The Property Chronicle - January 23

THE PROPERTY CHRONICLE

January 2023

Hi,

Sun,sandandasaltyseabreezearehighonthelistofwantsformanyholidayhome buyers,andwithpropertystockupinkeyholidayandlifestyleregions,nowisthetime tofindyourdreamhome.

Despitetheslowdownofthepropertymarketthroughout2022asitretreatedfromits rapidclimbtopeakinNovember2021,thenumberofpropertiesonthemarketisupin allregionsacrossNewZealand

Accordingtorealestate.co.nzdata,housingstockacrossthecountrywasup55.3 percentinDecemberwhencomparedtothesameperiodin2021.Inholidayhotspot regions,propertystockisupevenhigher–witha175.3percentstockincreaseinthe Coromandel(with432propertieslisted)anda147.2percentliftintheNelsonandBays region(with507listings).

OtherregionsthatsawadrasticincreaseinpropertystockincludesTaranaki(up118.6 percent),theCentralNorthIsland(up110.3percent),Wairarapa(up99.3percent)and Marlborough(up87.4percent).

OtherregionsthatsawadrasticincreaseinpropertystockincludesTaranaki(up118.6 percent),theCentralNorthIsland(up110.3percent),Wairarapa(up99.3percent)and Marlborough(up87.4percent).

“It’sagreattimeforbuyersasitincreasestheirchancesoffindingapropertythat suitstheirlifestyle,”realestate.co.nzspokespersonVanessaWilliamssaid.

ThelatestpropertyfiguresfromtheRealEstateInstituteofNewZealand(REINZ)noted aslowingofactivityinDecember,notingthatthemarkethassettledatitsnewpace.

continued over...

Brent Worthington Principal and Licensee Agent

LJ Hooker Drury & Property Management

1/233 Great South road, Drury 09 294 75 00 0292 965 362

continued......

"Weusuallyseeaslowingofactivityasweheadintothefestiveseason,andweare comparingthisDecembertoonethatwasrightatthepeakofitspandemicmarket" REINZCEOJenBairdsaid.

"Buyercautionisevidentinthedropinthenumberofsales,down23.6percentmonthon-monthanddown39.0percentannuallyfromDecember2021.Comparingthis activitytothelong-termtrendwecanseethecurrentmarketisweakerthanthis trend.Thisleavingalotofchoiceforbuyerswitha55.3percentincreaseininventorynowsittingat26,057properties".

ThemediansalepricesacrossNewZealandsatat$790,000inDecember,or$700,000 ifyouexcludeAuckland.

"Cheaperpricescoupledwithmorechoiceforbuyersmeanssellershavetobe realisticabouttheirpriceandtimingexpectations"Bairdsaid.

Whileweareinabuyersmarket,realestate.co.nz'sspokespersonsaysthatdoesnot meanit'sdoomandgloomforsellers.

"Abuyers'marketgivesbuyersandsellersmoretimetonegotiateanddotheirdue diligence.Itdoesn'tautomaticallymeanlowprices,"Williamssaid.

AsalwaysIhopeyoutrustyouenjoythismonth'spublication.

Kindregards

Brent

continued over...

Brent Worthington Principal and Licensee Agent

LJ Hooker Drury & Property Management

1/233 Great South road, Drury 09 294 75 00 0292 965 362

Payingoffyourmortgagefaster–apathtofinancial freedom

AneyewateringmortgageisarealityformanyhomeownersacrossNewZealand Witha20percent deposittobuyahouseandtherestonloan,withrepaymentsspreadacross30years,manyKiwispay theminimum–buttherearebenefitstoputtingextracashtowardsyourmortgage

Budgetingthemonthlyorfortnightlymortgage repaymentsisarealityformanyhomeownersbut puttinginafewextradollarstowardsyourmortgage canpotentiallysaveyouthousandsofdollars

Whenyouconsidertheinterestrateandthelength ofyourmortgage,everysingleextradollarpaidinto yourmortgagewillroughlysaveyouasmuchagain ininterest,MortgageLabbrokerRupertGoughtold OneRoof.

Eachdollaryouputtowardsyourmortgagewill reducethelengthoftimeyouspendpayingitoff, onceyouunderstandthisyouwillappreciatehowa littlebitofextramoneyonyourmortgagetodaycan makeasignificantdifference.

“Youcansaytopeople‘payoffyourmortgage’ Butif theydon’treallyappreciatethebenefitofit,you’re fightingalosingbattle.Typicallyforeverydollarthat youputonyourmortgage;youroughlysavethat amountagainoninterest Thatmakesiteasywhen youthink:‘shouldIspend$30’onsomethingwhen it’sactuallycostingme$60?’”Goughsaid

Althoughthereisnotricktoit,beingalittleobsessive compulsivetowardsyourmortgagerepaymentscan reallypayoff

Herearesomestrategiestohelpdryupyour mortgage:

Everydollarcounts

Whilemanymortgageshavelimitationsonextra paymentswithoutpenalties,itmaybeworthwhileto setupanewbankaccountwhereyoucanstart puttingawayafewdollarseachdayorweektowork towardsasignificantlumpsumpayment Eachday youdecidetoskipthatbaristafreshcoffee,orthe servicestationpieandanyother‘unnecessary’ spending,putthatmoneyasidetogotowardsyour mortgage Itmaynotseemlikealotofmoney,but overamonth,year,or30yearsthatamountwill balloon

Alternatively,attheendofeachday,youcouldround thebalanceofyouraccountdowntothenearest$10 andtransferthatsumtowardsyourmortgage When youcomeinunderbudget,transferthoseextrafunds acrosstoo

Thoroughlyexamineyourspending Whenwegothroughourregularbudget,themajority ofNewZealanderscouldfindsomesparemoneyif theyhavetrackedtheirincometospending effectively.Despiteextracostsonregularitems,alot ofthepurchaseswemakearenotessential When youthinkaboutwhatyouputinyoursupermarket trolley,howmuchofitisnecessary,andhowmuchof itislikelytoendupwasted?Whenyouidentifythose areasyoucansave,thatextracashcanbediverted toyourmortgage

soysauce,”Goughsaid

“Thereisadoseofrealitythatyoucanliveonriceand

“Youhavetoenjoyyourselfatsome point.Butthethought[ofdoubling money]mighthelpintermsofmaking last-minutedecisionsaboutspending Ifyoucoulddoublethatmoneyby puttingitonthemortgage,wouldyou stillbuythatthing?”

Understandyourexpenses

Gothroughyourbankstatementeachmonthand makesureyouareawareofwhatchargesare beingmadeonyourcreditcard.Microsubscription servicesareeasytostackup,likeNetflix,Amazon Prime,Spotify,AppleMusic,MyFoodBagandmany more Withallthemicrosubscriptionservices available,thereareboundtobeafewunnecessary onesyoucanclicktheunsubscribebuttonon

Channelpayrisestoyourmortgage

Itiseasytosplashoutandchangeyourlifestyle whenyougetapayrise,andyour‘needs’expand whenyouhaveextracash Ifyoumaintainyour currentlifestyleanddirectalargeportionofthat payrisetoyourmortgage,itwillmakeamajordent inreducingdebt.

Setgoalsandrewards

Mortgagesarenotseenassomethingfunbut turningitintoagamecouldhelpyougetcloser towardspayingitoff

Itcouldbesomethingassimpleassettingupa systemwhereyougetatreatforeachadditional $1,000,$10,000or$100,000youpayoffoverand aboveyourminimumpayments Youdon’tneedto spoilyourselfsilly,butifyoureachtherealisticgoal youset,youcouldtreatyourselftodinner

“Onemindgamethatwetrytogetclientstodois tocalculatewhattheirmortgagepaymentswould beat8percent,”Goughsaid Clientsworktowards makingpaymentsatthatlevel.“Itprotectsthem fromfutureinterestraisesandpaysdowntheir mortgagemorequicklyinthemeantime”

Insteadofcommittingto30yearsofregular repayments,thosesmallextrapaymentsand increasingyourregularcontributioncandrastically reducethenumberofyearsyouarepayingoffyour mortgage

“Ifyouhavea30-yearmortgage, basedonan$810,000mortgageat5 percentthatis$1000aweek. Increasingthatby$100perweekto $1100bringsthetermdownto25 yearsandsavesyou$150,000in interest,”Goughsaid.

Dependingonyourbankandthetermsand conditionsthatgowithyourmortgage,theremay bepenaltiestodetouryoufrompayingaboveyour regular,minimumrepayments Itisbesttodiscuss withyourbankormortgagebrokeraboutyour differentoptionsthatcanhelpyoupaydownyour mortgagefaster.

18 January 2023

Fact sheet follows the release

Real Estate Institute of New Zealand (REINZ) December data: Activity remains subdued, price falls begin to stabilise

The Real Estate Institute of New Zealand’s (REINZ) December 2022 figures show house prices are still declining, with properties taking longer to sell across New Zealand.

REINZ Chief Executive, Jen Baird says prices continue to ease but the pace of the decline is slower, and the market has settled at its new pace.

“We usually see a slowing of activity as we head into the festive season, and we are comparing this December to one that was right at the peak of the pandemic market.

“Buyer caution is evident in the drop in count of sales, down 23.6% month-on-month and down 39.0% annually from December 2021. Comparing this activity to the long-term trend, we can see the current market is weaker than this trend. This is leaving a lot of choice for buyers with a 55.3% increase in inventory – now sitting at 26,057 properties.

“With interest rates rising and banks stress testing at 8.1-8.5%, buyers’ ability to secure finance and service a mortgage remains a key driver to buyers taking their time As a result, properties are spending longer on the market with 40 being the median days to sell, 11 days longer compared to December 2021 ”

“The median sale price has decreased nationally by 12.2% overall to $790,000 and decreased 7.9% for New Zealand excluding Auckland to $700,000 The REINZ House Price Index (HPI) showed an annual decrease of 13.7% in the value of residential property nationwide which is in line with the sale price changes we are seeing,”

“Again, cheaper prices coupled with more choice for buyers means sellers have to be realistic about their price and timing expectations ”

Regional median house prices have decreased across the board except for Northland which saw an increase of 3.3% and Taranaki 5.1% These were the only regions to see a rise in median price compared to December last year.”

Wellington is now into its 14th consecutive month of being in the bottom two ranked regions for the yearon-year House Price Index movements.

“Salespeople around the country say sellers are tending to be more realistic and will usually meet the market through negotiation - although it’s taking longer to sell, sellers are still getting results ”

KEY DATA SUMMARY

MEDIAN HOUSE PRICE YEAR-ON-YEAR

$790,000 - down from $900,000 - 12.2% year-on-year $700,000 - down from $760,000 - 7.9% year-on-year

$1,050,000 - down from $1,280,000 - 18.0% year-on-year

MEDIAN HOUSE PRICE MONTH-ON-MONTH

National New Zealand Ex Auckland Auckland

VOLUME SOLD YEAR-ON-YEAR

$790,000 - down from $808,000 - 2.2% since last month

$700,000 - down from $710,000 - 1.4% since last month

$1,050,000 - down from $1,060,000 - 0.9% since last month

4,336 - down from 7,104 - 39.0% year-on-year 1,327 - down from 2,415 - 45.1% year-on-year

National New Zealand Ex Auckland Auckland 3,009 - down from 4,689 - 35.8% year-on-year

VOLUME SOLD MONTH-ON-MONTH

National New Zealand Ex Auckland Auckland

REINZ HOUSE PRICE INDEX

National New Zealand Ex Auckland Auckland

National New Zealand Ex Auckland Auckland SEASONALLY

National New Zealand Ex Auckland Auckland

National New Zealand Ex Auckland Auckland

3,009 - down from 3,845 - 21.7% since last month

4,336 - down from 5,679 - 23.6% since last month 1,327 - down from 1,834 - 27.6% since last month

3,791 - down from 4,272 - 11.3% year-on-year 3,632 - down from 4,211 - 13.7% year-on-year 3,414 - down from 4,128 - 17.3% year-on-year

Down 0.6%, down 12.1% on December 2021

Up 0.2%, down 18.0% on December 2021 Down 0.9%, down 7.9% on December 2021

MEDIAN DAYS TO SELL 40 - 11 days more than the same month last year 41 - 13 days more than the same month last year 39 - 10 days more than the same month last year

SEASONALLY ADJUSTED SALES VOLUMES

COMPARED TO NOVEMBERCOMPARED TO DECEMBER 2021

COUNT CHANGE

SEASONALLY ADJUSTED CHANGE

COUNT CHANGE

SEASONALLY ADJUSTED CHANGE

New Zealand -23.6% -4.3% -39.0% -38.7%

NZ ex Akl -21.7% -6.4% -35.8% -35.9%

Northland -39.5% -23.7% -49.3% -46.6%

Auckland -27.6% 1.7% -45.1% -43.1%

Waikato -29.9% -7.6% -42.6% -40.2%

Bay of Plenty -15.7% -5.0% -39.0% -40.2%

Gisborne -29.4% -24.5% -60.0% -64.7%

Hawke's Bay -20.7% 6.9% -31.8% -26.9%

Manawatu/Whanganui -17.1% 15.3% -29.2% -24.2%

Taranaki -11.4% 25.1% -34.7% -27.3%

Wellington -20.3% -6.9% -28.3% -29.7%

Nelson -36.6% -5.9% -31.8% -19.3%

Marlborough -21.7% -7.9% -36.5% -33.6%

Tasman -16.4% 11.5% -29.2% -26.4%

Canterbury -17.0% -6.9% -32.7% -33.4%

West Coast -28.6% -23.7% -52.8% -51.1%

Otago -27.5% -10.5% -37.9% -37.1%

Southland -13.5% 7.5% -34.3% -30.4%

SEASONALLY ADJUSTED MEDIAN PRICE

COMPARED TO NOVEMBERCOMPARED TO DECEMBER 2021

MEDIAN CHANGE

SEASONALLY ADJUSTED CHANGE

MEDIAN CHANGE

SEASONALLY ADJUSTED CHANGE

New Zealand -2.2% -0.6% -12.2% -12.1%

NZ ex Akl -1.4% -0.9% -7.9% -7.9%

Northland 8.3% 8.3% 3.3% 3.3%

Auckland -0.9% 0.2% -18.0% -18.0%

Waikato -5.1% -4.5% -11.7% -11.6%

Bay of Plenty 2.3% 2.3% -5.1% -5.1%

Gisborne -12.9% -11.0% -17.3% -17.3%

Hawke's Bay 1.8% 1.5% -13.8% -11.6%

Manawatu/Whanganui -3.0% -1.1% -13.9% -11.3%

Taranaki 0.0% 1.6% 5.1% 5.4%

Wellington -0.8% -0.8% -20.2% -20.2%

Nelson 2.1% 2.1% -11.7% -11.7%

Marlborough -1.0% -1.0% -1.0% -1.0%

Tasman -8.1% -8.1% -14.1% -14.1%

Canterbury -1.5% -0.9% -3.7% -3.7%

West Coast -11.9% -11.9% 0.0% 0.0%

Otago -0.7% -0.7% -5.0% -5.0%

Southland -8.0% -8.0% -4.9% -4.9%

REINZ HOUSE PRICE INDEX (HPI)

As one of the country’s foremost authorities on real estate data, we are proud to bring you the REINZ HPI (House Price Index). It provides a level of detail and understanding of the true movements of housing values over time to a higher standard than before. The REINZ HPI was developed in partnership with the Reserve Bank of New Zealand and provides a more complete picture of the New Zealand housing market.

BENEFITS OF THE REINZ HPI

Data on median and average house prices is open to being skewed by market composition changes. This means observed changes in these values could be almost entirely due to the changed nature in the underlying sample (e.g. an unusually large representation of high end housing sales) rather than changes in the true market value. The REINZ HPI takes many aspects of market composition into account resulting in greater accuracy.

ABOUT REINZ HPI

The REINZ HPI is based on the SPAR methodology and has been proven to be the most comprehensive tool to understand the housing market for four main reasons:

ƒ Timeliness - This is the number one advantage of REINZ HPI. REINZ data is based on sales as they occur (unconditional) so is the most up to date data source in NZ.

ƒ Accuracy - REINZ data is supplied by the actual sales prices supplied by its members so has a high level of accuracy.

ƒ Stability - REINZ has the most data available to it so can provide the most stable and complete one month indices.

ƒ Disaggregation - Indices can be disaggregated to a lower level than before. Disaggregation means you can focus on a smaller data set, allowing comparison of building typology and suburbs, i.e. Three bedroom houses in Manukau.

EXPERT INDUSTRY FEEDBACK

“I have had the opportunity to utilise the REINZ HPI website, and have been involved in advising on the HPI’s preparation. The new index fills a gap in providing reliable up to date information on house price developments across all of New Zealand’s local authorities. It’s wonderful to see REINZ providing this level of detailed data for wider public use. I am already planning to use this data in my own research.”

Dr Arthur Grimes Senior Fellow, Motu Research; and Adjunct Professor, Victoria University of Wellington

“Accuracy and timeliness of information on house price movements is vital for home buyers, sellers, agents, and analysts such as myself. The data from REINZ meets both requirements and gives New Zealand a collection of house price series comparable with the best overseas.”

Tony Alexander Independent Economist and Speaker

“The Real Estate Institute of New Zealand’s Market Intelligence portal opens up to users the ability to interactively compare price trends amongst a wide range of local council regions. Users can pick and choose regions of interest and use the chart tools to instantly compare price performances. For those wanting to look at house prices in more depth there is the capability to download the data in spreadsheet format all the way back to 1992 when the Institute started recording sales price information.”

The number one advantage between REINZ data and other housing data on the market is that REINZ has access to sales data from the time the price is locked in (unconditional data) as opposed to when the house changes hands (settlement date) which can often be weeks/months later. Therefore, the REINZ HPI is the best and most timely measure of recent housing market activity.

Nick Tuffley Chief Economist, ASB

For more information visit: reinz.co.nz/reinz-hpi

REINZ HOUSE PRICE INDEX DECEMBER 2022 RESULTS

Looking at the REINZ HPI for December 2022, the ‘gold standard’ for New Zealand house price analysis, Jen Baird, Chief Executive at REINZ, says:

The REINZ House Price Index was developed in partnership with the Reserve Bank of New Zealand.

Already being used by the Reserve Bank’s forecasting and macro financial teams, plus the major banks, the REINZ HPI provides a level of detail and understanding of the true movements of housing values over time. It does this by analysing how prices in a market are influenced by a range of attributes such as land area, floor area, number of bedrooms etc. to create a single, more accurate measure of housing market activity and trends over time.

Using the Reserve Bank’s preferred Sale Price to Appraisal Ratio (SPAR) methodology, the REINZ HPI uses unconditional sales data (when the price is agreed) rather than at settlement, which can often be weeks later. It is therefore more accurate and timely.

“The REINZ HPI takes many aspects of market composition into account and thus provides more accurate results. When applied to the December data, the HPI indicates that the housing market value nationwide has dropped 13.7% year-on-year. In Auckland, the value decreased by 17.3% and by 11.3% outside of Auckland. Southland holds the top spot in the 12-month ending percentage changes for the third month in a row. Taranaki and Tasman/Nelson/Marlborough/West Coast came second and third, respectively, for annual percentage movement.

“The importance of the HPI is evident in the Southland region this month, where the median sale price tells a different story to the HPI.

“The median sale price in the region decreased 8.0% over the past month and 4.9% over the past year, the fourth lowest monthly return and sixth highest annual return compared to the other regions. This suggests a market where value growth has suffered in the short-term and is approximately positioned in the ‘middle of the pack’ in the longer-term compared to other regions.

“However, the Southland region had the second strongest annual performance of all regions in HPI over the past month with a 0.3% decrease and the best return of all regions over the past year, with a decrease of 3.0%. Sample composition changes — such as the size of properties or the underlying value of properties sold — can change statistics, such as median, that are purely based on price. However, because the underlying value of each property sold is considered by the HPI, such sample changes have little effect on HPI results. In summary, short-term and long-term property value growth in Southland is decreasing at a slower rate than most other regions, and the recent performance has been relatively strong as well — a fact that would have remained hidden from those monitoring statistics without access to the HPI.”

Year-on-year, the HPI indicates that housing market value nationwide has fallen 13.7%, down in Auckland by 17.3% and down outside Auckland by 11.3%.

Property Management

On the following pages you will find our Property Management Newsletter.

on’t hesitate to contact Debbie Harrison who can ably assist you with any Property Management issues you may have or if you have any questions about anything in the Newsletter or property management in general

Email: debbie.harrison@ljhooker.co.nz Phone: 021 303 864

NewZealandmortgageholdersaretypicallyreluctanttoswitchhomeloans,evenaftermany consecutiveinterestraterises However,awaveofsuccessivehikeshasforcedmanyinto action.So,areyouwonderinghowtorefinanceyourhomeloan?

Whileitmayseemlikeahassletoswaplenders,itis wellworthmakinganeffort.Refinancingcannotonly saveyouhundredsofdollarseverymonth,butitcan alsoreducethelengthofyourloanandevenunlock potentialequityforinvestmentproperties.Soonce yourhoneymoonperiodwithyourexistinglenderis over,usuallyafterayearortwo,itistimetocheckthat youareonthebestdeal.Adiscountonyourhome loan,evenasmallone,canmakeabigdifferenceto yourbudget.

Refinancingisalsomorethanjustsearchingforthe cheapestinterestrates.Lendersnowprovidearange ofproductssuchasanoffsetaccountorredraw facilities,andeventheabilitytoconsolidatedebts.

Wheretofindhelp?

Amortgagebrokerorlendingspecialistactsasan intermediarybetweenyouandthebanks.Likefinding arealestateagent,youshouldtakethetimetomeet withafewexpertstofindthebestmatchforyou.

Ifyouareself-employed,havepastcreditissuesor areafirsthomebuyerwithalimiteddeposit,youmay bebestfindingsomeonewithexpertiseinthisarea

Howlongdoesittaketorefinanceahome loan?

Thetimeneededtorefinanceyourhomeloan dependsonthebankorlender.Itcantakeaslittleas afewdaystoaslongassixweeks.

Beingorganisedwillspeeduptheprocessandallow yourapplicationtobereviewedmorequickly.

OnesilverliningtotheCovid-19pandemicisthatit streamlinedtheprocess,makingiteasierfor borrowerstoswaplenders.

Acommonmistakeistochooseabankbasedon interestrateswithoutcheckingwhetheryouwillfit theirlendingcriteria,onlytofindthatthe applicationiseventuallyrejected.Thisiswherea lendingspecialistcanhelpyousavetimeby makingtherightchoice.

Yourlendingspecialistormortgagebrokercan helpyouweightheprosandconsofanewdeal. Theywillusuallypresentyouwiththreeloanoffer options,butitisyou,thecustomer,whomakesthe finaldecision.

Anddon'tforget,itisacompetitivemarketout there Yournewlendermaybewillingtowaivean applicationfeecharge Oftenitisamatterofifyou don'task,you'llneverknow!

Thesixcriticalstepswhenatenantgivesnotice

Whetheryou'rehappyorsadtoseethemgo,whenatenantgivesnotice,thestepsyouand yourpropertymanagertakearecriticaltominimisingtheriskoffinancialloss.Thisguide willhelpyouthroughthetransitionbetweentenancies.

1.Noticereceived

Thetenantgivesyounoticetosaytheyhavedecided toleavetheproperty.Eachstateandterritoryhas differentrulesandregulationsaroundhowmuch noticeatenanthastogivewhenmovingout,whether ornottheyareinafixed-termlease.Iftheyare breakinganagreement,theremaybecoststhatapply forendingitearly.

2.Marketappraisal

Nowistheperfectopportunitytogetanupdatedrental marketappraisaltocheckyouareachieving maximumreturnonyourproperty.Itiscrucialthatyou makeadjustmentsnow,astenanciescomewith restrictionsonwhen(andsometimeshowmuch)you canincreaserents.

Thebestpracticeistoensurethe propertyislistedonadvertising portalswithin24hourstomaximise exposurebeforeatenantvacates.

3.Communicatewithyourpropertymanager

Whetheryouwanttore-lettheproperty,putitonthe marketforsale,orconductsomerenovations,nowis thetimetocommunicatewithyourproperty manager.

Inmostoffices,itisbestpracticetowaitto readvertisethepropertyuntilyouhavereceivedthe owner'sinstructions.Thisistoensuretheproperty managerknowstheyaren'tdoingsomethingthat couldjeopardiseyourplansfortheinvestment.

4.Advertising

Thefirstthreestepsusuallyhappenwithin24hoursof

eachother,asdoesadvertising.Thebestpracticeis toensurethepropertyislistedonadvertisingportals within24hourstomaximiseexposurebeforeatenant vacates.Thisistheprimaryreasonwhy communicationisparamount.

5.Openforinspections

Yourpropertymanagershouldschedulethefirst openforinspectionwithindaysofadvertisingthe property.However,itiscommonforsomeproperty managerstowithholdshowingsuntilthetenanthas vacated.Thisismainlyforthepresentationofthe homeandnottodeterdesirabletenants.Afterthe openforinspection,youshouldreceiveanupdate withtheinspection'soutcome.Afterthesecond inspection,yourpropertymanagermaysuggesta pricerepositioniftherehasbeennointerestinthe home.

6.Applications

Yourpropertymanagerwillconductduediligenceon theapplicationsreceivedandpresentyouwitheither allorthemostdesirableapplicantsforyoutomakea decision.Checksgenerallyincluderentalhistory, affordabilityandensuringtheyarenotlistedona tenantdefaultdatabase.Basedontheinformation provided,itisalwaysanowner'sdecisionwhomoves intotheirproperty.Apropertymanagershouldonly guideyoubasedontheirinteractionswiththe applicantsandwhatthereferencesdetermine.

Makesureyoustayuptodatewithyourproperty managerandrespondtoallcommunication promptlytoavoiddelayswithanyrequiredtasksso thatyoucanmaximiseyourinvestmentexperience.

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If it's the easy care of a brick and tile home you're after, then this one's for you. Situat...

Sold

Andrew Fisher 027 542 5500 andrew.fisher@ljhooker.co.nz

Sold

Nav Johnson 027 827 2213 nav.johnson@ljhooker.co.nz

NavJohnson 0278 272 213

nav.johnson@ljhooker.co.nz

drury@ljhooker.co.nz https:// drury.ljhooker.co.nz

MeetyourAgent NavJohnson

With more than 17 years customer service experience, Nav's clients all echo the same sentiments about him. Punctual, honest, softly spoken, understanding, calming in difficult and stressful situations. All qualities and attributes essential in Nav's previous employment as a driving instructor for 6 years. Now, these same qualities and attributes are what Nav delivers for his clients in the world of real estate.

By his own admission, Nav's driven by the pleasure of assisting his clients to reach their goals while delivering a great experience and outcome. "I like to work with you and not for you".

Fluent in English, Hindi, Punjabi and Urdu, away from real estate Nav enjoys the pleasures of family time with his wife, two children a cat and four budgies. He's also an ardent cricket fan, has played representative cricket abroad and is currently involved in coaching at the Howick Pakuranga Cricket Club.

When you know, youknow.™

Fromarealestateagent'spointofview,Nav's topfivetipswhenbuyingare:

• To meetwith the bank andmortgage brokerearly, before starting the property hunt

• Engage the servicesof a lawyer/solicitor

• Undertake marketresearch–lookatwhat isforavailable for sale, whatisanaffordable location, research recent sale pricesin the preferred area

• Tryand gettothe propertiesyou like, preferably before the first open home

• Minimise conditions –your bank/brokerand lawyerwillbe able to helpguide youon thisaseveryone'ssituation isdifferent.

It'salsogood to think about current circumstances andlong-term goals to decipher whether the time is right before embarking on the home buying journey.

Researchfinances, consider mortgage repayments, the costsinvolved withbuying ahouse like legal fees and moving costs, as well as living expenses and costs of owning a home too.

ForagentslikeNav,helping buyersintotheir first home isboth exciting andsatisfying.

TakingthePlunge,DecidingtoSellYourHome

Homes are a place where we create memories. It is a place where we grow as people and celebrate life milestones. However, there are times in life where you must make the decision to move on and find your next family home.

That does not make this process of selling your home any less nervewracking. But it is also an exciting time as there are so many emotions connected to the home buying and selling process.

You will have to make many decisions, including choosing your sale method, determining a price for your home, and the marketing method. These can be challenging decisions, but by utilising a real estate agent from a team who has the tools, experience, and knowledge, it can make this process easier.

The first big question you need to overcome is deciding when is the best time to sell your home?

Life may mean you do not get much of a choice, as you may have to relocate for work. But if you are not in a rush, it may be worth considering how the market changes with the season.

Winter

Mostpeoplethinkwinterisaterribletimetosellbecausepeoplearenotwillingtogoout ingloomyweatherforanopenhome. Whilethatmightbeafairassumption,itisnot entirelytrue.

Ifsomeoneisplanningonmovinghomes,abitofrainwillnotdeterthemfromseeing whatisavailable. However,somepeoplewillholdoffsellingduringthesemonths,which meanstherecouldbefewerhomesonthemarket,givingyourhomeabetterchanceof findinganewfamilytofallinlovewithit.

Spring

Daffodils,tulips,babyanimals- springsisatimeofnewlife,andthatistrueforthe propertymarket. Plentyofvendorsseethisasagreattimetosellup,injectingpositivity intothemarket.

Buyersalsoseethisisanidealtimetosecuretheirnewhomesotheycanbesettledby Christmas.

However,becausethisisapopulartimetosell,thereisafiercelevelofcompetitionfrom othersellers.

Summer

Thesunisout,gardensareflourishing,andthetemperatureisup- creatinggreat conditionsforbuyerstogetoutthereandcheckoutwhatisonthemarket.

Thedownsideofsummerforthepropertymarketisthatthisisusuallyatimefamilies, couples,andsinglesheadawayforsomerestandrelaxation. Thiscausessalesand enquiriestobeonthelowside.

Autumn

Whenautumnrollsaround,peopletendtohavesettledintotheirdailyroutineafterthe holidayseason,andtheywillbegettingonwithlife. Atthispoint,peopletendtoget interestedinthepropertymarket.

Whetheritisbecausetheysetanewyear’sresolutiontobuyanewhome, ortheyjustmightwanttogetsettledbeforeanewschooltermstarts,there areusuallybuyersoutandaboutinautumn.

Nowthatyouhaveconsideredthebenefitsofeachseason,therearesome otherfactorsyoumaywanttobeawareof.

Economy

Cashratereductionscanleadtolowerinterestrates,whichsparksbuyer confidence.Peoplecanborrowmoneycheaperthantheyusuallywould, whichencouragesmorepeopletopurchaseapropertyasaresult.

Withmoredemandfrombuyers,ifthereisahousingsupplyissueinyour suburb,thatcouldmeanastrongerdemandforhomesinyourarea, pushingupprices.

Marketconditions

Currentmarketconditionscouldalsoinfluenceyourdecisionastowhether youwanttosellyet.

A buyers’marketmeansthatthesupplyofhomesforsaleoutweighsthe demand.Inthissituation,youmayneedtosetacorrectpriceandensure youhaveacomprehensivemarketingstrategyinplace.

Theoppositeisaseller’smarket. Thisiswherebuyerdemandexceedsthe numberofhousesonthemarket. Thiscouldresultinpropertygetting higherpricesduetotheincreasedcompetitionamongstbuyers.