What’s Happening in the Waikato Market? The median price trend has been steadily increasing over the past 18 months, with the trend in sales volume remaining quite stable for over the past 18 months. The days to sell trend is flat to easing. The House Price Index has had moderately low movement over the past 12 months.
O
ur seasonally adjusted results tell us that, compared to what we expect when moving from February to March, the observed minute decrease in median price was in contrast to the expected small increase and the observed increase in sales count was less than expected. The current Days to Sell of 36 days is less than the 10year average for March which is 44 days. The level of inventory available for sale currently sits at 19 weeks, four weeks more than in March 2018. Compared to March 2018: • Median Price up 3.7% • Sales Count down 14.1% • Days to Sell did not change
Neville Falconer, REINZ Regional Director, says “The Waikato market saw prices increase in most areas across the region, but the number of properties sold fall across most areas. Finance continues to be available, although it appears that banks are still being cautious with lending. Purchasers are appearing extremely organised and informed and when they identify the right property for them can make a move quickly as evidenced by the fall in days to sell when compared to February. We
saw fewer multi-offers which has taken some of the pressure off purchasers. Open homes were well attended for the start of 2019, with a slight increase in genuine buyers compared to last year. New listings were up by 3.9% and total inventory increased by 11.9% annually. The market is positive and there are currently no signs that April and May will track any differently.”
Median Sale Price for March 2019
$529,000
WAIKATO REGION Waitomo District
$200,000 $571,000
Waipa District
Compared to February 2019: • Median Price down 0.2% • Seasonally adjusted median price down 1.7% • Sales Count up 7.2% • Seasonally adjusted sales count down 3.3% • Days to Sell decreased 15 days
$463,500
Waikato District
$630,000
Thames-Coromandel
$485,000
Taupo District Sth Waikato District Matamata Ward Hauraki District Hamilton City
$273,000 $468,000 $430,000 $575,000
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 March 2019
MARCH 2018-2019
Uncertainty around legislation and difficulty accessing finance continues to impact sales volumes, says REINZ. “At a time when sales volumes are normally very strong and total sales figures for the country are typically well over the 7,000 mark, with 6,938 sales, this was the lowest number of properties sold for the month of March since March 2011”, says REINZ Chief Executive, Bindi Norwell.
Median house prices were recorded as follows: Northland
$500,000
Auckland
$856,000
Waikato
$529,000
Bay of Plenty
$585,000
Gisborne
$380,000
Hawke’s Bay
$493,000
Manawatu/Wanganui
$339,000
Stable
Taranaki
$375,000
Decreased
Wellington
$620,000
Tasman
$606,000
Nelson
$552,500
Marlborough
$458,000
West Coast
$206,000
Canterbury
$460,000
Otago
$492,000
Southland
$300,000
NZ excluding Auckland
$491,000
NEW ZEALAND
$585,000
Record Median Sales Increased
REINZ House Price Index (HPI) - increases 2.3% annually The REINZ House Price Index for New Zealand, which measures the changing value of property in the market, increased 2.3% year-on-year to 2,770. The HPI for New Zealand excluding Auckland increased 7.2% from March 2018 to a new record high of 2,727. The Auckland HPI decreased -2.9% year-on-year to 2,823. The REINZ HPI saw 6 out of 12 regions experience a record high level over the past 12 months, highlighting the overall continued strength of the property market in some regions. In March, the Southland region had the highest annual growth rate, a 16.8% increase to a new record high of 2901, followed by Manawatu/Wanganui in second place with an annual growth rate of 16.7% to a new record high of 2,984 and in third place was Gisborne/Hawke’s Bay with an 11.4% annual increase to 2,732 – down -0.8% from its peak in February 2019.
Days to Sell drops significantly since February In March the median number of days to sell a property increased by 2 days from 34 to 36 when compared to March last year, but it fell by 11 days from February 2019 where the median number of days to sell was 47. For New Zealand excluding Auckland, the median days to sell increased by 1 day to 34, but fell by 9 days when compared to February.
The REINZ House Price Index shows: New Zealand
+2.3% on March 2018
NZ ex Auckland
+7.2% on March 2018
Auckland
-2.9% on March 2018
Auckland saw the median number of days to sell a property increase by 5 days from 37 to 42 when compared to the same time last year, but this was a drop of 15 days when comparing to the previous month.
New Zealand NZ ex Auckland
+0.2% on Feb 2019
Manawatu/Wanganui again had the lowest days to sell of all regions at 25 days, down 5 days from 30 at the same time last year. The West Coast again had the highest days to sell of any region at 69 an increase of 5 days since March 2018, but a fall of 22 days since February.
Auckland
-0.5% on Feb 2019
“We’re hearing that vendors are starting to re-adjust their pricing expectations, which has contributed to the significant fall in the median number of days to sell a property in March compared to February this year,” says Norwell.
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-0.1% on Feb 2019
For more REINZ HPI information, see https://www.reinz.co.nz/reinz-hpi Source: REINZ
What you and your agent are trying to achieve when they list your home for sale What are some key things to consider when you want to sell your home? Your motive for selling; your expectations and time frame – all these should revolve around a discussion with your agent.
So how do you pick the agent that suits your needs? Word of mouth; what you see and here around the media – if a style of marketing appeals to you then that brand might be for you. Call them, him or her and arrange a meeting at your home.
What questions should you be asking your agent before you list? No one just lists without a conversation. If a complete stranger you need to be blunt and honest in all
respects and get the same from them. If I was new to process I would want to know their track record, similar cases, their proposed marketing strategy; commission rate and generally consider that you’re an employer carrying out an interview. If you’re not 100% satisfied in all respects get another and another agent lined up for comparisons. It also hinges on their impression they make on you. Do they communicate and present well? are they someone you can work and confide in closely over next three months?
for clients – it’s a conflict of interest. They’ll do minimal amounts and it won’t sell your home. Cheapest is not always best.
What is the single most important thing (if there is one thing)? The marketing strategy. Its imperative your agent gets the message out to as many people as possible. Be worried if they offer you an all inclusive commission and marketing package. Its flawed. The best agents don’t throw in the marketing
A fresh new approach to buying and selling your property is here! Call us for a FREE no obligation appraisal and be introduced to the smartest way to sell your home.
Kylie Hooker
Buddy Annals
kylie.hooker@mikepero.com
buddy.annals@mikepero.com
021 821 816
Mike Pero Real Estate Ltd Licensed REAA (2008)
0800 500 123
027 353 6676
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