M A R K E T
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P U L S E
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C21
PUBLISHER Century 21 New Zealand Ltd
CONTRIBUTORS Jen Baird Iresh Tennakoon Tim Kearins
EDITORIAL ENQUIRIES Century 21 New Zealand +64 9414 6041
ADVERTISING ENQUIRIES Century 21 New Zealand +64 9414 6041
DISCLAIMER
WELCOME TO THE
October 2023 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: Brian Zajac on Unsplash
C O N T E N T S O cto b er
PROPERTY MARKET UPDATE
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SELLING YOUR PROPERTY
Sales counts up as we count down to the election
Picture perfect: preparing your property for
CEO REINZ, Jen Bairds
professional photography
ASK A C21 AGENT
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Is now a good time to sell my property in New
RELOCATING Five tips for relocating
Zealand with market conditions changing and interest rates rising? Century 21 Local Realty, Iresh Tennakoon
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P R O P E R T Y M A R K E T U P DAT E
SALES COUNTS UP AS WE COUNT DOWN TO THE ELECTION BY J E N B A I R D, REINZ CEO
The Real Estate Institute of New Zealand’s (REINZ) September 2023 figures show more activity in the spring property market with prices stabilising, sales counts rising and properties selling in fewer days. REINZ Chief Executive Jen Baird
Tasman (16.4%), Canterbury
The national median days to sell
says September traditionally
(13.9%) and Southland (10.7%).”
reduced by 7 days year-onyear
provides positivity and more activity as the warmer months arrive.
“Nationally there was a 2.3% increase in the median sale price rising to $785,000 from $767,500
“September shows the ‘green
month-on-month but decreasing
shoots’ from previous months are
year-on-year by 3.1%. Median sale
continuing to grow. Confidence is
prices have increased in all but
emerging in the property market,
three regions month-on-month,
and we are seeing signs of an
with the West Coast (+16.4%),
upward trend. ”
Marlborough (+13.8%) and Otago
“Sales counts across New Zealand
(+9.3%) leading the way.”
were 5.1% higher in September
At the end of September, the total
compared to this time last year
number of properties for sale
from 5,174 to 5,439, year-on-year,
across New Zealand was 23,564,
and up 5.6% for New Zealand
down 9.0% (2,339 properties) from
excluding Auckland, increasing
25,903 year-on-year. However,
from 3,474 to 3,669 year-on-
the number rose by 3.6% month-
year, ”Baird says.
on-month as we would expect
“Marlborough had the highest increase in sales count, up by 66.7% year-on-year. Other regions with increases were Northland (1.8%), Auckland (4.1%), Bay of Plenty (2.8%), Hawke’s Bay (3.0%), Manawatu/Whanganui (22.6%) Taranaki (16.2%),
heading into the busier months of the annual property market cycle.
from 47 to 40 days, and 3 days month-on-month from 43 to 40 days. For a third month (49 July, 43 August and 40 in September), available inventory is now moving quicker. Ten regions saw a decrease in the median days to sell compared to September 2022, with the biggest decrease occurring in Wellington, which dropped 22 days from 56 days to 34 days. “The numbers we are seeing this month show the expected upturn in the market post winter but after many months of a much weaker market, there seem to be stronger signals in growing activity from both buyers and sellers,” says Baird.
New Zealand excluding Auckland
Nationally, new listings decreased
inventory was down year-on-
by 0.9% from 7,881 listings to 7,812
year from 15,744 to 14,690,
year-on-year and increased 4.9%
a decrease of 1,054 properties
month-on-month compared to
or 6.7%, but increased by 4.2%
August 2023. For New Zealand
month-on-month.
excluding Auckland, listings
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ANNUAL ME DIAN PRICE CHANGES
-3.4%
-2.0%
NORTHLAND
AUCKLAND
NATIONAL MEDIAN PRICE:
$785,000
BAY OF PLENTY
-3.9%
-3.1%
GISBORNE
-7.0%
TARANAKI
40
-2.7%
-3.7%
WAIKATO
-7.7%
MEDIAN DAYS TO SELL:
-5.3%
-1.4%
MANAWATU / WANGANUI
HAWKE’S BAY
-4.6%
NELSON
-5.8% 8.3%
25.4%
TASMAN
WELLINGTON
MARLBOROUGH
0.7%
WEST COAST
CANTERBURY
0.0%
-0.6%
SOUTHLAND
OTAGO Source: REINZ Monthly Property Report 12 October 2023 .
decreased 4.7% year-on-year from
“The public want to know what is
5,201 to 4,954 and increased 8.9%
happening now, should they sell,
month-on-month.
should they buy, or what are prices
“This month only four regions had
doing. The election is two days
a negative month-on-month shift
away, we’re past the traditionally
in listings. Listings and the median
quiet winter months, and the
days to sell are key areas to watch
market is turning. Certainty is
as they can indicate a shift in the
returning for some who are seeing
property market cycle. Local agents
the low point of the market cycle
continue to report an increase
behind them and are acting.”
in activity, enquiry, and bigger numbers at open homes.” “We can also see auctions coming back with some positive numbers this month. Nationally auctions comprised 15.3% of the total sales for September 2023, compared to 14.0% in August 2023 and 11.4% compared to September 2022,” comments Baird.
“Post the election there will be an adjustment and with another OCR announcement coming at the end of November, there will be some who do still hold off, but we are seeing more people, both buyers and sellers, decide now is the time for them to be in the market. Agents are also reporting that the C21 MARKET PULSE
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pipeline for new listings is looking healthy,” suggests Baird. The HPI for New Zealand stood at 3,614 in September 2023, showing a 0.7% increase compared to the previous month. However, when compared to the same period last year, the HPI reflects a 3.3% decline. The average annual growth in the New Zealand HPI over the past five years has been 5.7% per annum and it currently sits 15.5% below the peak.
Click here to read the full report
ASK A C21 AGENT
IS NOW A GOOD TIME TO SELL MY PROPERTY IN NEW ZEALAND WITH MARKET CONDITIONS CHANGING AND INTEREST RATES RISING? The answer to this question depends on a number of factors, including your individual circumstances, your financial situation, and your goals for selling your property. If you are looking to upgrade your property, then now may be a good time to sell. As you mentioned,
a different location? Your goals
property values. If you are not in
will also affect your decision of
a hurry to sell, it may be better to
whether or not to sell now.
wait until the market stabilises.
property, it is important to talk to a
or not to sell your property is a
financial advisor to get personalised
personal one. There is no right
advice. They can help you assess
or wrong answer, and the best
your financial situation and make
decision for you will depend on
the best decision for you.
your individual circumstances.
selling your property in a rising
to consider when making your
interest rate environment:
• The location of your property.
your current property and buying a new one at the same time, you may be able to offset some of the costs of the sale by using the proceeds from the sale to finance the purchase of the new property. However, if you are not looking to
Here are some additional tips for
Here are some additional factors
the property market, which could
buy. Additionally, if you are selling
If you are considering selling your
Ultimately, the decision of whether
decision:
on the property you are looking to
LOCAL REALTY
they can also lead to a decline in
rising interest rates will tend to cool mean that you can get a better deal
BY I R E S H T E N N A KO O N ,
• Get your property ready for sale.
Properties in some areas are more affected by market changes than others. For example, properties in
This includes decluttering, staging, and making any necessary repairs. • Price your property competitively.
popular city centres may be more
Be realistic about the current
resilient to changes in interest
market conditions and price your
rates than properties in rural areas.
property accordingly.
• The condition of your property.
• Market your property effectively.
A well-maintained property will
Use a variety of channels to reach
be more attractive to buyers and
potential buyers, such as online
may fetch a higher price.
listings, real estate agents, and
upgrade your property, or if you
• Your financial situation. If you have
are not in a position to buy a new
a large mortgage, rising interest
property right away, then you may
rates could make it more difficult
to sell your property in a rising
want to consider waiting until the
to afford your monthly payments.
interest rate environment.
market conditions improve. Rising
• Your goals for selling your
interest rates can make it more
property. Are you looking to
difficult to afford a mortgage, and
downsize, upgrade, or move to C21 MARKET PULSE
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word-of-mouth. • Be patient. It may take longer
Be patient and don't be afraid to negotiate with buyers.
KNOW YOUR PROPERTY’S VALUE IN AN INSTANT Access an instant property report now. Click here to begin.
C21.co.nz/property-report/
SELLING YOUR PROPERTY Image: Spacejoy on Unsplash
PICTURE PERFECT: PREPARING YOUR PROPERTY FOR PROFESSIONAL PHOTOGRAPHY When it comes to selling your home, presentation is key. The right visuals can make a significant difference in attracting potential buyers and setting the stage for a successful sale.
remove garden tools and overgrown
here are five invaluable tips
plants to create an open and
to prepare your home for
inviting atmosphere.
professional photography.
3. ATTENTION TO DETAIL
1. A CLEAN CANVAS
Small details can make a big
A clean home is essential for
impact. Take a moment to
impressive property photos.
straighten up pillows and throws
Remember, the camera lens
on furniture, creating a sense
magnifies even the smallest flaws.
of order. Hide cords, cables, and
One of the most powerful tools
Prioritise cleaning, especially in
remotes for a clutter-free look.
in your arsenal is professional
bathrooms and kitchens. Scrub away
Align and maintain appliances,
property photography. A well-
stains, wipe down surfaces, and
and ensure vehicles are out of
photographed home can leave
vacuum thoroughly. Outside, hose
view from the front of the house
a lasting impression, drawing
down your driveway and clear weeds
or garage. These details contribute
buyers in and sparking their
to enhance your curb appeal.
to an overall polished and inviting
imagination. To help you make Image: Laura Davidson on Unsplash
the most of this opportunity,
atmosphere.
2. CREATE SPACE Space is a valuable asset when
4. REMOVE PERSONAL ITEMS
selling a home. A cluttered
While your personal items hold
space can make even the most
sentimental value, they can hinder
appealing rooms look cramped
potential buyers from envisioning
and uninviting in photographs.
themselves in your space. Before
Begin by decluttering your home,
the photography session, remove
removing personal items like kids'
family photos, personalised
toys, pet bedding, and unnecessary
artwork, and unique memorabilia.
knick-knacks. Consider rearranging
This allows buyers to project
furniture to maximise the sense
their own vision onto the space.
of space, particularly in rooms like
Clear bathroom countertops and
the living area. In the backyard,
kitchen surfaces of personal items.
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Image: Alona Gross on Unsplash
Tuck away pet belongings to create
consistent by replacing burnt-out
the result you deserve when selling
a neutral canvas.
bulbs throughout your home. Clean
your property.
5.MATTERS OF LIGHT Lighting is the magic that can transform a room's ambiance, and it's a key ingredient for captivating photographs. Embrace natural light by throwing open curtains
windows to maximize the infusion of natural light, showcasing your home's finest features. By following these tips, you'll be well on your way to presenting your home in the best possible light.
and blinds, allowing sunlight to
Your Century 21 agent is here to
stream in and bathe your rooms
guide you through every step of the
in warmth. Keep the lighting
process, ensuring that you achieve C21 MARKET PULSE
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Click here to find your local Century 21 agent today.
R E L O C AT I N G
FIVE TIPS FOR RELOCATING Relocating can be a daunting prospect, but with some careful planning and a bit of research, you can make this exciting and challenging time a manageable adventure. 1. DO YOUR RESEARCH
Always keep in mind that you'll
guidelines for what can and cannot
Whether you are moving to
likely get less for your belongings
be brought into the country. Don't
another state or country, do some
when you sell them than what you
let cherished possessions get
research to get a feel for your
paid to replace them.
confiscated at customs because
destination. Familiarise yourself with demographics, schools, crime and real estate. Find out the proximity to places such as shopping, medical facilities and recreation. You should also consider the cost of living and any cultural differences. Preparing yourself with this research will help you to acclimatise to your new home, as well as assist you in narrowing down the
3. USE AN EXPERIENCED MOVING COMPANY Finding a reputable moving
you are unaware of local laws. Your removal company should be able to assist you to navigate this.
company is important when
5. PLAN YOUR PACKING
relocating, particularly if that move
Think about the essential items you
is international. Large companies
will need to pack in your suitcase.
tend to be the best bet as they have
Will it take days or weeks for your
a lot of experience, but shop around,
removalist to deliver your goods?
ask friends for recommendations
Pack your clothes as you would
and get quotes.
pack them for a holiday. Wear or carry any jewellery that is precious
neighbourhood you wish to live in.
Check if the quotes include
2. DECLUTTER
covers. For international moves,
You'll need to consider what items
clarify whether the cost quoted is
Good planning, enough time to get
will be essential in your new home
for door-to-door, otherwise you
everything together, and plenty of
and what you can do without.
could end up having to pay again to
research will make an international
Remember that something that is
have your goods released. Find out
move a lot easier on the mind and
essential in your home now, may not
if there is duty that needs to be paid
the pocket. Then all you have to do
be necessary in your new location.
on any new items, as this can be an
is relax and immerse yourself into
Sell everything that you don't need
expensive surprise.
your new life and home.
or put it in storage if your move is temporary. Shipping your items across the country or world and back can be costly, but rebuying all of it could be more expensive in the long run.
insurance and what that insurance
4. KNOW THE IMPORT REGULATIONS Investigate the import regulations of your destination. Many countries, like New Zealand, have strict C21 MARKET PULSE
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to you, so that it won't be lost in transit.