Property Talk SUMMER 2018
What’s Happening in the Eastern BOP / Whakatane Market? The trend in median price is continuing to rise strongly, albeit at a slightly lesser rate over the past 18 months than prior. The trend in sales volume has been stable over the past year. The days to sell trend is now easing slightly. The House Price Index has shown a slow steady increase over the past two years.
O
ur seasonally adjusted results tell us that, compared to what we expect when
moving from August to September, the observed decrease in median price was larger than expected and the observed large decrease in sales count was smaller than expected. The current Days to Sell of 44 days is much less than the 10-year average for September which is 50 days. The level of inventory available for sale Compared to September 2017: • Median Price up 0.5% • Sales Count down 3.0% • Days to Sell increased 7 days Compared to August 2018: • Median Price down 2.2% • Seasonally adjusted median price down 1.8% • Sales Count down 10.1% • Seasonally adjusted sales count up 3.4% • Days to Sell increased 1 day
currently sits at 14 weeks, two weeks more than in September 2017.
cautious with upcoming changes to the Healthy Homes legislation. This creates opportunities for first home buyers, as the competition for the affordable homes eases off. The listing numbers slightly improved from last month’s very low numbers and this will hopefully only be the start of a more active market with more vendors deciding to list their properties, as demand will continue to drive the market up until Christmas.”
Philip Searle, REINZ Regional Director, says “New listings attracted a lot of interest at first open home viewings in the Bay of Plenty market during September, as the market continues to see a positive flow forward. Interest was shown for properties in all price ranges, but the traditional spring rush hasn’t quite kicked in yet. Investors are interested but
Median Sale Price for September 2018
$380,000
Whakatane District Opotiki District Kawerau District Edgecumbe Bay of Plenty Region
$192,500 $304,000 $386,000 $550,000
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 September 2018 Lowest sales volumes in 8 months a result of extremely low listings in July, says REINZ.
SEPTEMBER 2017-2018
“Traditionally there is a lag of about six weeks between significant movements in listings and sales results. With July’s listings down by 5.4% year-on-year and an all-time low level of listings in seven regions, it is little wonder that September’s sales volumes were so low. There simply were not as many properties for sale resulting in a very quiet start to spring,” says REINZ Chief Executive, Bindi Norwell. Median house prices for September 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 4.0% year-on-year to 2,742 a new record high for the country. The HPI for New Zealand excluding Auckland increased 7.4% from September 2017 to a new record high of 2,621. The Auckland HPI increased 0.4% year-on-year to 2,888. The REINZ HPI again saw 11 out of 12 regions experience an increase over the past 12 months, highlighting the continued strength of the property market. The only exception was Canterbury with a minor decrease of -0.1% year-on-year.
Northland
$505,000
Auckland
$850,000
Waikato
$520,000
Bay of Plenty
$550,000
Gisborne
$342,500
Hawke’s Bay
$445,000
Manawatu/Wanganui
$321,000
Taranaki
$350,000
Wellington
$594,500
Nelson
$592,000
Marlborough
$418,000
Tasman
$610,000
West Coast
$200,000
Canterbury
$445,500
Otago
$420,000
Southland
$258,000
NZ excluding Auckland
$466,750
NEW ZEALAND
$556,000
The REINZ House Price Index shows: New Zealand
+4.0% on Sept 2017
NZ ex Auckland
+7.4% on Sept 2017
Auckland
+0.4% on Sept 2017
Days to Sell
New Zealand
+0.8% on Aug 2018
The median number of days to sell a property nationally increased by 2 days from 34 to 36 when compared to September last year.
NZ ex Auckland
+0.6% on Aug 2018
Auckland
-0.9% on Aug 2018
This month the Gisborne region had the highest annual growth rate of 14.9%, followed by Manawatu/ Wanganui in second place with an annual growth rate of 14.6% and in third place was Otago with a 12.7% annual increase.
For New Zealand excluding Auckland, the median days to sell increased on an annual basis by 3 days from 32 to 35. Auckland saw the median number of days to sell a property increase by 2 days to 39 days (up from 37 in September 2017). This is the lowest median days to sell since April this year.
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For more REINZ HPI information, see https://www.reinz.co.nz/reinz-hpi Source: REINZ
BEST FOOT FORWARD When putting your home on the market, first impressions count. Before you sell, it is best to get your house and garden looking its very best. A house that is well cared for and welcoming will encourage more buyers in the door and increase your chances of selling quickly and at the price you are looking for. Follow the tips below to help make sure that potential buyers love your house as much as you do. CLEAN, CLEAN, AND CLEAN AGAIN Most of us live with a few fingerprints on the windows or cobwebs in the corners, but before buyers inspect your home it is a good idea to do a spring clean of every room. Dust all surfaces and polish appliances and tapware to a shine. ● Make sure the lawns are mowed and the garden looks tidy and well cared for. ● Uncover the BBQ and put the wheelie bins out of sight. ● Leave cars in the garage or on the street to keep the driveway clear. ● Remove washing from the washing line and pack drying racks away. ● Put away any dehumidifiers or heaters. ● Ensure all lightbulbs are working. ● Keep the kitchen spotless, remove and dishes and hang clean teatowels. ● Tidy towels in the bathroom and put the lid down on the loo.
LESS IS MORE A cluttered house can look smaller than it is. To maximise the space in every room take a look at your home with a critical eye and decide what you can remove to declutter without making the house seem empty. NOTHING PERSONAL When buyers visit a home with lots of personal items they can find it difficult to imagine themselves living there. Packing away family photos and kid’s drawings while your house is on the market is a great way to enhance the appeal. Also, be sure to tuck any toothbrushes and cosmetics into a drawer before a viewing. FINAL TOUCHES You only get one chance to make a first impression and a clear, tidy entranceway with a vase of beautiful fresh flowers is a lovely way to greet viewers.
LIST WITH ME TODAY & I COULD SAVE YOU THOUSANDS… • Lower fees, 2.95%* up to $390,000 • Superior marketing with a FREE TV advertisement • Exceptional customer service Contact Ray Owens for a no obligation FREE appraisal 0800 000 525 RAY OWENS
Brand & Territory Owner 027 840 9274 Mike Pero Real Estate Ltd Licensed REAA (2008) *Our fees are 2.95% up to $390,000 thereafter 1.95% + admin fee + gst.
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WHAKATANE
3
Desirable Family Home
EDGECUMBE
RX1571718
3
Old World Charm
3
Ready and Waiting
1 RX1703639
KAWERAU
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mikepero.com
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3
Ideal Beach Location
WAIOTAHI
1 RX1681256
4
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TANEATUA
2
1
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