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The Reserve Bank has left the Official Cash Rate (OCR) on hold at 2.5%. The decision to leave the OCR on hold was in line with market expectations.

The Reserve Bank has indicated that if the New Zealand dollar remains elevated without other economic settings changing, then it would need to reassess its previous assumptions about where interest rates were headed.

Most economists are picking the first move up in the OCR from its current level will be no earlier than December this year.

This is good news for the floating mortgage rates which are now more attractive than fixed rates after the Reserve Bank’s dovish comments in its monetary policy outlook yesterday, (Westpac Chief Economist Dominick Stevens).

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Confidence is returning to the housing market. The recent REINZ release of the March residential statistics shows a 25 per cent increase in the volume of sales, and a reduction in the number of days between listing to contract date.

Buyers are viewed to be more strongly motivated than sellers in all parts of Auckland and Christchurch. However, in Wellington and Northland it is the sellers who are more motivated. Prices are not perceived to be rising everywhere with weakness viewed in Waikato and Northland, and generally flat-price change perceptions evident in Hawkes Bay, Hamilton City, Otago and Manawatu-Wanganui.

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Check out this new listing: http://www.nz.open2view.com/properties/267398

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The real estate market is changing to a more positive outlook for those vendors ready to meet the market. Across the country realtors have a lack of listing and are receiving multiple offers on many properties they have listed.
The property investors are also re-entering the market, cautiously, many are still looking for that bargain but once again there often more than one offer on these properties.
The Christchurch rebuild is finally getting some traction which is increasing confidence once again in Canterbury, although a lack of rentals is putting pressure on rental prices.
Across the country sales of properties are at a high not seen for a number of years. While prices in Auckland have seen the largest rises between 3 -5%, most areas of the country have seen marginal shift up on the last quarter.

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A nationwide shortage of residential properties for lease has led rental prices higher in many places across the country and there’s no respite in sight, as shown by First National’s quarterly property management survey.

Rents have increased due to a shortage of rental properties across much of the nation – it’s the basic economic principle of supply and demand. The situation is unlikely to improve until more properties are available to rent.

Next month law changes mean depreciation can no longer be claimed on investment properties. This has had a cumulative effect of making it difficult for new landlords to enter the market and for existing investors to grow their property portfolio, while keeping reluctant landlords in a holding pattern because they would have to pay back the depreciation if they sell.

There’s a gradual creep towards more people renting versus owning a home as people can’t afford to buy.

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So you thought the local market’s been a bit volatile, prices down, not many purchasers around? From Sydney hot of the press we hear that bbuyers are few and far between and offering cut throat buy prices across all price bands, sizes houses and apartments. Nothing selling above middle market [Middle in Sydney suburbs around $1 million and that’s two beds and no garage]

Our reading of that OZ situation is that actually New Zealand is a smidgin ahead in terms of market turnaround, and that’s good news.

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Average dairy prices fell by 4% which is not unexpected, this is a supply and demand situation, and was a forecasted.

Unemployment dropped to 6.4 % for the last quarter, down from 6.6%.

The NBNZ Business Outlook showed 2012 to have started on a confident note. A net 28% of businesses expect better times for the economy over the years ahead, up 11 points on December 2011. Confidence lifted across all the five major sub-segments, led by construction. Inflation nuances augur well for the RBNZ taking a patient approach

Also the Global Outlook shows that growth forecasts are no longer being revised lower, as growth in Asia has held up and growth in the US has been better than expected. Employment figures show that unemployment in the USA has dropped to 8.3%, its lowest since 2009. It is now possible that the next revisions to global growth could be upwards, which would support the NZD. The Greek Parliament voted 199-74 in favour  of accepting the required austerity measures, which amount to some 7% of GDP over three years. Concrete details on the budget cuts have to be worked out.

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Why would you spend money on advertising your property? When selling your largest asset you need to reach the largest audience possible. We at First National are committed to promote your home, lifestyle or rural property to its best advantage.

One avenue for advertising that is possibly generating up to 70% of our buyer leads is through TradeMe Advertising. To make the most of this media we recommend that you make a further investment in your home by elevating your listing to “featured status”

For $69+gst , this means your property is the first to present in any search that the buyer may undertake that meets the specifications of your property.

The evidence was provided through data extracted from TradeMe advertising and the number of hits received on these features was 30%+ more than standard property listings. In addition, the more photo’s we can present on your property the greater the interest online.

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“Leaky homes” is an issue that is not going to go away, legislation protecting the consumer is being in acted and evolving continually. There is a responsibility on you as a vendor to be transparent in your discussions with me. If you have or suspect that there are water tightness issues let’s work through those together. Clear warnings have been made regarding the ‘water tightness building report’ this must be specifically asked for by the appropriate party, usually the seller and buyer.

Real Estate Trends in New Zealand, Auckland’s Real Estate is looking at positive trends with increased urgency by buyers within this market, a lack of listings is driving prices in some regions into a more positive sales result for you if you are selling.

It is a great opportunity to list while the sun still shines and there is a positive economic outlook. Sales around the whole country are showing mixed results but once again the lack of listings across the country are slowing sales.

Once again those properties that are well priced to the current market are taking less days to sell. We need to be realistic to the market we are pricing within, the indicator is recent sales trend within your immediate vicinity, unfortunately many buyers and sellers are still using the rate able valuations as their main indicators which may or may not be appropriate.

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We are hearing positive growth forecast in the first BNZ – REINZ Residential Market Survey for 2012: which has found a reasonably sharp turn for the better in New Zealand housing market activity. Each of our eight major measures of housing market strength has risen over the past month to show a residential real estate market attracting more interest from investors, even more first home buyers appearing, buyers becoming more motivated than sellers, and prices more strongly perceived to be rising.

The results gel with media commentary last week regarding accommodation seekers having greater and greater difficulty finding what they want.

A slightly rosier hue has also appeared in New Zealand interest rate markets over the past few weeks.

The Reserve Bank of Australia’s surprise decision to leave interest rates on hold in February has played an important role, and with the perceived risk of a catastrophic event in Europe receding and some positive signs in the New Zealand domestic economy (in particular retail trade and gathering momentum in the housing market) markets are now pricing a bit less than a 50% chance of a rate hike by the RBNZ by December. It will be interesting to see if the more positive tone also permeates New Zealand business confidence this week.

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