The Property Chronicle - October 23

The Property Chronicle

TOWN & COUNTRY

When you know, you know. ™

October 2023

Town & Country

CONTENTS

Page

LJ Hooker Newsletters and Blogs •

Letter from Principal (Brent Worthington)

4

•

Homesmart Newsletter –Navigating the Real Estate Market

6

•

Property Management Newsletter –Make your rental property stand out

9

•

Selling Rental Property – Key Considerations and Strategies

12

Reports & Surveys •

REINZ Press Release – 12th Oct

16

•

Market Snapshot

17

•

Annual Median Price Changes

18

•

REINZ Monthly Property Report – 12 Oct (link)

19

•

REINZ House Price Index – 12 Oct (link)

20

•

Regional Property Insights – Tony Alexander Oct23

21

•

CoreLogic -Why National Property Values Flatten

22

•

TradeMe – State of the Nation

27

•

Apollo Auction – Latest update

28

Properties - LJ Hooker Town & Country •

Stock List

•

Featured Properties

•

Recently Sold

30

Finance & Lending •

The Insider – Loan Market

38

•

Kainga Ora Shared Ownership Scheme

39

Our People •

Brent Worthington

•

Lina Roban

•

Christine Connolly

•

Debbie Harrison

•

Apollo Auctions

SuperGold - Welcome Here

40

47

Newsletters & Blogs

Town & Country 25 October 2023

Hi Will the New Government Sustain the Spring Spike in the Property Market?

Energy returned to the property market this spring, signaling growth in the residential property market.

Property prices have held steady, with modest increases month-on-month, and the number of days to sell in September was 40, down seven days from 2022, according to Real Estate Institute of New Zealand (REINZ) data.

“Sales counts across New Zealand were 5.1 percent higher in September compared to this time last year from 5,174 to 5,439, year-on-year, and up 5.6 percent for New Zealand excluding Auckland, increasing from 3,474 to 3,669 year-on-year,” REINZ chief executive Jen Baird said.

Auckland, Marlborough, Northland and Tasman all had their highest number of residential properties sold in September since 2020, showing confidence returning to those markets.

The national median sales price for September reached $780,000, up 2.3 percent from August.

All but three regions saw median sales prices increase month-on- month, with significant increases in West Coast (+16.4 percent), Marlborough (+13.8 percent) and Otago (+9.3 percent).

“We are seeing more people, both buyers and sellers, decide now is the time for them to be in the market. Agents are also reporting that the pipeline for new listings is looking healthy,” Baird said.

While the election results mean a new government, any policy changes will take six to nine months to be felt in the property market.

continued over...

Brent Worthington Principal and Licensee Agent LJ Hooker Town & Country & Property Management 1/233 Great South road, Drury 0292 965 362

Town & Country

Continued The National led government wants to shake up the housing market, as it wants to roll back part of the foreign buyer ban, allowing non-New Zealand residents to purchase homes sold for more than $2 million. They also want to shorten the Brightline Test and slowly phase back in mortgage deductibility for property investors.

While it will take several months for new policy to be introduced, Valocity senior research analyst Wayne Shum believes, in the meantime, there will be a psychological impact that will be apparent in people’s intentions.

“For example, if I know that eight months from now I can buy an investment property, then I can start preparing for that by cutting my expenses so my [Credit Contracts and Consumer Finance Act] check looks better.”

Despite the possibility of better conditions for property investors, CoreLogic chief economist Kelvin Davidson pointed out that investors still face higher mortgage rates.

“It helps to save a bit of tax, of course, and it might bring in some investors who otherwise might not have purchased but will it wholesale change the game for investors? I’m not convinced because you’re still going to have low rental yields and high mortgage rates,” Davidson said.

“The average property that you might invest in is still going to need a significant top up to keep it going in terms of cash flow.”

Kind Regards Brent

Brent Worthington Principal and Licensee Agent LJ Hooker Town & Country & Property Management 1/233 Great South road, Drury 0292 965 362

Navigating the Real Estate Market Buying real estate can be an overwhelming process, but it does not need to be that way.

To make your life easier we have you covered with a simplified guide to help you navigate the buying journey smoothly. From discovering your ideal home to sorting out your finances, conducting property inspections, and making an offer, here's what you need to know.

Buying a house can be both an exhilarating and nervewracking experience. The thrill of finding your dream home is balanced by the practicalities of the process, with its various complexities. Instead of allowing terms like "pre-contract" and "pre-settlement" to perplex you, invest some time in understanding the buying process.

This knowledge empowers you as a buyer and increases your chances of acquiring the home you've always wanted.

Searching for properties

Your buying journey begins when you visit a real estate website and start exploring property listings. To ensure a smoother journey ahead, it's essential to clarify your preferences during the searching phase.

Consider whether you'd like to purchase an apartment, townhouse, or a traditional standalone home. This clarity helps you establish a workable budget and narrows down your preferred location based on affordability and personal preferences.

Researching different housing types and suburbs gives you a comprehensive view of your desired lifestyle and location, making it easier to find open homes and auctions to attend.

Ensure your financial readiness

Once you've made decisions about the type of property and location, it's time to assess your financial position. Transparency is key during this phase.

Consult with a lender or mortgage broker to make informed financial decisions. They can provide a preapproval, which acts as a guide for the amount you can borrow, though it doesn't guarantee loan approval.

Pre-approval helps you understand if your application aligns with lending criteria.

Different Buying Methods

Real estate properties are typically listed as either private sales or auctions. Understanding the distinction between these two methods significantly impacts your property buying process.

Private sale

A private sale occurs when a property is sold directly from the seller to the buyer, bypassing an auction or public bidding process. The property is listed with an asking price or "offers-over" price. Negotiations take place between the buyer and seller or their respective agents, allowing for more flexible negotiations to reach a price within your budget.

Auction

Auctioned properties do not have a fixed purchase price. Instead, the highest bidder on auction day secures the property if their bid meets the seller's reserve price. After the auction, the highest bidder typically has the first opportunity to negotiate further with the seller. It's crucial to set a limit on how much you're willing to pay at an auction to avoid exceeding your budget.

Property inspections

To ensure the property aligns with your expectations, attending an open home is advisable. Open home inspections allow potential buyers to physically explore the property. During these visits, you can assess various aspects, such as: Natural lighting levels Neighbourhood characteristics and activity Property orientation General wear and tear It's also an opportunity to ask the agent questions about the property's history, including reasons for selling, renovations, and any prior offers.

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The real estate buying process

Once you've saved for a deposit, determined your borrowing capacity, and inspected potential properties, you're ready to make an offer or bid at an auction. After your offer is accepted, several essential steps are required:

Pre-contract

Following budget establishment and pre-approval, the next step is entering the pre-contract phase. It's advisable to engage a solicitor or financial advisor to navigate this stage. Here, you can negotiate contract terms like price, deposit, and settlement date. You can also specify conditions, such as securing finance approval and passing a building inspection by a particular date or outlining seller obligations before settlement.

Pre-settlement

Pre-settlement encompasses various elements, making it a crucial part of the buying process. During this period, you should sign bank loan documents and ensure that transfer documentation is in order. It also includes a pre-settlement inspection conducted in the week leading up to settlement. This inspection is vital to ensure the property's condition matches your expectations and that everything is in working order before final payment.

Settlement day

The most exciting stage for buyers is settlement day.

On the agreed-upon date, your solicitor will transfer funds to the seller in exchange for ownership of the property. Once document transfer is complete, loan funds are disbursed, and the deposit is released. The real estate agent hands over the keys to the property, and you officially take possession of your new home.

Bring new life to your home with the transformative power of paint and colour. As we adapt to our everchanging world, it's the perfect time to refresh spaces that no longer align with your desires and lifestyle. Whether your walls are uninspiring, your décor feels stale, or your priorities have shifted, crafting a space that reflects your personality has never been more accessible.

Create Tranquillity In our fast-paced world, it's crucial to establish soothing sanctuaries in our homes. Light and ethereal colours can instil a sense of calm and comfort. These gentle hues, like dusted blues and petal pinks, create an atmosphere of peace and relaxation. When crafting a 'slow space,' remember that the right colour choice is deeply personal. Define your needs and aspirations for this space before selecting colours and materials.

Connect with Nature Natural-inspired interiors are more popular than ever. Embracing earthy shades has become a trend.

Colours that remind you of woodlands and mountains create a harmonious connection with your surroundings.

Elegance and Opulence Elevate your home with an air of sophistication. Ruby reds and warm, rich tones infuse your space with opulence and drama. Combine these hues with metallic and luxurious textiles for a touch of elegance.

Cheerful Spaces Dopamine Decorating, inspired by positive psychology, focuses on colours that make you happy. Choose paint colours, furniture, and decor that bring joy to your daily life. Surround yourself with what makes you smile, from the moment you wake up to when you return home.

Artistic Expression Artistic styles are making a comeback in home decor.

From impressionist motifs to custom murals, you can create DIY masterpieces or adorn your walls with unique artwork.

Media Room Magic Enhance your media room with acoustic panelling for superior sound quality. Opt for matte or low-sheen paint colours to reduce screen glare, especially in darker shades.

Embrace the latest trends to refresh your home.

Whether it's a subtle change or a complete makeover, a splash of paint and colour can breathe new life into your living space.

The information contained in this publication is general in nature and is not intended to be personalised real estate advice. Before making any decisions, you should consult a legal or professional advisor. LJ Hooker New Zealand Ltd believes the information in this publication is correct, and it has reasonable grounds for any opinion or recommendation contained in this publication on the date of this publication. Nothing in this publication is, or should be taken as, an offer, invitation or recommendation. LJ Hooker New Zealand Ltd accepts no responsibility for any loss caused as a result of any person relying on any information in this publication. This publication is for the use of persons in New Zealand only. Copyright in this publication is owned by LJ Hooker New Zealand Ltd. You must not reproduce or distribute content from this publication or any part of it without prior permission.

Licensed REA 2008.

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On the following pages you will find our latest property management newsletter. Please don't hesitate to contact our team who can ably assist you with any property management matters you may have or if you have any questions about anything in the newsletter or property management in general...

Make Your Rental Property Stand Out With new rental developments being completed, and a range of variety in the types of rental properties, landlords need to make their homes stand out from the rest.

It is always going to be important to make sure your property is appealing above all else. At the end of the day, there are many little things that add up to create the means for successful tenants to move in.

The following will help guide you by giving you options to make your rental property stand out and the things you can do to prepare your property for prospective renters.

Show off the home’s best features Identify what makes your property unique. Does it have large bay windows? Is it the landscaped garden? Are the rooms bright? Or does it have an eye-catching front door? Whatever it is, make sure you draw attention to it in your listing.

Most prospective tenants will search online listings first, which is where high quality photos are key.

Professional photos will help grab their attention and heighten their appeal in your rental property. By staging your property, you will make it look even more attractive to renters.

You want to make sure you cover every angle of a room. If your budget allows, make your property look good for a day, with staged furniture and props, and snap some great photos showcasing the best features. This can give you a competitive edge and a wider audience reach, especially for out-of-town renters.

focus on making the best impression with it.

There are some simple ways you can improve curb appeal. First of all, does your property look inviting?

Take into account the front garden, doorstep and exterior. Is there anything you can do to refresh these areas to make it look more attractive from the street? Perhaps some basic landscaping or replacing broken fence palings? If you own a unit, have a look at the condition of common areas such as the stairwell and foyer. It’s a good idea to request repairs or updates where they might be needed.

Next, set a high standard for cleanliness. While you want your property to look good from the outside, the inside matters even more! Consider having carpets professionally steam cleaned and wash any dirt or marks off the walls and cabinetry.

Quality tenants are attracted to rental properties that are clean, safe and clearly well cared-for.

Small fixes go a long way Fixing whatever is broken prior to listing your property will give you a better chance of attracting more people to it.

Tend to small cosmetic fixes such as refreshing paint where needed, fixing leaky faucets, replacing old light fixtures and filling up minor cracks in walls.

Pay attention to the exterior, too. Is the front gate squeaky? Does the porch light work? Are there any First impressions always matter overhanging branches obscuring the garden path Street appeal is vital, and it can have a real impact on that need pruning back? rental decisions. Renters are more willing to pay top price for a well-presented property. So, if you are Small repairs here and there can save your tenants hoping to make your rental stand out, you should any frustration down the line. It also prevents any bigger, more costly repairs for you in the future.

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Detailed listings When it comes to the property write-up, make sure you give it an accurate description. How many rooms are there? What is the storage space like?

What is the size of the property? What is the rental cost? What amenities are nearby? Do you allow pets? If you have recently renovated or updated appliances, make it known.

Get as specific as you can. This will help to paint a clear picture of your property and give potential renters a better idea of what to expect. Do not forget

Loving your home doesn't require a massive renovation budget. Here are some cost-effective ways to rejuvenate your space and fall in love with it all over again.

Cull and clean It's amazing how we become blind to clutter over time. Take a fresh look at your home and declutter like you're preparing to sell it. Follow the principles of organisation guru Marie Kondo – if it doesn't serve a purpose or bring you joy, let it go. Clearing out the visual chaos will not only make your home feel lighter but also function better.

to highlight your property’s unique selling point, either. Get creative with your listing and make it easy for potential tenants to visualise living in the property. If, for example, it boasts a balcony, write about how tenants can enjoy summer evenings watching the sunset on their balcony.

Some other ways to give your rental property listing an advantage include advertising on social media or enticing tenants with add-ons such as free wi-fi, security systems or an in-unit washer and dryer.

Dress your dated windows While custom curtains can be expensive, there are now more accessible options with off-the-shelf curtains and accessories offered by retailers.

Beautiful draping sheer linen fabrics can add softness and elegance to your space without breaking the bank. It's a great way to refresh a room's look and satisfy your home-design cravings.

Loving your home doesn't always require a hefty budget. By following these budget-friendly tips, you can transform your space, making it a place you adore, without spending a fortune.

Tend to the exterior Don't underestimate the satisfaction of giving your home's exterior some TLC. Waterblast your house, pull weeds, and mown lawn can do wonders, and it costs nothing but your time. Maintaining your outdoor space is a "bang-for-your-buck" job that instantly enhances your home's curb appeal.

Freshen up with paint If you have a room that feels lacklustre, a fresh coat of paint can work wonders. Painting is another budget-friendly project that offers a significant transformation. Embrace exciting paint colours to breathe new life into your living spaces.

The information contained in this publication is general in nature and is not intended to be personalised real estate advice. Before making any decisions, you should consult a legal or professional advisor. LJ Hooker New Zealand Ltd believes the information in this publication is correct, and it has reasonable grounds for any opinion or recommendation contained in this publication on the date of this publication. Nothing in this publication is, or should be taken as, an offer, invitation or recommendation. LJ Hooker New Zealand Ltd accepts no responsibility for any loss caused as a result of any person relying on any information in this publication. This publication is for the use of persons in New Zealand only. Copyright in this publication is owned by LJ Hooker New Zealand Ltd. You must not reproduce or distribute content from this publication or any part of it without prior permission.

Licensed REA 2008.

ljhooker.co.nz

Selling a Rental Property: Key Considerations and Strategies

Selling a rental property can be a complex process, especially when tenants are involved. Having tenants in the property while selling often makes financial sense for investors. However, timing will play a critical role. You want to ensure you are selling at the right time and retain consistent rental income until the property sells. This can make a big difference to your financial stability, especially if you need to make home loan repayments.

While an investor might be more interested in the property if it has reliable tenants, some buyers are likely to look at the property to make it their own home. Landlords face important decisions regarding whether to sell the property with tenants or wait for them to vacate.

There is an extra layer of complication with tenants in your property. In many cases, tenants facing the sale of their ‘home’ are likely to not be very happy. They may have to find and move into a new place which is both time-consuming and costly. This can include searching for a new property – this can take some time; pay for movers, cleaners, utility connections and find the bond for their new place. This could cost a tenant $2000 $3000 which is a lot of money. And a lot of reasons not to be over the moon about it.

For a successful property sale, you want to keep your tenants happy at the same time. How can you do that?

Communicate openly with your tenants Effective and upfront communication is paramount when selling a rental property. It's imperative to inform your tenants about your intention to sell the property well in advance of putting it on the market. Remember your tenant has a tenancy agreement that gives them the right to live in the house. By ensuring everyone knows what is happening can make the process less stressful.

Not only does communication show respect to your tenants, it also gives them an opportunity to consider purchasing. Initiating a conversation with your tenants before the "For Sale" sign appears can make a significant difference in their willingness to cooperate throughout the sale process, which is crucial to a successful sale.

During this time, it’s important your tenants are aware of their rights and responsibilities from the start of the process. You are required to inform them in writing. However, delivering that letter in person so you can discuss the sale and property access would be helpful.

Open homes Having a good relationship with your tenants and open communication will set you up for success throughout the sales of your property. As you prepare for open homes, you need permission from your tenants to access the house to get an appraisal, photos, for open homes and viewings. You also need to get their permission before publishing marketing that includes any photos of their possessions.

While a tenant can’t unreasonably refuse access, they can set reasonable conditions. This may include limiting access to certain days and times of the week. They can also refuse open homes and auctions at the property.

It’s best to sort a plan that will see you through the marketing process. Ensure all parties agree to it in writing by making sure it is signed by everyone involved.

Provide incentives Ensuring a steady rental income during the property sale is a priority for many investors. Incentives can greatly influence a tenant's willingness to maintain the property in good condition and make it available for inspections.

Incentives you can consider include: Rent reduction: Consider reducing the weekly rent by $50 to $100 in exchange for the tenants' commitment to present the property in its best possible condition for viewings and staying away during open homes.

Relocation support: If the tenant must move after the sale, offer one week of free rent to assist them in covering relocation expenses.

Small inspection fee: Provide a nominal fee to tenants for accommodating open homes while ensuring they tidy and prepare the property for sale.

Reference for future rentals: Offer to provide a reference for their future rental property applications, enhancing their prospects in securing a new rental.

Pay for professional cleaning: Not only will this help you get the property looking great for viewings, but it will also take pressure off your tenants before photos and open homes.

These incentives not only promote cooperation but also foster a positive relationship between landlords and tenants during the challenging period of selling a rental property.

Selling a tenanted property: advantages and considerations Selling a rental property while tenants are in residence presents several advantages and considerations for both landlords and potential buyers.

Benefits for tenants: Continuity and stability: Tenants can remain in their familiar surroundings, providing them with continuity and stability.

Potential lease continuation: The new owner may choose to honour the existing lease, allowing tenants to continue living in the property.

Enhanced market appeal: A tenanted property demonstrates its viability as an investment, potentially attracting buyers looking for income-generating assets.

Furnished viewing: Prospective buyers looking for their own homes benefit from viewing a furnished property, which aids in visualising the space's potential.

Benefits for landlords: Continuous rental income: Selling a tenanted property ensures that rental income continues throughout the sales process.

Time and cost savings: Landlords save time and effort on finding new tenants, marketing the property, and addressing potential vacancies.

Once the property is sold and the buyer wants the tenants to stay the agreement for sale and purchase should specify this. You will be able to collect rent until settlement day, and then transfer the bond to the new owner.

If the new owner wants the property vacant on possession, you need to remember your obligations under your tenancy agreement and factor that into your sales process.

If you currently have a periodic tenancy agreement, you need to provide your tenants at least 90 days written notice.

With a fixed-term lease, the property must be sold with the tenants in place. The exception is when the tenant agrees in writing to end the fixed-term agreement early. However, if the fixed term lease was granted on or after 11 February 2021 the tenancy can end on expiry or later with 90 days written notice.

Selling a vacant property: advantages and considerations Alternatively, some landlords may opt to sell a vacant property, which offers different advantages and considerations.

Benefits of selling a vacant property: Facilitates repairs and renovations: A vacant property allows for easier completion of repairs or renovations before the sale.

Ease of property maintenance: Keeping the property tidy for open homes and viewings is more straightforward when it's vacant.

Streamlined sale process: The sale process can be faster without the need to coordinate with tenants for access and showings.

Whatever option you decide, selling a rental property requires careful planning and consideration. Whether you choose to sell with tenants in place or wait for the property to be vacant, open and transparent communication with tenants is crucial.

Understanding the rights and responsibilities of both landlords and tenants throughout the sale process is essential. This will allow for a smooth and successful transaction. Ultimately, the goal is to achieve a mutually beneficial outcome, ensuring clarity and stability for all parties involved.

Reports &

Surveys

Good morning, Today, REINZ is releasing its Monthly Property Report and HPI Monthly Data which provides a market-leading level of detail and understanding of housing activity in New Zealand. Nationally, the September 2023 median price decreased 3.1% year-on-year to $785,000 from $810,000.

REINZ Chief Executive Jen Baird says September traditionally provides positivity and more activity as the warmer months arrive.

At the end of September, the total number of properties for sale across New Zealand was 23,564, down 9.0% (2,339 properties) from 25,903 year-on-year. However, the number rose by 3.6% monthon-month as we would expect heading into the busier months of the annual property market cycle.

New Zealand excluding Auckland inventory was down year-on-year from 15,744 to 14,690, a decrease of 1,054 properties or 6.7%, but increased by 4.2% month-on-month.

At the end of September, the total number of properties for sale across New Zealand was 23,564, down 9.0% (2,339 properties) from 25,903 year-on-year. However, the number rose by 3.6% monthon-month as we would expect heading into the busier months of the annual property market cycle.

New Zealand excluding Auckland inventory was down year-on-year from 15,744 to 14,690, a decrease of 1,054 properties or 6.7%, but increased by 4.2% month-on-month.

“The numbers we are seeing this month show the expected upturn in the market post winter but after many months of a much weaker market, there seem to be stronger signals in growing activity from both buyers and sellers,” says Baird.

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 or months later.

Therefore, REINZ data is the best and most timely measure of recent housing market activity.

If you have any queries regarding this information, please contact the REINZ membership team at 0800 473 469.

With warm regards,

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MONTHLY PROPERTY REPORT 12 October 2023 1 | REINZ Monthly Property Report

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MONTHLY HOUSE PRICE INDEX REPORT 12 October 2023 © REINZ - Real Estate Institute of New Zealand Inc.

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TONY ALEXANDER

Regional Property Insights OCTOBER 2023

© Tony Alexander and First Mortgage Trust

ISSN 2744-3809

CoreLogic New Zealand

Property values across New Zealand flat-lined in September, most likely ending the 17-month downturn, the CoreLogic House Price Index ( HPI) shows.

Nationally, average values stabilised at $905,445 in September, with the three-month change sitting at -0.6%. From March 2022’s peak, the total fall has been 13.2%, although average values remain 24.3% higher than ‘pre-COVID’ in March 2020.

Around the main centres the wider Wellington area was flat in September, with Christchurch and Dunedin edging up by 0.2% apiece. CoreLogic NZ Chief Property Economist, Kelvin Davidson said the most notable main centre was Auckland, where values rose by 0.4%, the city’s first increase since March 2022.

“It was only a matter of time until property values found their floor and then started to rise again, and it’s this emerging growth we’re starting to see in the data, although there’s quite a bit of diversity across the country,” Mr Davidson said.

“Housing market confidence seems to have turned a corner, supported by a rough peak for mortgage rates, high net migration flows, a still-solid labour market, and an easing in credit conditions. A growing expectation that National may lead the next Government, with more ‘property friendly’ policies, may well be playing a role here too.

“While a National-led Government may result in house prices rising more than otherwise might have been the case, the impact might be relatively muted. For example, the potential phased reinstatement of mortgage interest deductibility would tend to add some demand to the market. But a smaller tax bill wouldn’t change the fact that rental yields are still low and mortgage rates high, requiring a new property investor to put a significant cash top-up into the property to keep it going. Accordingly, a flood of new investors doesn’t seem particularly likely to me,” he said.

The signs of a turning point for Auckland, Christchurch, Dunedin and Wellington in September were not replicated in Tauranga and Hamilton, where values continued to fall by 1.2% and 1.5% respectively.

Click here for fully interactive artilce “This patchiness among the main centres may well continue in the coming months, and is likely to be a feature elsewhere in NZ too. After all, while we have broadly reached a trough in the market, we’re not expecting the next phase of growth to be swift or sudden either given mortgage rates remain challenging for many households.”

Although the average property value across Auckland rose in September, the increase was not seen in all sub-markets. Papakura, Manukau, and Rodney all recorded gains, as did Auckland City, but North Shore and Waitakere both edged down 0.1%, and Franklin dipped 0.4%.

Click here for fully interactive artilce “Auckland property remains pricey, whether you’re a first home buyer, investor, or relocating owner-occupier. This will be restraining demand in some locations. But it’s less expensive than it used to be, and this may just be kick-starting activity in other parts of the super-city,” Mr Davidson noted.

Click here for fully interactive artilce

Wellington is another key area where some signs of growth have emerged in recent months, but there’s also evidence of continued ‘caution’ too. For example, Porirua’s average property value rose by 1.1% in September, but after increases in the prior month or two, Upper Hutt and Wellington City just eased back again slightly.

“Patchiness is a word I’ve been using quite a bit lately to describe the market at this point in the cycle, and Wellington is a good example of that,” Mr Davidson said.

Regional House Price Index results Outside the main centres, the changes in property values in September were also a mixed bag.

Gisborne, Napier, Invercargill, Hastings, and Whanganui all saw solid increases, but New Plymouth and Whangarei each fell by close to 1%.

Queenstown also saw a drop in average values in September, of 0.4%, leaving it down by 2.8% over the past three months.

“Queenstown remains one of the most resilient parts of the country, but the latest figures are a reminder that it’s not totally bullet-proof either.”

Click here for fully interactive artilce Property market outlook Given the imminent General Election and possible uncertainty around any subsequent coalition talks, property market indicators could remain ‘jumpy’ for the next month or two, especially when it comes to activity measures such as new listings flows and agreed sales volumes.

“However, once any Election-related disruptions have faded into the background, a clearer upwards trend should become apparent for the property market, with sales and prices rising into 2024. That said, this emerging growth could be pretty muted by past standards, given that housing affordability is still problematic, mortgage rates aren’t set to fall anytime soon, and there’s also still the very real possibility of caps on debt-to-income ratios next year,” Mr Davidson noted.

“If DTI restrictions become the central expectation, some investors may look to bring forward purchases, if they fear not being able to buy at all after any rule changes. That could make things trickier for first home buyers for a while, after a period where they’ve enjoyed reduced competition from other buyer groups. But after any DTI restrictions are imposed, first home buyers may find conditions more to their liking again,” he concluded.

State of the Nation Property Report September 2023

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Auction agencies capitalise on the market shift in August August saw the winds change slightly as the market shifted towards a sellers market. The shortage of listings, and buyer confidence was driving activity across the board. Sold stickers were being put up on listings that had been sitting for some time, and the number of days to sell for new listings dropped in most areas. Overall 6 week clearance lifted to 66.5% with a further 6.4% of property under contract in that timeframe. The average registered bidder number lifted to 3 per property, with 66% of those registered bidders engaging in bidding.

What was clear was that agencies that had been running auctions through the tough market conditions of the previous 12 months, were being rewarded. The auction sales were public, and were being broadcast to the homeowners. After a reasonable period of low activity, owners were excited by what they were seeing at auctions and were listing, in some cases on the spot.

The reason these agencies were able to capitalise on the market shift, was that the salespeople were already up to speed with how auctions worked, how to run a good campaigns, and how to list auctions.

Agencies that had not been running auctions through the tough market, were left scrambling to upskill their people and create auction cultures in order to protect market share, and not be left behind.

The benefits of auction campaigns across both tough markets and hot markets is evident. If you would like to learn more about creating an auction culture in your business, feel free to get in touch with the team.

Rob & Tim

Our mailing address is: 68a Paul Matthews Road, Rosedale, Auckland 0632 P. O Box 302083, North Harbour, Auckland 0751 APOLLO AUCTIONS NZ LIMITED | LICENSED REAA 2008

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01234ÿ6781

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80 Sutton Rd Drury PRIME DEVELOPMENT Future Urban!

• 8.4731 ha (more or less) • 8 Bay Milking shed -130sqm (Approx) • Chicken shed – 200 sqm (Approx) • Haybarn - Machinery storage 2nd Chicken Shed – 680sqm (Approx) • Water Bore Also available is the neighbouring property at 150 Sutton Road.

TENDER Closes - 21st November 23 at 5pm _____________________________________________________________ View

By Appointment only _____________________________________________________________ Contact

Brent Worthington 0292 965 362

Principal & Agent

brent.worthington@ljhooker.co.nz

Town & Country

Please contact Brent directly for more information and for a copy of the Comprehensive Property Report.

TNB Property Services Limited Licensed REAA (2008)

All information contained herein is gathered from sources we consider to be reliable. However, we cannot guarantee or give any warranty about the information provided. Interested parties must solely rely on their own enquiries.

150 Sutton Road Drury PRIME DEVELOPMENT Future Urban!

• 11.9382 ha (more or less) • 2 Bedroom Cottage- 124sqm (Approx) • Single Garage & Shed - 36sqm (Approx)

Also available is the neighbouring property at 80 Sutton Road.

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1

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TENDER Closes - 21st November 2023 at 5:00pm _____________________________________________________________ View

By Appointment only _____________________________________________________________ Contact

Brent Worthington 0292 965 362

Principal & Agent brent.worthington@ljhooker.co.nz

Town & Country

Please contact Brent directly for more information and for a copy of the Comprehensive Property Report.

TNB Property Services Limited Licensed REAA (2008)

All information contained herein is gathered from sources we consider to be reliable. However, we cannot guarantee or give any warranty about the information provided. Interested parties must solely rely on their own enquiries.

114 Harbourside Drive KARAKA RIPE FOR DEVELOPMENT in KARAKA Located in the "sought after" Karaka Harbourside Estate, the opportunity to purchase another land holding of this size and zoning is unlikely.

Currently consented for a 7 Lot residential subdivision, the property is also subject to Auckland Council's Plan Change 78Intensification proposed 18/08/2022.

Possibly greater development opportunities!

By By Negotiation _____________________________________________

Contact

Brent Worthington

0292 965 362

CLICK HERE TO VEW FULL DETAILS

TNB Property Services Ltd Licensed REAA (2008)

All information contained herein is gathered from sources we consider to be reliable. However, we cannot guarantee or give any warranty about the information provided. Interested parties must solely rely on their own enquiries.

3 Paparata Road BOMBAY

BOMBAY BEAUTY - BOXES TICKED!

Sited for all day sun and situated close to so many amenities and locations!

• 1006 sqm • 4 Bedrooms • 2 Bathrooms incl Ensuite • Walk-in robe * Separate Laundry * Large Double Garage with Internal Entry Minimal care grounds with safe and secure rear for children and pets.

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For Sale

By Negotiation

_____________________________________________________________ View

By Appointment

_____________________________________________________________ Contact

Brent Worthington 0292 965 362

LJ Hooker Drury NZ 09 294 7500

CLICK HERE TO VIEW FULL DETAILS

TNB Property Services Limited Licensed REAA (2008)

All information contained herein is gathered from sources we consider to be reliable. However, we cannot guarantee or give any warranty about the information provided. Interested parties must solely rely on their own enquiries.

LJ Hooker

Recently SOLD

Drury - Town & Country

91 Beatty Road, Pukekohe NZ

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uNuM1TED POTENTIAL

22September 23

Sold

Brent Worthington 029 296 5362 brent.worthington@ljhooker.co.nz

On the market for the first time in 43 years. The 630m2 dwelling is set on a 2,379m2 site (more or I...

35 Briody Terrace, Stonefields NZ

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STAND ALONE IN STONEFIELDS

Sold

Brent Worthington 029 296 5362 brent.worthington@ljhooker.co.nz

Set on a 372m2 site (more or less) this 243m2 Fletcher designed and built dwelling will definitely i...

102 Mountain Road, Mangere Bridge NZ

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LOCATION - LOCATION - LOCATION

Sold

Brent Worthington 029 296 5362 brent.worthington@ljhooker.co.nz

CONJUNCTIONALS ARE WELCOME. On the market for the first time ever, this offering is p...

151 Barrack Road, Mount Wellington NZ

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09 294 7500 https://drury.ljhooker.co.nz/

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UNIQUE INVESTMENT with HUGE POTENTIAL

Sold

ina Roban 021 022 88521 lina.rob@ljhooker.co.nz

Located in the geographical centre of metropolitan Auckland, this property is all about potential. D...

1/233 Great South Road Drury NZ 2113 drury@ljhooker.co.nz

Finance

& Lending

$100k deposit compensation scheme becomes law Consumers will have up to $100,000 of their deposits protected in the unlikely event of a bank failure, after parliament passed legislation designed to strengthen the financial system.

Under the Deposit Takers Bill, which has been approved by parliament, the Reserve Bank of New Zealand (RBNZ) will ensure consumers are “promptly compensated” for up to $100,000 if they’ve deposited their money with an authorised deposit-taking institution that fails.

This government guarantee is expected to begin in late 2024, as the RBNZ first has a lot of preparatory work to do.

Currently, only two of the 38 countries in the OECD (an organisation that primarily consists of developed countries) lack a deposit insurance scheme – New Zealand and Israel.

“The passing of this bill will allow for the introduction of depositor protection and close a long-standing gap in New Zealand’s financial safety net, bringing New Zealand in line with international best practices,” Finance Minister Grant Robertson said.

“This means eligible New Zealanders will be provided economic security if their bank or other deposit-taking institution fails, while helping protect the country’s financial system and wider economy. The $100,000 limit will fully protect around 93% of depositors.”

RBNZ will manage the scheme To access the government guarantee, New Zealanders will have to deposit their money in authorised deposit-taking institutions. That includes banks, credit unions, building societies and certain retail deposit-taking finance companies.

The RBNZ will be responsible for managing the scheme and ensuring depositors are compensated if an eligible institution fails.

“Coverage for the scheme applies on a per depositor, per institution basis. In a compensation payout scenario, amounts held in joint accounts at a single institution will be split equally across account holders and count towards eligible deposits, up to the coverage limit for each depositor at that institution,” according to the RBNZ.

Published: 20/7/2023

Kainga Ora Shared Partnership Scheme First Home Partner, is when Kāinga Ora make a financial contribution to purchase and share ownership of a home...

This scheme applies to existing brand-new homes built or to be built (turn-key deals) The Kainga Ora amount is to be repaid to Kainga Ora interest free over the next 15 years.

The income cap for the last 12 months earnings for a household is $130,000.

Clients must have either of the following.

• NZ residency • NZ permanent residency • NZ Citizenship Process • Clients apply to Kainga Ora Shared Partnership Scheme and get preapproval.

• Next, Clients are qualified by the bank for the maximum amount of lending that the bank can approve them for.

• Then, clients put in their deposit from Savings, Kiwisavers, Subsidy and Gifts.

• Then, Kainga Ora put in the remaining amount up to $200,000 for the purchase of the property, or up to 25% of the purchase price (whichever is lower) Clients must own and live in the property for a minimum of 3 years.

Example of a $1,000,000 property A couple earning $65,000 salary each with no debts or children apply (note the $130,000 income cap).

Based on an average cost of living (as at 03/05/2023) this couple can afford $730,000 in lending.

They have $70,000 from savings and Kiwisaver.

Kainga Ora will put in $200,000 equity.

Meaning they can buy a home of around $1,000,000.

For complete details Contact: Kainga Ora or check their website Phone: 0508 935 266 Email: firsthome.enquiries@kaingaora.govt.nz

When you know, you know. ™ TNB Property Services Limited, Licensed REAA (2008) https://drury.ljhooker.co.nz/

Our

People

BRENT WORTHINGTON Brent Worthington

Licensed Agent & Principal 0292 965 362 Brent.worthington@ljhooker.co.nz

There’s not much Brent doesn’t know when it comes to selling real estate. This town and country agent has had a successful career in the property market and is now the proud owner of his own business. Definitely a quality over quantity man, when you bring Brent on board, you’ll find that accumulating listings is far less important to him than making each one as good as it can get. He prides himself on telling it like it is knowing you’ll be able to make better decisions with a person and information you can trust.

Complementing Brent’s practical and credible approach is a background full to the brim of industry knowledge and business expertise from 30 years working within the construction industry. His capabilities have been well proven as a highly successful business owner.

A family man, with a proven track record of success, Brent has earned an excellent reputation and the trust of his local community and business colleagues.

He places huge emphasis on customer satisfaction, attention to detail and conducting his business with a genuine duty of care. Brent has gained many awards as a business leader during his 12-year tenure in Real Estate.

His entrepreneurial style ensures he reaches out and connects people with like minds.

He imparts his wisdom in a warm and friendly manner and helps people to make wise and right decisions before investing in the property market, Auckland wide.

If you are considering a lifestyle change, investing for your future or simply wanting to know the worth of your property in this fluctuating market, feel welcome to call or email Brent to receive the latest updates on the trends and statistics in your area.

When you know, you know. ™ TNB Property Services Limited, Licensed REAA (2008)

LINA ROBAN Lina Roban

Licensee Salesperson 0210 228 8521 lina.roban@ljhooker.co.nz

Prior to entering the world of real estate, driven by her love of meeting and helping

people, Lina had an impressive 20 year career in sales and marketing roles in the

telecommunications and corporate marketing industries where her expertise in communication and negotiation always resulted in the delivery of superior customer service to her clients.

Originally from Fiji, Lina epitomises energy, passion integrity and hard work in

everything she turns her hand to.

When not delivering superior service to her clients, Lina loves spending time with her

family and is a passionate cyclist, owning both road and mountain bikes. With her three children all having "flown the coop", Lina and her husband also have plenty of

time to enjoy their love of travel and some of their more memorable adventures include extensive journeys throughout South East Asia, the USA and the South Pacific.

When you know, you know. ™ TNB Property Services Limited, Licensed REAA (2008 drury@ljhooker.co.nz https: //drury.ljhooker.co.nz)

CHRISTINE CONNOLLY Christine Connolly Sales Associate

0278 405 248 christine.c@ljhooker.co.nz

With Christine's many years of success in Real

Estate, Christine is now contributing to the success of the team at Drury Town & Country along with sharing her vast experience, expertise and cheerful disposition with our clients.

When you know, you know. ™ TNB Property Services Limited, Licensed REAA (2008)

DEBBIE HARRISON Debbie Harrison

PropertyManager 021 302 864 debbie.harrison@ljhooker.co.nz With a passion and a commitment to providing exceptional service, Debbie has a fantastic attitude of getting things done and ensuring that the clients are happy and well cared for. She takes great pride in her work and goes above and beyond to ensure the satisfaction of both property owners and tenants.

Debbie’s attention to detail and organizational abilities are exceptional, enabling her to efficiently handle all aspects of property management, from tenancy agreements, rent collection to property inspections and maintenance coordination.

Debbie understands that property management requires a compassionate and empathetic approach, and she always strives to create a positive and harmonious living environment for tenants while protecting the interests of property owners.

Whether you are a property owner seeking professional management services or a tenant searching for a well-maintained rental property, Debbie is committed to delivering exceptional results and ensuring a smooth and rewarding experience for all parties involved.

With her excellent communication skills, strong work ethic and dedication to excellence, Debbie Harrison is a true asset to LJ Hooker, Drury.

When you know, you know. ™ TNB Property Services Limited, Licensed REAA (2008)

Johnny Bright AUCTIONEER Johnny is proud to be a part of the team at Apollo Auctions NZ. Entering real estate in 2014, he has developed and honed his craft of auctioneering and negotiating skills to a level that now sees him as an industry leader. Johnny has worked and collaborated with some of the most notable agents, business owners and auctioneers across New Zealand.

With the fusion of his knowledge and skill together with his personable approach, Johnny creates the ultimate auction experience . He implements drive and dedication to each and every property that he calls - regardless of value, location or personal circumstances. Johnny’s performance style and welcoming nature allows him to capture the audience and motivate buyers. He will guide you through the process and create a solid platform to achieve the best possible outcome for your auction.

Johnny also has a passion for acting. With a Bachelor of Performing and Screen Arts, he has appeared in several TV commercials and films, his most widely recognized being ‘Falling Inn Love’, an American Netflix production which was filmed in New Zealand. He has also worked with the Auckland Theatre Company on a number of occasions.

He currently resides in Beachlands with his wife and two young children.

M: 022 173 1885

E: johnny@apolloauctions.co.nz

Interested in working with the best in the business?

It’s rare in life that we get something for nothing with no strings attached, especially if it genuinely adds value. Nevertheless, that’s precisely I will give you. Expert home loan advice which has reliably proven to offer significant long-term financial advantage. I keep strict tabs on the country’s largest network of banks plus numerous smaller and second-tier lenders, so you don’t have to. What’s more, this comes at no cost to you because your chosen bank pays for the privilege. You have nothing to lose, yet have a higher chance of securing better terms. Rest assured - if there’s a superior deal out there for you, I’ll find it.

In the typically stoical world of finance, I offer a point of difference. Not only will you receive excellent independent and impartial advice, but you’ll have fun doing it.

Even after 15 years in the mortgage arena, my enthusiasm for objectives and commitment to clients shines through at every turn. Endorsement comes from countless glowing testimonials and in my own words: “I’m at my happiest helping people navigate through difficult situations, giving hope and concrete opportunity where they previously had none.”

Prior experience as sales manager in the fields of telecommunications and pharmaceuticals, then later, a small business owner and private property investor, provided me with considerable business acumen across many industries. My customer-focused approach and personable demeanor also reflect a lifetime of experience in client relations. I credit travel to distant locations for creating an enduring interest in different cultures and honing my ability to relate well to the needs of the broader population. In particular, I soundly empathise with people relocating from other countries to make New Zealand their home.

To continue giving my professional best, I maintain balance by travelling and participating in seasonal sports such as paddle boarding and skiing. I enjoy indulging in my creative side; with landscaping, painting watercolours or improving my guitar playing prowess. Additionally, I actively support my community through Christians Against Poverty (CAPNZ), but above all, my wife and our five shared children always take centre stage.

There's little that I haven't seen in my time in the industry, priding myself on an ability to deal with the trickiest of scenarios, never turning anyone away. My philosophy of treating people how I'd like to be treated results in a 360-degree perspective which sets myself apart.

Get in touch if you need any expert guidance.

Regards Keith Jones 021 849 767 keith.jones@loanmarket.co.nz loanmarket.co.nz/keith-jones

View Website

When you know, you know. ™

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