NZ property report April 2017
Housing market continues to stabilise
April figures show Auckland in particular in wait-and-see mode
The housing market nationally continues to show signs of normalising, with prices in most regions stabilising, according to real-time data from realestate.co.nz.
In Auckland, there were 31.7 per cent more properties available for purchase in April 2017, compared to the same time last year. This jump in housing stock is good news for buyers, with more choice on offer.
“Auckland appears to be in a ‘wait-and-see’ mode right now,” says Vanessa Taylor, realestate.co.nz spokesperson. “A cooling in demand and an increase in the number of properties sitting on the market indicates that potential buyers are taking their time and exploring all of their options.”
The same can’t be said for the rest of New Zealand, with most regions recording an overall decrease in available housing stock. A total of 12 regions recorded a drop of more than 25 per cent, compared with a year ago.
The tighter stock position outside of Auckland is reflected particularly in the Hawke’s Bay, where stock is at an all-time low and the asking price for lifestyle properties is at an all-time high of just over $1.2 million.
“Hawke’s Bay has had an attraction for many people for some time and this has been accentuated in the recent past,” says Vanessa Taylor. Other areas that recorded an all-time low in stock include Gisborne, Manawatu-Wanganui, Northland and Taranaki.
The Wairarapa and Manawatu-Wanganui regions in particular are feeling the supply pinch, with the total number of properties available for purchase in April down 47.1 per cent and 40.3 per cent respectively. Other regions with significant declines in housing stock included Northland, Coromandel, Hawke’s Bay, Central North Island, Taranaki, Nelson, Marlborough, Southland and Otago.
Auckland is the only region with total stock up on a year ago and asking prices in the region are virtually unmoved since March this year (up 0.1 per cent).
Residential housing demand down on average
Nationally, demand for residential housing has gone down by 13.8 per cent over the past three months. Demand in Auckland is down the most at 31.1 per cent over that period, followed by Waikato at 19.3 per cent. Other regions with a noticeable cooling in demand include Wellington (down 13.4 per cent), Bay of Plenty (down 11.3 per cent), Canterbury (down 9.4 per cent) and Central Otago (down 9.2 per cent).
However, demand for property climbed in the Wairarapa (up 31.7 per cent), Southland (up 24.5 per cent) and Gisborne (up 19.4 per cent) over the past three months.
Asking prices stable in most regions
The average property asking price in April moved only 2.1 per cent above the previous month nationally, up to $643,460. In most regions, movement was negligible.
The exceptions were the West Coast (up 23.8 per cent to $314,761), Wairarapa (up 14.8 per cent to $425,571) and the Coromandel (up 13.8 per cent to $714,965).
New property listings fall
Compared with a year ago, the number of properties newly listed for sale in April dropped 5.3 per cent.
“The tight market situation in the Hawke’s Bay is illustrated by the fact that compared with a year ago, new listings in that region in April were down 26 per cent,” said Vanessa Taylor. Otago, which was down 22.9 per cent, and Southland, 34.2 per cent lower, were among other regions where listings were negative.
The Central North Island was one stand-out region where new listings were up significantly, with an increase of 40.7 per cent compared with the same month in 2016.
Inventory of listings illustrate regional differences
The tightness of the Hawke’s Bay market was further exemplified by the inventory of listings for April. Inventory is a measure of how long it would take, theoretically, for current housing stock to “sell out”, if no new listings were to come onto the market.
Against a long-term average of 34 weeks, Hawke’s Bay’s inventory levels dropped to just seven weeks in April. The low for the month was matched only by Wellington (long term average 19 weeks).
Inventory levels in Otago dipped to nine weeks in April, compared to a long term average for the region of 25 weeks. Other lows included 10 weeks in Nelson (long term average 26 weeks) and Wairarapa (long term average 79 weeks).
Nationally the inventory figure in April was 16 weeks, compared with a long-term average of 32 weeks.
Kate Carter, PPR
49 Meander Drive, Welcome Bay, Tauranga City
For Sale: Deadline Private Treaty
Marketed by: Dave Elers Mob. 027 543 2792
Two properties on separate freehold titles are up for sale. Investors or first home buyers - these are a must view.
Both currently have tenants willing to stay on. Three bedrooms with open plan living, off street parking. One has single garage the other has a carport. Fully fenced with easy care section. If you are looking to get into the property market at an affordable entry level, these are a must view. Built in the 1970's these should sell quick.
Vendor will consider offers under $399,000
For Sale: Deadline Sale closes 25 May 2017 (unless sold prior)
Phone Dave 027 543 2792 to view
For more photos, click here.
107-332 Maunganui Road, Mt Maunganui
For Sale: By Negotiation
Marketed by Colin McGonagle Mob. 027 493 4177
Spacious Three bedroom apartment in a desirable complex so handy to all this locale offers: Master bedroom ( with ensuite) opens to the balcony & glorious morning sun. Guest bedroom, another single or office, and the benefit of a second bathroom. Secure carpark & storage locker. The complex also has a lovely courtyard in which to relax & contemplate.
A recent furniture package was added & can be included if it suits. This is an easy option to live in or an additional income earner as holiday accommodation.
Vibrant village style cafes, restaurants, shops and our renown walks and beaches are only a stroll away.
So live the dream & call Colin for your personal viewing.
To view more photos, click here.
5 Sinclair Street, Greerton
Contact: Emma Tillott, mob. 027 736 6256
Looking for that family home in a well established area? school just around the corner, swimming pool/gym down the road, Greerton shops a mere walk away and oh-so-handy to the main arterial routes.
Click here to view more information.
"If you're heading to/from Te Puna today, be weary of time, due to the delays the detouring for roadworks is causing. I was out that way yesterday and was detoured north (instead of the south I wanted to head in) and I spent 45mins on Snodgrass Rd. Thank goodness for bluetooth phones is all I can say!! did a few business calls, made a few appointments - all in all I did more in that 45mins than I would have if trying to organise my life from home! So there's the positive spin on being detoured due to roadworks. Have a fab Thursday and I'll catch you again tomorrow."
- Jackie B
2 bedrooms 1 bathroom. Solid brick warm & dry home with lockable garage and plenty of off road parking. Sunny & Central Brookfield location in a lovely tree lined street. Very tidy, modern & fully insulated top and bottom.
Includes a Heat pump, HRV ventilation system, plus security lights, security doors and stays. Large Garden shed for extra storage.
Fully fenced back yard with low maintenance easy care gardens.
Non smokers & no pets.
Suit clean tidy professionals.
Available from 6/5/2017 with a minimum twelve month lease.
Move in cost $2706.00 (1 weeks rent: $440 - Letting fee $506 + Bond $1760)
If you are interested in viewing this property we require a fully completed application form for each adult potentially residing at this property, please download the pdf from actionrealestate.co.nz or email email@example.com
No text enquiries. Our properties are meth tested.
Click here to view more photos.
There’s little doubt that the extreme weather systems we’ve been having are becoming more frequent and more intense – with poor Edgecumbe and parts of the Bay of Plenty becoming the latest victim.
So what makes a property uninhabitable? who determines if a property is uninhabitable? and what is the correct protocol when a rented property becomes uninhabitable by flooding or earthquakes?
I’ve just done some research thanks to NZ’s latest tenancy news, which may come in valuable for those unsure about currently renting an uninhabitable property.
Click here to view a video put together by tenancynews.co.nz
Yes - it's gone, but don't despair - Colin has other apartments available in the same building. So give him a call if you want to live the apartment dream. Phone 07 578 0699 or mob. 027 493 4177.
12B Portland Street, Welcome Bay
Get in while the goings good! this certainly won't last long with the new price reduction. So, so close to Selwyn Park - you can reach over the balcony and almost touch it! A hop, skip and a jump for the kids to get to school at the very popular Selwyn Ridge Primary School.
Call John Foot for more info - 07 578 0699, mob. 021 525 258
To view more photos - click here