M a r c h
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 Jen Baird Cameron Brewer
EDITORIAL ENQUIRIES Century 21 New Zealand +64 9414 6041
ADVERTISING ENQUIRIES Century 21 New Zealand +64 9414 6041
DISCLAIMER
WELCOME TO THE
March 2022 ISSUE OF
C21 MARKET PULSE
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
Cover image: R ARCHITECTURE on Unsplash
C O N T E N T S M arch
C21 NEW ZEALAND NEWS
02
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QUARTERLY AWARDS New Manukau office stars in Century 21 awards
Real estate market holding up incredibly well Century 21 New Zealand, Tim Kearins
REFRESH YOUR LAUNDRY
PROPERTY MARKET UPDATE
04
5 ways to refresh your laundry without renovating Home Beautiful
Property prices remain firm as supply now outweighs demand REINZ CEO, Jen Baird
PROPERTY STATS
07
06
February property stats better than expected
C21 MARKET PULSE
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C21 NEW ZEAL AND NEWS
REAL ESTATE MARKET HOLDING UP INCREDIBLY WELL
BY TIM KEARINS,
CENTURY 21 NEW ZEALAND
With summer drawn to a close, more and more vendors are coming to the party, keen to do a mutually satisfactory deal.
Interest rates remain relatively low
are still light on listings is limiting
and both buyers and sellers realise
choice but importantly helping to
this. Buyers are keen to act and lock
keep prices up.
in low, while vendors want to secure a sale while good rates and finance remain available.
With more ex-pats now coming back into the country without having to quarantine we have more
This follows industry observations
In fact, interest rates are still a
buyers not fewer. These are key
that a buyer standoff contributed to
lot lower than when they peaked
factors that those contemplating
the lowest number of New Zealand
in past decades. What’s more,
selling need to consider.
house sales for some time.
servicing a mortgage remains
Buyers have stood back, but now that we’re into autumn vendors
comparable, or even cheaper, than paying current record-high rents.
Despite weathering two years of closed borders, lockdowns, and ongoing restrictions, New Zealand’s
seem more prepared to negotiate a
Yes, the OCR is now at 1.00% which
residential property market has held
good outcome. They’re keen to sell
is the highest it has been for two
up incredibly well.
while sales prices remain strong
years. However, let’s not forget that
and before the onset of winter and
in April 2015 it was at 3.50% and in
obvious market uncertainty.
June 2008 it was at 8.25%.
While listings industry-wide were
Historically, six or seven percent
very low at the start of summer,
interest rates have been about the
they started lifting from January
average for Kiwi borrowers. So, the
which will see a lot of sales activity
latest rise in the OCR needs to be
move out to March and April.
put in perspective. We’re coming
Many houses are taking a little longer to sell, but increasingly vendors understand they don’t want to be the one with the faded
off a period of extraordinary low interest rates after the OCR didn’t move from 0.25% for most of 2020 and 2021.
‘for sale’ sign. That doesn’t do a
Century 21 agents have been
property any good, so many are
reporting more activity in February
working with the enquiries they’re
and March, with good properties
getting which is seeing some good
still in strong demand. The fact that
results achieved.
most districts, towns, and cities
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Tim Kearins – Century 21 New Zealand - (0274) 495-547 tim.kearins@century21.co.nz www.c21.co.nz
SUPERIOR RESULTS AND CUSTOMER SERVICE
We are committed to achieving you a remarkable result whilst delivering the best customer service. Contact your local C21 Agent today for your no obligation FREE property appraisal.
Visit: C21.co.nz/sell
P R O P E R T Y M A R K E T U P DAT E
PROPERTY PRICES REMAIN FIRM AS SUPPLY NOW OUTWEIGHS DEMAND
BY J E N B A I R D, REINZ CEO
February shows property prices continuing to climb but now at a more moderate pace. While sales activity is down, demand remains and stock on the market is up, according to the latest data and insights from the Real Estate Institute of New Zealand (REINZ), home of the most complete, accurate and up-to-date real estate data in New Zealand. Median prices for residential
Christchurch City ($731,000),
new record median high for the
property across New Zealand
Selwyn District ($890,000),
third month running. Additionally,
increased 13.5% annually, from
Timaru District ($508,000), and
Kawerau District ($493,000),
$780,000 in February 2021 to
Waimakariri District ($757,000)
Rotorua District ($720,000),
reached record medians
Tauranga City ($1,100,000), and
$885,000 in February 2022. The median residential property price for New Zealand excluding Auckland increased 20.6% from $651,000 in February 2021 to $785,000 – a new record high. Auckland’s median residential property price increased 8.2% annually, from $1,100,000 in February last year to $1,190,000 – though down 0.8% on January. The annual percentage increase is the lowest that we have seen in the region since June 2020. In February, six regions achieved record medians, making this an above average February month, and there were 23 territorial authority (TA) median records. Regional records were achieved in: • Canterbury – increased 28.6% annually from $560,000 to $720,000. Additionally,
• Taranaki – increased 27.9%
Western Bay of Plenty District
annually from $520,000 to
($1,050,000) reached record
$665,000. Additionally, New
medians.
Plymouth District ($730,000)
The regions with the lowest annual
reached a record median
price growth were Marlborough
• Southland – increased 24.6% annually from $390,000 to $486,000. Additionally, all three TAs in the region reached record medians: Gore District ($435,000), Invercargill City ($484,500), and Southland District ($525,000) • Otago – increased 24.4% annually from $651,000 to $ $810,000. Additionally, Dunedin City ($685,000), Queenstown-Lakes district ($1,385,000), and Waitaki District ($505,000) reached record medians • Gisborne – increased 20.2% annually from $595,000 to $715,000 • Bay of Plenty – 13.2% annually from $848,250 to $960,000, a C21 MARKET PULSE
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and Auckland, at 6.5% and 8.2% respectively. Jen Baird, Chief Executive at REINZ, says: “Market sentiment has shifted over the past couple of months which is evident throughout our February data. While prices remain strong – increasing annually in all regions – the number of sales continue to trend downwards and an influx of stock across New Zealand is easing demand side pressure, which may in turn further ease price growth in the coming months. “In February, the median price increased 13.5% nationwide to $885,000. While down from the November 2021 peak ($925,000),
ANNUAL ME DIAN PRICE CHANGES $
$
Record Median Price
18.2%
8.2%
NORTHLAND
AUCKLAND
NATIONAL MEDIAN PRICE:
$
$885,000 13.5%
17.0%
BAY OF PLENTY
17.6%
20.2%
12.8%
18.7%
MANAWATU / WANGANUI
10.3%
21.1%
6.5%
TASMAN
WELLINGTON
MARLBOROUGH
28.6%
WEST COAST
$
$
HAWKE’S BAY
NELSON
17.3%
$
GISBORNE
TARANAKI
42
13.2%
WAIKATO
27.9%
MEDIAN DAYS TO SELL:
$
$
CANTERBURY
24.6%
24.4%
SOUTHLAND
OTAGO Source: REINZ Monthly Property Report 14 March 2022 .
following decreases in December
“While prices are holding despite
for market values and the most
and January, prices in February
the change in market dynamics,
effective approach to achieve the
saw a moderate positive change
there is now a fear of over paying
best outcomes,” Baird says.
of 0.6%, with six regions reaching
(FOOP) amongst buyers, some
record medians.
of whom will be under additional
“Canterbury continues to see healthy increase in its median price, reaching a record high in February. This continued growth is driven by districts such as Selwyn and Waimakariri, which have both reached record medians in eight of the past 12 months. Since its peak in November 2021, Auckland
pressure from legislative and fiscal changes impacting their ability to borrow. As a shift in sentiment sets in and buyers are less willing, or unable, to pay the prices we saw towards the end of 2021, pressure will come on vendors to adjust their expectations to meet the market.
has seen a significant drop in the
“For those selling, conversations
annual percentage increase at a
with their real estate professional
level not seen since LVRs started
will help provide a better
to effectively curtail rapid property
understanding of what is happening
price rises in late 2015.
in the market right now, get a feel
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Click here to read the full report
P R O P E R T Y STAT S
FEBRUARY PROPERTY STATS BETTER THAN EXPECTED “The real estate statistics for February are better than most would’ve expected. That can only help autumn, as will the easing of controversial lending rules which pulled the rug on so many buyers over summer,” says Tim Kearins, Owner of Century 21 New Zealand. His comments follow REINZ
conservative assessments on all
to a better start, with those vendors
releasing its Monthly Property
new borrowers, with new mortgages
keen to strike a deal now adjusting
Report for February – a month which
all but drying up for three months.
their sights somewhat,” he says.
saw median house prices across
Last week’s announcement that
New Zealand up 13.5 % compared to
the Government is making some
the same time last year. REINZ noted
significant tweaks to the CCCFA
that while property prices remain
gives the coming months a timely
firm, supply now outweighs demand.
boost,” says Mr Kearins.
At $885,000, the national median
Across New Zealand, the number
house price is up slightly on the
of residential property sales
previous month by 0.6%.
decreased 32.8% in February, from
The Century 21 boss says the summer was badly affected by the Credit Contract & Consumer Finance Act (CCCFA) coming into play on 1 December, leading
Mr Kearins says the resilience of New Zealand’s residential property market is quite remarkable when you consider a number of external factors negatively impacting
8,324 in February 2021 to 5,597. At the same time, the total number of properties available for sale nationally increased 47%, from 15,829 in February 2021 to 23,270.
consumers and their confidence. “Against the odds, February showed that overall property prices continued to climb albeit at a more moderate pace. Let’s not forget that despite plenty of doom and gloom, February saw six regions and 23 territorial authorities achieve record median
to biggest credit crunch since
“Summer was light on sales
prices. It is a much better end to
the Global Financial Crisis in the
industry-wide but with listings
summer than most had anticipated,”
late 2000s.
lifting, and now with improvements
says Tim Kearins.
“Summer started with the CCCFA changes taking effect. It required banks to conduct ultra-
to the lending rules, we’re seeing a lot of real estate activity move out to March and April. Autumn is off
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Q U A R T E R LY AWA R D S
NEW MANUKAU OFFICE STARS IN CENTURY 21 AWARDS Century 21 Dhatt & Co in Manukau has had some key wins in Century 21 New Zealand’s fourth quarter awards for 2021, despite only opening earlier that year.
“Local Realty only opened on
Aman Kaushal, Anjali Amarasinghe
Papakura’s Broadway in late 2019
and Gary Bal of Local Realty, while
and they’ve won a tonne of sales
the Gold award went to Team
awards since. Without doubt,
Chatty & Bani (Local Realty),
Century 21 is a growing powerhouse in South Auckland,” says Mr Kearins.
Silver awards went to Ian Pepper and Barbara Craig of C21 Rural &
What’s more, both Century 21 Local
Residential Real Estate in Huntly,
Realty and Century 21 Dhatt & Co
Alen Moshi of C21 The Moshi
featured in the Top 21 offices across
Group in Wellington Central,
C21 Australasia for the 4th quarter
Rebecca Fraser and Gadsby Group’s
– ranked an impressive sixth and
Eli Gadsby and Taye Russ (Gadsby
squarely focused on delivering top
eighth respectively.
Realty), Kanwar Dhillon (Local
quality service to South Auckland’s
Top Property Management
many diverse communities and
Office for the Quarter Over 250
fast-developing neighbourhoods,”
Managements was won by Century
says Tim Kearins, Owner of Century
21 Sunrise Realty in Meadowlands,
21 New Zealand.
and Property Manager of the
Awards for the South Auckland
Quarter went to Molly Mclean of
Bronze awards went to Warren
franchise on Lambie Drive included
Century 21 Premier in Turangi.
Rawiri-Walsh of C21 Platinum in
Rupinder Kaur winning Top Principal
Administration Team Member of
for the Quarter for both GCC (Gross
the Quarter went to Joyce Lam
Closed Commission) and Units
of Sunrise Realty. Nidhi Chadha
(the number of properties listed
of Century 21 Edwards Realty in
and sold). Ms Kaur also achieved
Botany received the Recognition
an elite Diamond sales award, while
Award Sales while Jerry Li, also of
Dhatt & Co’s Ambi Basati won Top
Edwards Realty, was Assistant of the
Salesperson for Units.
Quarter. The Quality Service Award
“Up and down the country,
Down the road, Century 21 Local
went to Eli Gadsby of Century 21
Century 21’s sales stars, property
Realty in Papakura had another
Gadsby Realty in Te Awamutu.
managers and support staff
great quarter, once again winning
Acknowledging sales success in
Top Office for the Quarter for both
the fourth quarter, other Diamond
GCC and Units. It was also awarded
awards went to Iresh Tennakoon and
Top Property Management Office
Param Randhawa (Local Realty).
“Our newest Auckland office is off to a great start! The energized and experienced team at Dhatt & Co is
Under 250 Managements, and Local Realty agent Param Randhawa won Top Salesperson GCC.
Platinum awards went to Ambi Basati (Dhatt & Co) and Ishan Sikka, C21 MARKET PULSE
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Realty), Patrick Barry (Premier, Turangi), Jean Johnson of C21 Jean Johnson Realty in Dargaville, and Winson He of C21 Queen Street Realty in Auckland Central.
Tuakau, Derryn Mayne of C21 Gold Real Estate in Manurewa, Paul Wheeler (Gadsby Realty), Fenny Ang (Edwards Realty), Andrew Pugh of C21 Premier in Palmerston North, and Katy Luo and Jeh Wasti (The Moshi Group).
achieved so much for clients in the fourth quarter despite a Covid-19 lockdown, a regional border, and ongoing restrictions. The Century 21 family is proven, match fit, and prepared for whatever 2022 throws at us,” says Tim Kearins.
REFRESH YOUR LAUNDRY
5 WAYS TO REFRESH YOUR LAUNDRY WITHOUT RENOVATING BY HOME BEAUTIFUL There's no reason why your laundry needs to be a lacklustre space that you dread spending time in. Even if you can't afford renovate your existing laundry room there are plenty of simple DIY updates you can try that will dramatically enhance its look, feel and functionality. From stylish storage solutions to
2. LICK OF PAINT
baskets are the answer. With so
a quick lick of paint, here are five
There is nothing a lick of paint
many different designs available,
updates that will make a huge
can't fix. Whether you refresh the
you're bound to find the ones you
difference to the way you feel
room with a bright white or make
need and elevate the style of your
about your laundry (the room and
a statement with a bold coloured
laundry while you're at it. Don't
the chore itself).
feature wall, your laundry will look
forget to add on a stylish laundry
so much better with a fresh coat
hamper, for good measure.
1. OPEN SHELVING Because who doesn't want
of paint.
5. ADD WARMTH WITH A RUG
extra storage in their laundry?!
3. INDOOR PLANTS
Laundries are typically separated
Open‑shelving is great for keeping
Indoor plants are a magical design
from your main living areas and are
all your laundry essentials at hand
tool. They are affordable, beautiful
more often than not have either a
and also provides a place to display
and will instantly freshen up any
tiled floor and/or walls. These too
décor items such as prints, pot
room you put them in. The amount
factors can make them feel cold
plants and other pretty things that
of natural light in your laundry will
and uninviting – contributing to
will inject personality into your
determine the best indoor plant
the unappealing idea of doing the
laundry. It's also worth considering
for you.
laundry. Laying a rug down in your
adding a hanging rail, which can sit neatly under your open shelves for those rainy days where drying your work shirt outside just isn't an option!
laundry will help to cosy up the
4. STYLISH STORAGE If you don't have a lot of storage space in your laundry or you like to have cleaning products and other gadgets within easy reach, storage C21 MARKET PULSE
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space and create a homely feel. A bright or patterned rug is an easy way to introduce colour.
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