The Property Chronicle - November 2023

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THE PROPERTY CHRONICLE

TOWN & COUNTRY When you know, you know. ™

November 2023

Town & Country

CONTENTS

Page

LJ Hooker Newsletters and Blogs •

Letter from Principal (Brent Worthington) – Real Estate Market Displays Resilience and Confidence

•

Homesmart Newsletter –How to prepare for Santa’s visit

•

Property Management Newsletter –Investors guide to renovating your rental property

•

Property Management - Making your rental yours without breaking the rules

4 6 10 12

Reports, Surveys & Commentaries

•

REINZ Press Release – More positivity, slow and steady this month – 16 Nov 23

17

•

REINZ Monthly Property Report – 16 Nov (with link)

19

o

Market Snapshot

o

Annual Median Price Changes

•

REINZ House Price Index – 16 Nov (with link)

•

RealEstateCoNZ – Post Election Confidence – Hannah Franklin 31 Oct 23

•

Tony’s View – Property Impact of Election 26 Oct 23

•

TradeMe – Property Market showing green shoots in Spring 19 Oct 23

•

CoreLogic -House Prices Begin to Rise 1 Nov 23

•

Loan Market – Property Correction may be over 20 Oct 23

21 22 23 24 33 36 38 43

Finance & Lending •

Loan Market o

How National plans to reform the property & mortgage markets

45

o

Kiwi home loan preferences revealed

46

Properties - LJ Hooker Town & Country •

Stock List

48

•

Featured Properties

49

•

Recently Sold

54

Our People •

Brent Worthington

56

•

Lina Roban

57

•

Christine Connolly

58

•

Debbie Harrison

59

•

Johnny Bright (Apollo Auctions)

60

o •

Apollo Auction – Latest update Sept 23

Keith Jones (Loan Market)

SuperGold - Welcome Here

61 63 64

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NEWSLETTER & BLOGS

Town & Country 21 November 2023

Hi

Real Estate Market Displays Resilience and Confidence REINZ Chief Executive Jen Baird expressed optimism about the market's performance, noting a positive shift in activity following the recent election.

Baird believes October showed a slow but steady improvement in property market activity since the election is now behind us. This comes at a time when we head into more active months in the property cycle.

The October data reveals a 2.5 percent decrease in the number of properties sold month-on-month, from 5,762 to 5,619. However, compared to October 2022, there's an encouraging 8.0 percent increase. Regions such as Northland (+36.1 percent) and Southland (+29.6 percent) experienced significant year-on-year increases in the number of properties sold.

While the national median sale price remains unchanged at $795,000, there is a slight year-on-year decrease of 2.8 percent. Despite this, median sales prices increased for several regions, including Tasman, West Coast, Canterbury, and Southland.

Baird attributed the market's positive trends to increased activity across buyer groups.

"Local agents are reporting a lot more activity across buyer groups. They're noticing more investors and first home buyers looking to secure properties sharing the market with vendors who are showing a willingness to be realistic with their price expectations," she said.

At the end of October, the total number of properties available for sale across New Zealand was 25,602, down 3.7 percent from the previous year. However, new listings increased by 2.6 percent yearon-year, demonstrating a slow but marked improvement. 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

Baird emphasised the growing confidence among vendors and buyers.

"The increasing number of listings coming to market is showing a slow, but marked, improvement to the past year, and a renewed confidence from vendors looking to sell with more certainty now the election is behind us."

Independent economist Tony Alexander highlighted some interesting shifts in buyer behaviour. According to CoreLogic figures, first-time buyers accounted for 27 percent of all house purchases in the September quarter, well above the long-term average.

“Young buyers have been accelerating their purchases because prices have fallen near 18 percent, listings are very strong, investors were absent in open homes and auctions, and deposits had grown after a period of good wages growth and reduced spending opportunities,” Alexander said.

Investors are now showing increased interest, driven by the expectation of rising prices and the return of interest expense deductibility.

Alexander's insights suggest a dynamic market, with both first-time buyers and investors contributing to the positive momentum. He noted, "Buying to beat price rises is a powerful motivator." While acknowledging potential challenges, such as high-interest rates and the cost of living, both Baird and Alexander express positivity about the market's direction.

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

How to Prepare Your Home for Santa’s Visit

As the holiday season draws near, and you know what that means – Santa Claus and his eight faithful reindeer are gearing up for their grand tour!

Just like when it comes to selling your home, you can never start getting organised too early for Santa’s visit.

While Santa will be in a rush, as he has many homes to visit on that one night, you might want to make a few precautions to protect your home and furniture.

To guarantee a seamless and enjoyable visit for Santa and his furry friends, let's explore some festive and practical tips to make your home the most welcoming stop on their journey.

Starting with the great outdoors Reindeer-ready roof Make sure your roof is sturdy enough to handle Santa's sleigh and the dance of eight sets of hooves. Check shingles for security and repair any damage for a smooth take-off and landing.

Trim overhanging branches to create a hazard-free runway. After all, reindeer have a big job ahead, starting their journey right here in New Zealand.

Chimney check Take a look at those chimney bricks and the flue and make sure it’s sturdy – we don't want any unexpected bumps on Santa's head.

Keep that chimney clean to avoid turning Santa into a soot-covered gift. And, if your roof isn't quite sleighsized, don't worry – Santa's got ways to make it work.

Decorative considerations Ensure your festive decorations don't turn into obstacles for Santa's grand entrance. Lights and inflatable Santas should take a backseat to ensure a smooth landing for the reindeer.

Now, let's venture indoors Chimney maintenance Clean that chimney to keep Christmas morning messfree. An immaculate chimney ensures both Santa and your home stay soot-free.

And remember, keep that damper open – we're avoiding any "Santa gets stuck" scenarios!

Furniture protection Shield your furniture from ashes and soot, either by relocating it or covering it up. A tidy home not only impresses Santa with your housekeeping skills but also eliminates tripping hazards.

Pack away those toys, secure loose Christmas light cords, and you're good to go.

Stocking safety Hang those stockings with care using alternatives like command hooks or twine. Let's avoid unnecessary holes and show those stockings can hang anywhere sturdy enough to hold those treats from Santa.

For those without chimneys or in apartments No chimney? Short on space? No problem! Opt for a Christmas tree alternative – create a designated "Santa Zone". A beautifully decorated table or a festive basket works wonders. Keep it well-lit to guide Santa straight to the heart of your holiday haven.

Advice on treats Keep those treats out of reach from pesky possums and mice. Don't forget the reindeer – leave some carrots or apples, and water too! After all, even reindeer get thirsty after a long journey.

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Post-visit tips

Christmas is a time of the year many of us look forward to, but if Santa makes a little mess, you will want to clean it up. If he has left soot marks from the fire on the carpet, use baking soda or corn flour to easily clean it.

May your house be a beacon of holiday cheer, hosting a jolly old elf with a belly that shakes like a bowl full of jelly. Wishing you a "Happy Christmas to all and a good night!"

Get the vacuum cleaner out for any leftover crumbs— sure proof that Santa and the reindeer enjoyed their snacks.

Outdoor cleanup? Check the roof for reindeer "gifts" – they make excellent fertiliser for your garden. And don't forget to check those gutters for any unexpected surprises.

By following these detailed yet cheerful tips, your home is sure to be Santa-ready, ensuring a magical and smooth visit for all.

As the summer sun takes centre stage, it's time to infuse your home with style and comfort, creating a space that reflects the carefree and vibrant spirit of the season.

Splash of colour Embrace the lively energy of summer by incorporating a palette of bright and cheerful colours throughout your home. Swap out heavy winter throws and dark-coloured accessories for lightweight, brightly hued alternatives. Consider introducing accent pieces such as cushions, rugs, or even wall art in shades of turquoise, coral, or sunny yellow to evoke a sense of warmth and happiness.

Breezy fabrics and textures Replace heavy drapes with lightweight curtains in sheer fabrics to invite the gentle summer breeze into your home. Opt for natural materials like linen or cotton for your upholstery and bedding to create an airy and relaxed atmosphere. Play with textures by adding woven baskets, rattan furniture, or beachinspired decor to evoke a coastal feel that resonates with the laid-back essence of summer.

Botanical beauty Bring the outdoors in by incorporating botanical elements into your decor. Fresh flowers, potted plants, or even botanical-themed artwork can infuse your home with a touch of nature. Consider creating a small indoor garden with a variety of plants to enhance the air quality and add a refreshing green vibe to your living spaces.

Lighting magic Illuminate your home with soft, ambient lighting to create a cosy and inviting atmosphere during the longer summer evenings. Opt for fairy lights, lanterns, or string lights to add a touch of enchantment to your outdoor spaces. Inside, experiment with floor and table lamps featuring light, airy designs to complement the summer theme.

By infusing your home with these style-focused touches, you'll not only create a visually stunning space but also cultivate an environment that feels cool, inviting, and perfectly aligned with the carefree spirit of summer.

Indoor-outdoor fusion Blur the lines between indoor and outdoor spaces to maximise your enjoyment of the summer season.

Create a seamless transition by choosing furniture that works well both inside and outside, such as versatile poufs or stylish wicker pieces. Open your doors and windows to let the sunshine in, connecting your living space to the natural beauty of the outdoors.

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

Licensed REA 2008

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PROPERTY MANAGEMENT NEWSLETTER 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.

Investor's Guide to Renovating Your Rental Property Creating or expanding your investment property portfolio entails careful consideration, as does the decision to embark on renovations. When acquiring an investment property, there's a tendency to think that alterations are necessary to enhance its appeal and liveability.

Investors must bear in mind that while their investment property may not align with their personal preferences, it could meet the needs of potential tenants. Therefore, before renovating, there are several key aspects that investors should consider.

First, is renovation truly required? Second, are the renovations driven by personal taste, or is there a genuine need? Lastly, are the modifications primarily cosmetic or related to infrastructure?

Understanding market demand Knowing when to renovate also hinges on knowing market demand. For instance, current market trends may indicate that properties with an extra bedroom, rather than an additional living area, are highly sought after. In this context, renovating the investment property to create an additional bedroom can attract more tenants during viewings.

Strategic renovations can indeed enhance rental However, market demands don't always returns, but it's not just about the changes themselves; necessitate significant alterations. Often, renters it's also about the timing. seek clean, habitable spaces they can envision as their own. In such cases, renovating the investment Distinguishing between renovation and repair property may involve replacing outdated fixtures To maximise a rental property's income potential, an with modern finishes and painting walls and investor might contemplate renovations or repairs. fixtures in neutral colours to cater to a broader Sometimes, simple fixes like replacing kitchen cabinet demographic. handles or upgrading bathroom taps and showerheads are sufficient to spruce up a rental, Understanding market demands is also essential to making it more appealing to potential tenants. avoid unnecessary expenses. Investors could carry out infrastructure-related renovations, only to find In other cases, substantial renovations such as that the rental market is not currently saturated expanding the kitchen by removing walls or adding an with tenants. In such cases, investors may well be extra bedroom may be necessary to generate interest on the back foot carrying the renovation costs and and demand for the property. lack of rental income.

Before embarking on any projects, it's essential to assess the property's shortcomings and prioritise areas that require upgrades. Keeping in mind the initial impressions potential tenants will have during viewings. Research is crucial to ensure renovations or repairs serve the purpose of enhancing liveability rather than merely aligning with personal preferences.

Keep in mind, renovations don’t have to be for significant changes.

Understanding capital requirements and tenancy conditions The decision of when (or if) to undertake rental property renovations ultimately revolves around the desire for increased returns on investment.

However, renovating unnecessarily or at the wrong time can lead to financial losses for investors.

Before initiating any changes, investors should evaluate what genuinely needs improvement to

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enhance profitability and liveability. After deciding on the changes and conducting research on the market and demographics, investors should then focus on the financial aspects, including capital, costs, and conditions.

Creating a budget helps to avoid surprises when the final bills arrive. This allows investors to assess whether they can comfortably afford the expenses, even in the event of extended vacancies.

Furthermore, it's crucial to undertake renovations legally and safely, obtaining the necessary consents, permits, etc to ensure the work is carried out in compliance with council and government regulations.

Considerations for planning: creating a comfortable living space Given housing affordability concerns, many firsttime renters, such as young couples and families, opt to rent rather than buy a property.

Consequently, long-term tenancies are common, making it essential to provide a homely atmosphere.

When evaluating your rental property, consider whether amenities like dishwashers, dryers, or washing machines would enhance liveability. Again, don’t underestimate how meaningful simple updates such as modern fixtures and neutral colour schemes can be. It can significantly help tenants envision themselves living in your rental property.

Understanding tenants' rights Before embarking on repairs and renovations, you must consider the impact on current tenants in the property. Most tenants may be willing to endure minor repairs if it leads to improvements, but alternative arrangements may be necessary to avoid inconveniencing them.

It is important that you get your tenants permission before starting any projects, as any repairs or maintenance that are deemed as ‘not necessary’, such as cosmetic improvements, need to be done at mutually agreed times.

Guide to renovating a rental property The goal of renovating a rental property is to create

a blank canvas that tenants can move into and make their own. Therefore, investors should focus less on personal preferences and more on making tenants feel comfortable. Here are some practical tips for renovating a rental property that will attract more tenants and gain a higher return on investment: Prioritise areas for improvement: Start by identifying the areas in need of an upgrade, focusing on key areas such as the kitchen, living room, and essential heating/cooling appliances.

Bathrooms also require attention, ensuring that all taps work and fixtures are in good condition.

Obtain approval for upgrades: Seek approval for renovations from council or body corps, if required.

This process may take time. Ensure you understand any limitations and necessary building permits.

Choose durable countertops: Invest in durable kitchen benchtops that are scratch and stainresistant, making them easy for tenants to maintain.

Opt for glass splashbacks: Glass or wall panels are a cost-effective and easy-to-clean alternative to tiled splashbacks in the long term.

Consider fingerprint-proof cabinetry: Choose cabinetry finishes that are resistant to showing fingerprints or food splatters, and opt for neutral tones to create an open, modern look.

Look for appliance packages: Source cost-effective appliance packages from reputable companies to save on costs and ensure the convenience of delivery and installation.

Increase power points: Adding extra power points, USB outlets, or wireless charging stations enhances tenant convenience and flexibility in arranging their living spaces.

Replace carpets with floorboards: Replacing old carpets with hardwood flooring or other durable alternatives not only improves cleanliness and hygiene but can also increase the property's value and rental income potential.

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

Making Your Rental Yours Without Breaking the Rules

Home renovations programmes are always a source for inspiration, giving you ideas of what your dream home could be. Needless to say, if you are a renter, your ability to renovate your home is limited.

Although you might not be able to make drastic changes to your rental, there are ways you can personalise your home to make it feel like your own.

Update window treatments If you have outdated plastic blinds, or curtains that just aren’t reflective of you, go out and find something that suits you. Remember, don’t throw out those old blinds as you will need to reinstall them when the time comes to leave. And of course, make sure you don’t make any new holes in the wall when installing your new blinds.

Window shutters might be something your heart is set on, so it might be worth approaching your property manager and asking whether the landlord would be prepared to go halves with you to install the shutters. In this instance, you get to enjoy them while you are there, and they get to keep them when you leave. This is a great win/win situation.

Introduce plants New pot plants and flower give an instant lift to any space – so add them to your kitchen and living room to brighten these communal spaces and boost the mood of you, your family and your guests. While it may seem cliché to say plants bring life to a room, there is a lot of truth to it. Plus, they have the added bonus of helping to clean the air and remove toxins. Cleaning the air and revitalising your rental with indoor plants and flowers is a nice feeling, especially if loads of other people have lived there before you.

Think beyond the living room when adding plants to your home. Find a place for a plant in your bathroom too. Many plants, like cactuses, love the climate of a warm room and thrive in bathroom spaces. If you have little outdoor space, indoor plants help bring a bit of nature inside. You also introduce new textures and colours to your home interior and that can add intrigue to a blank or unusable space like a room corner.

Decorate walls While you may not be able to change the wallpaper or the colour of the paint on the walls, have you considered peel and stick vinyl stickers? Decals are super popular and can be found at many home improvement stores and online. The range of colours and designs are vast, and they are relatively inexpensive. They can be easily added and removed and are a great way to add details to your wall without damaging the paint underneath.

Another trick is to use removable wallpaper to create a feature wall. Made out of selfadhesive wall sticker fabric, it looks and feels like traditional wallpaper, but you can easily DIY it as it requires no glue, no water, and no tradesperson. Then when it is time to move, the removable wallpaper will peel off without leaving any residue or damaging the surface – making it a landlord-friendly option.

Storage Storage space can be hard to come across, so furniture that can double up as a space to help declutter and reduce any mess is an added bonus.

Some of these storage solutions could include: •

A television cabinet with added storage for electronics, accessories, DVDs and knick-knacks

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A coffee table with a lid and storage inside to place items that you don’t use a lot

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A free-standing bookshelf to help balance decoration with storage

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Portable clothes racks or freestanding wardrobes to place your clothes or to even double as pantry storage

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Under-bed storage boxes to store personal items discreetly

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Use suitcases as storage for clothes or other items

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An old trunk or chest to double as both a storage unit and coffee table

Liven up the walls with artwork Removable, self-adhesive hooks to hang your favourite photos or artwork is a great way to get around putting holes in the walls, and it keeps your landlord happy. However, make sure you check the weight they can hold, as it does vary.

If you can’t hang anything on the walls, consider decorating from the floor up. A large mirror works well leaning against the wall, as do large canvas prints. Another unique way to display artwork and add intrigue to your rental space is by using an old ladder adorned with colourful scarves, bags and rugs – looks great and provides another handy storage solution!

Personalise the flooring If your rental’s flooring is not to your tastes and your landlord isn’t keen to replace it, a good way to improve the look is to add a large neutral rug to cover the space and then add some colour and texture with layered rugs on top. A runner in a hallway can change the whole feel of an entryway and is relatively inexpensive. Some other temporary floor options for renters include: •

Peel and stick carpet tiles

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Vinyl sheets/rolls (these come in wood-look, stone-look, ceramic-look and decorative sheets so you can have a cost-effective, renter-friendly floor solution in no time at all!)

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Waterproof vinyl planks. These can be laid over carpet regardless of the pile height. Simply snap and lock together.

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Laminate planks

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Foam tiles. These are a great solution for highly trafficked wooden floors and can also be laid over the carpet or hard surface floors to add extra padding in a workout room/home gym or yoga studio

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Composite decking. You might have an outdoor patio space that has seen better days. This temporary outdoor flooring option is great for refreshing an outdoor space whether it’s a patio, deck or balcony

Add a vignette A what?! I hear you say. A vignette is a grouping of objects. It is usually made up of homewares such as a vase or bowl, some flowers and other natural elements, mementos and arts & crafts. They help to add personality to a space and bring it to life. So find your favourite things that you have collected over the years and group them together to create a little display. These work well in the living room, on a dining table, in a bathroom and in your bedroom.

Some tips for creating a vignette: •

Create a theme. If you live in a beachy area, for example, create a little beachy display on your shelf or mantlepiece with objects such as sea shells, bottles filled with sand and beachy-themed figurines.

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Build your vignette around a light source such as on a windowsill or beneath a lamp.

Otherwise, you won’t be able to see your display clearly.

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Use colour and different heights for a temporary art display. For example, a bright orange vase grouped with a stack of old books and a potted plant.

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Place your vignette in a display tray and use it as a table centrepiece.

Upgrade the light fixtures Rentals often come with some very regular lighting! And while it is probably not practical to change all the light fittings, spending some time and money upgrading those light fixtures in high-traffic rooms can make a big difference. If you have bare bulbs or ugly pendants, an easy way to refresh these is to replace the shades. Don’t throw anything away, as upon leaving, you might be asked to “make good” and restore the property back to the same condition as when you moved in.

Table lamps positioned in a hall or on a side table can create a homely feel and add some character and personality to your space. Large floor lamps can also make a statement while adding sufficient lighting to a dark space. You might even opt for a bold lampshade that ties into the colour of artwork in the room. In bedrooms or outdoor patio areas, hanging string lights or fairy lights is another effective lighting solution that beautifies a room on a budget.

A word or warning Before you go crazy with home improvements, remember that a standard tenancy agreement usually prevents any renovations, alterations, or additions to the premises without the landlord's written consent. If you are wanting to do something drastic like paint a wall or change the flooring, make sure to contact your property manager to find out what your options are here before you do anything.

LJ Hooker - Home Blog - Making Your Rental Yours Without Breaking the Rules

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REPORTS, SURVEYS & COMMENTARIES

REINZ October data: More positivity, slow and steady this month Press Release - 16 November 2023 The Real Estate Institute of New Zealand’s (REINZ) November 2023 figures show more sales activity, more listings coming to market, lower days to sell and a sense of more confidence overall (year-on-year).

REINZ Chief Executive Jen Baird says October is showing a slow but steady improvement in property market activity now that the country is past the election, and we head into more active months in the property cycle.

We’ve seen steady activity this month with a small 2.5% decrease (from 5,762 to 5,619) in the number of properties sold month-on-month, and an 8.0% increase (from 5,205 to 5,619) compared to October 2022. For New Zealand excluding Auckland, the total number of properties sold has followed a similar pattern, decreasing 2.2% month on month and increasing 2.6% year on year from 3,573 to 3,665.

Across the regions, twelve of the sixteen regions had an increase in the number of properties sold year-on-year, with the top of NZ (Northland: +36.1%), and the bottom of NZ (Southland: +29.6%) having the biggest increases.

Median sale prices are a mixed bag across the country, with the national median sale price unchanged compared to last month, staying at $795,000 – around where it has been for much of the year. Year-on-year, there is a slight national decrease of 2.8%, while New Zealand excluding Auckland is down by 4.7% to $691,000 from $725,000.

Median sales prices year-on-year increased for several regions, with Tasman (+2.0%), West Coast (+2.6%), Canterbury (+3.2%), and Southland (+2.4%) all increasing. There has been a decrease in median sales prices across all other regions year-on-year this month.

“Local agents are reporting a lot more activity across buyer groups. They’re noticing more investors and first home buyers looking to secure properties sharing the market with vendors who are showing a willingness to be realistic with their price expectations. We can see signs of that in the median prices this month,” says Baird.

“The market is moving a little quicker. Days to sell has decreased year-on-year by three days for New Zealand to 37, and by two days for New Zealand excluding Auckland, to 39.

Regionally, just over half (9 regions) have had a decrease in the days to sell month-on-month and year-on-year. Year-on-year, Days to Sell in New Zealand decreased by 7 days compared to October 2022.

“Through the REINZ Monthly Ambassador Survey, agents are reporting increased engagement and more certainty from buyers in the bigger centres, especially post-election, supported by the warmer weather. Properties are taking slightly fewer days to sell on average, which is an anticipated sign of more positive things ahead.

At the end of October, the total number of properties available for sale across New Zealand was 25,602, down 3.7% (975 properties) from 26,577 year-on-year, and up 8.6% month-on-month. For New Zealand excluding Auckland, inventory also decreased by 117 properties (0.7%) year-on-year from 16,237 to 16,120 and increased 9.7% month-onmonth.

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

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

“The increasing number of listings coming to market is showing a slow, but marked, improvement to the past year, and a renewed confidence from vendors looking to sell with more certainty now the election is behind us. While details of the new Government are still being discussed amongst coalition partners, many vendors and buyers are showing confidence that it’s a better time to sell now and a good time to buy. The signs are there for an improving market.”

The HPI for New Zealand stood at 3,652 in October 2023, showing a 1.1% increase compared to the previous month. However, when compared to the same period last year, the HPI reflects a 2.5% decline. The average annual growth in the New Zealand HPI over the past five years has been 5.8% per annum. It remains 14.6% below the peak of the market in 2021.

The Real Estate Institute of New Zealand (REINZ) has the latest and most accurate real estate data in New Zealand.

Media contact: Laura Wilmot Head of Communications and Engagement, REINZ Mobile: 021 953 308 communications@reinz.co.nz

CLICK HERE TO VIEW FULL REPORT

MONTHLY PROPERTY REPORT 16 November 2023 1 | REINZ Monthly Property Report

Contents 3 Press Release 4 Market Snapshot 7 Annual Median Price Changes 9 Seasonally Adjusted Median Price Regional Commentaries Northland............................................................................................................................................................10 Auckland...............................................................................................................................................................12 Waikato...................................................................................................................................................................14 Bay of Plenty..................................................................................................................................................17 Gisborne...............................................................................................................................................................20 Hawke’s Bay.....................................................................................................................................................22 Taranaki..................................................................................................................................................................24 Manawatu/Whanganui....................................................................................................................26 Wellington..........................................................................................................................................................29 Nelson/Marlborough/Tasman...............................................................................................32 West Coast........................................................................................................................................................34 Canterbury........................................................................................................................................................38 Otago.........................................................................................................................................................................39 Southland............................................................................................................................................................41

2 | REINZ Monthly Property Report

Market Snapshot – October 2023 SALES COUNT YEAR-ON-YEAR

MEDIAN HOUSE PRICE YEAR-ON-YEAR

$

q National

$795,000

-2.8%

p National

5,619

8.0%

q NZ excl Akl

$691,000

-4.7%

p NZ excl Akl

3,665

2.6%

q Auckland

$1,040,000 -3.6%

p Auckland

1,954

19.7%

MEDIAN HOUSE PRICE MONTH-ON-MONTH National

$795,000

0.0%

q National

5,619

-2.5%

q NZ excl Akl

$691,000

-1.3%

q NZ excl Akl

3,665

-2.2%

p Auckland

$1,040,000 1.7%

q Auckland

1,954

-2.9%

u

$

SALES COUNT MONTH-ON-MONTH

37

Days to sell nationally

-7 days year-on-year

REINZ HOUSE PRICE INDEX YEAR-ON-YEAR

39 36

NZ excl Akl -5 days

Auckland -8 days

SEASONALLY ADJUSTED SALES COUNT MONTH-ON-MONTH

q National

3,652

-2.5%

q

National

-10.7%

q NZ excl Akl

3,788

-2.4%

q

NZ excl Akl

-9.2%

q Auckland

3,462

-2.5%

q

Auckland

-6.0%

4 | REINZ Monthly Property Report

ANNUAL MEDIAN PRICE CHANGES OCTOBER 2023 Northland

$675,000

-6.9% q

National Median Price

$795,000 Compared to October 2022

-2.8%

Bay of Plenty

$825,000

Auckland

Median Days to Sell

37

$1,040,000

-1.4% q

-3.6% q

Gisborne

$570,000

Waikato

-5.0% q

$755,000

-4.4% q

Hawkes Bay

Taranaki

$700,000

$565,000

-4.1% q

-2.6% q

Manawatu-Whanganui

$521,750

Nelson

$670,500

-5.1% q

-13.3% q

Wellington

$795,000

Tasman

$857,000

-4.6% q

p

Marlborough

West Coast

-16.8% q

2.0%

$650,000

$330,000

2.6% p

Canterbury

$680,000

3.2% p Otago

$670,000

Southland

-1.5% q

$430,000 2.4% p

5 | REINZ Monthly Property Report

R

Record Median Prices Increase Stable Decrease

CLICK HERE TO VIEW FULL REPORT

MONTHLY HOUSE PRICE INDEX REPORT 16 November 2023 © REINZ - Real Estate Institute of New Zealand Inc.

The latest data from realestate.co.nz shows post-election confidence has hit the New Zealand property market. During October, new listings were up, auctions regained popularity with sellers, and the national average asking price lifted back to January 2023 levels.

•

Auctions are in; display prices are out

•

Average asking prices back up to January 2023 levels

•

New listings up 22.0% on September – more than the average October lift of 16.0%

The number of people searching on realestate.co.nz also increased by 7.0% compared to September and was up by 3.1% compared to the same time last year^ signalling growing interest from buyers during October.

Vanessa Williams, spokesperson for realestate.co.nz, says these indicators suggest the market is starting to move: “It is difficult to say for sure what is causing the shift. It could be the coming change of government, the OCR holding for the third consecutive month or the cyclical nature of the property market.”

“However, this will be welcome news for anyone wanting to sell.”

She adds that real estate agents are reporting increased numbers through open homes, another sign of market stimulation.

Auctions are in; display prices are out Auctions overtook display price as the most popular method of sale last month.

28.3% of all listings on realestate.co.nz during October were listed for sale by auction, while those with display prices comprised 26.5% of all listings.

Vanessa says this change indicates the market is becoming more competitive: “Auctions are generally more popular in a hot market. Seeing the number of auctions increase tells us that buyers and sellers are both more confident to transact under the hammer.”

The number of listings for sale by auction at realestate.co.nz has steadily increased since May this year.

Average asking prices back up to January 2023 levels After nine months of softening prices, the national average asking price increased to $884,377, about where it was at the beginning of the year.

“This is the first time the national average asking price has been above $880,000 since January. In 2023, we’ve had a shallow dip followed by what looks like a recovery.”

“We will have to wait a couple more months to see whether this uptick becomes a trend. It’s not unusual to see the market pause during an election,” explains Vanessa.

Our regions have driven the increase to the national average asking price this month.

Seven regions saw positive year-on-year growth to average asking prices - Coromandel (up 15.0%), Nelson & Bays (up 9.5%), Southland (up 5.6%), Taranaki (up 5.0%), Manawatū-Whanganui (up 2.7%), Wairarapa (up 2.2%), and West Coast (up 1.8%). Canterbury remained flat with an increase of 1.0%.

Despite year-on-year growth, West Coast dipped under $500,000 last month. The region hit a 16-year average asking price high in September while still retaining the title of New Zealand’s most affordable region.

New listings up 22.0% on September – more than the average October lift of 16.0% After a slow start to spring, new listings in October quickly made up ground. New listing numbers typically grow by 16.0% between September and October*.

This year, however, they jumped by 22.0%, bucking the usual spring market trend.

“The influx of new listings is a good indicator of market confidence. Vendors are ready to list – potentially after holding off during a slow market period,” says Hannah.

Across the country, 12 of 19 regions saw growth in new listings compared to last year. The biggest increases were in Central Otago/Lakes District (up 16.8%), Wairarapa (up 14.4%), Bay of Plenty (up 11.1%), and Hawke’s Bay (up 10.4%).

“With more options becoming available to Kiwi property seekers, the perfect home could be just a search away,” adds Hannah.

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.

Fina a glossary of terms here. ^Source: Internal metrics (1 - 30 October 2023 v September 2023 and 1 – 30 October 2022). *Based on 16 years of data. Excludes 2021, when the uplift was 57.7%. This was an anomaly because many people could not list their homes for sale during parts of the year due to COVID-19 restrictions.

Written by Hannah Franklin 31 Oct 2023

realestate.co.nz is giving away $100,000 for one lucky Kiwi to put towards buying a property. The promotion is open until midnight on 30 November 2023.

For full T&Cs and to enter, visit: realestate.co.nz/100k

Input to your Strategy for Adapting to Challenges

Feel free to pass on to friends and clients wanting independent economic commentary ISSN: 2703-2825 Sign up for free at

www.tonyalexander.nz

26 October 2023

Property impact of the election Has the outcome of the general election had any impact on property investors? You’ll have seen some media commentary suggesting yes – along the lines of more people planning to purchase property. I have given my view in some interviews that while more investors will enter the market as buyers in the near future, there will also be more sellers.

First, and for no particular reason, let’s start with the question I ask about the things which concern investors. For a long time they have placed highest importance on the loss of interest expense deductibility. But now, the proportion rating that as a concern has just fallen to 13% from 16% last month.

Not a big decline for sure, but a distinct move down, nonetheless.

The biggest impact in the short-term I’ve said may be on first home buyers realising that time is rapidly running out for them to make a purchase without facing a lot of competition in the tender process or in the auction rooms. The rise in the Core Logic buyer classification measure showing a record 28% of sales recently going to first home buyers suggests many have already been acting on that belief.

Last week I ran my monthly survey of residential property investors sponsored by Crockers Property Management. The full writeup will be out in a few days. But here are some results which I feel reflect the election outcome. National plan cutting the brightline test back from ten years to two years. Tenant legislation is to be tweaked to less favour tenants, and interest expense deductibility will be restored over a period of time which may stretch to mid-2026.

A bigger change can be seen with regard to the reason those looking to sell cite as driving their decision. The proportion saying loss of interest expense deductibility has just decreased to below 10% from 32% in the middle of this year.

Page 1

up has taken the proportion of investors planning to do so to a record high. Why when things are moving in their favour with regard to the upcoming deductibility change? Soaring costs.

These final graphs show the upward trend and most recent jump in the proportions of investors saying they are concerned about three things – maintenance costs, insurance, and council rates.

The proportion saying that they are concerned about tenant legislation has just decreased to around 9% from 15% last month.

I think the general election outcome also explains this sharp jump in the proportion of investors looking to sell who say they are doing so in order to fund another purchase. This likely reflects the combination of the brightline test change and the interest expense deductibility restoration.

Beyond these impacts the other changes in the various things I track aren’t so blindingly large. But there are some important things to note which I won’t go into detail about and will save for the full report. But suffice to say, pressure for rents to go

Add in booming population growth, rising tourist numbers, and decreasing new house construction, and the push factor for young people to make a property purchase is going to become more and more intense in the coming year.

Page 2

Mint Business Insights - October 2023 - Mint Design

If I were a borrower, what would I do?

risk that the new levels at which interest rates are considered neutral will be higher than previously thought.

Wholesale interest rates this week have finished this morning about where they were a week ago.

Volatility has picked up in concert with increasingly rapid changes in rates in the United States. Each data release is being devoured by investors for signs that either inflation is still comfortably tracking downward, or it is going to prove sticky.

Of key interest here is the set of labour market statistics coming out from Statistics NZ next Wednesday. We will be looking closely for signs that the boom in immigrant worker numbers is causing a decent fall in the pace of wages growth.

An underlying view is that the longer it takes for things to be brought under control the greater the

If I were borrowing at the moment, I’d probably fix 12-18 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.

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. No material in this publication was produced by AI.

Page 3

19th October 2023

September Property Price Index Property market showing green shoots in spring ----------------------------------------------------------------------------------------------------------------

The property market is starting to show signs of reviving as we head into spring, with month-on-month increases slow but steady, according to Trade Me’s Property Price Index for September.

The national average asking price for a property was up 0.4 per cent in September when compared with August, following an identical 0.4 per cent increase in August, sitting at $840,050.

“Aotearoa’s property market has started to show signs of bouncing back as we start moving into the warmer months. While prices have certainly dropped since the peak highs seen in 2021, they now seem to be levelling out,” said Trade Me Property Sales Director Gavin Lloyd.

“Buyers looking to take advantage of the market might find the time is now as we head into the summer months, where we tend to see an increase in demand.

“If we compare with September last year, the national average asking price is still down by 6.2 per cent. However, based on the trajectory we are seeing the market move, I would say cashed-up buyers are in a great position to make the most of these market conditions before prices really head north.”

Wellington seeing a rebound Prices in Wellington city are beginning to heat up once more, with the average asking price up 1.4 per cent on last year to $894,900 in September.

“Wellington saw some of the biggest price increases at the peak of the market, so it makes sense that after a bit of a correction the prices are also heading back up,” said Mr Lloyd.

The whole region has seen a modest rebound in every region except Porirua – down 1.2 per cent year-on-year.

Mr Lloyd said prices are still down in the Wellington region – with asking prices 7.3 per cent less than this time last year.

“At this stage it is far too early to say whether the general election will have any impact on the housing market in Wellington – especially given Wellington is the home of Government and the public service – but it will certainly be something to keep an eye on over the next few months,” Mr Lloyd added.

“Meanwhile in Auckland, prices went up 0.2 per cent in September, so we are seeing a very stable market there. But Aucklanders are yet to see the average asking price drop below the $1 million mark – with the average asking price currently sitting at $1,134,600 for Auckland city.”

Higher-density housing options dropping in price In Auckland, Wellington and Christchurch cities, prices are down across

the board for apartments, townhouses and units.

The biggest drop was for apartment living in Christchurch – with the average asking price down 16.2 per cent to $652,700.

“There are lots of benefits for picking a townhouse or apartment – particularly for younger and first home buyers, so I am sure many potential buyers will be watching this trend in Christchurch,” said Mr Lloyd.

“Apartment hunters in Auckland and Wellington might also find now is the time – with the average asking price in Auckland down 7.5 per cent and Wellington down 10.2 per cent,” added Mr Lloyd.

Smaller houses are also coming down in price, particularly 1-2 bedrooms in Auckland, down 11 per cent, and Wellington, down 4 per cent year-onyear.

Click here for fully interactive graphs version

After remaining flat in September, CoreLogic’s national House Price Index (HPI) posted the first rise in property values since March 2022, up 0.4% in October and 0.1% higher over the past three months.

These figures confirm the end of the recent housing market downturn, with a total peak to trough decline of 13.2% (or roughly -$138,000). However, at just short of $909,000 in October, average values are still almost 25% above the ‘pre-COVID’ levels of March 2020.

CoreLogic NZ Chief Property Economist, Kelvin Davidson said that around the main centres, signs of the emerging upturn were pretty widespread in October.

Values in Hamilton and Christchurch rose by more than 1%, Dunedin by 0.8%, and Wellington and Auckland also recorded increases over the month.

Tauranga was virtually flat, posting a minor drop of 0.1%.

The key fundamentals for house prices have been looking stronger for a reasonable period of time now. October’s data has brought that first increase at the national level, but it’s early days and there's still a lot of diversity in market conditions across the country,” Mr Davidson said.

“Although a new government hasn't been formalised just yet, the shift in voting to the centre-right seems to have bolstered housing market confidence, despite mortgage rates edging higher again recently. We’ve also seen net migration rise to a new record high, which is boosting property demand.

“Another key factor in the housing market turnaround has been the continued strength of the labour market. While this week’s official data for quarter three may show a rise in the unemployment rate, it will be due almost entirely to a larger labour force, not job cuts. The resilience of employment has meant the vast majority of households have successfully managed to rejig their finances as they reprice from older, lower fixed rates, onto today's higher levels,” Mr Davidson added.

“The loosening in the CCCFA rules from May and slightly relaxed LVR settings from June have both also played a role, while at the same time, the flow of new listings remains low. As a result, there’s been a re-emergence of some degree of competitive price pressures, as buyers attempt to secure a property in a market where there’s a bit less choice.”

Main Centre Average Value

Auckland Although the average property value across Auckland rose in October (as it also did in September), the increase was not seen in all sub-markets.

Papakura surged by 2.2% in October, while Rodney, North Shore, and Waitakere saw values lift by half a percent (0.5%), however Auckland City, Manukau, and Franklin all saw modest falls in values.

“This patchiness in property values by sub-region, even though wider market averages have started to turn around, could well remain a feature in the coming months, in Auckland and elsewhere too," Mr Davidson said.

"Housing affordability is still stretched in many parts of NZ, and ‘higher for longer’ mortgage rates won’t do anything to ease that pressure”.

Mr Davidson said Wellington is another key area where signs of growth have emerged in recent months, but there’s variability still in play too.

"Porirua, for example, saw average values rise by 2.3% in October, but Lower Hutt, Upper Hutt, and Wellington City were more stable, and Kapiti Coast actually dropped by 1.4%," he said.

Regional House Price Index results Other Main Urban Areas (ordered by annual growth)

Outside the main centres, the changes in property values in October were also relatively diverse, with Rotorua, Gisborne, Whangarei, and Hastings recording solid increases of almost 1% or higher, but Invercargill, New Plymouth, and Whanganui all recording falls of at least 1%.

Over the past three months, New Plymouth has dropped by almost 3%, whereas Hastings has increased by nearly that same amount.

Mr Davidson said this just illustrates the variability that is evident from region to region, and which might stay in play in the coming months

Property market outlook While Mr Davidson said it seems pretty likely that property values will continue to rise in the coming months, increases may not be seen in every month or location.

"This ‘recovery’ could remain fairly subdued by past standards, given that housing affordability is still problematic, mortgage rates aren’t set to fall anytime soon, and that caps on debt to income ratios are still on the cards for 2024.

“First home buyers have remained a strong presence in the market over the past 12-18 months, recently hitting record highs in terms of their percentage share of purchases. On the flipside, mortgaged multiple property owners, including investors, have been quieter than normal, especially the so-called Mum and Dad group, who may be looking to buy their first rental or already have a modest portfolio.

“However, the next six to 12 months could be really interesting, with some investors looking to buy again, with a view to their tax bills being lower in the future. That means first home buyers could have some new competitive headwinds on the horizon. But even with a smaller tax bill, low rental yields and high mortgage rates still make it tricky to get the sums to work on an investment purchase. As such, we don’t anticipate a full-scale return by property investors,” Mr Davidson concluded.

Download the CoreLogic House Price Indexx https://www.corelogic.co.nz/news-research/reports/house-price-index

Published: 20/10/2023

Property correction may be over as signs of emerging growth appear New Zealand's property downturn may now be over, although it's too early to say for sure.

Prices remained flat in September, according to CoreLogic, potentially ending a 17-month correction. Since peaking in March 2022, New Zealand's median property price has fallen 13.2%, although it's still 24.3% higher than the start of the pandemic in March 2020.

Focusing on the bigger markets, prices rose by 0.4% in Auckland – the city's first increase since March 2022 – as well as 0.2% in Christchurch and 0.2% in Dunedin, while prices were unchanged in Wellington, and fell 1.5% in Hamilton and 1.2% in Tauranga.

Green shoots have started to appear Speaking before the election, CoreLogic Chief Economist Kelvin Davidson said it was only a matter of time before the market bottomed out.

“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,” he said.

Mr Davidson also said there were signs of “emerging growth we’re starting to see in the data”, although conditions differed from region to region.

“This patchiness among the main centres may well continue in the coming months and is likely to be a feature elsewhere in New Zealand 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.”

What to expect in 2024 Mr Davidson said property sales activity and prices were likely to rise in 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,” he said.

One potential event that could impact the market in 2024 would be if investors felt debt-to-income (DTI) restrictions were set to be imposed and decided to bring forward purchases to get ahead of any rule changes, according to Mr Davidson.

“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.”

I can help you buy a property, whether you’re a first home buyer, an investor or an upsizer. Reach out to get a pre-approval before you start your search, so you know what your budget will be.

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FINANCE & LENDING

How National plans to reform the property and mortgage markets

Published: 22/10/2023

With the election now in the rearview mirror, attention has turned to how the incoming Christopher Luxon-led government will impact the property and home loans markets.

In National's pre-election manifesto, the party promised voters it would: •

Restore full mortgage interest deductibility for property investors, from 50% in 2023-24 and 2024-25 to 75% in 2025-26 and 100% in 2026-27.

•

Take the bright-line test back to two years, from its current five or ten.

•

Simplify planning rules and make resource consents for houses cheaper and faster.

•

Increase competition in the building materials market.

•

Unlock land for housing, intensify transport corridors and build infrastructure.

•

Support the community housing sector to grow and provide more accommodation.

National said this package of measures would “incentivise landlords into the market”, “get more houses built” and lead to a “supercharging” of social housing.

Ahead of the election, CoreLogic Chief Economist Kelvin Davidson said the reforms would encourage more people to buy investment properties but not significantly move the market.

“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.

National also promised it would partially repeal the ban on non-citizens buying local real estate, by giving them the opportunity to buy properties valued above $2 million if they paid a 15% buyer tax.

Mr Davidson predicted this would have minimal impact on the market, given that just 3% of properties were valued above $2 million.

Will there be a post-election bounce?

People often put major financial decisions on hold ahead of an election, as they wait to see how things will play out. Once the election is out of the way and people have more certainty, they tend to be more willing to take action.

It wouldn’t be surprising if the same thing happened now, and we saw a spike in property buying and home loans activity.

If you’d like to purchase a property or refinance an existing loan before the end of the year, it’s not too late.

Contact me today to begin the process.

Kiwis’ home loan preferences revealed

Published: 20/10/2023

New Zealanders have been taking out fewer home loans, but for larger amounts, according to new data released by the New Zealand Banking Association (NZBA).

The average value of all new home loans issued during the first six months of this year was $382,913, which was 2.6% higher than the last six months of 2022.

However, the number of new home loans issued fell 11.4% to 40,438.

Of those 40,438 new home loans, 26.0% were issued to first home buyers. The average value of these loans was $546,176, which was 11.1% higher than the previous period.

The NZBA also reported that 1.4% of customers were behind on their home loan repayments, while 43.7% were ahead.

Borrowers prefer fixed-rate loans Looking at all outstanding home loans – not just new ones – there were 1.25 million home loans across 1.08 million customers at the end of June.

The average value of these loans was $323,463, which was 2.4% higher than the previous period. The breakdown between interest rate types was: •

Fixed = 61.5%.

•

Variable = 17.0%.

•

Split = 21.5%.

Term deposit savings rise, credit card spending falls Meanwhile, the average savings account had a balance of $24,200, with interest rates increasing over the period from 2.42% to 3.59%. The average term deposit held $107,900, with rates increasing from 3.19% to 4.90%.

The total funds held in savings accounts fell 3.4%, while funds held in term deposits rose 8.1%.

The average monthly spend per credit card fell 5.5% to $2,004, while the share of people who paid off their credit cards in full without incurring any interest fell from 67.5% to 65.6%.

Help is available for struggling borrowers NZBA Chief Executive Roger Beaumont said the fact that a large portion of home loan customers were ahead on their repayments while only a small share were behind showed borrowers were generally managing their mortgages well.

“It means that those paying more than their minimum repayments likely built in a cushion in case their circumstances change. It also means they’re paying off their debt faster,” he said.

Mr Beaumont also noted that of the 9,080 customers who applied for hardship status during the first half of the year, 5, were given assistance.

“Banks are here to help, and anyone experiencing financial difficulty should contact their bank as soon as possible.

The sooner you talk to your bank, the more likely they’ll be able to help,” he said.

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PROPERTIES

LJ Hooker

Listings Summary

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.

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

For Sale By Negotiation View By Appointment

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

3 Paparata Road, Bombay NZ

For Sale $990,000.00 View By Appointment

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MOTIVATED VENDOR MOVING SOUTH

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

80 & 150 Sutton Road, Drury NZ §2

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REVEALED

A Rare and Unique Opportunity!

Zoned Future Urban - BUY ONE OR BOTH

09 294 7500 https://drury.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 ...

§4

1

21 November 23

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

For Sale by Negotiation 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

3 Paparata Road BOMBAY

BOMBAY BEAUTY - BOXES TICKED!

Sited for all day sun and situated close to so many amenities and locations! - TIME TO GO...

• 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.

4

2

2

For Sale

NOW PRICED - $990,000 ___________________________________________________________ View

By Appointment or Open Home as advertised __________________________________________________________ Contact

Brent Worthington 0292 965 362

LJ Hooker Drury NZ 09 294 7500

Click here to view on website

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.

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.

3

1

1

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)

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 view on website

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.

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)states that: "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)

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

21 November 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

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OUR PEOPLE

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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?

Strong results kick the usual pre-election trend September’s auction results saw strong signs of a recovering market, along with a resurgence in the regional markets.

A number of factors seemed to be driving buyer behaviour in September. Firstly, the expectation of a change of government, and policy adjustments created urgency to get in before the change. Buyers were also pushed to act with talks of another change to the OCR. To buy in September would mean they could secure a high, yet manageable interest rate. The effect of another potential rise would mean repayments would be out of reach for many. Lastly, the Kianga Ora first home shared equity scheme coming to an end, meant buyers needed to transact or would find themselves missing out.

Nationally Apollo clients transacted $118 million worth of property unconditionally within a 6-week period.

Under the hammer results lifted to 43.9%, with a total of 61.1% sold unconditionally within 6 weeks. Property sold and under contract within that time was just shy of 70% clearance.

Northland, Central North Island, and Canterbury awoke from a slumber, with 73.2%, 66.7% and 77.8% combined clearance respectively. The flow-on effect of the Auckland market moving was clearly taking hold.

The data suggested owners were making decisions faster, and the majority had come to the realisation of the adjusted market values.

As market sentiment continues to gather positivity, why would you not properly expose your listings to a public audience and raise your chances of securing the next listing?

Want to learn more about running auction campaigns? Get in touch with one of our award-winning team today.

Rob & Tim

APOLLO, AUCTIONS NZ LIMITED I LICENSED REAA 2008

Nat:ional R,e,s.ults for .Septembe,r 2023, Average Number of Registered Bidde s

2

Average Aue ions N mber of Act al Bidders

2

Average Sale Pirice

$1,050,092

Total S@les Value

$118,660,500

Highest Sale Price

$3,135,000

owest Sale Price

$167,000

Overall Cleara ce for Sept 2023 within a 6-w period

1.1%

Combined Sold/Under contract within a 6-wk period

69-2%

Sold Under

43.9'%

$ Q

ammer

Sold Post - Uncond tio ally

10.6%

Sold Post - Under Contract 8: J I¾

Sol

6.6%

Still Available

30.8%

Our mailing address is:

68a Paul Matthews Road, Rosedale, Auckland 0632 P. 0 Box 302083, Nonlh Ha�bour, Auckland 0751 APOLLO AUCTIONS NZ LIMITED UCENISED R.EAA 2008

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Prior

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

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When you know, you know. ™

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