colinrealestate

Again, well heralded but now ‘coming home to roost’ is the situation where lack of building, a growing population  and a constant stream of immigrants seeking homes,  NZers overseas sending money home to buy…..are all adding up to a major and concerning lack of rental vacancies virtually nationwide.

Concurrently investors are in some areas looking to buy into the market and expand the rental capacity but they too are struggling with lack of listings to choose from.  First home owners are buying lower and mid-market properties too. So, it’s a good time to be a property investor and a tough time for many prospective tenants.

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If you are thinking of a real estate change this year, keep your eyes out for incentive offers from the banks. We’ve commented before on this, but they have a lot of money at present and need to have it out in the market, so offers expect incentives. Oh, and don’t be afraid to ask for assistance with costs

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Nationally, we’ve just come through the busiest December-January sales season in many years! No doubt it’s  driven by more NZers staying home as we predicted a few months ago, rotten weather chasing them home, or a constant inflow of immigrants and all compounded by a real lack of new  homes being built. In short though, we don’t see that pressure backing off and expect it to increase to some degree as people want to “…be in before winter….”

As noted elsewhere, the lack of choice remains the single greatest limiter to even greater levels of activity.

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We’ve been in the property industry a fair time now and know all the best service providers sellers and buyers need to talk with as they pursue their next step in  life. Sadly, in these litigious times, our knowledge and experience cannot be conveyed to you!

It all stems from a situation like this, where someone, say, a realtor has advised a client to use the services of supplier ‘A’ and they have duly done so. The information or services or reports supplied by ‘A’ have formed the basis for a sale or purchase and a sale has proceeded. Later, the information proves to be errant and major costs result for the seller or buyer [mostly the latter].

Legal action is taken by the client, ‘A’ proves not to have insurance cover or securable assets….and everyone loses. Next step for the complainant is to pursue the person who advised the seller or buyer and that’s where we sit.  Our legal and insurance people have commanded that we realtors must fall in behind insurance, building, finance and other service industries along with banks and councils. In short, we can’t suggest someone for you to use.

So, here’s some advice we can offer: Carefully seek out suppliers and service providers who are members of national associations, carry comprehensive insurance cover [statutory, Professional Indemnity, Public Liability] and who can show you a list of references you can research. It’s also worth checking on Complaints Procedures they promote too.

It’s a shame we can’t use our years of experience but as they say, “It’s the way of today’s world!”

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Discussions with several of the major banks this past week have unearthed the fact that each is sitting on more pre-approved mortgages than at any time since 2006!  While they cannot refer to formal research as to why buyers are not moving, anecdotal reports coming from their branches indicate buyers are being very selective and frankly, don’t have a wide selection of listings to view.

Now of course any general comment like that will immediately be the opposite of what’s going on in some localities but it does match our challenge of finding more vendors confident that now is a good time to sell…must be

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A bit like a broken record really, but yet again Dr Bollard has held the COR and 2.5% and indicated what all the pundits have been saying, that rates will likely remain low through the end of this year and pending progress and reach  of the Euro crisis, possibly well into  2013.

One thing this does mean is that we can all plan without financial fear. For those who like absolute surety, the option of fixing low rates could well become compelling later in the year too.

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Many NZer expats remain residing overseas but there is a definite trend for them to pull their money out of Europe, Asia and North America where returns are low and risks high. It seems they’re keen to hold their investment in what is increasingly being regarded as our “safe” economy.

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Much has recently been reported about Kiwis crossing the ditch in increasing numbers. All we can say is that given the on average 50% drop in real estate sales, the substantial numbers of business closures across much of the “Lucky Country” our information is that the tide could well turn presently. In fact it’s interesting to note that the number of Australians shifting here permanently is particularly high right now.

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As a result of Christchurch’s tough 17 months of hell, insurance in NZ is going to become more costly for most NZers and certainly for those who reside in quake-prone markets. Your insurer will update you of this as and when your renewal period comes nigh.

I’d strongly advise you to carefully read all documentation associated with your renewal as exclusions can often be overlooked with calamitous results if quake damage should occur at some time in the future.

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At the start of every year there is competition for the better rental properties but it does seem that already this year that pressure is somewhat greater and good rentals more scarce as a result.

Investors remain outside the market still, not purchasing. For those entering that market, this is a pleasant surprise although first home buyers are very active and the banks are supporting them with vigour.

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