Well done ANZ Bank! You may have noticed that they scored a comprehensive win in the “Bank of The Year” survey announced last week.
Best products, leading service, easiest to contact and knowledgeable staff were the categories, we hear….and they scooped the pool.
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Our National Office ran a survey recently which showed that over 75% of all home buyers this past quarter negotiated their mortgage directly with their bank rather than using mortgage brokers. Seems the banks are offering strong support and, pleasingly, wanting to get to know their clients and their needs more intimately. Good to see.
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It’s been widely reported in the media that following the global financial meltdown and particularly in view of the massive number of finance companies that failed here in New Zealand, individuals with spare funds are almost universally placing that money with banks.
Second most popular investment choice was property, including residential and commercial investments…followed a long way back by the Stock Market!
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I’ve mentioned this before too, but we’re hearing that intending buyers who present themselves personally to their lender and bring a well outlined budget, are gaining strong bank support. This is the case in residential and rural markets.
First home owners are very actively pursuing this approach at present, doubtless trying to get their property dream under way before rates climb too high and or banks tighten up on qualification requirements.
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I’ve mentioned previously that the rural sector is enjoying stable and considerably increased income streams this past year or so and as a result more buyers are interested in making the step to their next property.
However, whereas big city partnerships were in the market earlier in the century it is now owner operators and or local farmer partnerships or syndicates that are showing up most often.
This appears to be the case in meat and wool sectors as well as dairy. Forestry blocks are particularly popular.
With news of good trial results for an antibiotic treatment of the Kiwifruit PSA scourge, some in that market are predicting a quiet, down-priced return to sales in the new year.
Provincial towns are enjoying the spending that comes from better farm incomes….as an example, what about the 75% increase in fertilizer sales that the national agri-nutrient company, Balance, reported last week!
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As is so often the case in tight market times, we are hearing reports of well-founded commercial investors out chasing land and or building opportunities that they may have to sit on until the economy hits its straps again.
Again, provincial towns are particularly popular as the signs of the rural spending increase puts pressure on businesses servicing that market.
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A good idea for those of us with older homes that might lack double glazing, large decks and other desirable attributes: If you can’t justify having the work done, prior to listing, get some quotes for the work that can be presented to interested buyers.
Most often, buyers shy away from what they think will be massive and costly work, yet in reality it’s invariably less complex and less costly.
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I heard one of my colleagues from the Queen City commenting the other day that while she is busy selling more property than for some years, “It’s the cleanest, best presented properties that are being contested….the best are being fought over with multi offers of spirited auctions”
She went on to talk of hedges and lawns being trimmed, yes, even in winter, moss and mould removed from fences and paths, the house decluttered, warm and paint freshened where required.
So I can only commend her views. Let’s add to that too; there are a good may buyers out there and far fewer listings, so from a seller’s point of view every hour spent tidying and refreshing is effectively “…money in the bank.”
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With building stagnant still, the population quietly growing and a slow build in immigration, pressure is coming on rental availabilities across most of the country.
For tenants, that means a real battle to secure better properties and for investors, the chance to reasonably safely expand their rental portfolios. It was interesting to see the NZ Property Investor magazine last month fly a huge headline on the cover “BUY, BUY, BUY…now is the right time.
Once again we must report that the warmer, drier and modernized properties are the ones being contested by tenants.
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As the economy pulls away, and it is, pressure is coming on rental properties, no matter whether in the larger cities or rural towns. Additionally it is worth thinking for a moment about the fact that many rentals over recent years, have been family homes that owners who have had to move in search of work but haven’t been able to sell…so have rented out meantime.
As the lift continues it is likely those homes will be added to the sales market….that adds to buyer options but decreases tenant choices.
Maybe that’s why the canny investors who sold out of the rental market in 2006 -7 are now back buying!
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