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THE PROPERTY CHRONICLE

Town & Country When you know, you know. ™

January 2024

Town & Country

CONTENTS

Page

LJ Hooker Newsletter and Blogs •

Letter from Principal ( Brent Worthington) – Residential Property Market

Ends 2023 on a High Note

The Value of a Local Agent and Questions to Ask

Managing your Property with LJ Hooker / Rent Exchange

Reports, Surveys & Commentaries •

REINZ – December Data Press Released 18 Jan 24 o

• •

Market Snapshot

Annual Median Price Changes

REINZ Property Report – 18 Jan 24 ( Link)

REINZ House Price Index Report ( HPI) – 18 Jan 24 ( Link)

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CoreLogic – Third consecutive rise in average values ( interactive link)

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RealEstate.CoNZ – Post Election Sugar Rush Wears off Property Market

• •

The NZHL Property Report – Tony Alexander Market Recover Consolidates Guideline –BRANZ Monthly Technical Update Jan 24

13 16 17

22 23

24 31

39 46

Finance & Lending • •

Tony’s View - Business Confidence up for 2024.

KiwiBank – Todd Dixon - A new Government and new changes to come

Properties - LJ Hooker Town & Country • •

Properties Listed

Properties Recently Sold

Our People •

Brent Worthington

48 52

54 64

Lina Roban

•

Christine Connolly

•

Debbie Harrison

•

• •

Johnny Bright ( Apollo Auctions) o

Apollo Auction – Latest update Sept 23

Keith Jones ( Loan Market)

SuperGold - Welcome Here

69 71

72 73

Town & Country 24January 2024

Hi Property Market: Residential Property Market Ends 2023 on a High Note with Increased Sales and Confidence More Kiwis are returning to the property market, with year-on-year growth in December shown in the latest Real Estate Institute of New Zealand (REINZ) property data. Released on 18 January, 2024 the latest REINZ property data showed a trend of steady improvement in property activity. While little has changed in the median house price, sitting at $779,830, the number of properties sold increased 14.1 percent year-on-year in December, with Tasman, Gisborne and Northland leading the way. According to REINZ chief executive Jen Baird, the continuous growth in property market activity can be attributed to the stabilisation of interest rates, the new Government providing more information about its plans, and the onset of the more vibrant months in the property cycle. “The December figures showed a boost in activity in the market compared to a year earlier. We’ve been observing slow and steady improvement recently and we round out 2023 with continued improvement in sales activity in the market," Baird said. A significant number of regions experienced an uptick in their median sales prices compared to the previous year, with Tasman and West Coast leading the way with a notable increase of 5.0 percent year-on-year. This positive trend was followed by Nelson at 4.1 percent and Taranaki at 3.2 percent. This shift is particularly noteworthy when compared to November, when only Canterbury saw a year-on-year increase in median prices. 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

“Many local agents are reporting signs of growing market confidence and activity levels now that the election is over and the new government has begun releasing details about its plans, and interest rates have stabilised. While some buyers and sellers are waiting to see what the new year holds, it’s clear that there’s a growing understanding that the bottom of the market is behind us with annual median prices starting to lift in many regions – it’s clear more buyers and sellers feel that now’s the time to act,” Baird said. “December saw a significant increase in the number of properties sold compared to last year and open home attendance numbers were strong in many areas as well, although activity slowed down as it usually does heading into the holiday period. In some areas, the holidays are an opportunity for out-of-towners to fall in love with a new town, with local agents in holiday hot spots like Taupo, Coromandel, Nelson and Tasman getting enquiries from visitors to the area". As always, we trust you enjoy this month's publication. Kind Regards Brent

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

The Value of a Local Agent and Questions to Ask

Finding the right agent to sell your property is a big decision. Your home is probably the most valuable asset, then for you choosing the right agent will have a direct impact on how quickly you sell, how much you sell for and how many potential buyers are interested in your property and how much you sell for. The local knowledge and expertise of an agent will often help sell your property faster and for the best possible price. So one of the most important criteria to consider is whether an agent is active in your local area. What is a local agent? The definition of what makes an agent ‘local’ has changed over recent years. It used to mean the real estate agency had to be physically located as a bricks and mortar office within the neighbourhood you lived in. Residents would stroll past and gaze into the window to find out what was for sale. However, that is not necessarily the case now. By local we mean an agent with in-depth knowledge of your local area, who has a strong sales record and even better if it is with properties that are similar to your own. In a suburban area a local agent should be active in your actual suburb and perhaps its immediate surrounds. If you are selling in a regional area, while an agent covers a much wider area, the same rules apply – look for an agent with good sales records of selling properties similar to yours from the same area.

Advantages of using a local agent Inside knowledge of the area

A local agent lives and breathes real estate in your area and they know how to sell not only your property, but the suburb benefits as well. With knowledge of local market trends at the top of their mind they are more likely to be able to upsell your property because they will know how to compare it in the marketplace and past sales. The confidence they display is evident to potential buyers and this translates to buyers trusting the agent’s sales pitch. Understand the potential value of your property If an agent has recently sold a property one street up from yours, one down the road or next door there is a good chance they will have a pretty clear idea as to how much your property could sell for. Markets obviously change and for that matter they can change within a four-week auction campaign, however, having this experience gives the agent an insight into the market, how much demand there is for properties like you own or what buyers are looking for. Confidence when embarking on the sales campaign can come from you having a solid understanding as to how much you could sell your property for. Database of prospective buyers An agent who is active in your area and is familiar with selling your type of property will undoubtedly have a database of prospective buyers they can tap into, even before your property goes on the market. This advantage is hugely beneficial for the marketing of your property. Local testimonials As part of the interview process you should ask the agent to provide testimonials from past local clients. Testimonials can help give you peace of mind and confidence that you are choosing the right agent for you. You never know, you might even know the person who wrote the testimonial! Local tradespeople Local agents know local tradespeople so if your property is need of some quick repairs before it goes on the market, they can often ensure their team of reliable local tradespeople can get to your place quickly and finish the job efficiently.

To help you find the right local agent here are 10 questions to ask when interviewing a real estate agent: 1. What local properties have you sold recently? This will enable you to not only see their success rate, but also the kinds of homes they are selling within the neighbourhood. For example, if you are selling your twobedroom house, you will not want an agent that has predominantly been selling units. 2. How long have you been selling real estate in the area and do you have any testimonials from previous 'local' clients? A good real estate agent will happily provide you with a list of previous clients that you can speak with. If not, then you know that something might be amiss. 3. Can you show me your licence and registration? Sounds like something an American cop would say in a tacky TV show right? Only ask this if you are unable to find their licence details online with your relevant state authority. All real estate agents must go through a stringent licensing process before they are legally allowed to practise - the penalties for working without one are worse than being caught operating a car without a driver’s licence. 4. How would you sell my house and why? There are several ways to sell a home, and all have their strengths and weaknesses depending on the local market. Asking this question is a good way to gauge the agent's knowledge of the property market, with your area in particular For example: "I would sell your home by auction, as figures from last week show that homes in your area sold with an 80 percent success rate." 5. What advertising and marketing do you recommend? Most of the time, the marketing of your home comes out of your pocket so you want to be clear on what you are actually paying for. Discuss the different options available, how they would like to advertise your property and how much this will cost. 6. How much do you think my home is worth? This is probably the question you're most interested in! Be wary of agents that give you an unrealistic price - if it sounds too good to be true, it probably is. Ask what their opinion of market value is based on, as well as some examples of similar homes that have sold.

7. How long do you think it will be on the market? This will give you an idea of the agent's expectations. You can compare it to the current average market time in your area to gain a better understanding. 8. What is your commission? Find out how much the agent will charge you for their services, and then ask them to justify their fees - especially if they are more expensive than other agents. Remember that you are not looking for the cheapest, but the one who will offer you the most for their costs. 9. What makes you different? With this question, you leave it to the agents to seal the deal and sell themselves. They will be able to tell you why they are better than their competition, both as an agent and agency. 10. Do you host open homes? This will show you how committed they are to selling your property – which is important For more than 90 years LJ Hooker has excelled at selling real estate right across Australasia. Our local agents are regarded as experts in their area; passionate, knowledgeable and motivated to sell your property for the best possible price. To start your property journey with LJ Hooker – request an appraisal today.

PROPERTY MANAGEMENT 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.

Managing Your Property with LJ Hooker / Rent Exchange

Whether you are overseas or based in New Zealand, you'll want to make the most out of your real estate investment. You may have plans to purchase an investment property, or already own a home or apartment to rent out to tenants. Either way, LJ Hooker / Rent Exchange can help you maximise your returns - offering a mix of investment and property management to address every possible circumstance on your behalf. Why use a property manager? Many landlords and investors are financially-savvy, but some can be left in the dark when it comes to finding tenants, dealing with day-to-day property issues or legal jargon. The team at LJ Hooker / Rent Exchange take all the hassle out of managing and maintaining your property. Our first step will be to ensure you get the right tenants - the LJ Hooker brand naturally attracts a significant volume of prospective tenants and our detailed processes for checking applications will ensure your rental income is secure.

We'll also keep on top of the maintenance at your property and will contact you immediately in the event an issue arises. You'll also find that landlords who enlist the help of a property manager may be eligible for more comprehensive insurance cover and other advantages. LJ Hooker - industry insiders At LJ Hooker, you'll find our knowledge of local markets and current industry legislation is an invaluable resource. Currently, we manage more than 235,642 properties with a combined total value of more than $40 billion and investors know they can count on us to get the job done correctly. Whether you are looking for a new investment property to purchase or require legal assistance, we can help you know exactly where you stand and provide the valued support you need for your investment. Our team at LJ Hooker / Rent Exchange can make sure you receive a reliable income stream, excellent capital growth and the best returns possible - as well as a guarantee of exceptional customer service. You can count on LJ Hooker / Rent Exchange to produce regular and thorough property inspection reports, ensure you receive copies of all important documents and regularly review rent rates and the local market to help you achieve the best outcome. We take the hassle out of everything from the day-to-day financials to maintenance - and all the details in between. Find out how LJ Hooker / Rent Exchange can help you maximise your investment with a free rental appraisal.

PROPERTY REPORTS, SURVEYS & COMMENTARIES

REINZ December data: Clear signs of momentum building in the market Published 18 January 2024 The Real Estate Institute of New Zealand’s (REINZ) December 2023 figures show a notable increase in sales activity, median prices lifting, lower days to sell, and a clear sense of more confidence overall (year-on-year). REINZ Chief Executive Jen Baird says December showed that the trend of steady improvement in property market activity has set in thanks to interest rates stabilising, the new Government announcing more details of its plans, and the arrival of the more active months in the property cycle. “The December figures showed a boost in activity in the market compared to a year earlier. We’ve been observing slow and steady improvement recently and we round out 2023 with continued improvement in sales activity in the market. The number of properties sold increased by 14.1% (from 4,509 to 5,145) year-onyear across New Zealand, compared with December 2022. Month-on-month, sales for New Zealand decreased by 20.8% (from 6,493 in November 2023 to 5,145 in December 2023), in keeping with the quieter levels of activity that usually happen over the holidays. For New Zealand excluding Auckland, the total number of properties sold reflected a similar pattern, increasing by 17.0% (from 3,135 to 3,667) year-on-year, and decreasing by 16.7% (from 4,401 to 3,667) month-onmonth, as expected. The data shows that almost every region recorded year-on-year increases in the number of properties sold in December. Tasman led the way with the strongest year on year increase in properties sold (+47.8%), followed by Gisborne (+35.7%) and Northland (+31.3%). Taranaki was the only region to see a decrease in the number of properties sold year-on-year (-8.0%). Median sale prices were mixed for December, with fewer than half of the regions increasing month-on-month. Nelson and Taranaki stood out, with Nelson’s median price increasing by 10.5% ($650,000 to $718,500) and Taranaki increasing by 10.3% ($580,000 to $640,000) month-on-month. The other regions

that increased month-on-month ranged from 1.8%-3.5% month-on-month. Year-on-year, median prices remained steady, with the national median sale price decreasing by 0.7% year-on-year to $779,830. There was no change (0.0%) in the median price for New Zealand excluding Auckland both year-onyear and month-on-month, with the price remaining at $700,000. Nine of the 16 regions saw an increase in their median sale price year-on-year: Tasman and West Coast had the highest increase with 5.0% year-on-year, followed by Nelson (4.1%) and Taranaki (3.2%). This is a notable change compared with November, when only one region (Canterbury) recorded a yearon-year median price increase. “Many local agents are reporting signs of growing market confidence and activity levels now that the election is over and the new government has begun releasing details about its plans, and interest rates have stabilised. While some buyers and sellers are waiting to see what the new year holds, it’s clear that there’s a growing understanding that the bottom of the market is behind us with annual median prices starting to lift in many regions – its clear more buyers and sellers feel that now’s the time to act. “December saw a significant increase in the number of properties sold compared to last year and open home attendance numbers were strong in many areas as well, although activity slowed down as it usually does heading into the holiday period. In some areas, the holidays are an opportunity for out-of-towners to fall in love with a new town, with local agents in holiday hot spots like Taupo, Coromandel, Nelson and Tasman getting enquiries from visitors to the area,” says Baird. “The number of people choosing auction as a method of sale continues to grow, with 14.0% (718) of sales via auction in December 2023 compared with 11.4% (512) of sales via auction in December 2022. “The market is moving a little more quickly. The national median Days to Sell was 36 days, decreasing by two days compared to last month, and by four days yearon-year compared with December 2022. Nationally, new listings decreased by 6.4% from 5,157 to 4,828 listings year-onyear. New Zealand excluding Auckland new listings decreased by 4.0% from 3,581 to 3,436 listings year-on-year. “The year-on-year decrease in listings is in contrast to the national year-on-year listings data for October and November, which saw increases in listings. The December listings figure is likely to reflect some vendors taking a ‘wait and see’ approach and holding off until the new year. However, local salespeople are getting strong levels of enquiry from potential sellers, so we expect to see listing numbers across New Zealand lift early in the next few months.”

At the end of December, the total number of properties available for sale across New Zealand was 24,867, down 4.6% (1,190 properties) from 26,057 year-onyear, and down 11.2% (3,148 properties) from 28,014 month-on-month. For New Zealand excluding Auckland, inventory also decreased, down by 2.6% (418 properties) from 16,349 year-on-year, and down by 10.0% (1,761 properties) from 17,692 month-on-month. “While there is some regional variation, it’s clear that property ended the year on a positive note. As well as the lift in year-on-year measures such as sales and drop in Days to Sell, the Housing Price Index is 0.5% higher compared with a year ago, and that provides a clear signal that the market is moving into more positive territory. In aggregate, 2023 was a slightly busier year in real estate, compared to 2022. Across the year we saw a total of 63,361 sales made, up 0.6% from 2022, 91,231 properties were listed for sale, down 12.1% on 2022. “Looking ahead, although interest rates and other economic factors continue to influence the market, many buyers and sellers are increasingly positive. There are higher levels of enquiry from potential buyers and sellers across the country, which will boost market activity further through summer. These factors, combined with the drop in the number of listings, are expected to boost demand, along with the potential return of investors to the market as the government moves to change regulation impacting that sector. All up, we anticipate that activity will continue to pick up as the new year gets underway,” comments Baird. The HPI for New Zealand stood at 3,647 in December 2023, showing a 1.1% decrease compared to the previous month. However, when compared to the same period last year, the HPI reflects a 0.5% increase. The average annual growth in the New Zealand HPI over the past five years has been 5.9% per annum. It remains 14.7% below the peak of the market reached in 2021. The Real Estate Institute of New Zealand (REINZ) has the latest and most accurate real estate data in New Zealand.

Media contact: Susan Rockliffe Membership Engagement Lead, REINZ Mobile: 021 901 301 communications@reinz.co.nz

Fact sheet National highlights for December 2023

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The national median price has decreased by 1.9% to $779,830 monthon-month and decreased slightly (-0.7%) year-on-year from $785,300. For New Zealand excluding Auckland, the median sale price did not change (0.0%) both year-on-year and month-on-month, with the price remaining at $700,000.

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At the end of December, the total number of properties available for sale across New Zealand was 24,867, down 4.6% (1,190 properties) from 26,057 year-on-year, and down 11.2% month-on-month.

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The number of properties sold across New Zealand increased by 14.1% (from 4,509 to 5,145) year-on-year, compared with December 2022, and decreased by 20.8% month-on-month.

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Nationally, new listings decreased by 6.4% from 5,157 to 4,828 listings year-on-year, and decreased month-on-month by 54.9%.

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The national median Days to Sell decreased by two days month-onmonth to 36 days, and decreased by four days year-on-year.

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The REINZ House Price Index (HPI) for New Zealand showed an annual decrease of 0.5% in the value of residential property nationwide.

Regional highlights

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Tasman and West Coast both recorded the highest year-on-year increase in median sale price, of 5.0%.

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Tasman had the highest increase in sales counts, up by 47.8% annually. Other regions with notable increases were Northland (31.3%), Waikato (24.1%), Bay of Plenty (24.1%), Gisborne (35.7%), Hawke’s Bay (27.7%), and Marlborough (29.1%).

•

Nelson had the biggest decrease in median Days to Sell month-tomonth, reducing by 6 days compared to November 2023.

More information on activity by region can be found in the regional commentaries visit the REINZ website. Median Prices •

Nine of the 16 regions had a year-on-year increase in their median sale price. This is the highest number of regions with a year-on-year increase since August 2022, and a notable change compared with November, when only one region (Canterbury) recorded a year-on-year median price increase. Compared to December 2022: o Auckland’s median price increased by 1.1% o Waikato’s median price increased by 1.7% o Taranaki’s median price increased by 3.2% o Wellington’s median price increased by 1.5% o Tasman’ median price increased by 5.0% o Nelson’ median price increased by 4.1% o West Coast’s median price increased by 5.0% o Canterbury’s median price increased by 1.4% o Southland’s median price increased by 2.3%.

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Manawatu-Whanganui has recorded 19 consecutive months of year-onyear median price decreases for the ﬁrst time since records began.

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Bay of Plenty has recorded 16 consecutive months of year-on-year median price decreases for the ﬁrst time since records began.

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Bay of Plenty has recorded 16 consecutive months of year-on-year median price decreases for the ﬁrst time since records began.

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There were no record median prices at the regional level this month.

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There were no record median prices at the TA level this month.

Sales counts •

December 2023 saw the highest sales count in o Gisborne since October 2022

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December 2023 saw the lowest sales count in o Taranaki and West Coast since January 2023

Auckland since April 2023

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In terms of the month of December, December 2023 saw the lowest sales count in o Taranaki since 2000

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In terms of the month of December, December 2023 saw the highest sales count in o Tasman since 2019

Median Days to Sell •

Manawatu-Whanganui, Wellington and Otago had their lowest median Days to Sell since December 2021

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Auckland had its lowest median Days to Sell since January 2022

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NZ, NZ Excl. Auckland, and Waikato had their lowest median Days to Sell since March 2022

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In terms of the month of December, December 2023 had the highest median Days to Sell in o Marlborough since 2001

House Price Index (HPI) •

No regional HPI records this month.

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Five regions had year-on-year HPI increases this month with Otago now only sitting 2.1% below its peak achieved in December 2021. Otago is the top-ranked HPI year-on-year movement this month. Wellington is second and Canterbury is third.

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In terms of the 3 months ending HPI movement, Nelson/Marlborough/Tasman/West Coast ranks ﬁrst, Wellington second and Otago third.

Inventory •

Nine of 15 regions have had a decrease in inventory in December 2023 compared to one year prior.

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Northland has had 21 consecutive months where their inventory has been at least 15% higher than the same month the year before.

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Conversely, Gisborne and Wellington have had 9 consecutive months where their inventory has been at least 20% lower than the same month the year before.

Listings •

Auckland had the lowest number of listings this month since records began in January 2007

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Six of the 15 regions had a year-on-year increase in listings.

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Marlborough has had 6 months in a row of year-on-year increases in Listings

Auctions •

Nationally, 14.0% (718) of properties were sold at auction in December 2023, compared to 11.4% (512) in December 2022 and 20.4% (1,325) compared to November 2023.

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New Zealand excluding Auckland saw 9.1% of properties (333) sell by auction compared to 12.4% (547) the month prior.

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Auckland Region saw 26.0% of properties (385) sell by auction compared to 37.2% (778) the month prior.

More information on activity by region can be found in the regional commentaries visit the REINZ’s website.

Click Here to View Report Published 18 January 2024

NEW ZEALAND PROPERTY REPORT This report includes REINZ residential property statistics from December 2023. 1 | REINZ Monthly Property Report

Click Here To View Report Published 18 January 2024

NEW ZEALAND HOUSE PRICE INDEX REPORT © REINZ - Real Estate Institute of New Zealand Inc.

The CoreLogic House Price Index showed the third consecutive rise in average property values in December, with momentum building. After October's 0.4% increase and the 0.7% gain in November, December saw a rise in property values of 1.0%. This is the strongest monthly gain since January 2022 (2.1%). The average value now stands at $924,489, up 2.1% over the past three months since September's cyclical trough. However, national property values remain 3.3% below this time last year, and 11.4% lower than the peak from two years ago. The gains were widespread across the main centres in December, with Tauranga, Auckland, and Christchurch all registering increases of more than 1%. CoreLogic NZ Chief Property Economist, Kelvin Davidson, said while the continued gains in property values in December weren't a surprise, he's also anticipating a degree of continued 'patchiness' in 2024, both in terms of the changes from month-to-month, as well as variability across the regional markets. "A further rise in property values in December seemed almost inevitable given housing market sentiment has risen in recent months. This is off the back of several factors including the change of government, a peak - and even some falls - in mortgage rates, continued growth in employment, and soaring net migration," Mr Davidson said. "However, I doubt that too many people are rushing out and buying property just because the recent downturn has suddenly made it look cheap. In fact, affordability pressures are still a major issue. Even though mortgage rates have dropped a bit for some durations, the most popular shorter fixed terms, such as one year, have been flatter at a high level. This is continuing to strain aspiring homeowners' ability to buy property. "And of course, caps on debt to income ratios remain on the cards within the next year, too. Sharper or more widespread falls in mortgage rates than the Reserve Bank would be comfortable with could perhaps bring forward the timing for those DTI restrictions, provided the banking processes are in place," Mr Davidson noted. "As such, although the general upwards trend for property prices is likely to continue in 2024, it may not be smooth from month-to-month, with some results stronger, but others much weaker. Underlying that patchy national picture would be variability at the regional level too, with the main centres potentially seeing the biggest boost from inwards migration, but provincial markets less supported."

Click here for fully interactive version:

CoreLogic House Price Index National and Main Centres

Main Centre Average Value

Auckland

Within Auckland, Manukau recorded the strongest rise in property values in December, up by 2.1%, although modest falls prior to that meant that the quarterly increase was 'only' 1.6%. North Shore, Waitakere, and Auckland City were also fairly robust, while Rodney and Papakura were relatively flat, and Franklin recorded a fall of 0.9% in December, and 0.8% over the past three months. “Auckland's sub-markets are all starting to look more robust, apart from a bit of lingering weakness in Franklin. This serves as a reminder that the upturn in 2024 might not all be one-way traffic, with some inconsistency from month-to-month and across regions," Mr Davidson said. "However, with housing sentiment shifting to the upside and mortgage rates at least not going any higher, it seems likely that Franklin could return to the pack shortly too."

Wellington

Wellington's sub-markets generally saw further growth in December, especially in Lower Hutt, with a gain of 2.6%. That market is now 4.5% higher since September, trumped only by Porirua, at 4.9% quarterly growth taking its annual change to 1.1%. "Following large declines through the downturn, the wider Wellington market is now turning around fairly quickly, however all parts of Wellington remain quite a bit lower than their previous peaks," Mr Davidson said. "That said, Wellington City itself remains a little lacklustre with a modest fall in values in December. Of course, with an average value greater than $1 million, affordability will still be a key issue for some buyers in Wellington City."

Regional House Price Index results The expectation that 2024's property market upturn could be variable is reinforced by the provincial value results for December. For example, Gisborne showed a 2.5% monthly fall despite a 0.4% rise since September, with Napier also down in December. By contrast, Whanganui, Rotorua, and Queenstown all rose by 2% or more. Mr Davidson noted that Queenstown still stands out as an area that has generally defied the downturn, with values now almost 6% higher than a year ago, and sitting at a new peak of around $1.77 million. "Clearly, Queenstown is a still a magnet for wealthy buyers, whether local or from out of town. And strong demand to live and work in the area as tourism snaps back is seemingly contributing to price pressures as well," he said.

Other Main Urban Areas (ordered by annual growth)

Property market outlook Mr Davidson notes that with 2023 behind us, it's time to assess the prospects for the housing market in 2024. "December brought 2023 to a close on a strong note for property values, but I suspect that the likely recovery over the year ahead could undershoot some expectations, and prove to be a little underwhelming by past upswings. A lot hinges on how mortgage rates move but also how any falls are counteracted by tighter lending restrictions from the Reserve Bank, such as DTIs," Mr Davidson said. "It's always worth being mindful of the role of psychology in the housing market, and the scope for sentiment to overtake the fundamentals. Certainly, investors' moods seem to have perked up lately off the back of the change of government. But with significant cashflow top-ups out of other income still required on a typical investment property purchase, that positive mood may not translate into much extra buying. "Taking all of this into consideration, I anticipate sales activity to rise by about 10% this year, which is reasonable growth, but from a low base. Meanwhile, national property values could rise by about 5%, averaging out a wider range of regional results."

Lowest month on record for new listings*. Central Otago/Lakes District hits highest average asking price on record for any region – just shy of $1.6 million. • • •

Santa brings record national new listing low National stock takes a summer dip, but some buoyancy remains outside of main centres Average asking prices are a mixed bag, driven by the regions

As most Kiwis wound down to their summer break, the New Zealand property market followed suit. Despite the post-election optimism felt in November, this spirit didn’t extend into the festive period. December brought a 16-year low in new listings, excluding April 2020, when COVID-19 lockdown restrictions paused house listings. This amounted to less than half the number of new listings compared to the previous month. The latest data from realestate.co.nz also indicates new listings and average asking prices remained below December 2022 levels nationally. Vanessa Williams, spokesperson for realestate.co.nz, says: “The summer break brings a different rhythm to the property market. We typically see a natural slowdown as people focus on festivities, time with their loved ones, and getting away to the beach.” Despite the holiday respite, some regional hotspots showcased a different story, which Vanessa explains is down to diversity within our market. For example, in sun-kissed Coromandel, year-on-year new listings were up 21.9%, stock was up 35.6%, and average asking prices rose above $1 million after a November lull. “Regions like Coromandel often display a unique resilience during the holidays. The allure of beachside living and holiday homes tends to keep activity buoyant during this time.” “Moreover, the surge in new listings in this region suggests vendors were capitalising on higher visitor numbers,” says Vanessa.

Santa brings record national new listing low Festive cheer may have been high, but new listings hit a new low during December, down 6.4% year-on-year to 4,828 new listings nationally. This marked the lowest month on record, excluding the national COVID-19 lockdown period. New listings in Auckland mirrored the national trend with a 16-year record low. Down 11.7% to 1,392 new listings, Auckland had fewer listings in December 2023 than in April 2020, when COVID-19 lockdowns restricted the market. Vanessa says while it’s not unusual to see a December dip, the decrease is more significant than usual: “The last time we saw levels like this was December 2019, when nationally, there were only 5,528 listings and just 1,422 in Auckland. It starkly contrasts the more than 10,000 new listings which hit the market just a month earlier in November.” She adds that some vendors may be holding off on listing until the New Year because they aim to sell via auction, which is typically rare during the Christmas break. Selling via auction has been rising in popularity in recent months. Across the country, 11 of our 19 regions saw new listings decline. The biggest decreases were in Gisborne (down 32.1% year-on-year to 19 new listings) and Taranaki (down 26.1% year-on-year to 136 new listings). On the flip side, Coromandel (up 21.9% year-on-year to 117 new listings) and Marlborough (up 14.5% year-on-year to 79 new listings) saw the biggest increases. “Like Coromandel’s sun-kissed beaches or Marlborough’s prized Sauvignon Blanc, vendor activity lit up the market in these regions during December,” says Vanessa. She adds that the diversity among the regions highlights how different areas navigate the festive season.

National stock takes a summer dip, but some buoyancy remains outside of main centres Down 4.6% year-on-year, national stock levels took a dip last month. This trend, typical during year-end celebrations, predominantly affected major centres like Auckland, Waikato, Bay of Plenty, Canterbury, and Otago. However, Gisborne had the biggest drop with only 74 properties on the market, a year-on-year drop of 30.6%. Many places painted a different picture, with nine of our 19 regions seeing stock levels increase compared to December 2022. Coromandel and Central North Island led the charge with year-on-year stock increases of 35.6% and 27.1%, respectively. Stock also increased in Southland (up 17.3%), Northland (up 15.9%), Nelson & Bays (up 11.0%), Marlborough (up 7.9%), Taranaki (up 5.8%), Central Otago/Lakes District (up 3.9%), and West Coast (up 2.8%). Vanessa says this highlights the various ‘microclimates’ within the New Zealand property market: “While the main hubs experienced a typical seasonal downturn, the stock increases in regions like Coromandel and Central North Island show that seasons can affect regions differently.” “While some areas hit pause for summer, others hit play,” says Vanessa.

Average asking prices are a mixed bag, driven by the regions December’s average asking prices were mixed, with regional New Zealand continuing to drive the market. Standing out amidst the holiday slowdown, Central Otago/Lakes District, Nelson and Bays, Taranaki, Wairarapa, and West Coast saw both month-on-month and year-on-year growth to average asking prices in December. Central Otago/Lakes District also reached an unprecedented high in December, with the highest average asking price for any region of $1,590,855, a 16.2% year-on-year increase. “Central Otago/Lakes District is a lifestyle region. Despite its distance from major business hubs, it boasts the highest average asking price in the country.” “The average asking price in Central Otago/Lakes District is around half a million dollars more than in Auckland,” says Vanessa. *Excluding the COVID-19 lockdown in April 2020. For media enquiries, please contact: Hannah Franklin | hannah@realestate.co.nz Want more property insights? Market Insights: Search by suburb to see median sale prices, popular property types and trends over time. Sold properties: Switch your search to sold to see the last 12 months of sales and prices. Valuations: Get a gauge on property prices by browsing sold residential properties, with latest sale prices and an estimated value in the current market.

Written by Hannah Franklin

December 2023

About NZHL NZHL is a passionately Kiwi, passionately local home loan and insurance network currently helping more than 50,000 New Zealanders collectively save millions of dollars in interest costs every year. Part of Kiwi Group Capital Ltd (KGC) which are 100% Government owned, NZHL operates with an Independent Board and 70 local business owners nationwide. NZHL believes in helping Kiwis achieve financial freedom, faster and takes a structured, personalised approach to bring this to life. nzhl.co.nz

Input to your Strategy for Adapting to Challenges Feel free to pass on to friends and clients wanting independent economic commentary ISSN: 2703-2825 October 2023 To subscribe click this link https://forms.gle/qW9avCbaSiKcTnBQA To enquire about having me in as a speaker or for a webinar email tony@tonyalexander.nz Back issues at www.tonyalexander.nz My Aim To help Kiwis make better decisions for their businesses, investments, home purchases, and people by writing about the economy in an easy-to-understand manner.

Market recovery consolidates Welcome to the NZHL Property Report by Tony Alexander. This survey gathers together the views of licensed real estate agents all over New Zealand regarding how they are seeing conditions in the residential property market in their areas. We ask them how activity levels are changing, what the views of first home buyers and investors are, and the factors which are affecting sentiment of those two large groups. The key results from this month’s survey include the following. • • •

Worries about interest rate levels remain firm but some earlier concerns about listings volumes have eased off. Both first home buyers and investors are present in the market but the approach of Christmas has cooled the heels of many. Agents still see prices as rising in their areas but feelings of FOMO have eased for the second month in a row.

Are more or fewer people showing up at auctions? Our survey this month yielded 324 responses and a net 21% of these residential real estate agents reported that they are seeing more people showing up at auctions. This is down slightly from a net 34% last month and is the weakest result since June. However, the outcome still means that extra people are appearing and what it tells us is that an initial surge in buyer interest over the September quarter has slowed down.

How do you feel prices are generally changing at the moment? House prices continue to rise. A net 28% of real estate agents responding in our survey say that they feel prices are rising in their location of operations. This is down just slightly from a net 34% last month and tells us that although an initial burst of buyer demand has passed the momentum for prices remains upward.

Are more or fewer people attending open homes? As above with regard to the number of people attending auctions, the net proportion of agents seeing more people attending open homes has eased this month. A net 23% of agents have reported seeing more people visiting open homes. This is down from a net 47% in our November survey and a peak of 65% in August. This tells us that the market is continuing to turn upward with more potential buyers actively searching for property. But the initial burst of interest from those who might perhaps have otherwise entered the market earlier in the year has clearly passed.

Do you think FOMO is in play for buyers? FOMO = Fear of missing out A gross 28% of agents this month have reported that they are seeing buyers display some fear of missing out on a purchase. This is down from 33% last month and 40% two months ago and below the average reading of 39%. This indicator allows us to comfortably say that there is no frenzy underway in the residential real estate market on average throughout New Zealand. But feelings of FOMO are some distance from the period of early-2022 to May this year when buyers strongly felt that there was little need to hurry a purchase.

Are you noticing more or fewer investors in the market? There has been no obvious lift in agent observations of extra investors looking to buy following the election and more recently the announcement that interest expense deductibility will return earlier than previously signalled. A net 22% of agents this month have said that they are seeing more investors contemplating a purchase. This is well above the average of a net 22% seeing fewer investors and as is displayed in the graph below, tells us that we are no longer in a period when investors are absent.

Are you receiving more or fewer enquiries from offshore? Are you noticing more or fewer first home buyers in the market? A net 47% of agents have reported that they are seeing more first home buyers in the property market. This is well above the average for the past three and a half years of only 13% and suggests the recent high proportion of sales being accounted for by young buyers will continue through summer – unless there is now a rush of investors underway.

From the start of this year there has been a decrease underway in the net proportion of agents saying that they are receiving reduced levels of enquiry from people located offshore (covering Kiwis and foreigners). That level of disinterest declined to just 5% a month ago. But now, following confirmation that there will be no relaxing of the foreign buyers regime a net 17% of agents have reported reduced offshore interest.

Are property appraisal requests increasing or decreasing? A net 56% of agents have reported seeing more people asking for appraisals of their property. This continues a string of four months of high appraisal demand and suggests that there are a good number of people thinking about listing their property for sale. But this measure has a tendency to go up and down without any obvious change in listings numbers, so some caution is required in interpretation.

The black line shows the collapse in FOOP – fear of over-paying – from the middle of this year when data began to emerge showing house prices going up. But consistent with other measures showing the initial surge in buyer action over the September quarter has faded, FOOP has edged up slightly to 16% of agents observing it from only 10% last month. The blue line is most interesting. It shows that this year worries about the availability of listings soared as soon as sales and prices picked up. But over the past three months those worries have fallen away again and now only 30% of agents say buyers seem worried about there not being enough listings. The late-September reading was 55%.

What are the main concerns of buyers? The top three things which buyers are concerned about according to agents are rising interest rates, access to finance, and the availability of listings. Few agents feel that buyers are worried about their jobs, the level of house prices, or that prices will decline.

Our second graph of concerns tells us via the dark pink line that the labour market is not considered detrimental to buyer interest. Only 15% of agents say that people seem worried about employment. In contrast 63% of agents say that buyers are worried about high interest rates. This measure has declined throughout 2022 despite fixed mortgage rates moving steadily higher as the year has progressed. But the reading nonetheless remains at high levels, and this will please the Reserve Bank as it recently emphasised its unwillingness to allow thoughts of falling interest rates to start affecting people’s behaviour.

The next two graphs show how buyer concerns have changed over the past three and a half years. The dark pink line below in the first graph showing concerns about access to finance is trending down. But these concerns remain at levels far above those before the late-2021 credit crunch. We await any clarification from the new coalition government on when the CCCFA will be changed and how.

Are investors bringing more or fewer properties to the market to sell than three months ago? It may be the case that earlier than expected restoration of interest expense deductibility for investors will bring more people to the market looking to make a purchase – probably when the interest rates outlook is a lot better. But for now, our survey shows that agents are observing an increasing number of investors looking to sell a property. A net 11% of agents reported such this month compared with a net zero pre-election observing such selling desires.

The following two graphs show trends in the factors which may motivate investor demand. Hopes of finding a bargain have altered little this year but since the middle of the year expectations of price rises have increased in importance as a buying motivator.

The past three months have seen small rises in the proportion of agents feeling that investors are becoming more motivated by thoughts of preparing for their retirement.

What factors appear to be motivating investor demand? We ask what factors appear to be motivating investors to buy. Hopes of finding a bargain still remain the greatest motivator. The question unfortunately does not include the option of Restoration of Interest Expense Deductibility which would be interesting at the moment.

Regional Results The following table breaks down answers to the numerical questions above by region. No results are presented for regions with fewer than 7 responses as the sample size is too small for good statistical validity of results. The three top of the South Island regions are amalgamated into one and Gisborne is joined with Hawke’s Bay. Best use of the table is achieved by picking a variable and comparing a region’s outcome with the national result shown in bold in the bottom line. For instance, while a gross 28% of agents nationwide have reported seeing FOMO on the part of buyers, in Hawke’s Bay the reading is 44% and Wellington 48%. The readings for Wellington do not support the recent media headline regarding expectations of public service layoffs badly affecting the Wellington housing market. Wellington is firmer than average for all measures bar investor demand. The table shows net percentages apart from the FOMO question in column F. The net percent is calculated as the percentage of responses saying a thing will go up less the percentage saying it will go down.

#obs

Appraisals

Auction

Open H.

Prices

FOMO

FHBs

Invest.

O/seas

Inv. selling

15 117 32 25 16 3

93 54 69 68 56 0

20 21 25 36 13 0

27 17 19 0 13 0

7 28 13 0 56 0

7 26 13 28 44 0

60 33 56 44 69 0

7 18 38 24 25 0

-13 -20 -3 -16 -38 0

7 14 25 28 6 0

Southland

12 33 16 27 10 14 4

33 39 75 37 40 57 0

8 30 6 19 30 7 0

50 45 19 4 60 57 0

0 45 19 63 60 21 0

42 48 19 37 30 14 0

58 76 38 48 50 36 0

8 15 6 26 20 50 0

-17 -15 -31 -7 0 -14 0

-25 9 -13 11 20 14 0

New Zealand

324

-17

Northland Auckland Waikato Bay of Plenty Hawke's Bay Taranaki Manawatu-Wanganui Wellington Nelson/Tasman Canterbury Queenstown Lakes Otago exc. Q'town

A. B. C. D. E. F.

# of responses Are property appraisal requests increasing or decreasing? Are more or fewer people showing up at auctions? Are more or fewer people attending open homes? How do you feel prices are generally changing at the moment? Do you think FOMO is in play for buyers?

G. H. I. J.

Are you noticing more or fewer first home buyers in the market? Are you noticing more or fewer investors in the market? Are you receiving more or fewer enquiries from offshore? Are investors bringing more or fewer properties to the market to sell than three months ago?

*Please note –Tony Alexander is an independent economist. His views are his own and not necessarily shared by NZHL or vice versa. The NZHL Property Report by Tony Alexander is based on the findings of a monthly survey of real estate agents conducted by Tony and is brought to you by NZHL in a sponsored capacity.

This publication is written by Tony Alexander, independent economist. You can contact me at tony@tonyalexander.nz Subscribe here https://forms.gle/qW9avCbaSiKcTnBQA This publication has been provided for general information only. Although every effort has been made to ensure this publication is accurate the contents should not be relied upon or used as a basis for entering into any products described in this publication. To the extent that any information or recommendations in this publication constitute financial advice, they do not take into account any person’s particular financial situation or goals. We strongly recommend readers seek independent legal/financial advice prior to acting in relation to any of the matters discussed in this publication. No person involved in this publication accepts any liability for any loss or damage whatsoever which may directly or indirectly result from any advice, opinion, information, representation or omission, whether negligent or otherwise, contained in this publication.

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FINANCE & LENDING

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18 January 2024

Business confidence up for 2024 Business confidence as measured by the NZIER’s long-running Quarterly Survey of Business Opinion improved firmly late in the final quarter of 2023 to a net 10% of non-farm businesses feeling bad about the next six months. This is up from a net 49% feeling pessimistic in the September quarter but still a negative result only just above the average for the past decade of -16%.

This outcome tells us that it is wrong to think in terms of NZ being on a downward spiral. But it is also wrong to think about economic growth improving much this year. Improvement is going to be more of a story for 2025 when the continuing restraint from very tight monetary policy becomes a lot less than it is now.

And it is in the inflation area that we have greatest interest in the QSBO most of the time and especially now. Almost all of the measures we economists look at to get a feel for where inflation is going showed improvement in the December quarter. But let’s start with one that didn’t. The capacity utilisation rate – roughly best thought of as the proportion of machinery in use – jumped from 87.3% in the September quarter to 91.4%. The ten year average is 92.8% so the cost pressures on businesses from running at high levels of activity are not that great. But the number has increased and on the face of it this can be used by the Reserve Bank to justify its signals to banks not to pass on lower wholesale funding costs into lower rates which they charge to Kiwi borrowers. The trouble however is that this capacity utilisation measure has been going all over the place recently and this latest movement should be treated with caution. It is very unlikely that the true rate has been changing as implied by the survey this past year.

The net proportion of businesses saying that they are finding it easy to get unskilled labour has just risen to a 14 year high of 33%. The September quarter result was 7% and a year before a net 64% of businesses were saying unskilled staff were hard to find. This is a very stark shift in labour market dynamics and something only seen before in the context of a crisis – the GFC and the pandemic. Given the new unreliability of the capacity utilisation measure the gauges of stress in the labour market assume greater importance, especially in light of the strong rate of wages growth in New Zealand in recent years. Much is made of the fact that average consumer prices have risen by 19% from where they were at the end of 2019. But average wages have gone up by 25% in the private sector delivering growth in real wages consistent with the long-term trend. The cost of living “crisis” is only being experienced by those with weak bargaining power and that is one reason why high inflation should be avoided. It leads to greater stratification of spending power in society between those able to keep up and those not in such strong positions.

The net proportion of businesses saying that they are finding it easy to get skilled staff has improved to 3% from a net 8% finding it hard last quarter and a net 68% having difficulties a year earlier. Again, as shown by the orange line in the graph above, the shift is stark. Wages growth is set to slowdown but when we get sudden shifts in labour availability as has occurred recently one can place little faith that old relationships between tightness and resulting wages growth will play out. Hence again, strong reason for the Reserve Bank to be cautious.

Key to having our central bank feel confident that inflation is going back comfortably into the 1% - 3% target range is a sharp slowing of wages growth. The survey results from NZIER suggests we should be getting into such a period about now.

This is especially so when we consider the proportion of businesses saying that lack of labour is the main constraint on their ability to grow output. This proportion only fell 2% in the December quarter to hit 16%. But this is well down from 38% a year earlier and below the 20% average.

Page | 2

So, the labour market is definitely easier than average. But we await to see how much this will cause the pace of wages growth to slowdown.

What about where the unemployment rate may be headed? My view remains 5% at worst even though the migrant boom is producing a lot of excess staff. The net proportion of businesses planning to hire more staff improved to 21% from 12% in the previous quarter. This is above the 12% ten year average and supports the case for our economy growing this year.

Finally, let’s have a direct look at the cost and pricing measures which so far I've not mentioned. A net 23% of businesses on average in the past decade have said that they raised their selling prices. The latest result is a net 37% saying they have done so. This is down from 56% the previous quarter and 67% a year earlier. The direction of change is good. But the level is still too high. The same comment has to be made about pricing intentions. On average over the past decade a net 29% of businesses responding in the QSBO have said they plan raising their prices. The latest result is a net 37% saying they plan to do so. This is down from 45% the previous quarter and 71% a year earlier. But the result is still too much above average for anyone to be able to reasonably expect any decent easing signal from the Reserve Bank anytime soon.

But the QSBO again shows why we should not be confident about much if any improvement in New Zealand’s rate of productivity growth in the near future. The net proportion of businesses planning to boost investment in plant and machinery improved only to 2% which is below the 5% ten year average. However, this is a sharp rise from -15% the previous quarter and -28% a year ago. Hopefully the change in government will allow further gains in this measure.

Page | 3

For now, banks will feel quite comfortable running extra large margins on their mortgage lending, knowing that the central bank is not going to press them to restrain the profits they’ll be shipping across the Tasman in the near future.

In case you missed it No new survey results until my mortgage adviser survey results next week then real estate agents after that.

If I were a borrower, what would I do? I’ve nothing much to write here this week. The data from NZIER were good for rates in that they showed a substantial easing in labour market pressures and lower pricing intentions by businesses. But the capacity utilisation rate edged up along with business expectations for employment and their activity levels. The release had no impact in the market and mainly this week rates have been moved around a bit by fluctuations in the United States. The latest fluctuation has been upward in response to some stronger than expected economic data causing the more optimistic traders to pull in their horns a tad regarding rates falling six times in the US this year. After the little ups and downs we end this week with the one year swap rate which banks pay to borrow fixed for lending fixed one year near 5.28% from 5.34% last week and also a month ago. The three year swap rate is now near 4.46% from 4.52% last week and 4.48% a month ago. If I were borrowing at the moment I would either float and wait for lower rates or do what I tend not to favour because of the hassle and fix for just six months. Nothing I write here or anywhere else in this publication is intended to be personal advice. You should discuss your financing options with a professional.

Page | 4

Kiwibank Limited, Auckland Kiwibank.co.nz

A new Government and new changes to come. With the change of government there are a number of changes proposed that if they come through should have an effect on the property market. However, until known the market is in a holding position awaiting decisions to be put in place. 1. DTIs debt to income ratio lending are coming next year and “may” completely replace the CCFA and “could be” noted at 6 to 7 x income levels (unknown at this stage) but they are coming. 2. Interest deductibility on rentals are proposed to gradually come back in as - 60% interest deductibility for 2023 yr - 80% interest deductibility on 2024 yr - 100% interest deductibility on 2025 yr 3. Easier for landlords to evict bad tenants which will take a risk away for investors 4. Bright line test removal - proposed to change to 2 yrs for investment properties 5. More building consents to be issued with a noted proposal to enable granny flats of 60m2 or less to be built with only an engineers report which will turn many properties into home and income assets with smaller capital outlay. 6. A continued push to open up boarders and get more immigrants into NZ which will push up property demand in some areas for renting and home ownership. The average predictions for house price increases are upward of 5%. However the direction of interest rates is not certain but most expect a drop towards the end of next year. These are my thoughts based on current policy proposals (NOT CONCRETE DATA) and although not certain if implemented will mean a better year for 2024. Todd Dixon Mobile Mortgage Manager M. +64 27 2355941 Free Ph 0800 452037 Kiwibank is a licenced Financial Advice Provider and our Kiwibank representatives can provide regulated financial advice on our products and services. Please visit Kiwibank’s Financial Advice Provider Statement for more information. Kiwibank representatives only advise on the products and services offered by Kiwibank and cannot compare with others. We can discuss a suitable and affordable home loan option with you.

PROPERTIES

LJ Hooker

Current Listings

23rd, January 2024

114 Harbourside Drive, Karaka NZ

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RIPE FOR DEVELOPMENT in KARAKA

Located in the "sought after" Karaka Harbourside Estate, the opportunity to purchase another land ho...

5 Coronation Road, Papatoetoe NZ PRIME COMMERCIAL BLOCK.

LJ Hooker Town & Country

For Sale $4,000,000 Plus GST (if any) View By Appointment

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

For Sale By Negotiation View By Appointment

Set in the heart of Old Papatoetoe's commercial hub, the opportunity to acquire blocks of this size ...

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

80 & 150 Sutton Road, Drury NZ

Price By Negotiation Brent Worthington 029 296 5362 b rent.worthington@ljhooker.co.nz

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A Rare and Unique Opportunity! Zoned Future Urban - BUY ONE OR BOTH

8/10 Fathom Place, Te Atatu Peninsula NZ §1

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SMART TOWNHOUSE - Stunning complex

Located on Fathom Place in Te Atatu Peninsula, this Townhouse is in an area spoilt for choice of Res...

216 Rosebank Road, Avondale South NZ §1

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TOWNHOUSES - Modern & Affordable

216 Rosebank Road

Avondale, Auckland

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

Located on Rosebank Road, these Townhouses are within walking distance to Eastdale Reserve, Rosebank...

For Sale $635,000 View By Appointment

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

For Sale $675,000 View By Appointment

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

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

SMART TOWNHOUSE - Stunning complex 1

Located on Fathom Place in Te Atatu Peninsula, this Townhouse is in an area spoit for choice of Reservces, Walkways and Beached. Public Transport is also covered, with a Bus Stop around the corner or it's a 3 minutre drive to access the North Western Motorway. • The ground floor is open plan consisting of the kitchen, dining and living areas. For added convenience, a washer/dryer combination is located in the kitchen space. There is also storage space beneath the stairs. • On the first floor, you will find a generously sized bedroom, featuring a built-in wardrobe. There is also a full-size bathroom on this level. • Step outside to a private, low-maintenance courtyard with a clothesline, storage/ bike shed, and a power supply.

This stunning property amongst others, offers the perfect combination of convenience and luxury and value that you simply cannot miss. It is with no doubt that finding new homes at an affordable price point is only going to get increasingly harder as the City's population grows . For full details on this Townhouse or others available in the complex please contact Brent Worthington.

Brent Worthington Mob: 0292 965 362 E: brent.worthington@ljhooker.co.nz LJ Hooker Town & Country TNB Property Services Ltd Licenced REAA 2008

TOWNHOUSES - Modern & Aﬀordable

Located on Rosebank Road, these Townhouses are within walking distance to Eastdale Reserve, Rosebank School, Avondale College, and the famous Avondale Sunday Market. In terms of transport, there is a bus stop just outside or it is a short drive to access the Motorway. • On the Ground Floor, the kitchen, dining, and living areas are open plan. • There is a Washer/Dryer Combination conveniently located within the kitchen. • Upstairs on the first floor is a full size bedroom, which includes a wardrobe and high storage space. • Also on this floor is a full size bathroom. • Outside is a low maintenance private courtyard, which includes a power supply. For units A, D-M, a clothesline is included. These move-in-ready homes feature top-of-the-line appliances, catering to both first-time homebuyers and savvy investors looking for a hassle-free experience. Imagine the convenience of having all your appliances seamlessly integrated, allowing you to focus on what truly matters. Constructed with superior materials, these homes are built to last and impress. The commitment to quality extends beyond aesthetics, as these residences are designed to be low-maintenance, giving you more time to live, work, and play in this dynamic city. For full details please contact Brent Worthington on 0292 965 362

Brent Worthington Mob: 0292 965 362 E: brent.worthington@ljhooker.co.nz LJ Hooker Town & Country TNB Property Services Ltd Licenced REAA 2008

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.

FOR SALE BY NEGOTIAION _____________________________________________________________ View By Appointment only _____________________________________________________________ Contact

Brent Worthington 0292 965 362

Principal & Agent Please contact Brent directly for more information

Town & Country

and for a copy of the Comprehensive Property Report or click here to view on website.

brent.worthington@ljhooker.co.nz 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 Zoned 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.

FOR SALE BY NEGOTIATION _____________________________________________________________ View By Appointment only _____________________________________________________________ Contact

Brent Worthington 0292 965 362

Town & Country

Please contact Brent directly for more information and for a copy of the Comprehensive Property Report or click here to go to website.

Principal & Agent brent.worthington@ljhooker.co.nz TNB Property Services Limited Licensed REAA (2008)

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!

NNOW PRICED AT $4,000,000 + GST (if any) _____________________________________________

Contact

Brent Worthington

0292 965 362

Click here to view on website

TNB Property Services Ltd Licensed REAA (2008)

5 Coronation Road PAPATOETOE PRIME COMMERCIAL BLOCK. *Increasingly more difficult to find blocks of this size

and zoning around in the heart of Papatoetoe *Site is held in two Records of Title located adjacent to the corner of Coronation and Shirley Roads.. *Under the Auckland Council Auckland Unitary Plan (AUP)statesthat: "The zone provides for a wide range of activities including commercial, leisure, residential, tourist, cultural, community and civic services, providing a focus for commercial activities and growth." *Land 3662m² (m.o.) *The six existing tenants currently return $138,581.00

per annum plus GST and outgoings.

Price by Negotiation _____________________________________________________________ View By Appointment _____________________________________________________________ Contact

Brent Worthington 0292 965 362

Please contact Brent directly for more information and for a copy of the Comprehensive Property Report or click here to view on website.

LJ Hooker Drury NZ 09 294 7500 TNB Property Services Ltd Licensed REAA (2008)

LJ Hooker

18 January 2024

91 Beatty Road, Pukekohe NZ

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LJ Hooker Town & Country

SOLD PROPERTIES

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uNuM1TED POTENTIAL

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...

3 Paparata Road, Bombay NZ

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MOTIVATED VENDOR MOVING SOUTH

Sold

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

* 4 Double bedrooms. * Master with ensuite. * Impeccably cared for and presented. <...

151 Barrack Road, Mount Wellington NZ

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UNIQUE INVESTMENT with HUGE POTENTIAL

Sold Price on Application

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

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

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

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

3 Paparata Road BOMBAY POSITION PERFECT Sited for all day sun and situated close to so many amenities and locations! • 3-4 Bedrooms • 2 Bathrooms incl Ensuite • Walk-in robe • Large office-fourth bedroom *Separate Laundry *Large Double Garage with Internal Entry Minimal care grounds with safe and secure rear for children and pets.

SOLD _____________________________________________________________ Contact

Brent Worthington 0292 965 362

Lina Roban 0210 228 8521

LJ Hooker Drury NZ 09 294 7500 TNB Property Services Limited Licensed REAA (2008)

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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