Property Talk SPRING ISSUE 2018
What’s Happening in the Canterbury Market? The median price trend continues to increase slightly. The sales volume trend has been slightly increasing over the past year. The days to sell trend continues to ease slightly. The House Price Index has increased slightly over the past 3 months.
O
ur seasonally adjusted results tell us that, compared to what we expect when moving from July to August, the observed small decrease in median price was fractionally greater than expected and the observed increase in sales count was greater than expected. The current Days to Sell of 41 days is higher than the 10-year average for August which is 33 days. The level of inventory available for
Compared to August 2017: • Median Price down 0.5% • Sales Count up 7.8% • Days to Sell increased 4 days Compared to July 2018: • Median Price down 1.2% • Seasonally adjusted median price down 0.4% • Sales Count up 15.9% • Seasonally adjusted sales count up 4.7% • Days to Sell increased 3 days
sale currently sits at 23 weeks, four weeks more than in August 2017. Jim Davis, REINZ Regional Director, says “The Canterbury end of winter market saw strong volumes, but prices continue to remain flat. There are still plenty of buyers around, but they are taking their time in making any decisions. Lenders continue to struggle with bank and insurance criteria, making it a bit more challenging for these buyers. First home
buyers with KiwiSaver deposits are having a good look around, and they are willing to commit. Vendors’ expectations continue to be at the higher end, and some are willing to wait for a buyer that wants to pay the full asking price. The market is showing all the signs of a good spring, with strong interest and listing volumes that have improved, so the market will be active over the coming months.”
Median Sale Price for August 2018
$425,000
CANTERBURY REGION Waimate District Waimakariri District Timaru District Mackenzie District
$247,000 $441,000 $350,000 $373,000 $556,500
Selwyn District Hurunui District Christchurch City Ashburton District
$359,000 $440,000 $360,000
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.
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Annual Median Price Changes
REINZ Residential Statistics Report for August 2018 Spring comes early for Auckland market with first year-on-year price increase in 6 months, says REINZ.
AUGUST 2017-2018
“Above average temperatures for New Zealand in the final month of winter has clearly had a positive impact on the real estate industry with prices increasing in 14 out of 16 regions across the country. The middle of the North Island and top of the South Island continue to see strong prices achieved as low listing numbers continue to drive prices upwards in these popular areas,” says REINZ Chief Executive, Bindi Norwell. Median house prices for August 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 4.1% year-on-year to 2,723 a new record high for the country. The HPI for New Zealand excluding Auckland increased 8.0% from August 2017 to a new record high of 2,610. The Auckland HPI increased 0.2% year-onyear to 2,860. For the second month in a row, the REINZ HPI again saw all 12 regions experience an increase over the past 12 months, highlighting the continued strength of the property market. This month the Manawatu-Wanganui region had the highest annual growth rate of 17.2%, followed by Southland in second place with an annual growth rate of 16.9% and in third place was Otago with a 13.6% annual increase.
Days to Sell The median number of days to sell a property nationally remained flat at 37 days when compared to August 2017. For New Zealand excluding Auckland, the median days to sell decreased on an annual basis by 1 day from 36 to 35. Auckland saw the median number of days to sell a property increase by 2 days to 42 days (up from 40 in August 2017). This is the highest median days to sell for the month of August for 10 years. Regions with the biggest decrease in the median number of days to sell annually were West Coast (-38 from 79 to 41) the lowest median days to sell since March 2015, Taranaki (-11 from 46 to 35) and Southland (-11 days from 37 to 26). Regions with the biggest increase in the median number of days to sell were Marlborough (+18 from 31 to 49), Canterbury (+4 from 37 to 41 – the highest for the month of August for 10 years and Nelson (+3 from 28 to 31).
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Northland
$450,000
Auckland
$852,000
Waikato
$525,000
Bay of Plenty
$565,000
Gisborne
$335,000
Hawke’s Bay
$445,000
Manawatu/Wanganui
$315,000
Taranaki
$341,000
Wellington
$590,000
Nelson
$525,000
Marlborough
$440,000
Tasman
$615,000
West Coast
$230,000
Canterbury
$425,000
Otago
$435,000
Southland
$240,000
NZ excluding Auckland
$455,000
NEW ZEALAND
$549,000
The REINZ House Price Index shows: New Zealand
+4.1% on Aug 2017
NZ ex Auckland
+8.0% on Aug 2017
Auckland
+0.2% on Aug 2017
New Zealand
0.0% on July 2018
NZ ex Auckland
+0.9% on July 2018
Auckland
-0.8% on July 2018
For more REINZ HPI information, see https://www.reinz.co.nz/reinz-hpi Source: REINZ
PROFESSIONAL PHOTOGRAPHY A picture is worth a thousand words. Never has that adage held more true than in the case of real estate marketing. Whether you are advertising your home on the Internet or using flyers and print ads, professional photographs are a must. As an experienced Real Estate Agent, I can tell you that the importance of well-composed photos that highlight your home’s major selling points cannot be overstated. Prospective buyers won’t take the time to drive out to see a property if the pictures in the marketing materials or on the Internet don’t impress them. Your photos are going to be seen by any number of online consumers, so ensuring your property stands out and creates a good first impression is imperative. In fact, great pictures are so crucial, I’ve prepared a list of ideas and tips on how to get your home ready for your professional photo shoot. ● ● ● ● ● ● ●
Put out the guest towels and hide all the others. Hide all rubbish bins. Remove all magnets and decorations from the refrigerator. If there are pets, hide all food/water bowls, pet beds, and toys.. Put all toilet seats and lids down. Replace all burned out light bulbs. Consider putting out vases of fresh flowers.
Outside the Home
Inside the Home ● De-clutter as much as possible. Put away toys, clothing, dishes, towels, shoes etc. ● De-personalise to a certain degree. Photos of young children and any potentially offensive art (believe me, we’ve seen it all!) should be put away. ● Remove any seasonal/holiday decorations that can quickly outdate your photos. ● Dust and vacuum, make the beds, fluff the pillows. ● Clean the kitchen sink and put away dishes, clear all kitchen counter tops and put away toasters, can openers, etc. ● Clear all bathroom counter tops and put away all personal items, remove all shampoos, conditioners, body-washes, etc. from the shower.
● Have the lawn trimmed, leaves raked, bushes and trees pruned. ● Clean up after any animals. ● Put away all rubbish and wheelie bins, hoses, garden tools, toys, bikes etc. ● Remove all washing from the clothesline, hide any “cute” backyard decorations. ● If there is a pool, hot tub, or spa, bbq’s, uncover, and clean. ● If there will be any twilight photos taken, replace any broken lighting on the home, around the landscape, and in the pool. ● Open the umbrellas on any patio sets. ● Consider adding splashes of bright coloured flowers to the landscape and in pots.
Right Before the Photographer Arrives ● Turn on ALL interior lights – even lights in furniture cabinets. ● Turn OFF all ceiling fans, light fireplaces and candles, open all blinds, shades, and curtains. ● Clear all cars and vehicles from the driveway and the street in front of the home. ● Please secure any potentially aggressive animals in a safe location, away from all rooms being photographed.
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