Steve Fejos’s
JANUARY 2012
Year starts with fewer properties for sale The Real Estate market is now firmly in the peak summer season and with the more balanced market in terms of inventory of unsold properties on the market the options seem more open for both active buyers and sellers. The inventory of unsold homes on the market eased slightly in December following a fall first seen in November. The expectations from October was to have seen some rise over the summer but with keen buying activity the rise in new listings in November did not result in building inventory – quite the reverse. New listings fell across most of the country in December with just 6 of the 19 regions seeing any increase on a year-on-year basis. The Wellington Region saw a 5% drop in properties listed for sale in December. Source: realestate.co.nz
Win Dinner for 2 at Logan Brown Restaurant Cnr Cuba and Vivian Streets Tel: 801 5114
Courtesy of Logan Brown Restaurant you are offered the opportunity to win dinner for two to the value of $250.00 To go into the draw fill in your name address and telephone number and mail your Newsletter by the end of the month to: “RE/MAX Leaders Logan Brown contest” PO Box 24262 Manners Street Wellington 6142 To email your entry: Email remax@homenet.co.nz and include the following details: Subject: Logan Brown contest Email: Your name, address, and contact phone number and the name of the agent who sent you the newsletter. Newsletter sent to me by
of RE/MAX Leaders
Name Address Telephone
Email Last month’s winner was: J Kirby of Newlands.
Mortgagee Sales and Insurance Sally was very excited to be the successful bidder at an auction for a mortgagee sale property. She had looked at and approved the LIM report and builders report for the property and had ticked all the boxes in terms of investigating the property before going to the auction. However, once the signed Agreement for Sale and Purchase was sent to her lawyer, her lawyer pointed out to her that the usual clause in the Agreement confirming that the property would be at the (insurance) risk of the vendor (or seller) until settlement had been deleted, as is often the case in mortgagee sales. This meant that the insurance risk for the property became Sally’s from the date of signing of the Agreement. It transpired that the property was not insured as the owner had not been able to keep up with payment of premiums. Sally found it impossible to get insurance before settlement as insurance companies were concerned that the current disgruntled owner who was being forced to sell was still in the property and that the property was likely to be damaged by that owner. Sally had to hope that the property wouldn’t be damaged (or burnt down!) before settlement which was two weeks later. When buying at a mortgagee sale, it is important to have a lawyer review the documentation before you go to auction. In situations like the above, insurance companies will often agree to insure if there is a term included in the agreement confirming that the property is at the risk of the purchasers from the date of the Agreement. The other option is to make the settlement date as soon as possible after signing the Agreement. By Claire Coe Rainey Collins Lawyers www.raineycollins.co.nz or follow us on Twitter @RaineyCollins
LOCAL REGION RESIDENTIAL PROPERTY ANNUAL PRICE MOVEMENT AREA Horowhenua Kapiti Coast Porirua Upper Hutt Hutt Wellington Wellington City & South Suburbs Eastern Suburbs North Wellington Western Suburbs Masterton Carterton
AVERAGE SALE PRICE
PROPERTY VALUE GROWTH
$219,323 $359,265 $408,759 $340,291 $374,985 $482,463 $473,665 $496,121 $451,233 $580,109 $242,216 $246,969
-2.6 -0.8 -1.0 -0.6 -1.4 0.3 0.9 0.7 -0.2 -0.6 -0.6 -0.5
Source: QV As at November 2011
PHONE 04-475-5021 CELL PHONE 0275-621-777 EMAIL sfejos@leaders.co.nz Disclaimer: All the information published in Property Update is true and accurate to the best of the publisher’s knowledge. No liability is assumed by RE/MAX Leaders, nor the publisher, for any losses suffered by any person or organisation relying directly or indirectly on this newsletter. Leaders Real Estate Group represented by: Leaders Real Estate (1987) Ltd, Northside Realty Ltd, Villa Real Estate Ltd. Licensed under the Real Estate Agents Act 2008
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Recent Wellington Residential Property Sales Street Name
Suburb
Aro St Ashton Fitchett Dr Ohiro Rd Ohiro Rd Taft St Lingard Gr Dorking Rd Todman St Ashton Fitchett Dr Churton Dr Chippenham Gr Maywood Gr Hawtrey Tce Westchester Dr Burbank Cres Furlong Cres Chippenham Gr Hollydale Gr Churton Dr Winston St Randolph Rd Domanski Cres Owhiro Bay Pde Owhiro Bay Pde Happy Valley Rd Moxham Ave William St Waipapa Rd Waipapa Rd Evans Bay Pde Frobisher St Melrose Rd Jackson St Knoll St Severn St South Melbourne Rd Tiber St Tyne St Rudyard Cres Makatote Gr Bannister Ave Angell St Hawtrey Tce Lomita Rd Glenamoy Cres Bathgate St Trafalgar St Bannister Ave Truscott Ave Broderick Rd Dominion Park St Hawtrey Tce Clifford Rd Clifford Rd Sheridan Tce Dr Taylor Tce Tai Paku Paku Rd Percy Dyett Dr South Karori Rd Cardrona Way Donald St Eagle St Nottingham St Friend St Duthie St Burn St Fillbridge Way Allington Rd Astor St Futuna Cl Plunket St Benares St Bengal St Baroda St Lohia St Baroda St
Aro Valley Brooklyn Brooklyn Brooklyn Brooklyn Brooklyn Brooklyn Brooklyn Brooklyn Churton Park Churton Park Churton Park Churton Park Churton Park Churton Park Churton Park Churton Park Churton Park Churton Park Crofton Downs Crofton Downs Happy Valley Happy Valley Happy Valley Happy Valley Hataitai Hataitai Hataitai Hataitai Hataitai Island Bay Island Bay Island Bay Island Bay Island Bay Island Bay Island Bay Island Bay Johnsonville Johnsonville Johnsonville Johnsonville Johnsonville Johnsonville Johnsonville Johnsonville Johnsonville Johnsonville Johnsonville Johnsonville Johnsonville Johnsonville Johnsonville Johnsonville Johnsonville Johnsonville Karaka Bay Karori Karori Karori Karori Karori Karori Karori Karori Karori Karori Karori Karori Karori Kelburn Khandallah Khandallah Khandallah Khandallah Khandallah
SOLD
Beds
RV
$399,000 $701,000 $415,000 $433,000 $520,000 $575,000 $608,000 $668,500 $795,000 $375,000 $525,000 $594,000 $595,000 $600,000 $618,816 $640,000 $657,000 $285,000 $340,000 $396,118 $535,000 $492,000 $600,000 $608,000 $625,000 $330,000 $710,000 $795,000 $972,000 $525,000 $445,000 $521,500 $545,000 $545,000 $550,000 $551,000 $570,000 $234,000 $328,850 $350,000 $400,000 $410,000 $410,000 $410,000 $415,000 $430,000 $430,000 $440,000 $441,000 $445,000 $467,000 $470,000 $481,000 $485,000 $530,000 $630,000 $706,850 $375,000 $380,000 $452,000 $480,000 $500,000 $700,000 $747,000 $755,000 $1,440,000 $465,000 $270,000 $285,000 $492,000 $633,000 $483,500 $536,000 $560,000 $600,150 $655,000
3 4 3 3 3 4 4 4 4 3 3 4 3 4 5 4 5 3 3 3 4 4 5 3 3 2 3 4 3 4 3 4 3 2 3 3 4 1 2 3 3 4 4 4 3 4 3 3 5 4 4 4 3 5 5 3 3 3 3 3 2 3 3 3 4 4 3 2 2 2 2 2 3 3 3 4
$390,000 $660,000 $460,000 $460,000 $500,000 $565,000 $475,000 $640,000 $740,000 $360,000 $520,000 $575,000 $640,000 $600,000 $590,000 $645,000 $640,000 $305,000 $325,000 $405,000 $500,000 $520,000 $700,000 $590,000 $590,000 $335,000 $750,000 $600,000 $920,000 $490,000 $465,000 $450,000 $495,000 $500,000 $570,000 $500,000 $520,000 $245,000 $300,000 $360,000 $380,000 $435,000 $405,000 $400,000 $375,000 $455,000 $430,000 $435,000 $490,000 $480,000 $480,000 $460,000 $500,000 $500,000 $540,000 $430,000 $600,000 $380,000 $425,000 $410,000 $530,000 $450,000 $670,000 $810,000 $860,000 $990,000 $475,000 $300,000 $295,000 $510,000 $600,000 $460,000 $545,000 $500,000 $560,000 $740,000
Chris Ritchie
Barrister & Solicitor In legal matters your choice of lawyer matters
Street Name
Suburb
SOLD
Bengal St Khandallah Rd Ranui Rd Homebush Rd Shastri Tce Agra Cres Narbada Cres Te Whiti St Halifax St Bell St Mclellan St Katarina Gr Resolution St Queens Dr Onepu Rd Onepu Rd Queens Dr Dunedin Tce Hornsey Rd Weka St Miramar Ave Tauhinu Rd Broadway Darlington Rd Miramar Ave Athens St Wright St Rolleston St Hankey St Queen St Lipman St Kingsbridge Pl Newlands Rd Lyndfield Lane Tamworth Cres Bloomsbury Gr Adelaide Rd Hanson St Daniell St Constable St Govind Gr Heke St Crofton Rd Perth St Pembroke Rd Farm Rd Happy Valley Rd Bridge St Ferry St Inverell Way Falkirk Ave Burnham St Inglis St Seatoun Heights Rd Bentinck Ave Breaker Bay Rd Tannadyce St Martin Sq College St Patanga Cres Harriett St Moffitt St Mornington Rd Mccoll St Wade St Fernhill Tce Sefton St Anne St Lower Watt St Sefton St Ebor St Vivian St Jessie St Tory St College St Devon St
Khandallah Khandallah Khandallah Khandallah Khandallah Khandallah Khandallah Kilbirnie Kingston Linden Linden Linden Lyall Bay Lyall Bay Lyall Bay Lyall Bay Lyall Bay Melrose Melrose Miramar Miramar Miramar Miramar Miramar Miramar Miramar Mt Cook Mt Cook Mt Cook Mt Victoria Mt Victoria Newlands Newlands Newlands Newlands Newlands Newtown Newtown Newtown Newtown Ngaio Ngaio Ngaio Ngaio Northland Northland Owhiro Bay Rongotai Seatoun Seatoun Seatoun Seatoun Seatoun Seatoun Strathmore Strathmore Strathmore Te Aro Te Aro Thorndon Thorndon Vogeltown Vogeltown Vogeltown Wadestown Wadestown Wadestown Wadestown Wadestown Wadestown Wtn Central Wtn Central Wtn Central Wtn Central Wtn Central Wtn Central
$680,250 $830,000 $840,000 $876,000 $399,000 $245,000 $295,000 $510,000 $359,000 $255,000 $418,000 $418,500 $390,000 $510,000 $701,000 $265,000 $355,000 $354,000 $435,000 $372,500 $422,000 $440,000 $567,000 $608,000 $660,000 $276,000 $427,000 $495,000 $511,000 $375,000 $532,000 $280,000 $301,500 $387,500 $680,000 $215,000 $450,000 $530,000 $640,000 $370,000 $475,550 $470,677 $525,000 $659,000 $431,000 $685,000 $420,000 $415,000 $525,000 $620,000 $722,000 $730,000 $1,050,000 $1,557,000 $661,500 $480,000 $800,555 $118,000 $365,000 $305,500 $523,000 $435,000 $780,000 $240,000 $510,000 $535,000 $570,000 $695,000 $800,000 $1,145,000 $340,000 $430,000 $465,000 $520,000 $559,000 $595,000
Beds 3 3 5 4 4 1 3 2 2 3 3 3 2 4 4 2 2 2 3 2 2 3 4 4 3 2 2 4 4 2 3 3 3 3 4 2 3 3 3 3 6 3 3 3 2 3 3 5 2 3 3 5 5 4 3 2 4 1 1 2 2 4 4 2 3 4 3 3 3 4 2 3 2 2 3 2
RV $700,000 $800,000 $805,000 $800,000 $485,000 $235,000 $300,000 $485,000 $400,000 $275,000 $395,000 $385,000 $430,000 $670,000 $580,000 $265,000 $345,000 $365,000 $415,000 $350,000 $420,000 $390,000 $560,000 $465,000 $680,000 $275,000 $440,000 $495,000 $600,000 $285,000 $650,000 $295,000 $275,000 $370,000 $720,000 $225,000 $420,000 $495,000 $560,000 $345,000 $430,000 $460,000 $550,000 $680,000 $415,000 $710,000 $260,000 $395,000 $550,000 $630,000 $780,000 $920,000 $1,125,000 $1,000,000 $540,000 $520,000 $780,000 $100,000 $550,000 $300,000 $550,000 $640,000 $760,000 $325,000 $480,000 $540,000 $650,000 $600,000 $690,000 $1,125,000 $355,000 $390,000 $470,000 $510,000 $670,000 $520,000
Personal and professional legal service at competitive rates. Meet me at the office or if it’s more convenient I can come to you. Leaders Building, 15 Brandon Street, Wellington. Phone 04 472 9711. Fax 04 472 9223. mail@chrisritchielaw.co.nz www.chrisritchielaw.co.nz
PROPERTY MANAGEMENT LICENSED UNDER REA ACT 2008