Property Talk
SUMMER 2018
What’s Happening in the Nelson / Marlborough / Tasman Market? The median price trend for the region has been climbing strongly although that has started to taper off. The sales volume trend continues to ease. The days to sell trend has started to ease slightly. The House Price Index for Tasman/Nelson/Marlborough/West Coast has shown a strong increase over the past three months.
T
he median price for the Nelson/Marlborough/Tasman region remained flat compared to December 2016. Prices rose 12% in Tasman, 11% in Nelson and decreased 2% in Marlborough. Compared to November the median price for the region fell 9%, with prices falling 15% in Marlborough but rose 3% in Nelson and 2% in Tasman. On a seasonally adjusted basis the median price decreased 7% indicating that the observed decrease in the median price was more than was expected at this time of year. Compared to December 2016, sales volume fell 6%, with sales increasing 7% in Nelson but falling 13% in Tasman and 11% in Marlborough. Compared to November, sales volumes decreased 23% across the region with sales consistent in Marlborough (0%) but falling 41% in Tasman and 26% in Nelson. On a seasonally adjusted basis, sales decreased 3% compared to November indicating that the large decrease in sales from November was only a little bit larger in magnitude than the expected decrease when moving from November to December.
The median number of days to sell in December eased three days compared to November, moving from 27 days to 30 days. Compared to December 2016 the median number of days eased seven days. Over the past 10 years the median number of days to sell in December across the region has been 35 days on average. There were 15 weeks of supply across the region in December, one week more than in December 2016. REINZ Chief Executive Officer, Bindi Norwell, says “The Nelson/Marlborough/Tasman region remains very positive across all price ranges, driven by expats and New Zealanders from outside the area looking to invest in Nelson/Tasman as it still remains an attractive market from both an afford-
ability and lifestyle perspective. The region experienced the traditional quiet Christmas market that we have become used to seeing over the years. The main purchasers of property are owner/occupiers and they are spread across the market price wise. One trend we can expect to see going forward is more properties being advertised with a price rather than via auction or negotiation – just providing the market with a little more certainty as to the pricing. One interesting trend across the region was in Blenheim where there were 50% more first time buyers in the market this month compared to the same time last year.”
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REINZ House Price Index (HPI)
REINZ Residential Statistics Report for December 2017
The REINZ House Price Index for New Zealand increased 3.8% year-on-year to 2,655. The HPI for New Zealand excluding Auckland increased 6.8% from December 2016 and Auckland’s HPI increased 0.7% for the same period. The REINZ HPI also showed that five regions (Waikato, Bay of Plenty, Tasman/ Nelson/ Marlborough/West Coast, Otago and Southland) all reached new highs during December indicating strong value growth in these areas. Regions with the highest growth year-on-year were Gisborne/Hawke’s Bay (up 15.0% to 2,332), Southland (up 13.4% to 2457) and Manawatu/Wanganui (up 11.0% to 2,437).
DAYS TO SELL The median number of days to sell a property nationally increased by one day (from 31 to 32) when compared to December 2016. Regionally, West Coast saw the biggest increase in the number of days to sell (up 26 days to 189), followed by Taranaki (up nine days to 36), Nelson (up eight days to 29) and Tasman (up seven days to 30).
Strong end to 2017, with house prices up 5.8% in December “Median house prices across New Zealand have increased 5.8% in December, representing an increase of $30,000 since the same time last year. This increase defies the predictions of many commentators who approximately a year ago were adamant that house prices would fall in 2017. There is some hope, as the rate of price increases has decreased significantly compared to previous years, meaning that if the trend continues, there is more of a chance that those saving for a house deposit can keep up with increasing property prices,” says Bindi Norwell, CE at REINZ.
$550,000
national median sale price
32
Median days to sell in DECEMBER
Median house prices for December 2017 were recorded as follows: Northland Auckland
Regions with the biggest decreases year-on-year included Gisborne and Southland (both down three days to 28 days) and Hawke’s Bay (down two days to 27) the lowest number of days to sell for the month of December in nine years.
$445,000 $870,000
Waikato
$525,000
Bay of Plenty
$598,000
Gisborne Hawke’s Bay Manawatu/Wanganui Taranaki Wellington Nelson Marlborough Tasman West Coast Canterbury Otago Southland NZ excluding Auckland NEW ZEALAND TOTAL
$305,000 $418,000 $285,000 $360,000 $560,000 $515,000 $372,000 $550,000 $185,000 $439,000 $396,000 $247,000 $450,000 $550,000
The REINZ House Price Index shows:
Increased / Decreased
MEDIAN PRICE CHANGE YEAR-ON-YEAR NATIONAL: UP 5.8% TO $550,000
RECORD MEDIAN PRICES
Waikato $525,000 Bay of Plenty $598,000 Wellington $560,000
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National
+3.8% on Dec 2016
National ex Auckland
+6.8% on Dec 2016
Auckland
+0.7% on Dec 2016
National
-0.3% on Nov 2017
National ex Auckland
-0.1% on Nov 2017
Auckland
-0.5% on Nov 2017
For more REINZ HPI information, see https://www.reinz.co.nz/reinz-hpi Source: REINZ
After Dark As dusk descends, clever lighting can accentuate your home’s best assets and alter the mood indoors and out. Not just a practical consideration, with a raft of dynamic design possibilities, lighting can enhance your experience in and around the home. Whether you are seeking to accentuate architectural features, transform your outdoor entertaining areas or inject some excitement into your interiors, lighting is a vital aspect worth investing in.
OUTDOOR LIVING Once the sun sets, clever lighting design increases safety and security, by illuminating paths, steps and doorways, while creating a captivating ambience. Dining at dusk is now a magical experience, where landscaping elements such as fish ponds, swimming pools, sculptures, trees and plantings emerge from the shadows. For a warm, enchanting glow, tea lights in glass jars can be hung from tree branches or fairy lights can be draped over table settings.
TASK VS AMBIENT Most areas in the home will benefit from a combination of task and ambient lighting, unless they function exclusively as utility spaces. Bedrooms and bathrooms, as well as living and
kitchen/dining areas will demand both as the needs of the occupants change throughout the day and night, and depending on the activity. Task lighting, in the form of LED strips can be integrated into custom-made joinery in kitchens, bathrooms, bedrooms and walk-in robes, and this can be combined with a mix of hanging pendants, wall lights and table lamps for an intimate, relaxing atmosphere.
SHOW STOPPING PENDANTS Lighting can create instant impact in the foyer, or bring focus to specific zones within larger spaces, like over the dining table in an open plan living room. High-octane drama can be created with a single statement pendant in a stairwell, or with smaller pendants clustered together at different heights. And, as powder rooms increase in
popularity, you can pull out all the stops, using a killer combination of pendant lights, mirrors and artisan wallpaper.
ARCHITECTURAL HIGHLIGHTS As technology advances at breakneck speed, developments in home automation and electrics have paved the way for ingenious and impactful lighting design – to maximise your home’s best assets after dark. Strategic lighting not only improves safety and security, but also adds magical ambience to your outdoor areas. Uplighting accentuates textures of building materials and enhances key architectural features, and this can be pre-programmed to come on the minute the sun begins to fade.
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