Property Talk PRE-SPRING ISSUE August / September 2018
What’s Happening in the Canterbury Market? The median price trend continues to flatten but is still increasing slightly. The sales volume trend has been fairly flat over the past six months. The days to sell trend continues to ease slightly. The House Price Index has decreased strongly over the past 3 months.
O
ur seasonally adjusted results tell us that, compared to what we expect when moving from June to July, the observed small decrease in median price was fractionally greater than expected and the observed decrease in sales count was only a little greater than expected. The current Days to Sell of 38 days is slightly higher than the 10-year average for July which is 34 days. The level of inventory available for sale currently sits at 21 weeks, three and a half weeks more than in July 2017.
Compared to July 2017: • Median Price up 2.0% • Sales Count down 0.3% • Days to Sell increased 2 days Compared to June 2018: • Median Price down 1.0% • Seasonally adjusted median price down 0.2% • Sales Count down 9.3% • Seasonally adjusted sales count down 1.0% • Days to Sell decreased 1 day
Jim Davis, REINZ Regional Director, says “Canterbury is seeing a good midwinter market. First home buyers are still a buoyant part of the market and we are noticing again that more investors are coming out to have a look around. A lack of stock and new listings over the last few months means there are fewer actual sales occurring, even if we see plenty of interested buyers. We are also getting quite a few ‘subject to sale’ offers coming in, however, when a new listing does come onto the market, it’s
being snapped up straight away. Vendors are still hoping for the stronger prices of two-three years ago but generally know that is a ‘hope to get’ rather than a likely result. In Timaru, there are lots of new buildings being constructed which shows confidence in the market. July sales volumes are lower due to stock shortages, but the interest in listing in the spring is picking up so we expect sales to return to normal in the September results.”
Median Sale Price for July 2018
$428,500
CANTERBURY REGION Waimate District
$260,000 $410,000
Waimakariri District Timaru District
$360,000 $555,000
Mackenzie District
$540,000
Selwyn District
$425,000
Hurunui District
$431,000
Christchurch City Ashburton District
$290,000
Disclaimer: Every effort has been made by Mike Pero Real Estate to ensure that the information contained in this publication is complete and accurate. Prospective purchasers and sellers should make their own enquiries to verify any information contained herein. While our information has been prepared with due diligence and care, Mike Pero Real Estate does not accept liability for any errors, mistakes, omissions, or inaccuracies whether expressed or implied.
0800000 000525 525 mikepero.com mikepero.com 0800
Annual Median Price Changes
REINZ Residential Statistics Report for July 2018 July brings price rises for all regions bar Auckland, says REINZ.
JULY 2017-2018
“The shortage of properties available for sale across the country is continuing to push prices up in all regions across the country except for Auckland. With July producing another four regions with record median prices we desparately need to increase the supply of new houses - be that through Kiwibuild or from private developers and builders in order to fill the significant shortage of properties around the country,” says REINZ Chief Executive, Bindi Norwell. Median house prices for July 2018 were recorded as follows:
Record Median Sales
Increased
Stable
Decreased
REINZ House Price Index The REINZ House Price Index for New Zealand, which measures the changing value of property in the market, increased 4.9% year-on-year to 2,722 a new record high for the country. The HPI for New Zealand excluding Auckland increased 8.0% from July 2017 to a new record high of 2,589. The Auckland HPI increased 1.6% year-on-year to 2,883 – the same level as June 2018 - showing that despite the annual decrease in median price the market is still in a strong position. The REINZ HPI saw all 12 regions experience an increase in their HPI over the past 12 months, highlighting the continued strength of the property market. This is the first time in 4 months all 12 regions have seen an increase. This month the Gisborne/Hawke’s Bay region had the highest annual growth rate of 14.6%, followed by Southland in second place with an annual growth rate of 13.1% and ManawatuWanganui in third place with a 12.3% annual increase.
Days to Sell
$481,000
Auckland
$835,000
Waikato
$513,000
Bay of Plenty
$575,000
Gisborne
$305,500
Hawke’s Bay
$430,000
Manawatu/Wanganui
$295,000
Taranaki
$375,000
Wellington
$545,000
Nelson
$547,000
Marlborough
$453,500
Tasman
$550,000
West Coast
$225,000
Canterbury
$428,500
Otago
$425,000
Southland
$249,000
NZ excluding Auckland
$455,000
NEW ZEALAND
$550,000
The REINZ House Price Index shows: New Zealand
+4.9% on July 2017
NZ ex Auckland
+8.0% on July 2017
Auckland New Zealand
The median number of days to sell a property nationally increased by 1 day from 36 days in July 2017 to 37 days in July 2018. For New Zealand excluding Auckland, the median days to sell increased by 1 day from 35 to 36. Auckland saw the median number of days to sell a property increase by 4 days to 41 days (up from 37 in July 2017), and up 1 day from June 2018. Regions with the biggest decrease in the median number of days to sell were West Coast (-44 from 107 to 63), Taranaki (-5 from 37 to 32) and Gisborne (-4 days from 42 to 38). Regions with the biggest increase in the median number of days to sell were Nelson (+11 from 24 to 35), Tasman (+6 from 31 to 37) and Waikato (+4 from 39 to 43).
0800 000 525
Northland
mikepero.com
+1.6% on July 2017 -0.6% on June 2018
NZ ex Auckland
+1.1% on June 2018
Auckland
0.0% on June 2018
For more REINZ HPI information, see https://www.reinz.co.nz/reinz-hpi Source: REINZ
BE PREPARED Take the stress out of the Christmas season and start planning now for festive entertaining. If you think spring is a time for clearing out the clutter, think a little more laterally - beyond the spring cleaning and into the festive entertaining season. Take the pressure off the Christmas rush by preparing your home and garden environment for summer parties and festive family gatherings well in advance. Forward planning enables you to set a stunning scene and it frees you up so you can embrace the frenzy of gift buying, wrapping, work parties and home entertaining secure in the knowledge that your living environment will be ready to showcase as the summer approaches. everyone is under increasing pressure to finish tasks in hand. Get in early and be sure your missions will be accomplished well before December.
CHANGE IT UP It may not be viable to buy a new dining suite or to renovate the kitchen but small changes can create a big impact. Introduce new table mats, napkins and coasters, swap that centre vase for a posy bowl with floating flowers and ditch jaded aprons, tatty table linen and tired tea towels. Get creative with trays and service platters and green your interior with some vibrant indoor plants. New cushions and throws are a simple and cost effective way to make your dining room sizzle. If your seat covers could do with replacing, choose a fabric and find an upholsterer able to place your job at the front of the queue.
THINK AHEAD Take a look around and decide what you would like to change. Does the garden need a makeover or a spruce up? Maybe just a few new plants, revamped outdoor lighting and some strategically placed garden furniture could truly transform your outdoor living area into a stunning entertainment zone. Take a critical look at your interior. First impressions really do count so make sure your entry is inviting. Waterblast your pathways; replace chipped, tired pots and languishing plants; paint the front steps and clean up the lobby. If you are short on ideas, bring an expert in for a consultation on what you could achieve with your resources. If you are short on time, engage professionals to tackle the work. In the lead-up to Christmas
POWDER ROOM PIZZAZZ If there is just one room you might want to consider redecorating before Christmas, make it the smallest room in the house. Pretty powder rooms are big right now and it’s not difficult to make a little loo pack the biggest punch in your home. Line the walls with bold paper; there is a huge selection of florals, geometric patterns and luxe embossed wallpapers available. Light up the room with out-of-the-box lamps and globes and introduce mirrors, candles, soaps and towels in a range of colours and shapes to complement the space. Don’t let a lack of time stifle your creative flair. Plan ahead and be prepared to party and play in a home environment that makes you proud this Christmas.
0800 000 525
mikepero.com
WAINONI
2
1
Re-Build 2016
2
1
Inner City Fringe - Close to Everything
ILAM
5
3
Home & Income ... Fantastic Opportunity
HALSWELL
5
Gracious and Spacious
0800 000 525
ADDINGTON
ď Ź
mikepero.com
BROMLEY
3
1
3
1
First Home Comfort
2
ISLINGTON
Affordable Buying ... The Perfect Start! Mike Pero Real Estate Ltd Licensed REAA (2008) Statement relating to passing over of information - mikepero.com/receivinginformation