C21 Market Pulse | February 2023 | New Zealand

C21

WELCOME TO THE February 2023 ISSUE OF C21 M arKeT PuLSe

P ub LISH er

Century 21 New Zealand Ltd

CONT r I bu TO r S

Tim Kearins

Jen Baird

Cameron Brewer

e DITO r I a L e NQ u I r I e S

Century 21 New Zealand

+64 9414 6041

a DV er TISING e NQ u I r I e S

Century 21 New Zealand +64 9414 6041

DISCL a IM er

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.co.nz/disclaimer

y ear STar TS SLOWLy bu T MO re a CTIVIT y be ING re PO r T e D

The Real Estate Institute of New Zealand’s (REINZ) January 2023 figures show house prices have declined but at a slower rate than seen previously.

REINZ Chief Executive, Jen Baird says prices continue to ease but the pace of the decline is steadying, and the market has glimpses of a new life as January’s seasonally adjusted data shows.

“January is traditionally a slower month as sellers and buyers are on holiday. This month is no exception, although intensified in Auckland by relatively poor weather, with the least number of sales since records began (excluding April 2020 during the country’s lockdown) at 943 sales. The rest of the country has also seen a record low for the month with less than 3,000 sales (2,759) nationally.”

High interest rates, the ability to secure finance, commentary around a looming recession and this being election year can be added to factors for slow decision making from buyers. As a result, properties are spending longer on the market

with 53 being the median days to sell for January 2023, 16 days longer compared to January 2022.”

The median sale price has decreased nationally by 13.3% overall to $762,500 and decreased 9.3% for New Zealand excluding Auckland to $679,000. The REINZ House Price Index (HPI) showed an annual decrease of 13.9% in the value of residential property nationwide which is in line with the sale price changes seen.

Regional median house prices continue to decrease across the board, with Auckland dropping under $1,000,000 (to $940,000) in January 2023 for the first time in two years. The exception is three regions which saw marginal increases: Gisborne (+3.8%), Taranaki (+0.8%) and the West Coast (+5.3%). These were the only regions to see a rise in median price compared to January last year.

Nationally new residential listings decreased 16.0% year-on-year from 7,912 in January 2022 to 6,646 in January 2023 and increase of 28.9 month on month from December 2022. New Zealand excluding Auckland saw a decrease of 10.4%

BY JEN BAIRD, REINZ CEO

year on year from 5,512 in January 2022 to 4,635 new listings in January 2023 and a 29.4% decrease from 3,381 listings month on month from December 2022.

“The flip side to this is the seasonal effect of January. In seasonally adjusted terms, this month’s numbers show a January that performed better than expected. The sales counts are down for January 2023 compared to December 2022 for Auckland by 31.5%. When the seasonality is removed, the sales count numbers show Auckland performed 19.4% better than expected when compared to December.”

“Reports of more activity in the market are growing “Agents in many areas are reporting more attendance at open homes, more interest online and even more multi-offer situations. Inventory has increased 39.4% year-on year, now sitting at 27,732 properties which provides plenty of choice for buyers. Add to that prices that have eased over the last 12 months, and some less bad economic news coming out recently, it seems there are more buyers active in the market. February and

ANNUAL MEDIAN PRICE CHANGES

March data will tell us if they choose to act” adds Baird.

“This is interesting data and does indicate a slowing of the decline. The coming months will be telling as the country braces for more activity both in the weather and the property market,” concludes Baird.

“Salespeople around the country say owner occupiers remain active, and that there has been increased interest in out-of-town buyers looking in different regions. Sellers are tending to be more realistic and will usually meet the market through negotiation — however, many remain cautious with properties taking longer to sell, and investors sparse.”

The Real Estate Institute of New Zealand (REINZ) has the latest and most accurate real estate data in New Zealand.

Click here to read the full report

Source: REINZ Monthly Property Report 14 February 2023 .

AWKE’S BAY

FIND OUT WHAT YOUR PROPERTY IS NOW WORTH.

The property market has seen significant change. Get your FREE property appraisal and find out what your home is NOW worth!

C21.co.nz

OPPO r T u NITI e S

FO r buyer S a ND SELLERS NOW!

BY TIM KEARINS, CENTURY 21 NEW ZEALAND

Activity has lifted, but overall, the market is softer and slower this summer. Nonetheless our offices in different parts of the country are reporting some stabilisation as well as pockets of positive results.

At the writing on this, we’re waiting on the release of the real estate industry’s sales statistics for January.

Nonetheless, REINZ’s December statistics saw median house prices across New Zealand decrease 12.2% annually. At $790,000, the national median house price is down from $900,000 in December 2021. Month-on-month saw a 2.2% decrease compared to November.

If you’re a prospective vendor, don’t write off selling this summer. Plenty of good properties are still making good money, Kiwis always need to shift, and buyers are busy trying to lock in a mortgage rate before the Reserve Bank has another review in late February.

The Reserve Bank will review the Official Cash Rate on 22 February. In its last review in November, it hiked the OCR by 75 basis points, taking it to 4.25% – its highest level since 2008. It has forecasted a peak of 5.5% this year.

REINZ said: ‘Prices continue to ease but the pace of the decline is slower,

and the market has settled at its new pace… Salespeople around the country say sellers are tending to be more realistic and will usually meet the market through negotiation –although it’s taking longer to sell, sellers are still getting results.’

Across New Zealand, the number of residential property sales decreased month on month by 23.6% and was down 39% compared to December 2021.

Vendors also need to weigh up the Reserve Bank’s talk of a recession, a likely winter of discontent, followed by a general election which halts a lot of activity. This summer is arguably the best opportunity for both buyers and sellers to make a reasonably positive move in the foreseeable future.

With the next OCR decision not until 22 February, the summer so far represent a period of interest rate stability.

Also helping buyers is that vendors are getting more realistic, with significantly more stock for buyers

to choose from. Vendors are dead keen to sell up and not go into autumn with a faded ‘for sale’ sign on their front fence. At the same time, buyers are keen to lock in an interest rate while they’re still manageable and securing finance is still achievable.

At the end of December there were 26,057 properties available for sale across New Zealand — an annual increase in inventory of 55.3%.

If you’re contemplating buying or selling, a good real estate agent will tell you where the opportunities are this summer. Don’t leave your run too late.

www.century21.co.nz

Contact Tim Kearins, Century 21 New Zealand – (0274) 495-547

yO ur G u ID e TO TH e MOST SO u GHT- a FT er INT er IO r D e SIGN T re NDS OF 2023

There is no better time than the start of the year to refresh your living space. Join us as we delve into the most sought-after interior design trends for 2023. These trendsetting styles are not just about aesthetics, but about creating a harmonious and livable space that speaks to your unique personality and lifestyle.

First on our list is the return of warm and inviting spaces. Say goodbye to cold and sterile interiors and hello to cozy, comfortable spaces that embrace natural materials such as wood, stone, and woven textures. Think plush throw cushions, soft lighting, and earthy color palettes that evoke a sense of serenity and relaxation.

Next, we have the resurgence of maximalism, a trend that celebrates

bold patterns, rich textures, and eclectic accessories. This fearless approach to design encourages you to mix and match styles, creating a space that reflects your individuality and personal taste. Don't be afraid to go all out and let your creativity run wild!

The third trend we're loving is the focus on sustainability and ecofriendly living. As people become more conscious of the impact their

choices have on the environment, the demand for eco-friendly products is on the rise. Expect to see a rise in the use of natural fibers, biodegradable materials, and repurposed objects in interiors.

Lastly, we're excited to see the rise of biophilic design, a trend that incorporates natural elements and greenery into the home. Bring the outdoors in by incorporating plants, natural light, and organic shapes and textures into your space. Not only does this trend create a beautiful and calming environment, but it also has numerous health benefits, including reducing stress and improving air quality.

So, whether you're drawn to warm and inviting spaces, maximalist interiors, eco-friendly living, or biophilic design, there's a trend for everyone in 2023. Embrace your creativity, celebrate your individuality, and create a space that truly reflects who you are. The possibilities are endless.

M a N ure Wa JOINS WITH Pa Pa K ura TO CREATE C21NZ POWERHOUSE

One of South Auckland’s most successful real estate offices over the past decade, Century 21 Gold Real Estate in Manurewa, has joined forces with the highly energetic Century 21 Local Realty on Broadway, Papakura.

The Manurewa franchise was opened by realtor Derryn Mayne in 2008, with her and her team winning numerous real estate awards. Local Realty opened in 2019 and continues to climb the real estate charts, with titles including Top 21 office across Century 21 Australasia and Century 21 New Zealand’s Top Office.

“Now operating under the same roof sees us combining years of experience with a young dynamic successful team. Manurewa and Papakura are often grouped together to ensure a bigger bang, and this is no different. We all get on so well, and given the softening of the market, it’s proving to be a real shot of sugar,” says Derryn Mayne, C21NZ’s Papakura Branch Manager. Her experienced team now based at 46-50 Broadway in Papakura’s town centre includes Paul Whiteford (Business Sales), Julie Harris (Salesperson), and Janine Hair (Property Manager).

Local Realty’s top performing sales team has grown considerably in just over three years despite the pandemic, lockdowns, and now a challenging real estate environment. Franchise owners Iresh Tennakoon and Gary Bal and

their sales team are known for their dynamic marketing.

For the past 15 years, Ms Mayne has led the charge in promoting South Auckland to the likes of first-home buyers and property investors. Local Realty’s owners also bring considerable real estate success throughout the region’s southern suburbs and districts over several years.

“We are so excited to have Derryn on board with us. She is experienced, hardworking and second to none in the local market, enabling us to grow to become leaders. Under her supervision, we also plan to start recruiting more agents to Local Realty,” says Gary Bal.

As Papakura Branch Manager, Ms Mayne will oversee the sales team, recruit other salespeople in the area, and oversee the Property Management team which is growing fast.

‘Combining our strengths and reach now makes Century 21’s mega-office in Papakura a real powerhouse. It builds our recognition across South Auckland, and importantly our service offering. It’s set to be an eventful year ahead,” says Iresh Tennakoon.

Owner of Century 21 New Zealand, Tim Kearins, says Manurewa and Papakura joining forces creates some real critical mass for the brand and business in Auckland’s south. He says while C21NZ has opened new franchises in the past two years, rationalisation or merging of some offices can make a lot of sense.

“The Papakura office sits right in the middle of such a strategic part of Auckland, covering some of the region’s most critical residential growth areas as identified in Auckland’s Unitary Plan. They’ll never be short of work or opportunities,” says Mr Kearins.

“Not only have we joined forces from a place of strength, but we’re backed by Century 21’s global brand and reputation for great service, not to mention its unbeatable reach locally and internationally,” says Derryn Mayne.

Derryn Mayne – C21NZ Papakura

Branch Manager – (021) 399-431

Iresh Tennakoon – Century 21

Local Realty Franchise Co-Owner

– (027) 453-0333

Gary Bal – Century 21 Local Realty Franchise Co-Owner

– (027) 604-0504

e aST au CKL a ND DO e S W e LL IN rea L e STaT e aWar DS

Century 21 Edwards Realty in Botany has won several key real estate awards for Century 21 New Zealand, covering the fourth quarter of 2022.

“Our Botany office continues to do a great job for both buyers and sellers alike, not to mention many tenants and landlords. This wonderful family-owned business has long been a true real estate star in East Auckland. Its attention to detail and customer service are second to none,” says Tim Kearins, Owner of Century 21 New Zealand.

Botany branch manager Vicki Southgate took out Top Property Manager of the Quarter.

Administration Team Member of the Quarter went to Julie Verrall, Personal Assistant of the Quarter was Jerry Li, and star agent Fenny Ang won a Silver sales award – all of Edwards Realty on Chapel Road in Botany Downs.

Top Property Management Office (Over 250 Managements) was won by Century 21 Sunrise

Realty in Meadowlands, also in East Auckland. Top Property Management Office (Under 250 managements) went to Century 21 Local Realty in Papakura.

Local Realty also had another stellar quarter in sales. It won both Top Office for the Quarter for Units (the number of properties listed and sold) and Top Office for GCC (Gross Closed Commission).

Top Principal for Units and GCC went to Papakura’s co-owner Iresh Tennakoon. Papakura’s Param Randhawa won Top Salesperson for GCC, and colleague Aman Kaushal won Top Salesperson for Units.

High performing Papakura agents Kanwar Dhillon and Anjali Amarasinghe received the Recognition Award and the Quality Service Award respectively.

Acknowledging sales success in the four quarter, Papakura’s Iresh Tennakoon won a Diamond award, fellow co-owner Gary Bal won a Platinum award, and colleague Param Randhawa won a Gold award.

Other Silver award recipients were Chatty Verma (C21 Local Realty), Bhethnee Kaur (C21 Excellence, Epsom) and Eli Gadsby (C21 Wheeler Realty, Te Awamutu).

Bronze awards went to Andrew Pugh (C21 Premier, Palmerston North), Aman Kaushal, Ishan Sikka, Kanwar Dhillon (C21 Local Realty), and Paul Wheeler (C21 Wheeler Realty).

While many other agencies are shrinking, Century 21 New Zealand is currently on a franchise ownership drive. The company has identified many untapped locations with opportunities in the likes of Hamilton, Tauranga, and Auckland’s North Shore.

“Century 21 continues to deliver some great results for Kiwis up and down the country. Without doubt these are challenging times in real estate. However, Century 21’s unbeatable service, experience and industry knowledge are more important than ever before,” says Tim Kearins. www.century21.co.nz

M a XIMIS e yO ur SPa C e : TIPS FO r a ST u NNING SM a LL L au ND ry

Are you tired of feeling cramped and cluttered in your tiny laundry room? It's time to transform your space into a stylish and functional hub for all your washing and drying needs. With a little creativity and some smart planning, you can turn your small laundry into a beautiful and efficient room. Here are some tips for a stunning laundry renovation that will make the most of your limited space.

THINK VERTICAL

When space is limited, it's essential to think vertically. Take advantage of your walls and consider installing cabinets, shelves, and storage units that reach the ceiling. This not only gives you more storage options, but also helps to create the illusion of height, making your laundry feel more spacious.

GO FOR A SLEEK AND STREAMLINED LOOK

Minimalism is your friend when it comes to small spaces. Opt for a sleek and streamlined look with simple, clean lines and a neutral colour palette. This will help to create a sense of spaciousness and make your laundry feel bright and airy.

MAKE THE MOST OF YOUR SPACE

Be smart about the layout of your laundry. Place your washing

machine and dryer in a way that maximizes your floor space, and consider installing a folding countertop for folding clothes. You can also add hooks or a rail for hanging clothes, and make use of stackable baskets for storing detergents, fabric softeners, and other essentials.

IN HIGH-QUALITY MATERIALS

When renovating your laundry, it's important to invest in highquality materials that will last. Choose durable and attractive tiles, countertops, and cabinetry that will withstand the demands of everyday use and look great for years to come.

ADD A TOUCH OF PERSONALITY

Just because your laundry is a functional room doesn't mean it can't be stylish too. Add a touch of personality with a statement light

fixture, a colourful piece of art, or some bright and bold accessories. These finishing touches will help to make your laundry feel like an extension of your home, rather than just a practical space.

A stunning small laundry renovation is possible with these tips. By thinking vertically, opting for a sleek and streamlined look, making the most of your space, investing in high-quality materials, and adding a touch of personality, you can turn your tiny laundry into a beautiful and functional room.

Start planning your renovation today and enjoy your newly transformed space tomorrow!