens Realty, Mangakino);
slow down real estate in the
Ria Leung (Century 21 Aurora Real
second quarter, Century 21
Estate, Riccarton); Derryn Mayne
performed incredibly strongly
(Century 21 Gold Real Estate,
and achieved some greats sales
Manurewa); and Annette Edwards
prices. With winter now also going
(Edwards Realty).
well, prospective sellers need to
“The Moshi Group in Wellington’s Courtenay Place is a wellestablished force in the capital city. Well done also to Winson and his team on Queen Street. It’s great to have the Century 21 flag flying
Bronze Awards went to Komal Gill
above these two important CBDs,”
and Ishan Sikka (Local Realty);
says Derryn Mayne, previous owner
Fenny Ang (Edwards Realty); Julie
of Century 21 New Zealand.
Harris (Gold Real Estate); Team
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seriously consider listing their properties sooner rather than later,” says Derryn Mayne. www.century21.co.nz
TOWNHOUSE TENDER
CONSENTED TURANGI TOWNHOUSE DEVELOPMENT UP FOR TENDER “It will be one of the largest residential developments for the southern end of Lake Taupo, and most importantly, it’s ready to go,” says Wai Johnson, franchise owner of Century 21 Premier (Turangi). Not only is the scale of the project highly unusual for the Turangi area but consents are already in place for a developer to create something special in ‘The Trout Fishing Capital Of The World’. The over 1.5-hectare site at 1424 Turanga Place is up for tender. Resource consent has been granted for 51 modest entry level terraced houses, eight garages, and a pavilion. In fact, building consent has been granted for five units, with their slabs completed and certified, and a local master builder available for construction. Well located on a quiet loop road at the Tokaanu Road end of Turangi township, residents will have ready access to the hot pools, Kuratau,
and of course Mt Ruapehu. Dubbed Alpine Gateway, Ms Johnson says the project is a timely and critical one for Turangi. With the local market incredibly buoyant, demand well and truly outstrips supply. Residential listings are scarce – down 37.1% on 2019 levels - with buyer enquiry increasing daily. Fifty-year-old ‘hydro houses’ that were selling for less than $200,000 five years ago are now in many cases cracking $400,000. “Turangi has effectively run out of freehold developable land. Section prices have more than doubled and there are no new-builds on the market. The fact that is a sizable piece of bare land with a resource consent in place for multiple townhouses is really unique and exciting for Turangi,” says Ms Johnson. She says Turanga Place will appeal to developers keen to spy opportunities to supply affordable townhouses, where there’s significant demand, and good margin to be made.
only get more popular when international tourism returns. Turangi is known for the nearby skiing, hiking, mountain biking, whitewater rafting, and boating – helped by its proximity to the lake, mountain, and of course the famous Tongariro River running right past. The new Sky Waka gondola up Whakapapa is also proving a popular visitor attraction. Century 21 Premier says Taupo’s now expensive prices have meant, many permanent residents and holidaymakers are opting for Turangi instead. Adding to its attraction is the area’s locality. With the Hamilton bypass soon to open and Transmission Gully under construction, the Central North Island is set to get even closer to Auckland and Wellington. Marketed by Century 21’s leading real estate agent for the southern lake area, Patrick Barry, tenders close for 14-24 Turanga Place on 20 August. Those interested in an incredibly
What’s more, the 3,000-person
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strong local real estate market, with
the potential to make significant gains are encouraged to contact Century 21 Premier. Further information includes some well canvassed development options for purchasers to consider. “This listing is an absolute credit to the local Century 21 team. They have secured the confidence of the vendor to market an opportunity that Turangi won’t see again for some time - if at all,” says Tim Kearins, Owner of Century 21 New Zealand. “Century 21’s Turangi team has a great connect with locals and the business community. They have achieved some wonderful results for buyers and sellers alike in recent years. Turanga Place will do very well,” says Mr Kearins. For more information contact Patrick Barry on 0274-366-034 or patrick.barry@century21.co.nz To view Century 21’s listing of 14-24 Turanga Place, visit: https://turangi. century21.co.nz/property/commercial/ buy/nz/33/turangi/519879 Wai Johnson – Franchise owner, Century 21 Premier (Turangi) (07) 386-7796 Images of 12-24 Turanga Place.
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WA L K I N WO N D E R S
HOW TO PLAN THE PERFECT WALK IN WARDROBE If you've spent years jamming scrunched-up t-shirts into tiny corners and hours digging through dishevelled racks for something to wear, having a walk-in wardrobe will change your life. A designated space to organise your clothing and accessories makes you more efficient, beautifully organised and allows you to look after your clothes
BY HOME BEAUTIFUL
to have its place," says Matt. "If
With a sliding door style, you also
your walk-in is to accommodate
have the option of using mirrored
two people, you'll want to start by
doors to reflect light, which can
designing two separate sections, and
really brighten up a small, pokey
assess how much full-length and
bedroom."
half-length hanging space each will need for dresses, coats and pants; then work in dedicated shelves for shoes, and spaces for other items like bags and hats."
"Consider extra overhead lights, internal lights, and for an extra special touch, use LED strip lighting to illuminate the underside of your beautiful wardrobe," said Matt.
"Pull-out hanging racks are great for scarves and ties while drawers and wire baskets keep folded items neat and allow easy access," said Matt
Must have features for designing your ultimate wardrobe:
Rushmore.
1. GET SKY-HIGH WITH YOUR STORAGE
customising your entire wardrobe
2. KEEP IT SLEEK BY CONCEALING
"A well-designed walk-in wardrobe
using modular components will
"For the best impression, consider
better. Even where there is no space for a luxurious walk-in wardrobe,
ensure no space is wasted. Using modular flat packs that you can assemble by yourself, you'll be amazed at how much you can fit in with careful planning and design. We spoke to Kinsman Wardrobes Senior Designer Matt Rushmore to learn tricks of the trade to know where to start and how to move forward from there.
1. DESIGN FOR YOUR STORAGE NEEDS "A walk-in wardrobe can certainly achieve this with flexibility for differing layouts, compartment heights and various storage accessories, allowing everything
sliding doors to conceal everything in your walk-in wardrobe, creating a sleek, streamlined look for the bedroom," says Matt. "No matter how neat you are, you'll appreciate having door panels to hide parts of your wardrobe which you don't really want on show, such as internal laundry hampers."
3. LIGHT YOUR WAY TO ORGANISED LIVING "Lighting is a key consideration when planning any walk-in wardrobe, as this layout tends to be closed-in by design and will block out some of the main lighting in the room, which becomes most apparent at night.
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always puts storage first," says Matt. "So for your ultimate walk-in, make sure it maximizes storage space with the height extended right up to the ceiling. The top shelf may be tricky to reach without a step ladder, but you'll love having a space to store items that you don't need access to on a day-to-day basis."
2. UP THE LUXE FACTOR WITH YOUR FINISHES "Another exciting feature of a modern walk-in wardrobe is the choice of external and internal finishes, which can successfully match the other elements of your home's style. For example, Kinsman Wardrobes offers an external finish called Beton which looks like
textured concrete - a popular finish used within modern industrial-style kitchens and bathrooms." "For interiors, the fabric-like Greige Linen finish is a stunning new choice which can match back with bedding or upholstered furniture, making your wardrobe feel luxe and designled," suggests Matt. "Similarly, wardrobe handles with various finishes from brushed gold to matt black can be selected to match your existing interior design elements."
3. CREATE THE ULTIMATE ‘GLAM SPACE’ EXPERIENCE "The ultimate walk-in robe will always feature a full-length mirror within its layout, so you can try on various outfits to your heart's content," says Matt. "Make sure there's sufficient flattering lighting above the space – with Kinsman Wardrobes' tech accessories you can control the lighting via your phone." "You can even use the cabinetry as speakers for music to get you in the right mood when getting glam," said Matt.
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