Century 21 Premier Property Magazine - November 2023

PREMIER PROPERTY MAGAZINE

NOVEMBER 2023

C21

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bUYING YOUR FIRST HOME Image: R Architecture on Unsplash

10 THINGS To remember WHeN PUrCHASING YoUr FIrST Home Buying your first home is a major life milestone, and it can be an exciting time. However, it's important to be prepared and to understand the process involved. Here are 10 things to remember when purchasing your first home in New Zealand.

1. GET YOUR FINANCES IN ORDER

So, be prepared to compromise on

inspection fees, and moving costs.

Before you start looking for a home,

some things, such as the size of the

Make sure you budget for these

it's important to get your finances in

house, the location, or the condition

costs so that you're not caught short.

order. This means knowing how much

of the property.

4. DON'T bE AFRAID TO NEGOTIATE

7. bE AWARE OF THE GOvERNMENT SCHEMES AvAILAbLE

Once you've found a home that

There are a number of government

you're interested in, don't be afraid

schemes available to help first

to negotiate on the price. The seller

home buyers, such as the KiwiSaver

may be willing to come down on

HomeStart Grant and the First

the price, especially if you're pre-

Home Loan Deposit Subsidy. Make

approved for a mortgage and you're

sure you research these schemes

the bank this should generally be free.

serious about buying.

to see if you're eligible for any

2. DO YOUR RESEARCH

5. GET A LAWYER

you can afford to borrow, and having a good deposit saved up. You should also get pre-approved for a mortgage, so that you know how much you can borrow and what your monthly repayments will be. Making use of a Mortgage broker can come in very handy and as they receive a fee from

Once you have your finances in order, it's time to start looking for a home. But before you make any offers, it's important to do your research. This means looking at the different suburbs you're interested in, and understanding the current market conditions. You should also get a building inspection done on any property you're serious about buying.

3. bE PREPARED TO COMPROMISE It's unlikely that you'll find your dream home for your first purchase.

assistance.

Once you've agreed to a price

8. DON'T RUSH INTO ANYTHING

with the seller, you'll need to get

Buying a home is a big decision,

a lawyer to help you with the legal

so don't rush into anything. Make

side of the purchase. Your lawyer

sure you're comfortable with the

will review the sale and purchase

property you're buying, and that

agreement, and they'll make sure

you're getting a good deal. This

that your interests are protected.

foresight can be beneficial in the

6. bE PREPARED FOR THE COSTS INvOLvED In addition to the purchase price of the home, there are a number of other costs involved in buying a home, such as lawyer fees, property C21 MARKET PULSE

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long run.

9. GET HELP FROM PROFESSIONALS If you need help with any aspect of the home buying process, don't be afraid to get help from professionals.

This could include a real estate

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Image: R Architecture on Unsplash

agent, a mortgage broker, a lawyer,

be discouraged if you don't find

or a property inspector.

your dream home right away.

10. ENJOY THE PROCESS!

Buying your first home is a big

Buying your first home should be an exciting time. So, relax, enjoy the process, and celebrate this major life milestone.

decision, but it doesn't have to be overwhelming. By following the tips above, you can make the process smoother and less stressful.

The New Zealand housing market

Click here to find your local

can be competitive, so it's important

Century 21 agent today.

to be patient and persistent. Don't

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TARA KEARINS

YO U R L O C A L P R O P E R T Y M A N AG E R Let us take the hassle out of being a residential landlord, as we handle the increasing regulations and compliance, tenant management, maintenance and guidance with your investment.operty.

TARA KEARINS 027 224 6237

premier@century21.co.nz

06 355 5521

c21.co.nz/palmerstonnorth

P R O P E R T Y M A R K E T U P DAT E

more PoSITIvITY, SLoW AND STeADY THIS moNTH

BY J E N B A I R D, REINZ CEO

The Real Estate Institute of New Zealand’s (REINZ) November 2023 figures show more sales activity, more listings coming to market, lower days to sell and a sense tof more confidence overall (year-on-year).

REINZ Chief Executive Jen Baird says

median sale price unchanged

year by three days for New Zealand to

October is showing a slow but steady

compared to last month, staying at

37, and by two days for New Zealand

improvement in property market

$795,000 – around where it has

excluding Auckland, to 39. Regionally,

activity now that the country is past

been for much of the year. Year-

just over half (9 regions) have had a

the election, and we head into more

on-year, there is a slight national

decrease in the days to sell month-

active months in the property cycle.

decrease of 2.8%, while New Zealand

on-month and year-on-year. Year-

excluding Auckland is down by 4.7%

on-year, Days to Sell in New Zealand

to $691,000 from $725,000.

decreased by 7 days compared to

We’ve seen steady activity this month with a small 2.5% decrease (from

Median sales prices year-on-year

properties sold month-on-month,

increased for several regions, with

“Through the REINZ Monthly

and an 8.0% increase (from 5,205

Tasman (+2.0%), West Coast (+2.6%),

Ambassador Survey, agents are

to 5,619) compared to October

Canterbury (+3.2%), and Southland

reporting increased engagement

2022. For New Zealand excluding

(+2.4%) all increasing. There has been

and more certainty from buyers in

Auckland, the total number of

a decrease in median sales prices

the bigger centres, especially post-

properties sold has followed a similar

across all other regions year-on-year

election, supported by the warmer

pattern, decreasing 2.2% month on

this month.

weather. Properties are taking slightly

month and increasing 2.6% year on year from 3,573 to 3,665.

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October 2022.

5,762 to 5,619) in the number of

“Local agents are reporting a lot more activity across buyer groups. They’re

fewer days to sell on average, which is an anticipated sign of more positive things ahead.

Across the regions, twelve of the

noticing more investors and first home

sixteen regions had an increase

buyers looking to secure properties

At the end of October, the total

in the number of properties sold

sharing the market with vendors

number of properties available for

year-on-year, with the top of NZ

who are showing a willingness to be

sale across New Zealand was 25,602,

(Northland: +36.1%), and the bottom

realistic with their price expectations.

down 3.7% (975 properties) from

of NZ (Southland: +29.6%) having the

We can see signs of that in the

26,577 year-on-year, and up 8.6%

biggest increases.

median prices this month, ”says Biard.

month-onmonth. For New Zealand

Median sale prices are a mixed bag

The market is moving a little quicker.

across the country, with the national

Days to sell has decreased year-onC21 MARKET PULSE

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excluding Auckland, inventory also decreased by 117 properties (0.7%)

ANNUAL ME DIAN PRICE CHANGES

-6.9%

-3.6%

NORTHLAND

AUCKLAND

NATIONAL MEDIAN PRICE:

$795,000

BAY OF PLENTY

-4.4%

-2.8%

GISBORNE

-5.1%

TARANAKI

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-13.3%

-5.0%

WAIKATO

-2.6%

MEDIAN DAYS TO SELL:

-1.4%

-4.1%

MANAWATU / WANGANUI

HAWKE’S BAY

-4.6%

NELSON

2.0% 2.6%

-16.8%

TASMAN

WELLINGTON

MARLBOROUGH

3.2%

WEST COAST

CANTERBURY

2.4%

-1.5%

SOUTHLAND

OTAGO Source: REINZ Monthly Property Report 16 November 2023 .

year-on-year from 16,237 to 16,120

year, and a renewed confidence from

and increased 9.7% month-on-month.

vendors looking to sell with more

Nationally, new listings increased by 2.6% from 9,289 listings to 9,529 year-on-year and increased 21.9% compared to September 2023. New Zealand excluding Auckland also saw an increase month-on-month of 23.4% and year-on-year 1.2%.

Every region showed an increase in listings month-on-month, with just over 58% for Northland, 40.2% for Wellington, 36.8% for Marlborough, and five other regions increasing by over 20%.

“The increasing number of listings coming to market is showing a slow, but marked, improvement to the past

certainty now the election is behind us.

While details of the new Government are still being discussed amongst

migration flows remain high leading

coalition partners, many vendors and

to pressure on both the residential

buyers are showing confidence that

sales and rentals market, the weather

it’s a better time to sell now and a good

turns warmer (hopefully!), and

time to buy. The signs are there for an

we watch global factors play out,”

improving market.”

comments Baird.

“Although REINZ data is showing a

The HPI for New Zealand stood at

steadying ship this month, we should

3,652 in October 2023, showing a 1.1%

not discount the impact for those

increase compared to the previous

coming off high interest rates, the

month. However, when compared

pressure of the cost of living, and the

to the same period last year, the HPI

impact on the market post-election.

reflects a 2.5% decline.

Keep a close eye on the next three

Click here to read the full report

months of REINZ data as the new coalition Government’s policies land, C21 MARKET PULSE

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LANLORD AND TENANTS

UNDERSTANDING LANDLORD AND TENANT RESPONSIBILITIES As a property owner or prospective landlord in New Zealand, it's crucial to comprehend the ins and outs of the Residential Tenancies Act 1986 (RTA), the cornerstone legislation that governs landlord-tenant relationships within the country. This act outlines the rights and duties of both landlords and tenants, delineating the procedures for dispute resolution.

Under the RTA, landlords have an

Landlords, too, possess rights

other laws that underscore the

array of responsibilities aimed at

safeguarded by the RTA, aimed at

importance of tenant well-being

maintaining the welfare of their

maintaining a balanced relationship

and equitable treatment. Here are

tenants and fostering a harmonious

with tenants. Here are some key

some additional landlord laws:

living environment. Some key

landlord rights under the RTA:

obligations include to: • Provide a rental property

• Have access to the property for

set minimum standards for the

inspections and repairs, with

of repair and meets all health

reasonable notice.

and safety standards. of the property.

• Not unreasonably interfere with the tenant's use of the property.

• Give the tenant at least 24 hours' notice before entering the property (unless it is an emergency).

• Provide the tenant with a copy of the tenancy agreement and the Residential Tenancies Act. • Pay for all necessary repairs to the property, except for wear and tear.

• Not increase rent more than once in any 12-month period.

• Not evict the tenant without a valid reason.

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healthy homes standards, which

that is in a reasonable state

• Give the tenant quiet enjoyment

• Landlords must comply with the

• Receive rent on time and in full.

• Landlords cannot discriminate

• Evict the tenant if they have breached the tenancy agreement.

• Claim compensation for damage to the property caused by the tenant.

RESOLVING DISPUTES: THE ROLE OF THE TENANCY TRIBUNAL In the event of an alleged breach of the RTA, either party – landlord or tenant – can seek a resolution through the Tenancy Tribunal.

As a government agency, the Tribunal is empowered to hear and resolve disputes that arise within tenancy arrangements.

Apart from the RTA, New Zealand landlords are also bound by C21 MARKET PULSE

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quality of rental properties.

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against tenants on the basis of their race, sex, religion, or disability.

• Landlords must provide tenants with information about their rights and responsibilities under the RTA. For more comprehensive insights into landlord laws in New Zealand, you can explore resources provided by the Tenancy Services website here: www.tenancy.govt.nz/

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AWA P U N I 9 Tr u s c o t t G r o v e

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WA I T E R E R E B E AC H 8 Ta o n u i S t r e e t

Nestled in a quiet cul de sac, 9 Truscott in AUCTION 2.00-2.30pm, 26 Nov Palmerston North combines modern comfort 2.00-2.30pm, 3 Dec with timeless charm. Meticulously designed 2023 with top-notch finishes, this home offers a rare VIEW chance for your dream space.

Web Ref: 567829 Act fast – your dream home awaits at 9 Truscott!

Explore affordable beach living in Saulbery Sands. This ‘90s split-level home, crafted by the owner, offers two bedrooms, a study, and a north-facing deck. Perfect for holidays or Airbnb.

TIM KEARINS

KEVIN KELLIHER

027 449 5547

CORRINNA BUNNING

021 136 3273

06 355 5521

Licensed Under the REAA 2008

021 464 627

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AUCTION 4pm, 5 Dec 2023 VIEW Web Ref: 574640

06 355 5521

Licensed Under the REAA 2008

Century 21 Careers If you’re looking for an exciting career opportunity with a leading global real estate company, Century 21 is a clear choice. Property jobs with Century 21 are exciting and highly rewarding, whether you’re working on front desk operations or running your own Century 21 office.

As a truly global brand, we continually have real estate agent jobs available in our many different offices across the world. You’ll receive expert support when working with us to help grow your industry knowledge and reach your full potential.

If you’re someone who’s driven, loves to learn and wants to succeed, we warmly invite you to apply for any of our listed property jobs. Simply apply via the online application form or contact your local Century 21 branch to speak to one of our friendly experts.

www.century21.co.nz/available-jobs

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PA L M E R S T O N N O R T H C I T Y 271e Grey Street 100m2 2-bed unit in prime inner-city, walk to Terrace End amenities. Spacious kitchen, separate lounge. Designated carport with storage. Powerful heat pump. Last of five flats, secure. Ideal for buyers, retirees, or investors.

Eager vendor due to job transfer.

TIM KEARINS

027 449 5547

022 028 6832

Seize the chance for an executive home on a private site near the Hospital, just 2 km from The Square. Unique design, quality fixtures, approved plans. Buyer Inquiry over $920,000.

027 446 3870

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FOR SALE Offers Over $469,000 VIEW Sunday 1.00-1.45PM Web Ref: 551375

K I R T I AC H A R YA

PA L E M R S T O N N O R T H C I T Y 4 5 9 B Fe a t h e rs t o n S tre et

ANDREW PUGH

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06 355 5521

Licensed Under the REAA 2008

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FOR SALE Offers over $920,00 VIEW Web Ref: 571110

06 355 5521

Licensed Under the REAA 2008

MILSON 4 Pa r a d i s e P l a c e Quality defines 4 Paradise Place—3 spacious double bedrooms, a huge master, Rimu kitchen, and a familyfriendly dining area. Solar-heated pool, alfresco dining. Call Andrew now!

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VIEW Wednesday, 29th Nov, 12:15-1.00pm Web Ref: 572597

06 355 5521

027 446 3870

Burt Street in Sanson offers numerous options. A 10-year-old, 144m² home with 2 beds, 2 baths, high-end kitchen, spacious lounge, and deck. Commercial sheds for income potential.

ANDREW PUGH

027 446 3870

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FOR SALE Offers over $640,000

ANDREW PUGH

SANSON 8 Burt Street

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Licensed Under the REAA 2008

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FOR SALE P.O.A VIEW APPOINTMENT ONLY Web Ref: 556608

06 355 5521

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BENEFITS OF CENTURY 21 PROPERTY MANAGEMENT SMALL NUMBER OF PROPERTIES WITH QUALITY TENANTS. W E M A N AG E L E S S YO U G E T M O R E OF OUR TIME.

We have found to manage properties successfully there has to be an average of 50 properties per property manager. Service is the key word and management can only be obtained successfully when the property managers are limited to a small number of properties so that organisation is maintained.

If you would like to find out more about our property management services, contact Tara today.

TARA KEARINS

027 224 6237 06 355 5521

premier@century21.co.nz

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EXPERIENCE THE C21 DIFFERENCE

WHY CHOOSE CENTURY 21?

Our wealth of experience and customer oriented service continually brings people back to Century 21. We’re the experts in real estate that serve every one of our customers to the utmost of our abilities. We’re here to offer you valuable and honest advice when you need it so that you can navigate the best path through the process.

To find out more about Century 21 and how we can help you, contact your local Century 21 branch today.

10 THE SQUARE PALMERSTON NORTH 4475 12

premier@century21.co.nz 06 355 5521