West Melton Market Report (Issue 4)

West Melton Nathan Najib | Market Report

Market Commentary

It has now been two years since "Covid" became part of our everyday vocabulary, and at the time I don't think anyone would have predicted that 24 months later, we would still be living in a world where Covid has such an impact on our daily lives. Although it looks like we can now dust off the passports once again, it is safe to say that we haven't quite returned to our old sense of "normality" just yet.

The property market has not been exempt from the effects of the global pandemic either. At the end of 2021, we experienced historic rapid growth, with median house sale prices breaking records month on month throughout New Zealand, West Melton included. It has been, by far, the strongest sellers' market I have ever seen in over 15 years of selling real estate.

Last year I noted that this "property bubble" was neither sustainable nor healthy, predicting a 10% correction by the middle of this year. As we enter Autumn 2022, the market is clearly changing.

FOMO ("Fear of Missing Out") is being replaced with FOOP ("Fear of Over-Paying"). With more properties listed, competition is minimised and customers have choices. The change from a sellers' market to a buyers' market has happened relatively quickly, and I would now even suggest a possible 10 - 20% overall decline as we move into the second half of the year.

In West Melton, we have seen record sale prices right through into March this year. Although there is likely to be a correction in the coming months, I don't predict that this will be as high as 20%. This is a special place to live, and national buyers are still very attracted to the lifestyle that the Selwyn District has to offer. While there continues to be interest from other large cities, West Melton remains a very affordable option, and an excellent opportunity to escape to high-end city fringe living.

If you have any questions about buying and selling in the current real estate market, I would love to sit down and have a chat with you. Specialising in the West Melton area, I am an expert in the local market, and it would be my privilege to help you achieve your property goals.

Nathan Najib

About Nathan Najib

Nathan is proud of the life he has created. Unsurprisingly to those who know him, he is living his desire to change the world of real estate from something it should never have been, to something that supports the community and helps others move forward.

Starting out in the real estate business at 19, by 23 Nathan was recognised as being one of the best in the industry, an up and coming force to be watched and emulated. However, he felt there was something fundamentally wrong with the industry and wanted to make a difference. Not many people are brave enough to say, “enough is enough” and then do something about it, but Nathan did just that.

He decided to create and build his own vision.

A breath of fresh air in the industry, Najib Real Estate is founded on simplicity, transparency, and excellence, with three unbreakable rules forming the bedrock of this company:

01 /

02 /

03 /

Do what is right and avoid what is wrong

Do everything to the best of your abilities

Show people you care

Nathan’s vision was to create the most people-focused real estate company on earth. Often real estate is associated with low standards, but at Najib Real Estate we know what is important, and we are always ready to listen to you and your needs.

West Melton Breakdown in the last 6 months Residential Sales (including sections) October 2021 - March 2022

$1,165,000

42

24% increase

56% increase

Median Selling Price

Average Days on the Market 23

Najib's Average Days on the Market

35

$2,175,000

35% increase

42.9% increase

Properties Changed Hands

Highest Selling Price

4

3

3

774 Weedons Ross Road, West Melton Sold by Nathan Najib for $1,475,000 November 2021

"Nathan and his team were a pleasure to work with during the sale of a much loved family home. They worked with us as if we were the only customer on their books and delivered a result that we were very pleased with. The overall process was stress free because of the support they offered in regards to staging, cleaning and general handy man work around a very big property. What we assumed would be an overwhelming and daunting task ended up being anything but. They come with our greatest recommendations if you want to feel super supported."

Annie (Vendor's Daughter)

"Professional and approachable."

4

2

2

7 Barnsley Crescent, West Melton Sold by Nathan Najib for $1,225,000 December 2021

"We noticed that Najib Real Estate were selling a lot of properties in West Melton, so when the time came for us to sell our property we decided to give Nathan and his team a go. The recommendations on how to present the property and having their staging team furnish the home along with the marketing team working their magic, meant that our house looked incredible come sale time and the result was excellent. We haven't come across any other real estate agency who compares with Najib Real Estate's hard work and dedication to getting the job done."

Rob and Dawn (Vendors)

"When you list with Nathan, you get a professional who always gives 110%."

4

2

3

19 Barewood Grove, West Melton Sold by Nathan Najib for $1,495,000 February 2022

"Nathan Najib and his company wanted to achieve the best outcome for us and they put the work in for a great result. Selling a home is stressful but Nathan and his team made the experience much less overwhelming. We felt very well informed and guided throughout the process and someone from Najib was always available whenever we had any questions. Personalised and tailored service.

Fantastic marketing. Very responsive and helpful. Highly recommended."

Jakub and Eleanor (Vendors)

"Great experience and outcome with Nathan and Team Najib."

4

2

2

21 Manna Place, West Melton Sold by Nathan Najib for $1,300,000 March 2022

"As we expected, having used Nathan before, he achieved a great price for our home in West Melton. The whole team is lovely, very open and friendly. Not only did Nathan sell our home, he sold us our new one as well!"

Elaine and Richard (Vendors)

"Highly recommend Najib Real Estate to anyone thinking of selling."

4

2

4

64 Shepherd Avenue, West Melton Sold by Nathan Najib for $2,175,000 March 2022

"Nathan and his team worked very hard to meet our expectations for the sale of our home in West Melton. Their communication throughout the whole time was exceptional and we knew exactly what was happening and how the market was responding. We felt in control of the process, guided by Nathan, and his confidence was reassuring. The fact he achieved the highest ever price for a residential property in the area speaks to his ability to get results for his clients.”

Tony and Sandra (Vendors)

"The result speaks for itself."

1435m 2

Lot 2, 61 Iris Taylor Avenue, West Melton Sold by Nathan Najib for $575,000 October 2021

"We felt immediately comfortable with Nathan, it was apparent that he had a welldefined list of potential buyers, and he brought this to us and achieved a sale of our property that exceeded our expectations. His communication with us along the way was regular and to the point. In tandem with the support of his team at Najib Real Estate we always felt looked after and valued."

Vivienne and Neil (Vendors)

"We have been impressed enough to refer Nathan on to several other local people."

1369m 2

Lot 1, 75 Iris Taylor Avenue, West Melton Sold by Nathan Najib for $630,000 November 2021

"Nathan and the team at Najib were great to deal with. We received clear, honest and timely communication and wouldn’t hesitate to recommend Najib to other vendors or purchasers."

Sam and Vanya (Vendors)

"We received clear, honest and timely communication."

1746m 2

9 Silver Peaks Drive, West Melton Sold by Nathan Najib for $677,500 February 2022

"Nathan has a good knowledge of the West Melton property market. This helped to give us a realistic idea of what the sale price for our property was likely to be.

We were extremely happy with the price he achieved. His communication was excellent and he was very good at keeping us updated on progress."

Holly and Gill (Vendors)

"We were extremely happy with the price he achieved."

1445m 2

Lot 2, 71 Iris Taylor Avenue, West Melton Sold by Nathan Najib for $580,000 March 2022

"We recently marketed our property through Najib Real Estate. We found Nathan to be professional and worked for us as vendors keeping us involved and informed throughout. Nathan’s local presence in our area contributed to achieving a good outcome by having buyer enquiries."

Sue and Philip (Vendors)

"We found Nathan to be professional and worked for us as vendors."

Top Sales in West Melton Residential Homes/Sections Address

Bedroom

Sales Date

Land size (m2)

Price

1

64 Shepherd Avenue

4

March 2022

3484m2

$2,175,000

2

3 Barewood Grove

5

November 2021

1859m2

$2,050,000

3

56 Kingsdowne Drive

4

October 2021

4635m2

$1,670,000

4

80 Jacks Drive

4

March 2022

2515m2

$1,632,000

5

34 Ridgeland Way

4

October 2021

1904m2

$1,575,000

6

44 Shepherd Avenue

3

October 2021

4999m2

$1,500,000

7

19 Barewood Grove

4

February 2022

1635m2

$1,495,000

8

774 Weedons Ross Road

4

November 2021

1201m2

$1,475,000

9

3 Westmere Mews

4

February 2022

1256m2

$1,455,000

10

4 Coutts Lane

4

February 2022

1208m2

$1,451,000

11

2 Rossington Drive

5

October 2021

2463m2

$1,370,000

12

63 Jacks Drive

4

October 2021

1032m2

$1,288,000

13

28 Rotherham Drive

4

October 2021

1321m2

$1.250,000

14

63 Shepherd Avenue

4

December 2021

1451m2

$1,225,500

15

7 Barnsley Crescent

4

December 2021

1123m2

$1,225,000

October 2021 - March 2022

Address

Bedroom

Sales Date

Land size (m2)

Price

16

7 Kingsdowne Drive

4

October 2021

777m2

$1,225,000

17

780 Weedons Ross Road

4

October 2021

1201m2

$1,200,001

18

19 Shona Lane

4

November 2021

1220m2

$1,165,000

19

3 Kingsdowne Drive

4

March 2022

762m2

$1,151,000

20

62 Rotherham Drive

4

October 2021

1238m2

$1,100,000

21

2 Wilfield Drive

3

October 2021

862m2

$1,045,000

22

17c Kingsdowne Drive

4

October 2021

649m2

$970,000

23

615 West Melton Road

3

January 2022

1302m2

$905,000

24

1/1132 West Coast Road

3

December 2021

835m2

$740,000

25

9 Silver Peaks Drive (section)

n/a

February 2022

1746m2

$677,500

26

1/75 Iris Taylor Avenue (section)

n/a

November 2021

1369m2

$630,000

27

106 Kingsdowne Drive (section)

n/a

October 2021

2355m2

$575,000

28

2/61 Iris Taylor Avenue (section)

n/a

October 2021

1345m2

$575,000

29

10 Kingsdowne Drive (section)

n/a

October 2021

4176m2

$553,000

30

33 Rossington Drive (section)

n/a

November 2021

1221m2

$450,000

Top Sales in West Melton Lifestyle Properties Address

Bedroom

Sales Date

Land size (m2)

Price

1

1/820 West Coast Road

3

December 2021

37900m2

$2,500,000

2

166 Halkett Road

4

November 2021

40000m2

$2,180,000

3

210 Lawford Road

5

March 2022

40000m2

$1,900,000

4

3/820 West Coast Road

4

March 2022

40000m2

$1,840,000

5

573 Halkett Road

4

February 2022

40000m2

$1,800,000

6

206 Langdales Road

6

October 2021

40000m2

$1,700,000

7

281 Jowers Road

4

December 2021

79000m2

$1,610,000

8

223 Finlays Road

4

November 2021

49400m2

$1,435,000

9

414 Halkett Road

4

December 2021

51700m2

$1,410,000

10

546Halkett Road

5

October 2021

40600m2

$1,400,000

11

288 Bells Road

4

December 2021

40200m2

$1,350,000

12

50 Genesis Drive

4

January 2022

8314m2

$1,300,000

13

21 Manna Place

4

February 2022

10900m2

$1,300,000

14

22 Halkett Road

4

November 2021

41900m2

$1,285,000

15

193 Lawford Road

4

October 2021

55000m2

$1,220,000

October 2021 - March 2022

Address

Bedroom

Sales Date

Land size (m2)

Price

16

30 Alpine View

4

December 2021

40900m2

$1,150,000

17

146 McKays Road

4

March 2022

40600m2

$1,116,500

18

17 Scarlet Oak Drive

4

November 2021

40200m2

$1,075,000

19

854 Hoskyns Road

3

October 2021

40200m2

$1,060,000

20

24 Whitewood Crescent

3

March 2022

5722m2

$1,050,000

21

501 Halkett Road

4

October 2021

43300m2

$1,020,000

22

858 Sandy Knolls Road

4

October 2021

40500m2

$990,000

23

42 Torlesse Road

4

October 2021

48800m2

$975,000

24

24 Whitewood Crescent

3

October 2021

5722m2

$925,000

25

West Melton Road (section)

n/a

January 2022

49100m2

$835,000

26

554 Hoskyns Road

3

November 2021

80900m2

$805,000

27

Lot 2/ West Melton Road (section)

n/a

December 2021

40000m2

$765,000

28

Lot 1/ West Melton Road (section)

n/a

December 2021

40000m2

$755,000

29

204 Adams Road

4

December 2021

40900m2

$700,000

30

Lot 3/ West Melton Road (section)

n/a

December 2021

40000m2

$690,000

West Melton Annual Sales Data Residential House and Section Sales

% Change

Median Days to Number of Sell (Residential Section Sales Houses)

Median Section Sale Price

% Change

$600,000

-8.68%

61

171

$211,000

0.48%

56

$654,500

9.08%

40

143

$215,000

1.90%

2014

69

$690,000

5.42%

35

30

$279,000

29.77%

2015

52

$722,500

4.71%

37

34

$265,000

-5.02%

2016

47

$790,000

9.34%

32

52

$263,000

-0.75%

2017

40

$805,000

1.90%

34

55

$259,000

-1.52%

2018

54

$804,000

-0.12%

51

33

$264,000

1.93%

2019

58

$799,000

-0.62%

41

35

$266,900

1.10%

2020

76

$841,000

5.26%

41

26

$285,000

6.78%

2021

50

$1,107,500

31.69%

26

16

$450,000

57.89%

Year

Number of House Sales

Median House Sale Price

2012

33

2013

Time Relates to Price

With over 15 years’ experience in the Real Estate industry, one of the things that I am sure of is that the longer a property remains on the market, the less likely it will sell for an optimum sale price.

It is widely accepted in the industry that interest in a property peaks when it first hits the market, and that the ideal time for a home to get an offer is within the first 30 days from when it first “goes live”. I have never seen a property sit on the market for a long period of time and then sell for a record sale price.

When a property first goes to the market, an urgency is created. The open homes are busy, enquiries are received daily, and competition is created. Throughout the first 2 – 3 weeks of a campaign, requests for viewings are consistent, but it isn’t too long before the phone calls and emails dramatically decline.

Unfortunately, the longer a property remains on the market, the more “stale” it becomes, and buyers then start to wonder what is wrong with it. Are there issues with the building? Is it uninsurable? Is the price too high? Why does nobody want to buy it?

Often if a property is on the market too long, it is too highly priced. If the property is overpriced, genuine buyers may have already been driven away by an over-ambitious price, and the positive impact of a “new to the market” property has already been lost.

Buyers start logically and finish emotionally. When a home has no price guide or is priced too high, it doesn’t make any logical sense to view the property. Therefore, you are less likely to see “emotional” buyers being enticed by a property that has been on the market a long time.

SALE PRICE

I cannot emphasise enough the importance of pricing a home realistically from the outset, meeting the market at the time. At Najib, we carefully consider the market. Our agents specialise in their chosen areas, and with this expert knowledge, can fairly price a home from the day it is on the market.

DAYS ON THE MARKET

I have helped many West Melton owners achieve outstanding sale prices. Although the market is starting to cool down in Christchurch city as we head into winter, the West Melton market is still creating interest. If you would like to discuss any of your property needs, I would love to hear from you.

When you're ready to sell, we're ready to listen.

We know what's important.

Nathan Najib Specialising in West Melton m 027 514 0775 @ nathan@najibre.co.nz 116 Peterborough Street Christchurch Central 8013 najibrealestate.co.nz Licensed REAA 2008