OneRoof Property Report - Kerikeri, April 2023

Bayleys BayofIslands residential team understand howtoachieve apremium result foryour property in all markets using extensiveindustry knowledge and comprehensivemarketing packages individually catered to your property

Bayleys

Did youknowthatKamoisthemostsearchedsuburbin WhangāreionOneRoof.co.nz? With awell-resourcedvillage,excellent schoolsandeasyaccess to StateHighway One,Kamois at the topofthewishlistformanylocalbuyers.

Kamohas experienced asolid start to 2023,with31salessincethenewyear.REINZdatashows amediansalespriceof$730,000, withpropertiesspending amedianof 70 days onthemarket. TheBayleys median forKamopropertiessoldinthesameperiodis $830,000 -$100,000above REINZ.Bayleys propertiesalsosold overamonth fasterthanthoselistedelsewhere, with amedian of34days onthemarket. These resultsshowthe valueofinvestingin amulti-platformmarketingpackageandenlistinganagent within-depthlocalknowledgeand extensiveexperience.

Buyersarestillactivelylookingin Kamo,andour recentsalesprove thatthey’rereadyand waiting to callthis fantasticareahome. In February,Kamopropertiessold by Bayleys sawanaverageof18groupsthroughtheopenhomes.18 AugustaPlaceinKamo soldafterjust12days onthemarket, receivinganofferafterthefirstopenhome.

Bayleys Whangārei: Exceptional results forall Kamoproperties.

RachaelDennis 021916 723 rachael.dennis@bayleys.co.nz

15bChatsfieldPlace,Kamo

18 AugustaPlace,Kamo 67Carr Street, Kamo 34 TuataraDrive,Kamo

175Dip Road, Kamo West

23 LochielPlace,Kamo

39 Dip Road, Kamo West 25 Te Puia Street, Kamo West

GregAlexander HEADOFONEROOF,NORTHLAND

Welcome to our firstOneRoofNorthland Property Reportfor2023.

We’ve alot tocelebratehere inthe North, with property trendsoutperformingmost markets.

Whilst we’veseenthemarket realignpost-Covid,inthelast quarter Northland’svalues were only down 1.5%, suggestingthe marketis stabilising with buyers andsellingnow becomingmore insync.

REINZ propertydata for Northland reported February sales were up 52 on January, seasonally February salesarehigherthan January– albeit CycloneGabrielledisruptedthemarket significantly– the performancein Februarywas betterthan onewould expect,reflectingimprove confidence inthe Northland market.

Lookingatthe bigger picture propertiesvaluesin Northlandareup animpressive 53%,almost$300,000 on whatitwasfive yearsago...that’s over

$1100 perweek.

Northlandis oneofthelargest housingmarketsin NewZealand coveringthree localauthoritiesand 179 suburbs. The standoutisthe FarNorth District with average salesvalueup $12,000inthelastthreemonths.

Northland will continue to bea property marketwithstrong buyer interest,helped by out-of-region demand, whowouldn’t want to live in ourpieceofparadise!? It’s no surprise that well over 50% of OneRoof Northlandlisting viewscomefrom out-of-townbuyers,predominantly fromtheAuckland environs.

In thiseditionwe’re featuring tworecent residentialsalesstories: oneinKerikeri;theotherinKamo, coincidentlybothpurchasedbyout-oftowners.Why thesetwosuburbs? They areconsistentlythehighestsearched Northland suburbsonOneRoof.

In this report,youalsofind comprehensive salesdata over thelast 12months, what’s happeningaround the country,in-depthanalysisfrom REINZandthe OneRoof-Valocity houseindex.Also,Northlandleading realestateexperts sharetheirmarket insights.

If you’re thinking of buying or selling,OneRoof.co.nzis adedicated realestateplatform–housingthelatest property news& marketinsights,plus adviceto makeyour property decisions easier. OneRoofmakes yoursearch simple withthousands of listingsright acrossthe country.

We hope youfindthisOneRoof report insightfulandhelpful. GregAlexander Head of OneRoof,

TheNorthland Market

Northland is made up of threeterritorial local authorities (TLAs) –FarNorth,Whangarei andKaipara -and 179 suburbs

It is oneofNew Zealand’slarger housingmarkets, in termsof number of listings, andvolumeand valueofsales.

BUTEND IS IN SIGHT SHAKEN SHAKE N

Northland’saverage property valueis $848,000, down 1.5% ($13,000)inthe last quarter, anddown7.7% ($71,000) year-onyear,accordingtothe latest figures from the OneRoof-ValocityHouse ValueIndex (taken at theend of March2023).

Thenationwide houseprice correction hasshakenNorthland,but notasseverely as otherNorth Island housingmarkets The region’s annual rate of declineisalmosthalf of NewZealand’s (down 12% year-on-yearto an averagepropertyvalue of $965,000), and well belowthe rate in Auckland (down 15.1% year-on-year) andWellington(down 23.4% year-on-year).

Theregion’saverage property valuehit a peak of $925,297 in April 2022, buthas since fallen 8.35% ($77,297). Forsellers andbuyers, it’s worthnotingthatNorthland’s current average property valueisstill 53.9% ($297,000) abovewhatitwas five yearsago Therateof declineinthe region’s averageproperty value haseased in thelastsix months,from arolling quarterlyaverage of 3.5% to just over 1%.

That pick up in theregion’shousingmarket is largely beingfuelled by valuegrowthin FarNorth TheTLA’s average property value hasgrown 1.5% ($12,000) in thelastquarter to $802,000. Whangareiand Kaiparaare still under pressure:Whangarei’s average property property valueisdown2.6%($23,000)in thelastquarter to $887,000while Kaipara’s dropped 3.6% ($34,000)to$908,000overthe same period

How much do houses cost in Northland?

TheOneRoof-ValocityHouse ValueIndex tracks thevalue of everyresidential and lifestyle property in NewZealand -whether it is on themarketfor sale or not.

Thetables on theopposite page featurethe latest average property forevery suburb in the region Thevalue isanindicationofhow much atypical home in each suburb is worthand howmuchitmight sell forifitwas listed on theopenmarket.

Themediansaleprice,asusedbythe Real Estate InstituteofNew Zealand(REINZ), tells

youthe middlesaleprice of all theproperties that were sold during agiven time period.Both measures arevalid ways to gaugethe worthof your property TheREINZ median houseprice givesyou an idea of what buyersare payingfor listed propertiesinthe currentmarket.

AccordingtoREINZ, Northland’smedian saleprice in February 2023 was$715,000, down 8.3% year-on-year, but up 4.4% on the monthbefore.

Theregion’smediansaleprice peaked at $820,000 in March2022, accordingtoREINZ.

Most expensive andcheapest

Houseprices in Northlandinthe last 12 months rangedfromaslow as $135,000 for an entry-leveldo-upinNgawhaSprings, in FarNorth,toashighas$6.625m foraluxury home on Hector Lang Drive, in LangsBeach, Whangarei Theregion’smostexpensive location forpropertyisLangsBeach Therichlister suburb has an average property valueof $2.268m, down 4.1% ($96,000) year-on-year.

Thenext threemostexpensive suburbs in theregionare:Russell ($1.544m); Matapouri ($1.414m); andMangawhai Heads($1.377m).

Overall,there are23suburbs in theregion with 10 or more settledsales in thelast12 months that have an average property valueof more than $1m, down from 28 ayearago

Thecheapestsuburbs forpropertyin Northland areMoerewa,Otangarei and Kaikohe, in theFar North. Houses in all threecan be picked up forlessthan$400,000. Moerewa, in theFar North, has thelowest average property value, at $316,000, up 3.6% ($11,000) year-on-year. Theaverage property valueinOtangarei,inWhangarei,is$375,000, (down 13.4% year-on-year) whileKaikohe, in theFar North, has an average property value of $395,000 (up3.1% year-on-year).

Overall,there are49suburbs in theregion with 10 or more settledsales in thelast12 months that have an average property valueof lessthan$1m, up from 44 ayearago

Best and worst-performing suburbs

Of the73Northland suburbs with 10 or more settledsales in thelast12months, Rawene, in theFar North, recorded thestrongest yearon-yearproperty valuegrowth. Itsaverage property valuewas up 10.7% ($50,000) to $519,000.Property values in only 20 more suburbs were up on levels ayearago The suburb with thestrongest five-yeargrowth is Moerewa. Itsaverage property valuehas grown114.97% ($169,000) since March2018.

Northland’sbiggest year-on-yeardrop wasinTamaterau, Whangarei. Thesuburb’s average property valuefell17.7% ($236,000) in thelast12monthsto$1.099m. Thesuburb that has grownthe leastinthe last five years is Tutukaka, in Whangarei, though itsaverage property valueof$1.363m is still 28.9% ($306,000) abovewhere it wasinMarch 2018

Listings and sales

As of March20, 2023 therewere1976 residentialpropertiesfor sale in Northland on OneRoof.co.nz. Thereare twomeasuresof listings volumes that theanalysisbelow covers –total listings andnew listings.

Forbuyers andsellers, total listings shows youhow many properties thereare forsale, whilenew listings shows youhow much newstock has come onto themarket. Both numbersare an indicationofhow hotorcold

themarketis, andwhere thebalance of powersits.

Totallistingsfor Northland on OneRoof.co.nz in Marchwas up 1.39% month-on-monthand up 54.86% yearon-year. Newlistingsfor theregionin the30daystoMarch 20, 2023 totalled 446, down13.9% year-on-year. Theannualrate of declineinnew listings waswellbelow the worst-hit regions: Hawke’sBay (down33%) andGisborne(down 53%),and belowthe nationwide rate of declineof17.9%,but above the8.55% rate of declineinCanterbury.

ForsellersinNorthland,the year-onyear rise in total listings suggestsfurther downwardspressure on prices.However,the factthatnew listingsare down suggesttwo things. First,new sellers areholdingoff until themarketimproves. Second,the decrease in newstock couldend up limiting therateofthe region’s houseprice decline, by increasingthe competitionfor listed properties.

Separate figures from REINZ showhow long properties aretakingtosellinthe region In February 2023, themediandaystosellfor Northlandwas 85 days –up from 50 days in February 2022 andmore than the10-year average forFebruaryof62days.

Thenationwide figurefor February 2023 was 60 days (up 18 days year-on-year). Northland’s tallyisthe highest nationwide, with Bayof Plenty the next highest71daystosell

REINZ figures also show thenumberof residential properties sold in Northlandin February 2023 was 126, up from 74 themonth before but down from 189 in February 2022.

TheimpactofCyclone Gabrielle will continuedtobefeltinthe region,and it is likely houseprices andsales volumes will take knockinthe short term,althoughthe new motorway infrastructurewill bolster property values in thelongerterm.

Who’s buying?

First-homebuyersare thebiggest buyinggroup in Northland. Their shareofnew mortgage registrationsinthe firstquarter of 2023 was 35.9%, down from 43%inthe previousquarter butup from 33%inthe firstquarter of 2022. Newmortgage registrationsby first-home buyers in Auckland in the firstquarter of 2023 was46%,and nationwideitwas 22.6% Newmortgageregistrationsbyinvestorsinthe firstquarterof2022was26%,upfrom18%in thepreviousquarterbutdownfrom19%inthe firstquarterof2022.Newmortgageregistrations byinvestorsinnationwidewas22.6%.

An entry-leveldo-upinNgawha Springs, FarNorth, sold for$135,000in September Photo /Supplied

Findout about house price changes inNorthland beforeyou buyorsell

CHALLENGING THE MARKET

What vendors are sayingabout Hayley at Bayleys

"We needed top-notch marketing to have agood chance at getting SOLD in a challenging market. Hayley created aunique campaign tailored specifically to our property and the lifestyle it offered. She utilises her own photographer who really thinks outside the square and together they brought the marketing to life. We were over the moon to sell for asking price in the current market. That success undoubtedly rests on Hayleys shoulders and her consistent, professional effort throughout the duration of the campaign."

Lisa and Issac

Hayley at Bayleys

All acrossthe Bay of Islands

Hayley Hessell-Davies

021 0605599

Follow @hayleyatbayleys

hayley.hessell-davies@bayleys.co.nz

KERIKERI Increasing in sizeand bucking the downward trend

BY SANDYMHYRE

The 2018 Census putGreater Kerikeri’s populationat16,500. But amorerecent estimatebyFar North District Council demographers suggests the populationisupto20,000. It represents more than 26 percentofthe entire FarNorth district

Putanother way, it is six times the growth experiencedinKaitaia and100 times the growth in Kaikohe.InFebruarythis year the Government announced a56-lot development of amix betweenmedium and high-density housing betweenHallRoad, Ranui Avenue andMillLane whichwilladd afew more to the population.

According to the QV House PriceIndex issued in February this year,homevalues in the Kerikeri have managed to buck the downwardtrend felt around most of the rest of the country.Values herehaveincreased by an average of 3percent

Comparethat to otherNorthland districts such as Whangarei andKaipara wherevalues have fallen2.9 percentand 5.3 percent respectively

Themostaffordable suburb in the Far NorthisKaikohe with amedianhouse priceof $360,000 but the flipsideis, it is also reported as the fastest growing

According to One Roof,Kerikeriisthe most searched suburb not just in the FarNorth but in the whole of Northland. Yetitisalsothe most expensive. Thequarterlymedian house pricefor the three-month period November 2022–January2023 was $885,000. That’s higherthanthe Wellington region wherethe average value is $854,092.

Themajority of residential housing stock in Kerikeri is made up of approximately 77 percentresidential housing,20percent lifestyleproperties and twopercent investment housing That contrasts with Russellwhere an

estimated 70 percent of houses areowned by what’s known as the “swallows”, the overseas owners whoarrive forthe southern summer and leavetheir houseslockedupduring our winter.It’sthe reasonwhy rental housingisso scarce on the peninsula.

SimonHartfromBarfoot and Thompson Kerikeri,sayshis buyers over thepast year are evenly split betweenlocalsand out-of-towners whoare relocating to Kerikeri (28 percent each).

Of the locals it is evenly split again between 14 percent whoboughtsecondaryholiday homes and 14 percentwho were downsizing Anotherevensplitcomeswith out-of-towners whowerebuying holidayhomes and those whowereoverseas buyers, both at seven percent.

He says what attractsbuyers to Kerikeri is the climate and theyare lookingfor a cosmopolitan lifestyleyet somewhereaway from the city. It’s also considered abetter place

to raise afamilyand of the houses he sold over the past year the majority were within Kerikeri and surrounds.

Oneofhis out-of-townbuyers was Olivia Kennedy from Christchurch. She and her partner chose Kerikeri because herpartner’s whanau eitherlivethere or arefromthere They hadbeen looking foroverayear and theydid consider Christchurch.

“Pricesare notasexpensive there as they are in theBay of Islands,”she said.

“Itmakes it extremelyhardfor locals to purchase ahomeand my personalopinionis that it is fareasierand moreaffordabletolive in Christchurch.”

The upsideofpurchasing in Kerikeri,she says,isthat theycan have familyand friends over and she and herpartner can finallyhave their ownspace.The downsides arethat she thinks the roads area lot harder onthe car than down south and thenthereisthe rubbish collection system.

OneRoof.co.nz Property

HaydenClarke BRANCHMANAGER BARFOOT &THOMPSON KERIKERI

2022showedsteadilydecreasingsales volumesandmedianhouse prices culminatinginthe extremelow of only 7residentialand ruralsalesin Decemberfor Kerikeri andthenine surrounding suburbs.2023 on the otherhandhas been abitof arollercoaster with surges of activity resulting in multioffersandstronginterestinterspersed with reportsofempty open homesandfrustratinglackofinterest. If we averageitout,sales numbers were very lowinJanuary and February. However, there seems to be asurge in contractsbeing writteninMarch thatwillresultinincreasedsales for Marchand April(once numbers arefinalised). Withtheslowing of the marketin2022manybuyers were localas Aucklanders andthe rest of the country struggledwithsellingtheir properties. Morerecently in January and Februaryflood afterflood and road closuresseemed to continue to keep peopleatbay. March, however, hasseenanincrease ofenquiry and viewings from nonlocal buyers.

“It’stime for the FarNorth District Council to upgradetheir rubbishand recyclables collection.

“Itseems ridiculous to stillhavetopurchase rubbishbagsina ruralareaand tiny recyclebins youhavetopurchasetagsfor.

“Theareaneedsanupdateontheirinfrastructureasthe town has grownso fast,”shesaid.

Havingsaidthat,however, shecanseeherselflivingin Kerikeri for along time.

One of themaindrivers inhouse pricesurgesandthestrength of the marketin2020and2021was asignificantlackoflistingsinKerikeri. For 2022andearly 2023monthlylisting numbers remainedslowbut the cumulativeeffect of lowsales numbers hasseenthe totalstocknumbers in Kerikeri and surroundingareas graduallyincreasefrom itslowinAugust 2021(height of themarket) to 350nowandsteadilyclimbing with asurge of newlistingsevidentinthemonth of March. To keep itin perspective thisisstilllower thanthe preCovidstock numbers that typicallysatabove 400listings. Whoknows whatthe Kerikeri markethasinstorebut while itis alongway offthe2021market,thesignsinlistingandsalesactivity in thepastmonthmakeusquietlyoptimistic for the rest of 2023.

■ Above:Simon Hart,Barfoot &Thompson Kerikeri,haslisted262b WaimateNorth Road forsale

Right: Simon Hart from Barfoot&Thompson, Kerikeri

ALTOGETHER DELIVERING RESULTS

Iwanted to sharemyexperienceworking with OneRoof

From the very beginning, the team at OneRoof wasprofessional, knowledgeable,and dedicatedto helping me achieve my goal. They took the time to understand my listing and target audienceand came up with acustomized marketing plan thatwould create moreinterestinthe property Theresults have been amazing! Sincelistingwith OneRoof,wehaveseen ahuge increase in the number of enquiries formylisting. Theirexpertise in digital marketing and advertising has been instrumental.

Ihighly recommend OneRoof as adedicatedreal estate tool foranyone looking fora top-notch marketing partner.Their team is committed to delivering resultsand providing exceptional serviceevery step of the way.

Craig de Goldi 027287 7544 |craig.degoldi@bayleys.co.nz

MACKYS

Broadwood 35 TakahueSaddle Road

Tender (will not be sold prior) Closing 3pm,Fri 14 Apr2023 62 Kerikeri Road, Kerikeri Phonefor viewing times Craig De Goldi 027 2877544 craig.degoldi@bayleys.co.nz

MACKYS

Rareopportunity

Welcome to BroadwoodChurch, themost impressive and historicallysignificant property in town. This stunningstructure has captured the hearts of thecommunity and is now available for the first time inthe real estate market. Don't miss thisrareopportunity to acquire apropertywith such charm anda richhistory. The Churchhas been immaculately maintained,preserving much of itsoriginal character from yesteryear.This property boasts beautiful cathedralceilings, solidtimberflooring,and historic windows that add atouch of elegance and charm. The building provides an adaptive and large-scale living area that canbecustomizedtofit your unique needs and preferences. bayleys.co.nz/1003437

The Far North Market

No bills, no grind, no debt: Off-grid homes in NZ’s hidden beauty spots

Diana Clement

Tom Rutherford MANAGING DIRECTOR / BUSINESS OWNER HARCOURTS KERIKERI

In the washing machine of media noise and economic change it is challenging for anyone to forecast what may happen in property market moving forward. There are several talented individuals and organisations who are doing their best to predict, and while many see confusion most agree that property is their biggest asset so it’s nice to know what is happening with values. Firstly, what happens in other regions doesn’t always truly reflect on the Far north, an exception to this could be, that you are currently on the market to sell and you have a conditional offer on your property and the party looking at buying needs to sell their home in Auckland to make the deal work for example.

The far north is a large and diverse region geography, socially and financially. It is proudly the birthplace of NZ, has strong claims to history and has its own set of unique factors which make it different to Auckland and other centres. The Far north has held its own and while we have seen some

pricing fluctuations it needs to be remembered, what point are people taking that pries have reduced. If you take it over a few months maybe but go out further in a timeline and most are still in a positive zone.

The facts are across the Far north for residential property the current median sale price is $730,000, one year ago it was $660,000, three years ago it was $470,000 and five years ago it was $400,000. If you have owned a property in the Far north for 5 or more years, you have seen an increase in the median value of over 80%. There is an old phase known to many… if you buy and sell in the same market what the prices are doing has little impact.

One thing that cannot be influenced is market price, your property is only worth what the market will pay, if the price level of your property is not where you want, and you don’t want to spend any money, then the only factor you have is time.

Covid has definitely led to increased interest in off-grid homes, says Joel Vieviorka, of Haze Real Estate.

Whenever an off-grid listing comes up for sale in his patch in the Far North, he’s inundated by enquiries, from locals sick of power cuts and Aucklanders keen to escape the rat race and live off the land.

Vieviorka lives off-grid himself, so he understands the appeal, and recent advances in technology have made the lifestyle more accessible for mainstream buyers. “I have a friend on a farm, and it was going to cost a lot to run the [power] cable all the way in. It was much more effective for him to install a solar system,” he says.

Vieviorka has an off-grid cottage for sale at 6115 State Highway 1, near Kaitaia, in the Far North, at $459,000.

The 6.2ha block of manuka, kanuka, and native bush has beehives, and the honey they produce pays the council rates. A grass area at the bottom of

the property could be resurrected for grazing, Vieviorka says. It is a 16-minute drive from Kaitaia for shopping and schooling, yet fully off the grid.

The current owner originally lived on it in a caravan, before building the cottage, which is in need of completion. He has reached a stage in life, however, where he needs a lifestyle with less work and plans to move onto his sister’s property.

An added bonus is a popular swimming hole immediately across the road from the property.

Vieviorka says: “This [property] has got slightly better infrastructure than most. It has a solar system, a flush toilet and a fireplace with a wet back. It also has a gas hot water cylinder, so two forms of hot water.”

He adds: “There are more people wanting to get off grid because power can be unreliable at times here. We have a lot of power cuts.”

The Far North region of New Zealand covers the northernmost part of the North Island and includes popular tourist destinations such as the Bay of Islands, Doubtless Bay, the Hokianga and Cape Reinga. The region’s property market is diverse, with a range of properties available including holiday homes, residential properties, lifestyle blocks, traditional farming and horticultural properties.

The Far North property market is driven by local and regional buyers, due to a number of factors; its natural beauty, tourism industry, and increasing interest from buyers seeking a more relaxed lifestyle away from the bigger cities.

The region is particularly popular with retirees that has seen increased construction of new retirement villages, families looking for a change of pace and Expats looking for a special slice of New Zealand.

Property prices in the Far North can vary greatly

depending on the location and type of property. In general, prices are lower than in the major cities such as Auckland, Tauranga, Hamilton and Wellington, making it an attractive option for those seeking more affordable housing along with the lifestyle the region is famous for. Some areas such as the Bay of Islands and Doubtless Bay command strong prices due to their location, views and access to the water.

The rental market in the Far North is strong, particularly in the popular tourist areas like Paihia and Russell, where holiday homes and short-term rentals are sought after. Longterm rental properties are also sought after, particularly in the larger towns like Kerikeri.

Overall, the Far North property market offers a range of opportunities for both buyers and investors. With its stunning natural scenery, strong tourism industry, and relaxed lifestyle, it’s no surprise that the region is becoming increasingly popular as a place to live, work, and invest.

Dickie Burman BAY OF ISLANDS SALES LEADER, BAYLEYS NORTHLAND

How to pull the plug and live the eco-dream for less than half-a-million dollars.

This two-bedroom home sits on 6.2ha at 6115 State Highway 1, in Kaitaia, Far North. It has a price tag of $459,000. Photo / Supplied

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Kerikeri resorthomesellsinthe middleofcyclonechaosfor$2.3m

Retireesfrom Auckland sawitonthe Saturday, andboughtit four days later.

NikkiPreston

AnorthAuckland coupleset eyes on their resort-style dream homeonSaturday and were thenewowners fourdays later even when the region wasleft withoutany phoneorinternet communicationshours beforethey were duetobidatauction.

Theunique Mediterranean-inspired property on Daroux DriveinKerikeri was aperfect match for the retired couple whohadalreadysoldtheir homebeforemakinga pre-auction offerof$2.3millionfor the property–well aboveits RV of $1.595m.

Bayleys listing agent Sheree Robinsonsaidtheoctagon-shaped property designed by well-known innovativeandcreativearchitectIan Burrow wasalwaysgoing to be an emotionalpurchase duetoits absolute uniquenessandhadbeendifficult to puta priceonfor that reason.

“It’sa realstunning Mediterraneaninspired home. Youwalkintothe atriumandthere’s waterfeatures, there’s littlecurvedwindowsthat give youtheimpressionthat youare walkingthrougha Mediterranean village. It’s beautiful.”

Theoutsideareawasequally impressive,shesaid,withtheowners transforming whatwasessentiallya paddockwhentheyboughtitin2016 intoatranquil garden with amanmadelakeand4000 tropicaland native trees.

“Itwas ahugeproject forthe owners anditwasalldonefromscratch.”

Thepropertyincludeda Japanese garden whichstruck aspecial chord withthe buyerwhowas akeen landscapegardener andhadspenttime overseascreatingthem.

Robinsonsaidtheoriginal owners hadspenta lotoftimecreatingthe showcasehomeandshe couldn’t have found amoresuitablebuyerfor it.

“The propertywas perfectfor them –I’m justso glad theysaw it becauseit was absolutelyperfect forthem.

“Theyare very excited and Iknow theywilllookafter it.”

Thebuyers were aretired couple whohad beenlookingfor awhile. They made the pre-auctionofferatthe weekendinthe hope of securingitand oncethe offer wasaccepted the auction was broughtforward.

However, Robinsonsaidtheauction nearly didn’t happenafter Kerikeri lost communicationonWednesday.

“The whole of Kerikeri wasout–no phonereception andnointernetwhich was abitscary.”

Withthe Bayleys auctioneerunable to fly up to attendtheauctionand no wayoflivestreamingthe auctiondue to nointernet,they managed to findan auctioneer in Whangarei whodrove up to Kerikeri to runit.

“Hewas agodsend.”

Robinsonsaidthepeoplewho madethe pre-auction offerand were the onlybidders hadalsolostinternet connectionat theirnorthAuckland home duetostorm damage, butwere able to listen to theauction viathe

phone.

“Luckilyitall went to planinthe end, butitwas abitintense.”

Aluxuryfour-bedroom,twobathroomproperty, with asimilar price rangetotheDaroux Driveproperty, on 21 AdamsonRoadisfor salein Taipa, FarNorth.

Robinsonsaiditwasanother stunninghome.

1.5%

ABOUTTHE TABLES

THEONEROOF-VALOCITYHOUSE VALUEINDEX tracks theaverage valueofNew Zealand residential andlifestyle properties at asuburb,territorial authority, regional andnationwidelevel. Theindex is designedtobeabletoestimatedollarvalues, movements, andindexation. Theindex is designedtobeabletouse arangeofsources ofproperty andsales data,ensuring that estimates provided areabletotakeintoaccountthemost recent information. Theresults arebased ona composite of statisticalmodels andare fullystratified. The figuresin thetablebelowcover every Northlandsuburb over the12-monthperiod endingonMarch 31,2023,with data from the OneRoof-ValocityHouse ValueIndex taken on March20,2023.

ONEROOF HOUSING MARKET UPDATE

APRIL 2023

AVERAGEPROPERTYVALUE

SALES

TOTAL LISTINGS

NEWLISTINGS

BEST-PERFORMING SUBURBS YEAR-ON-YEAR CHANGE

MOST EXPENSIVE SUBURBS YEAR-ON-YEAR CHANGE

WORST-PERFORMING SUBURBS YEAR-ON-YEAR CHANGE

CHEAPESTSUBURBS YEAR-ON-YEAR CHANGE

TheNew Zealand Market

SLOWDOWN SLOWDOWN IN MARKET CORRECTION

The houseprice slumpcould be comingtoanend in theSouth Island,new OneRoofdatashows. TherateofdeclineinCanterbury, thecountry’s second-biggest housingmarket, has slowed considerably in thelastthree months,withthe region’s average property valuedownjust0.3% quarter-on-quarter

And quarterlygrowthinWestCoast, Nelson andOtago waseitherpositive or unchanged, accordingthe latest figures from theOneRoof-ValocityHouse ValueIndex

Whilepropertyvalues in much of the NorthIslandare still deeply challenged, with quarterlydeclines of almost 4% in Auckland andWellington, theturnaroundin Canterbury’sfortuneswill be awelcome sign forhomeowners.

Theregion’saverage property valueof $755,000 is only 2.7%($21,000) belowwhere it wasayearago and 5.45% ($43,000) belowits valuepeak of $798,531 in June last year West Coast isthe only region wherehouse prices areup year-on-year. Itsaverage property valueof$423,000 is 7.4% ($29,000) above April2022 levels

Thenationwide average property value wasdown11.5% ($69,000) year-on-year to $971,000, whileAuckland’saverage property valuetumbled 14.9% ($232,000) to $1.33 millionand Wellington’s fell 22.7% ($258,000) to $881,000.

JamesWilson, head of valuations at OneRoof’sdatapartner,Valocity, said that whilethe figures indicated thatCanterbury’s houseprice slumpwas nearing anend, they also shouldbetreated with caution.

“TheslowdowninCanterbury’svalue declineinthe last quarterpointstoa much shallower slumpinthe region compared to what’s happening in Auckland andWellington. Certainly, anecdotal evidence from theauction floors in Christchurch points to renewed confidence amongbuyer groups.

“Sales have also pickedupbut they arestill belowvolumes recorded at thestart of 2022, anddaystosellinthe region is well abovethe 10-yearaverage.Risinginterestrates remain a worryand thebanking crisis in theUSand in Europe mayleadtofurther destabilisation in NewZealand.”

Impact of Cyclone Gabrielle

Wilson said theoutlook for thewider housing market wasuncertain. “Weare still in the dark as to thefull impact of theextreme weathereventsofJanuary andFebruary, but activity in Gisborne andHawke’s Bayislikely to be depressed in thecomingmonths. The

average property valuein53ofthe country’s 72 territorial localauthorities is down yearon-year, andvalues in 11 TLAs,including Wellington City andAucklandCity, arebelow wheretheyweretwo yearsago

“Atasuburb level, some of theyear-on-year valuelossesexceed half amilliondollars.”

Of the1145New Zealandsuburbs with 10 or more settledsales in thelast 12 months, just 188 recorded year-on-yearproperty value growth Thestrongest growth wasinOhai, Southland. Itsaverage property valuewas up 18.7% ($28,000) to $178,000. Forlong-time homeowners,the suburb with thestrongest five-yeargrowthwas Ongaonga, in Central Hawke’sBay.Its averageproperty valuehas grown185.1% March2018.

Thebigge Valley,Welli property va last 12 mont has grownt Newmarket, on thefringe property va ($4000) abov NewZea property is fringes. Thes lifestyle bloc Nick Mowb has an aver 6% ($216,000 With an $251,000, th Grey,WestC Overall,t more settle have anave $1m, down

Extreme highs and lows

OneRoofeditorOwenVaughan said unease in thewider economyand thedevastation caused by CycloneGabrielle hadput adentinthe volume of newstock comingontothe market.

“Total listings forNew Zealandon OneRoof.co.nz in Marchwereup2.23% month-on-month andup23.26% year-onyear,but newlistingsnationwide were down 17.09% year-on-year. Theworst-hitregions fornew listings were Hawke’sBay,down33% year-on-year, andGisborne, down 53%. New listings forAucklandfell23.59% year-on-year whilethe declineinCanterburywas just 8.55% but28.23% in Wellington

“For sellers, theyear-on-yearriseintotal listings will put furtherdownwards pressure on prices. However, thefactthatnew listings aredownsuggeststwo things. First,new sellersare holdingoff until themarket improves. Second,the decrease in newstock couldend up limiting therateofthe house price decline, by increasingthe competition forlistedproperties.

Vaughanaddedthatthe last threeyears had conditionedKiwis to expectextreme highs andlowsinthe housingmarket, amind-set that couldhamperperceptionsoffuture growth,whenithappens.“he last threeyears were notnormal. It wasn’t normal to see sales of $2m-plusinOtahuhuand Otara, in South Auckland,and it isn’tnormaltosee price dropsofaround$1m in thosesamesuburbs. When prices do pick up thepercentage changeswon’t be huge,and that will be frustrating for some. ”

WayneShum, seniorresearchanalyst at Valocity,saidmortgageregistration figures showedthatthe post-holiday drop-off in Januarythisyearwas more severe than in 2021 and2022. “Thereisanexpectation that values will continue to fall this year,hence buyers are cautious This wasfurther exacerbated by the weatherevents, whichdelayed marketing and settlementactivities andhas therefore affected mortgage registrations, whichreached anew two-yearlow

“Nationally, therewas aslight recovery of first-home buyers from 40.5%to41.3%, howeverinvestors aredownfrom 24.5% to 23.6%ashigherinterestrates have made it more difficultfor purchases to be cash neutral.

Shum said therewas still mortgage hurt to come forborrowers whoare still sitting on ratesat3%and lower. “While reduced property prices means alower depositis required,higherinterestrates mean higher repayments. Forinvestors,thismay mean negative cash-flow andserviceability concerns.”

House price declinehas significantlyslowed in country’s second biggest housing market

Mangawhai

KayeMcElwain RAYWHITE MANGAWHAI

Mangawhai, Mangawhai Heads andnowthe burgeoning MangawhaiCentralare allreferred loosely to as Mangawhai. Recent trendsshowsteady populationgrowthwiththe percentageof permanent residentsincreasing, versusthe traditionalholidayhome/Kiwibachowners.

Mangawhai Central, beingthelargest coastal developmentinNZ, bodes well for continuedmigrationnorthintothearea. The flow-oneffect of MangawhaiCentralisone factorbalancingthenational propertymarket slowdown, with demand for rentalsand homestoown inthearea. Recent additions of aNew Worldsupermarketand Bunnings hardwarestorereflectthe popularitygrowthin this coastalholidayspot withits pristine white beaches andestuarineharbourwaterways.

Recent weathereventshave highlighted howtenuousaccessnorthandsouthcanbe, withtheissue ofdeferredroadmaintenance compoundingincidents during andfollowing the extremeweatherevents.Thisfact is however, no different to the manyaffected areasthroughoutNew Zealand.Despite thesensitivitytopropertieslocated within

JohnDuder SALESMANAGER, PGG WRIGHTSONREAL ESTATE,NORTHLAND

50–100-yearflood plainsandotherlow lying coastalareas, buyers continue to seek to own property withinsoughtafter locations. The love affair with propertycontinues.

Once synonymous with surf breaks,the areaisnowbecomingknown forgolf,locally and on thenationalandinternationalstage. Thecompletion of Tara Itiprivatemembers golfcourseand Te AraiLinks public golf course,andthe constructionofa thirdcoastal golf course on theMangawhai, Kaipara boundaryatTeAraihashadmanypositives for Mangawhaiandoutlyinghamlets. These entitiesarenow thelargest employerfor the area with golfing, hospitality, accommodation and constructionemployeesand contractors. Theramificationsare,demandfrompeople newtothe area for rental propertiesand homes to own.

Theabove factors have contributed towards Mangawhaiweatheringbetter thansome otherregions,thecurrent downwards pressure on sale prices.Themedian saleprice (as reported byrealestate.co.nz) for Mangawhai sitsat$1,240,000,and for Mangawhai Headsat $1,114,703. It’s businessasusual in Mangawhai with buyerdemandsteady,

Kaipararuralproperty–reboundingfromthecyclone

Kaiparatookahitfrom Gabrielle,sincethenthelocal farming community hasb at work on the recovery.

Severalcow winteringshelterssu damage, whileelsewhere kumarac lost. In the meantimetheshelters cleaned up,and wherekumara cr through, growerswillbenefit duetot resultingshortage. Otherwisemost damagewas to trees.Apartfromc the recovery missionisfocused on everyoneis workinghard to bringth back to normal.

ForKaipararural propertythecy causeda blip,which the market should recover from reasonablypromptl agriculturaldistrict renowned forg farms,interspersed withlongestablished marketgardens. We have awider property available for sale,from first farms to highinput largescale units. Sittinginthe middle of that range, consistentlyproducing between130,000 and137,600 kilograms of milksolids perannum, a186hectare410 cow Dargavillefarmgoes to auction inlateApril, andshould provideasteadygaugeofthe postcyclonemarket’senthusiasm.

Although the after-effects of Gabrielle will influence sentimentaround Kaipara ruralpropertyfor severalmonths, afew

we arefielding good inquiryatpresentand enthusiasm forlocal rural propertyissolid, bothindairyandsheepandbeef.

Meanwhile Kaiparalifestylepropertyis also well soughtafter:closeenoughtothe citywhere afew hectares, good clean country airandplentyofspacetoliveyourdreams is withinscope. Thanks to contemporary technology, this classickiwilifestylecanbe achievedalongsidewhatwould previously have beenanurban career.

albeitlessthantheheadyCovid time. Current marketconditionsarefavourable forbuyers with agreater choice of property listingsand less competition.For sellers,theincrease insale prices over thepast10 yearsensures thatthere isstillsoundcapital growth to be realized in asale.

Mangawhaihas alot to offerwithits coastal

holidayvibeaswellasgrowinginfrastructure andamenitiescatering foramorepermanent population.Located withineasy reachof thevast Aucklandmarketassists continued growthand popularity. If contemplatingthe move,don’t wait toolong–there arestill some affordablepurchases to be made inthispiece of Kiwi paradise.

Bayleys NorthlandRural ReviewMarch2023

The Indian summer rollson, andso do thefarmsales. At the time of writingthis,weare inthe midst of some perfectlytimedtropical rain. Happydays! In the pastmonth,the teamat Bayleyshavesold orchards,dairyunits, beeffarms,andlifestyleproperties witha number more under contract.Asalways,autumnhas proved to be aperiodofstrongsales andheightenedactivity. Althoughanencouraging numberoffarmsaleshave beenachieved,itisalso apparentthat buyersfor allclasses of rurallandare spurning overpriced land andpropertiesthatare notgenuinelymarketedfor sale. Indeed,weare witnessingthestartofa changeintheseasonanda corresponding changeinthe propertymarket. The teamat Bayleys relish achangingmarket;it isin these timesthatthe topagentsand companiesdifferentiatethemselvesfromthe pack!Itisa proven opportunityfor our well-trainedand professionalcareerrealestateagentstomakea difference. More than ever before,thebestagents’ marketingand negotiationskills becomepivotaltoa sale’s conclusion.

Tony Grindle GENERALMANAGER, BAYLEYSNORTHLAND

Bayleys areexcited to announce thatPaul Sumich has joined the Mid North Bayleys Commercial team

Tony Grindle –Bayleys Director,isexcited by the opportunity “Paul is an experiencedreal estate agent thatisfocused on results, relationships and service, being familiar with hardwork and clevermarketing Paul will bring an exciting edgetothe Whangarei Market”.

Being local, being connectedand determinedtobeall over Whangarei Commercial, Paul has aclear plan thatwill see his vendors and clients benefit from the strength and breadth of the Bayleys NewZealand commercialbusiness

Leveraging the relationships within NewZealand’s largest commercial and industrial real estate agencywill realise both premiums and opportunities forinvestors, vendorsand clients alike.

Leasing, marketing,selling and advising, the suiteoftools available through Bayleys NewZealand can be accessed by having acoffee with Paul.

There’salot going on, knowing thatsomeoneisworking with youand has your interests coveredacrossall aspects of the deal is important.

Paul Sumich

021606 460 paul.sumich@bayleys.co.nz

PiwaiwakaWay –Tutukaka

Greatcommunicator

Irecentlymovedintotheareasohadbeenlookingfor aproperty forsometime. IhadmetShelley anumberoftimesandwhen Ifoundthepropertywasherlisting Iwaspleased.Shelley isa greatcommunicator(plusalotoffun!)andveryefficientinallthe dealings.She respondedtoquestionspromptlyandwentoutof herwaytofindoutfurtherinformation Iaskedfor.Iwouldhighly recommendherfrom apurchasersorvendorspointofview.

110SandyBayFarms –SandyBay

SaleofourpropertyatSandyBay

Shelleywas recommended .Fromtheveryfirstphonecall Shelleymadethingshappen.Shedeliveredonwhatsheundertookto marketourproperty.Nothingwastoomuchtroubleandshekeptusinformed throughouttheentiresaleprocess. Shelleywas apleasuretodealwithand Iwould recommendhertoanyonewishingtohave apersonalisedefficient experiencesellingtheirproperty.

SandyBay Purchaser

Shelleywasconsistentwithhermanner,communicationstyleand responsivenessthroughouttheprocess. We foundherstyletobethatofa facilitatorbetweenvendorandpotentialbuyer,wherebyshemadeeverything availablethatweneeded,includinghertimeandallofour requestsfor informationanddocumentationwereactedonquicklywithnofuss.Our viewingtimewastightaswewereleavingthecountryquitesoon.Shelley neverputusunderpressuretomakeadecision,andallowedustoviewthe propertyatourleisurewithoutinterruption,whilestillbeingavailableifneeded.

280 Tutukaka Block Road –Tutukaka

Funandfriendlyagentwithhonestcommunication!

Shelleywasgreattoworkwithinthepurchaseofournew beachproperty.Throughouttheprocessshekeptintouch andupdateduswithprogress.Sheprovidedexcellent communicationbetweenourselvesandthevendors.Shelley wasdown-to-earthandobliging,makingeverythingsuper easy.Weare veryexcitedaboutbecoming'Coasties'!

Our experiencewithShelleyhasbeenabsolutely positiveinallaspects.

Shelleyis aprofessionalRealEstateAgentinthefull meaningofthephrase.Shegaveus afantasticselling experienceanddidallshecouldtogetthebestdeal.

IwouldnothesitatetouseShelleyagainor recommend herto others.

Seven reasonswhyfirsthome buyersarebackinthemarket

Fearsofshockinglyhigherinterest ratesarerapidly disappearing.

Tony Alexander ECONOMIST &ONEROOFCOLUMNIST

ANALYSIS: In the financial marketsrecentlythe focus hasbeenon stronger than expected jobsfiguresin the United States –asdiscussedhere last week.Thosefiguressuggestthat inflationisn’t going to headback to 2%as quicklyashoped, andhas fedthroughintoasizeable jumpin borrowing costs for NZbanksthis week.

We have probablyseenthe peaks for fixed ratesoftwo yearsand beyondthis cycle. Butnooneshould expect the declinein ratesfromheretobeeither swift or in astraightline. We could easilysee somesmallrisesarounda declining trendfor thenext couple of years. Thereisa lotwedon’t knowabout inflationthesedays andthelinks between growthand pricing pressures aredifficulttopin down.Thisis ac fo of Fro aroundthe al ex is lowsin 2020 de

around.Onedaytheywillprobably switch back in the otherdirection,but we have no wayofknowing when that will happenandit will probably takea few years.

Forthe NewZealandhousing market,the generaldirection interest ratesare nowmovinginis positive, butthe supportaffordedtoturnover and pricesis going to takesometime to showthrough. Imakethis comment even thoughthereweresomestrong resultsfrom my most recentsurvey of mortgagebrokers aroundthecountry undertaken withmortgages.co.nz

Each monthsince June2020 Ihave asked brokers to give me theirinsights intobanklending policy changesand themarketpresenceofbothfirsthome buyers andinvestors.Wecaneasily tracktheboominlendingand buyer demandduringthepandemic,the impactofthe March2021tax changes

advice.Thatfell away to anet13% seeingfewer come January. Butnow, or more accuratelyjustlast week,a net30%have reported theyare once againhavingmore young peoplewalk throughtheir doors. Whyare theyoung buyers returning? Formanyreasons.First,bankshave

step away from thecreditcrunchwhich the ReserveBankandgovernment imposedlatein2021.

Fourth,thestockofpropertyto choosefrom isthehighestsincelate2015.Fifth, competition atauctionsand open homesfrom other buyers including investors isminimal. Sixth,houseprices

sohightheabilityofmanypeople to meet lending rulesandfunda housepurchaseisstillpoor. So,we arenot going to seea rush ofbuyers. Plus, we have beenherebeforeand theimprovingscenewassmashedby October18’shigherthan expected inflation.

Independenteconomist TonyAlexander: “The push tobuyratherthanstayrentinggrowsaseachmonthgoes by.”

Photo /Supplied

KAMO asuburbforall reasonsandseasons

There’saKamoRivernear KyotoinJapan.Thenamemeans

in Russiaand aKamoin ArmeniaandAzerbaijan.

BYSANDYMHYRE

Thename comesfrom aMaori verbmeaning “toblink”orthenounmeaning “eyelid” but hasalsobeen said to mean“tobubbleup” referring to hotspringsinthearea,inthe volcanicdomeofMount Parakiore.

Onthe other hand,there is aproposal withthe New ZealandGeographic Board to changethename to Te Kamo which,itsaid,wasthename of aprominentRangatiraand Tupunain thearea.

In anyevent,according to Bruce Maughamfrom Barfootand ThompsonWhangarei, Kamois one of themostdesirableareas to buy property in Whangareiand he says there areseveral good reasons for the

attraction.

“Itisthelargestsuburbin Whangareiand hasagoodreputation forschools,facilitieslikesportsclubs and parks andithas avillagefeeltoit with awidevariety of homes.”

He saysbuyers arelookingthere becausetheywant to be close to family, to be nearschoolsandinschool zones andbecauseithas arange of properties on offerwhich include rurallifestyle properties,familyhomes, rental propertiesandunits.

He has buyers from alloverNew Zealand coming to viewpropertyplus those whohaverecentlyacquired their NewZealand Residency.

“Weget alot ofenquiriesfrom buyers whoare movingup to work at Northland Hospitaland we getbuyer referralsfrom BarfootandThompson officesin Auckland,”hesaid.

Althoughhouse priceshave softened throughoutWhangareiinthepastsix months or so,there areveryfewfirsthome buyers lookinginKamo.With interest ratesincreasingandhouse affordabilitydecreasingit’s hardfor thesebuyers to makea startinKamoso theyare lookingelsewhere.

He getslocal people whoare downsizing or upsizing to Kamo. They might be middleaged or older, maybe retiringfrom rural or lifestyle

■ Kim Rudolph,newtoWhangareiandshebought ahouse in Kamo.

Source:OneRoofdashboard/February2023

propertiesandmoving to be close to family. Theyare alsolooking forasafe area to move into.

Whatisholding price in Whangarei generally arelifestyleblockswitha good-sized shed. People buyingthese propertiesaremostlyfarmers whohave soldandarenot quiteready to takethe leap to move intotown, to asuburb.

Arguably typicalofbuyers coming to Whangarei and,more specifically, Kamo,isKim Rudolphwhoarrived from Auckland viathe Hokianga. Herparentsmovedtothe Hokianga permanentlyfromAucklandandshe

stayedwiththemfor sevenmonths after leaving Auckland.She wouldn’t contemplategoingback to Auckland andcame to Whangarei withthe intentionof working.

She considered buyinginother Whangareiareas such as Regent, Kensington,Maunuand Parahaki,the areasshethought were thenicest. But, sheliked the Kamohousethe best.

“Iwanted athree-to-four-bedroom home,ithadtobesinglestorey anda house with characterona flatsitewith anicegardenandlandscaping.

Shespenttwo monthssearching

online.Oncesheseriouslystarted lookingshe boughtthethirdhouseshe looked at over aweekend.

“Thehouse Iboughtis greatand Ireallyliked theareaandthestreets surroundingandit’s abonus to have good localshops.”

Whatshemight consider is retiring, oneday,toKerikeributfor the

Mike Wooding He KnowsProperty

Tait Real Estate areproudto welcomeMike Wooding

Mikeoffers awealthoflocalbuilding andpropertyknowledge,alongwith hiskeendrivetoseeothersachieve theirpropertyaspirations.

Throughouthiscareer;morethan40years inthebuildingindustry,a licensedbuilding practitioner,manyyearsself-employed, buildingandsellingspechomesand contractingas aconstructionmanager –the joyand rewardwasalwaysabouthanding overthekeysandseeingtheclientsface lightupwhentheycanmoveintotheirnew home.Thisiswherehispassionfor real estatewasignited.

MikewasraisedinWhangareiand enjoyedfamilyholidaysonthe Tutukaka Coast,hasalwaysbeen asuccessful sportsmanfrom ayoungageandnow spendshistimeoffrechargingonthegolf course,outonthewaterorkeepingfitat thegym.

Charismaticand aget-things-donekind ofguy,hehasaneasy-goingnatureand relatestoallwalksoflife. With apersonable manner,naturallyconscientious,with excellenttimemanagementandsolutions basedcriticalthinking,heiscalmunder pressure,whilealwaysusinggoodhumour andgenuine respect.

Supportedbyhispartner Tania,also alicensedsalesperson,sheishighly motivatedwith aloveforsystemsand processes.Herinfectiousenergy,attention todetailandstrongorganisationskills ensureeveryclientandpropertygetthe highestlevelofservice -togethertheyare theteamyouwillalwayswantonyourside!

Aprofessionalcombinationof strongethics,theybuildstrongtrusted relationshipsusingtheirlevel-headed approach,takingeverythingintheirstride throughoutnegotiations,withthestamina

toclosethemostcomplexofsales.They bothunderstandthatsellingorbuying propertyis amassiveinvestmentand ahugemilestoneinone’slife,theywill walkbesideyouinthisjourneywithopen communicationandcompletetransparency, shaping asmoothprocesswiththemost successful results.

Withyourlocalmarketexperts

MikeBeazley BUSINESSOWNER HARCOURTSWHANGAREI

The realestateenvironmentiscurrently experiencing areset phase, whichallowsthe market to getbacktoevenkeel after severalyearsofveryrobust,franticactivity.The property market iscyclical;it’s constantlychangingandit’s easy to getcaughtupinthe media’s portrayalofthe conditions.

Despitethis,the mostimportantaspecttoconsider whenbuying or sellingis one’sindividual situationandcircumstance. Whetherthe goalisthatinitialstep onto the propertyladder, aforever home,aninvestment opportunity,ora relocation,the keyistoput thisintoperspective whendecision making.Current conditionsareinsignificant when youare buyingandsellinginthe samemarket. Northland’spropertymarketwassignificantlyimpactedby Cyclone Gabrielle duringthemonth of February.Thepositivenewsisthatalthoughnew listingsdipped slightly, inventorylevels arenow showing areturntostandardlevels after afew yearsat historically lowlevels.This meansmore choice forbuyers,especially first-home buyers, andin turn, vendorsmustadjusttheir expectations to meet themarket.

In Northland,the median house pricefor February decreasedby8.3% annually to $715,000,and themediandays to sellincreased to 85days,thehighestit’sbeensince February 2013.Thesestats highlighttheimportance of sound, well-crafted marketingcampaignsthatplace vendorsinthebest possible positiontoreach everybuyerinthe market,aswellashavingasalesperson on sidewith strongnegotiatingskills to ensure nostone, or potentialdeal,isleftunturned.

As we look to thefuture, weexpect mortgage rateswillslowlydecrease,and moreimportantly when purchasing property, fixedborrowing rateswillalsosoften,havingpeakedinJanuary.With increasesinnetmigration andwages comesmoredemand for housingand moresecurityfor lending.

RachaelDennis RESIDENTIALSALES LEADER,BAYLEYS WHANGAREI

Februarysaw aquietermarketthan we would typically experience at thistime of the year,withthe impactofcycloneGabrielle reflected inthemediandays on the market.Though,withanincreasein salesintheWhangarei region -from45inJanuary 2023to74 in February 2023- this reflectstheactivity we seeatBayleys, with buyers activelyengaginginnegotiationsandattending open homes.

With11 people on averagethrough ourfirst open homes, we have achievedsomeexcellent outcomes forour clients,allowingthemtomoveon with the next phase of theirlives.Our detailed printanddigitalcampaigns ensure optimumexposurefor ourlistings, reaching potentialbuyers quickly andacross multipleplatforms.

Our client’s marketinginvestmentis reflectedin the success of recent sales.611 Crane Road,Kauri, received athree-waymultiple offerafter the first open homeandwassoldunconditionally withineightdays.18Augusta Place in Kamowassold withintwelve daysof hitting themarket, receiving anunconditional offer6.8% over CV.32Dundas Road in Riversidewas popularwith buyers;agent WendyRuddellreceived89email inquiriesand had24partiesthroughthe open homes.

As arealestate companyinbusiness fornearly 50 years, we have been throughchangingmarkets. We understandhow to getresultsinanymarket with multi-platformmarketing,ournetwork,our relationships,andour abilitytonegotiate thebest pricethemarket has to offer.

Weare allawarethatthemarket has beenmovingthrougha recessionaryadjustment,and although we gotofflighter thanotherparts of the country there can be no denyingthatCycloneGabriellehasleft hermark.The combinedeffectsofcleaning up propertydamage, road closureslimiting travelmovementsfrom Auckland,theinterest rates,lendingcriteriaandlocal cost of living areall havinganimpact. ForFebruary, REINZ

reported amedian priceof$710,000 for Whangarei whichisa year-on-year decline of 10.1%.Themillion-dollar questionis‘arewe atthe bottom?’ Formethe truthfulanswer is, whilethere areindicators to sayso, Ireally don’t know, butI certainlyhopeso!

In the Tait RealEstateoffice, we arestill seeing and long se

RealEstateMythbusting: Doauctionsdeliver

Rod Parkinson DIRECTOR,RAYWHITE WHANGAREI

Manyofushave heardthe traditional thinkingthatauctionsare best suited to whatis oftenreferredtoasa sellers market. Thisincorrect beliefisdue largelytoaperceptionthatauctionsare allabout sellingunder the hammer.However,for highlyskilled sales consultants runningeffective auction campaigns, itisaboutexposingtheir client’s property to asmany buyers as possible, gatheringmarketintelligence and creating adeadline foractionfromall parties.

Auctionmarketing ofproperty allowssales consultants to deal with both conditionaland unconditional buyers throughoutthe time of the campaign,thereby notdiscountinganypossible potentialinterest. This givesthe consultant time to collectfeedbackofperceived marketvaluefrom the prospective purchasers (and potentiallypre-auction offers).

Auctionday givesthe vendora dateand time, or “lineinthesand”,thereby creatingmaximum

suggeststhe gapbetweenbuyers andsellers priceexpectationsis closingat afair rate.The numberofproperties forsaleis returning to amorenormal trend, whichoffersbuyers agreater choice,andthe declineinmarket values opensupnew opportunities forfirst home buyers inthelowerprice range. We have alsoseen more barelandsectionsand new developmentscometothemarket, dueto thenewdistrict plan zoning enabling growth nodes. Althoughthe cost ofbuildingcreates

cautionfor the conservativebudget,there is agood levelofactivity atthehigherend for qualityland whereless borrowingis required.

Regardless of the peaksand troughs,the annual averageasking priceinWhangareihas increased120% over thepast10 years. There arepockets of growthhappeningallaround Whangarei, withanincreasedconfidence in Northland’scommercialandindustrialsectors that reflect an overallpositiveoutlook for the future.

competitionon thedaytoprovide the vendorthe best unconditionalcash offeravailableatthat time.

If itisnecessary, thesales consultant will negotiate withthehighestunconditional offer first,andthen, by multioffer withthe conditional buyers.These negotiationsusually takeplace atthe time of the auction,orwithin24 to 48hoursgivingthe vendorsa clearand accurateunderstanding of their position.

In effect,this processprovidesavendor access to more than onemethodofsellingtheir property,all within onedefined campaign. Theauctionitselfis simplythefirststageofthis process. Whilsttheideal scenariois to sell the property “under thehammer” thisisnotthe onlysuccessfuloutcome.

Recentstatistics revealthatless propertiesare selling “under thehammer”than12monthsago. However, our propertiesmarketedusingtheauction processaresellingmore oftenand well under the REINZ Whangarei and Northland averages of 85days. Myth busted.

JoGreen BUSINESSOWNER/ GENERALMANAGER TAITREALESTATEWHANGAREI

ALTOGETHER

DELIVERING REALESTATEWITHHEART

If youwantquick,outstanding resultsin achangingmarket,look to Jess BarnesfromBayleys Whangārei. Jesshassoldsixpropertiesinthepastfive weeks,withherlistingsspending amedianof12days onthemarket, 75 days lessthanthe WhangāreiDistrictmedianof 87 days.Sheisan expert at achievingefficientand rewarding results forherclients. Themediansalespriceforherlastsixsales was$742,500, 6% higherthantheREINZmedian forWhangāreiDistrict.Despitespendinglessthantwoweeksonthemarket,Jessshowedanaverageof13groups throughherlistings,provingthatexperienceand excellentmarketing combinedachieveexceptional results. Consideringselling? Letthenumbersspeak forthemselves. ContactJesstoday.

MACKYS REALESTATELTD,BAYLEYS,LICENSEDUNDER THEREA ACT2008

*SOURCE:REINZ February 2023,WhangareiDistrict.

Jess Barnes 027695 8330 jess.barnes@bayleys.co.nz

Maungakaramea 42 Tangihua Road

Onerahi 294Beach Road

Kamo 34 TuataraDrive

Kamo West 18 AugustaPlace

Tikipunga 1CedarPlace

Kamo 1/191 Fairway Drive

OneRoof.co.nz Property

Deposit-friendly paintideas for rentals

Want to turn your rental houseintoa warm and colourfulhome?Here’show to do that –but makesureyou get written permission first from your landlordifyou’re painting permanent fixtures.

Thanks to thebeautyof Resene paint, there areeasy ways youcan updatethe property you’re renting withoutdamaging the relationship between youand your landlord

Renting can be tricky –onthe one hand, youwanttomakethe house your own. On the other, it isn’t yoursto amendtoo drastically

Atriptoyour Resene ColorShop to purchase some test pots will enable youtomakea differencetoyour rental, allowing youtomakethe house more of ahomethroughcolour and personality.

Thereare manyparts to aroomyou can paint withoutmaking unwanted changes: awooden chair,freestanding desk, rubbishbin in another. Don’t forgetabout bases andplant pots, they’re so easy to paint and can have a pleasing impact!

If youhaveapile of forgotten vintageplates, whynot paint them in atrioofbeautiful hues andhang themonthe wall? Choose twosimilar coloursand athirdone that will pop!

ApplyacoatofResene Smooth Surface Sealertoeachplate,and once drypaint eachdish in twocoats of your favourite colour.Attachplate hangers at the back andhangonyour wall.You can easily takethemwith youwhenyou depart the rental.

Startwithfurniture. Getcolourful andcreative, painting your chairs allinone hueoralternate themin complementarycolours. Youcan even paint the kitchen table to match, ensuring allitems harmonise incolour Grab adropcloth to protectthe carpet or floorboards and gettowork. The same applies to anychairsortables you have outside. If it’s the warmerseason in whichyou’llbespending more time outdoors,why not make it an attractive placetosocialise?

Paint your plant pots ingorgeous summery hues andreplantthem with flowers to match.Scattered at your frontdoorthey’llmakeawarm welcoming reception for guests, and youcan always takethemwith you when youleave the rental.

If youhaveany freestandingshelves of your owninthe house, paint them to tieinwith your home’s décor Bring in cushions and lampshades that provide an additional element of colourcontinuity, and that aren’t partofthe home’s structure. Paint your mirrortrims,photoframes or acoathookinyour favouritecolour using Resene testpots. Afreestanding screenisanotherway of layering your accents, and by painting it youcan bring in more colour,changing it with the seasons or when you’re readyfor a change. Combine your favouriteframes and createa beautiful gallerywallasa feature.

“Upcycling treasuresisanall-time love of mine,”saysLauraHeynike, directorofPocketspaceInteriors. “Did youknowyou can choose anyResene colour and turnitintoyour own spraypaint? This is agood hackifyou want an evenly applied finish when painting furniturewithoutstreaks. Just remember,you don’t have to be conservativeonchoosing colour,you can always repaint it next season! Have some fun and create your owncurated collection.” To createa spraypaint of your Resene colour,use aColorpak mini spraypack,pour inyour Resene colour and sprayaway. It’s ideal for smallareas.

If youhavea largerattan pendant that hangs over the diningtable, bring it to lifeina beautiful hueora crisp whitefor acoastal feel.Your table lampshades can also have acoatof paint to tieinwith your décor

“Whenyou arepainting furniture, just checkwhatthe currentsurfaceisas youmay need to sand or seal it before painting with Resene Enamacrylfor a durablefinish.” Fora matte finish,use KarenWalker Chalk Colour paints and waxes forabeautiful aged look.

Instead of colour blocking,weare accenting features likea handleand the legs,Laurasays, or making the drawer frontsdifferent colourtothe mainunit.

“Bookcases or wood boxestohangon walls is agreat waytobring in some coloursintoyour rental. Alternatethe coloursfor an eclectic look or keep it

JaySharples, technical expert at Resene, says multiple DIY projectscan spruce up your rental space. Some of these include repainting picture frames with Resene testpots to painting panels with Resene FX Faux Rust Effect.“The Resene websitehas an inspiration section,whichcan help with ideas for allaround your property,”hesays. “You can also email Resene with pictures and awrite-up of your projecttohelp others in the future.”

While your landlord maynot be keen on your painting an entire room, he maybehappy with youpainting on asmallmuralona wall. Decideon your designdirection foryour room, ensuring colours will allcomplement

we recommend using the pencil, string and drawing pin methodtodesign your ideal circle.

Your landlord maythank youifyou offertogivethe kitchencabinetrya coat of newpaint. Staysafe and stick with aversatile neutraland, of course, seek written permissionfirst. If the kitchen is old andtired,you could be saving your landlord atask.

Anotherway youcan bringincolour to your kitchen is with ahome-made, colourful pegboard. Hang it from the wallfor those to-dolists,photographs and concerttickets.Why not create your ownart using Resene testpots? Buyacanvas and paint with colours that blend with your interior.You

■ Above: Decoratevintage plates in your favouritehues; theycan makeastatement in aroom without youhaving to paint all four walls. Plates featured have been painted in Resene Amulet, Resene Pale Leaf,Resene Norway, Resene Rice Cake,Resene Lola, Resene Butterfly, Resene Antidote and Resene Highland. The main wall is in Resene Eighth Fossil, the middle wall is in Resene Norway,the floorisinResene QuarterFossil, cabinetsinResene Norwaywith innerdoor panels in Resene RiceCake, dining table in Resene Highland, rattan armchairsin Resene Pale Leaf,vaseonbooks in Resene Highland, jugwith leaves in Resene Pale Leaf and ribbed planter and small dish in Resene Lola. Project by VanessaNouwens,image by BryceCarleton.

■ Left: Acoloured ladder,chair, freestanding deskand easy-toremove shelf add personalitytoa rental without changing thespace drastically.This hobby room features adesk in Resene Bitter,chair in Resene Smokescreen, ladder and tall shapedvased inResene Lusty, 3-drawer storage boxinResene Smokescreen, Bitter, Twine and Dust Storm, desk organiser in Resene Dust Storm. The wall and floorisinResene RiceCake, lowercircle and floating shelfinResene DustStorm and large circle in Resene Twine.Project by VanessaNouwens, image by Wendy Fenwick.

might surprise yourself with what you create! Anddon’t forget howplenty of plants, new towels,softrugsand colouredcushions can enhanceyour rentalwith modern comfort.These areall easilytransportable when you move out.

Remember,you canalwaysrefer to your tenancy agreementand askyour landlord what youcan paint. If you have permissiontopaint the walls, it’s advisable to getthat inwriting,signed by bothparties. Butthere’s no harmin asking! It can be well worththe effortif it means living in ahouse or apartment that suits your personal styleand thus youenjoy more,especially if youplan to stayawhile.

LANDLORDS

Find qualitytenants faster with our 360°virtual tours.

Currently, for most companies, property management marketing is where realestate marketing was 20 years ago. Poorphotography, lacklustre text, minimal mediareach etc. The property management team at Barfoot&Thompson Whangarei /Bream Bay is changing all this however, with the introduction of state of the art 360° virtual tours, as part of our standard service offering.

Thisisa first for property management in Northlandwith Barfoot&Thompson beingthe only company utilising360° camera technology to create virtual tours for all of our managements Virtual tourswill net you alargerpool of potential tenants as anyone can viewyourproperty at any time, from anywhereinthe world. Not only is this agamechanger for viewing, it alsospeeds up the tenanting process which means your property is vacant for ashorter timebetween tenancies.

We manage20,000+ properties across Northland,Auckland andTauranga. Talk to Barfoot &Thompson today.

Jeanine Walters -Head of Property Management |027 583 8192 |j.walters@barfoot.co.nz

Whangarei's No.1 Property Management Service

Key Reasons to hand the keys to us

It’s not just about finding tenants, or collecting rent. Thereare manymore waysthata professionalproperty manager can make yourlife easier. Our teamhas been operatinginthe Northland region for manyyears, we offer great local knowledge, experience and connections, plusthe backingand resources of atrusted brand. With us, your property is in safe hands.

THE RIGHT TENANTS, THE RIGHT RENT

Our wide-reaching network, rigorous selection process andmarketknowledge ensures you’ll get the right tenant and be paidthe rightrent for yourproperty. We conduct regular rentreviews, so you’llsee an increase in rentto matchany changes in the market. And withour large tenant portfolio, we’ll do our besttoensure your property is always occupied.

MARKETINSIGHT AND LEGAL EXPERTISE

We know the property marketinside-out, includingthe legislationand legalities of owning arental property. We provideyou withthe highestquality advicesoyou understand the obligations, responsibilities andrights for you as alandlord andfor your tenants.

IT DOESN’T COST AS MUCH AS YOU THINK

Our servicecomes at avery competitivepropertymanagement fee.There are no additionalchargesfor inspections,representation at dispute resolutions or when your property is vacant.

ALL THE RIGHT CONNECTIONS

We havebuilt strongrelationships withplenty of local service providers,soifany maintenance or repairs need to be done to yourproperty, we havealong list of trusted suppliers to call on. Andbecause we give them so much work, the price is competitive and the turn-around,priority.

CONSOLE CLOUD: THE BEST TECHNOLOGY IN THE BUSINESS

We invest in state-of-the-art systemsthat allow us to manage your property with peak efficiency.Our Console Cloud platform,for example,means we can streamline workflows, automate day-to-day tasks, plan and schedule effectively,lodgereports and stay on top of communications, so you enjoyaconsistent and professional client experience. You’ll also have24/7,real-time access to the status of your rentalproperty, includingtenancy details,rent collection, inspection reports,contracts, monthly statements and thestatus of maintenance requests.Weeven have an appfor tenants,soeveryone’sinthe loop

YOU CAN TRUST THAT YOUR MONEYISINGOOD HANDS

Handling of your rentalfunds is managedthrough Barfoot &Thompson’s central accounting department. Unlike many other property management companies, all moneycollected on yourbehalf is held in an audited trust account so youknowwhereitisatall times.

BE SEEN WITH THE LATEST IN 360° VIEWING TECNOLOGY

Our company is currently the onlyone utilising360° camera technologytocreate virtualtours for all of our managements. We are so convinced of this technology’sbenefits, we have chosen to coverall costs associated with providing this service as apartofour normalworkflow.

Whangarei's No.1 Property Management Service

ONEROOF FIRST HOME BUYER’S GUIDE: Howtoset abudget for your first home

Ifyou want to buyyour first home, it is importantyou have arealistic budget from dayone. It’s the first step in working outhow much youcan affordand howmuchthe bank is likelytolendyou.A budgetalso helps youfocusonthe righthouses

Howmuchcan Iborrow?

Thefirststepinworking outhow much youcan affordand howmuchthe bank is likelytolendyou is to crunch the numbers to determinehow much you can affordtospend on ahome. This helps youfocusonthe righthouses in your pricerange.

Most banks have affordability calculators,which crunchyour income and spending to determine howmuch youcan comfortably payeachfortnight or month.

Most buyers need20% of the home’s purchase priceasadeposit inorder to borrow the rest as amortgage. With a brand-new home, the deposit is10%.If youqualify forschemes such as Kainga Ora’sFirst Home Loan andFirst Home Partner, it is possible to buywith a 5% depositprovidedyou meetcertain income and propertyprice thresholds.

To calculatehow much youhave fora deposit,add up howmuchyou have savedalreadyinKiwiSaver, other investments and in the bank.You may be able to borrow moneyfromthe bank of mumand dad, or,ifyou’re lucky, receivea gift thathelps you gathersufficientdeposittobuy

Once you’ve worked out howmuch deposit youhave,you will have an indicationofhow much youcan afford to payfor ahome. It is important to understandhow much homes are selling forinthe area youare interested in moving to.You can find saleprices forrecently sold houses,estimates based on sales in the area andalso use the OneRoofHouse PriceReport updated monthlyonOneRoof.co.nz.

Supplementing income to afford repayments

Howmuchyou can borrow fora mortgage comesdowntohow much the bankbelievesyou canrepay comfortably

Often, first-home buyers will seek to supplement their incometohelp cover the repayments:

•Buying asasingle or acouple: Buying with twoincomesisusually easierthan one. If youare applying fora jointmortgage(with apartner, familymemberorfriend) the bank will calculate howmuchitwilllend youbased on your joint incomeand expenses. If the mortgage is 100% in your namethe amount youcan

borrow will be based solelyonyour income andexpenses.

•Havingatenant,flatmateorboarder: If youplantolivewith aflatmatein your newhome, youmight be able to count some of the rent as income in themortgage calculation. Be awarethat lenders won’tcount the entire rent paid to youasincome

Speaktothe bank or amortgage adviser

Your bank’smobile mortgage manager or an independentmortgageadviser (broker) canhelp youdothe numbers

Theservice is usually free. Your manager or adviserwillgothrough your finances and advise on issues such as consumerdebt, and suggestwaysto increase the available surplusyou have formortgagerepayments.

You’ll need to learnsomeofthe jargon

•Loan-to-value ratios (LVRs):the percentageofthe loanthat the bank is willing to lend. It adds up to 100%.

So if the LVRis80%, youneeda 20% deposit

•Debt-to-incomeratios (DTIs): some bankswillonlylendyou acertain multiple of your income,suchassix timesyoursalary.

•CreditContractsand Consumer FinanceAct (CCCFA): alaw that requires lenders to actresponsibly

It can, however, restrict howmuch home buyers can borrow because banks arerequired by lawtoensure the loan is affordable forthe home buyer.

Paymorethan the minimum repayment if youcan

Most first-home buyers takeout a30-year mortgage becausethe repayments arelower thanshorter mortgage terms. However, the longer the mortgage term the more interest youwillpay in total over the lifetime of the loan

If youcan affordto, it’s worth budgeting for higherrepaymentsora shorter loan term (25or15years).

What youcan affordnow might changeinthe future

When banks assess whethertheywill lend to you, theyuse atestratewhich is severalpercentage points higher thanthe actualinterestrate. Thishelps ensure youcan affordthe mortgage if interest ratesgoup. It is stillagood idea to create apersonal budget based on your actualexpenses.

Thingstoconsider Ahome-buying budget takes into account howmuchyou earn, how much deposityou have,the costs of buying,and what your one-off and

ongoing expenses will be afteryou move in.

Make sure youcalculatethe upfront costs of buying ahomesuchaslawyers’ fees and LIMs, and also new ongoing costs such as council rates, body corporatefeesand house insurance.

Using KiwiSaver Saving for ahouse depositrequires that youspend less than youearn. Most first-home buyers save with KiwiSaver. Thereare manyadvantages to this:

•Good an additional 3%,although some employers use a“total remuneration” clause in the employmentagreementtoavoid paying this.

•You ll receive the annualgovernment contribution of up to $521

•You may also qualify foraFirst Home Grant. The grant ranges from $3000 to $20,000 depending on the numberofyearsyou’vebeensaving, whetherthe home is existing or brand-new, and if you’re asingle or a couple, buying

•You won’tbetempted to dip into your savingsfor everyday spending

What arethe upfront costs &legal fees?

Thetotal amount of moneyyou need to buyahomeismorethan just the deposit. Upfront expenses for buying a home include:

•$1000 to $1500 for conveyancing/ legalfees

•Atleast $400 foreachbuilding inspection

•Around $300 foreachLIM (Land InformationMemorandum)

If ahouse purchase falls through and youhavetostartagain, you mayhavetopay more than once for building inspectionsand legalfees.It’s unfortunate, howeveryour building inspectorand/orlawyercan save you from buying alemon

Additional costs

Moving in also costs money. Thereare removal truck costs if needed,utility connectionfeesand youwillneedto buyfurnitureand furnishings(unless youalready ownthese).

Thecost of buying ahomedoesn’t stop with moving in. Youmay need to budget for renovation costs.

Ongoing expenses include fortnightlyormonthlymortgage repayments, utilities bills, council rates, home insurance, and maintenance. In manyapartmentcomplexesyou will have bodycorporate fees to pay, which do at least cover your maintenanceand insurance.

Your mortgage also can have hidden costs such as lenders mortgage insurance(LMI)/Low Equity Premiums (LEP) if your deposit is less than 20%.

If youwantto buyyour first home,itis important youhavea realistic budgetinmindfromday one.

FOR20YEARS WE’VEBEENPROUDLY BUILDINGKIWIHOMESFORKIWIS USINGALLTHEBEST STUFF FROMRIGHTHEREINGOODOL’NZ.

Overthelast20yearstheKiwidreamhascome

alongwaysincetheelusivequarteracre. That’swhywe’reproudtostillbeabletoprovide aKiwisolutionforyourfirsthome,second home, ahomewhereyouneed abitmorehome,orevenyourhomeawayfromhome.

We offerarangeofplansfrom60to250squaremetres.Thesecanbebuiltstraightfrom theplans,orwecanusethemasinspirationto createyourownKiwidream.

Showhome CnrSandfordRoad andState Highway1,Ruakaka

Open MontoFri8:30am -4pm Saturday10am -2pm

0800A1homes |A1homes.co.nz

Contact:SteveHart 094330200 a1northland@A1homes.co.nz