Channel Property April 2024

REINZ data shows increased activity in housing market

Welcome to our April 2024 issue of the Property Channel. The Real Estate Institute of New Zealand (REINZ) released its February 2024 data in mid-March showing a significant increase in listings and an expansion in stock levels, providing options for buyers.

REINZ Chief Executive Jen Baird says with the combination of high listing numbers, elevated stock and shifts in the median sale price we are seeing increased activity.

“There was a substantial rise in listings nationally, indicating heightened activity in the housing market. New Zealand's stock levels saw a year-on-year increase, resulting in a growing inventory of available properties for sale. Coupled with median sale price growth in some regions, agents are seeing more investors and first-home buyers out there at open homes."

The national median sale price has increased by 3.1% from $766,000 to $790,000 year-on-year. There was also an increase of +3.9% from January 2024 $760,000 to $790,000. New Zealand, excluding Auckland, also increased month-on-month, +3.6% from $685,000 to $710,000 and up year-on-year by 2.6% from $692,000 to $710,000.

Auckland's median sale price has bumped back up over the $1 million mark to $1,026,000 in line with the last few years where the month of February also sat over $1 million.

North Shore’s median house sale price for February 2024 was $1,295,000, that was up from January 2024 ($1,167,000) and also ahead of February 2023 ($1,230,000). 275 homes were sold on the Shore in February 2024, up from 134 homes in January 2024 and 164 homes in February 2023. The 2023 figures were affected by the problematic weather events in January and February.

Listings increased by 60.4% from 7,347 to 11,788 nationally month on month and by 44.8% from 8,143 to 11,788 year on year.

The median days to sell increased by 1 day month-on-month from 50 up to 51 days and reduced nine days year-on-year, down from 60 to 51. The current median days to sell in Auckland is 50.

Overall, the data paints a picture of a more active housing market in New Zealand, characterised by increasing listings, robust sales activity, expanding stock levels, and growth in property prices.

“We are looking at the back of the

government’s 100-day plan, and the changes to the bright line test back to two years, and the latest reintroduction of interest deductibility on investment properties for landlords. With a significant increase in property listings, the rise in the total number of properties sold, and an increase in the median sale price, some buyers are holding out for the ‘right’ property while others are getting ‘into the market’ before competition rises as investors return. This buoyancy is a positive sign that we haven’t seen for a while,” added Jen Baird.

The house price index (HPI) for New Zealand, stood at 3,700 in February 2024, a 1.1% increase compared to the previous month and a 3.2% increase for the same period last year. The average annual growth in the New Zealand HPI over the past five years has been 5.9% per annum, and it is currently 13.5% below the peak of the market reached in 2021.

Long Bay - where you belong

Long Bay is a place to treasure and protect. A place to call home. It’s where you belong. The homes here express the character of the environment as shaped by the vision of the developers, the imaginative insights of architects, and the care and skill of the builders.

Coastal Long Bay abounds in natural beauty and recreational opportunities. A perfect place for superior homes where families flourish. Dwellings are planned with forethought and care and well-served with good amenities. Preservation, security and sustainability are prioritised. It’s a place you’ll love calling home. A place where you belong.

Long Bay boasts one of Auckland’s best loved beaches and its most popular regional park. Those lucky enough to live there will enjoy the very best that Auckland has to offer.

A kilometre-long stretch of smooth-packed white sand forms a safe beach that’s perfect for swimming, snorkelling, diving, kayaking and boating in pristine waters. The shoreline offers panoramic views across the Hauraki Gulf. Long Bay Regional Park, an expansive, grassed area shaded by groves of majestic pohutukawa, is a popular spot for family recreation, outdoor barbecues and relaxing in the sun. This is Auckland at its finest.

The planning, the roads, the dwellings, the retail precinct, the atmosphere, all speak of a commitment to shelter, safety and sustainability. Long Bay is a place that cares for, nurtures and protects families and all that you hold dear.

Above the park is Long Bay Village, an excellent shopping plaza surrounded by cafés and specialty stores. Have a drink in one of Auckland’s finest coastal bars or sit down to a meal at one of the village’s many restaurants. There’s an excellent supermarket, gym, medical centre, pharmacy, dentist, beauty therapists and other speciality stores.

All this is right on your doorstep. It’s a place your children will love as they walk or cycle to the excellent primary and secondary schools nearby, play in the parks or beside the streams, watch the birdlife, explore the reserve surroundings or stroll down to the beach after school.

It’s an environment designed for family enjoyment and protection, sustainability and convenience. The residential streets, with wide footpaths, cycle ways and indented parking bays, form a network of shared public spaces liberally planted with broad dividers. Street planting blends seamlessly into the front yards, making it seem that the roads belong to the homes themselves.

It’s a place where you belong. A place for your family. A place to call home. To search for this treasure all you need to know is that home is 8P8R+58. Visit once, you’ll fall in love. Visit twice, you’ll never want to leave. Because home is where you belong.

Templeton Group has the full range of residential solutions in Long Bay, with pricing starting at $595k for sections and $694k for apartments. Visit longbay.co.nz for all the details

Angela

Rory

angela@prestigerealestate.co.nz

Angela

angela@prestigerealestate

Milford

Mairangi

Rothesa

Milford

By Yan Davies, Takapuna Residential Bayleys Real Estate Ltd

Downsizing considerations

Downsizing the family home can be a daunting task, but with careful planning and consideration, it can also be a liberating and rewarding experience. Here are some key factors to consider when embarking on this journey.

First, assess your current needs and lifestyle. How much space do you actually use on a daily basis? Can you identify any areas that are rarely utilised? Consider your future and whether your new home needs to accommodate any potential changes, such as ageing or accommodating frequent visitors.

Next, declutter ruthlessly. Downsizing is the perfect opportunity to streamline your belongings and purge items you no longer need or love. Be mindful of sentimental items, but also be realistic about what you can take with you to your new, smaller space.

When searching for a new home, prioritise location and amenities that align with your lifestyle goals. Consider factors such as proximity to family and friends, access to healthcare facilities, recreational activities, and public transport. Additionally, think about the maintenance requirements of the property.

When searching for a new home, prioritise location and amenities that align with your lifestyle goals.

Financial considerations are also crucial when downsizing. Calculate your budget carefully, factoring in not only the purchase price of your new home but also ongoing expenses such as rates, body corp fees, utilities, and maintenance costs. Keep in mind that downsizing can also free up equity in your current home, providing additional funds for retirement or other financial goals.

Finally, enlist the help of professionals to guide you through the downsizing process. A real estate agent experienced in working with downsizers can help you find the perfect home. Consider hiring a professional organiser for decluttering and organising your belongings.

In conclusion, downsizing the family home requires careful planning and consideration. By assessing your needs, decluttering mindfully, choosing the right home, managing your finances wisely, and seeking professional assistance, you can successfully downsize and embrace the next chapter of your life.

Yan Davies, a long-time North Shore local, has amassed a wide network of quality clients and superior knowledge of the area. She is a straight talker who enjoys an open communication style and ethical business model. She works hard for her clients, driven by a sense of duty to provide a high level of service. She holds a Masters degree in business and administration and speaks English and Chinese fluently.

Yan

021 585 590

yan.davies@bayleys.co.nz

Licensed under the REA Act 2008

Louise Benson, Head of Property Management Barfoot and Thompson Milford

How to find a good tenant

Finding a good tenant is crucial for landlords who want to maintain their property's value and ensure a positive rental experience. It all starts with presenting a well-maintained property that appeals to potential renters. Here are some key steps to follow to find the perfect tenant.

Property presentation: A clean, tidy, and well-presented property will attract more tenants. Before listing the property, ensure it is in top condition. This includes: house washing, gutter cleaning, tidying gardens, mowing lawns, and cleaning both the interior and exterior thoroughly.

Accurate pricing: Research comparable properties in the area to determine a fair rental price. Overpricing may deter potential tenants while under-pricing could lead to missed revenue. If you’re not getting solid interest in the first seven to 10 days, this often means the asking rental is too high.

Modern amenities: Tenants are drawn to properties with modern kitchens, bathrooms, and ample storage space. Using areas like a garage or shed for storage of the landlord’s possessions is not recommended. Homes in modern condition have the most demand and attract premium rents.

Effective marketing: List the property on multiple platforms to reach a wider audience. High-quality, accurate photos and clear, detailed descriptions in advertising are essential.

Include maintenance: If the property has a feature garden, spa or pool, include maintenance and upkeep in the rent to attract more tenants, while ensuring specialised maintenance is undertaken.

Property viewings: Schedule viewing times appropriately for working professionals, taking into account location and traffic. Arrive early to viewings and be prepared to answer any questions potential tenants may have.

Streamline applications: Make the application process straightforward, while collecting all the information you need, and act promptly on vetting potential tenants. Conduct thorough background, reference, and credit checks to ensure the suitability of applicants.

Clear communication: Keep lines of communication open with tenants throughout the letting process. Ensure the terms of the tenancy agreement, including deposit and bond collection and tenant responsibilities, are clearly understood by both parties.

By following these steps and prioritising the needs of both the property and potential tenants, landlords can increase the likelihood of finding a reliable and responsible tenant for their rental property.

Louise

milford.rental@barfoot.co.nz