colinrealestate

As more and more people seek work in the Queen City, the pressure on rentals remains, not helped by the closure of “leaky house syndrome” apartments and the general slowdown in new home building.

Across the country though, vacancy rates are fairly stable and standard for this time of the year although as we’ve said before, there’s plenty of competition for the cleaner, warmer and more modern options

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Prices for primary produce has certainly stabilized and in most cases climbed these past couple of months.

This is leading to some real enthusiasm amongst the hard hit farm communities throughout NZ

The massive and tragic floods in Australia have opened huge markets for all rural producers in NZ, with urgent supply required across the Tasman plus their producers are for a year at least, out of the Asian markets…a case of making hay, dairy, meat, wool, fruit and grain while the sun shines.

This in turn seems to have had an effect on farm sales, with serious buyers back in the market, albeit in restricted numbers.

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The real estate market is entirely predictable in the way it ebbs and flows across a year and one of those seasonal changes is nigh.

Of real value to you right now is that almost right across the country enquiry and buyer interest is higher than it has been for over a year. So, with the Autumnal change 6 – 8 weeks away, our best advice is to make sure your home stands out in its size, suburb and value sector.

Go check out the other properties in your market and make sure you negate their good points and dominate their negatives! It is after all a tough contest and one which presentation and price will determine the victors.

Buyers are choosey right now, but very serious. They know what they want and don’t intend spending winter where they currently reside. Good luck…and let me know how I can help.

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As more and more people seek work in the Queen City, the pressure on rentals remains, not helped by the closure of “leaky house syndrome” apartments and the general slowdown in new home building.

Across the country though, vacancy rates are fairly stable and standard for this time of the year although as we’ve said before, there’s plenty of competition for the cleaner, warmer and more modern options.

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There’s no doubt about it, the Reserve Bank is holding rates and has strongly indicated it will do so well into the year. Additionally there are many soothsayers predicting that Dr Bolllard will in fact drop the OCR in a week or so’s time in an endeavour to ‘kick start’ the stalling economy.

The added and huge pressure the economy now comes under as a result of the Christchurch quake will surely add to that likelihood.

We wonder though, whether the drop in the NZ dollar value since the quake might see Bollard sit for a time and review in April. The inflationary result of the drop in the dollar against Australian and Asian currencies will surely be a concern although exporters will see it as a saviour, one they have been asking the Government to deliver for some time.

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We’ve all seen the images on the TV, in the press and heard the stories through National Radio, but our General Manager, John Stewart, who was in the city in the days immediately following the 22nd February catastrophe, reports that nothing can prepare you for the reality on the ground in The Garden City. “Hardened international journos commented that the scenes they were eventually permitted to view were as destructive as the worst of world disasters” Stewart said.

“While we presently focus on the cost of rebuilding the city, of far greater concern must be the cost to the city as a result of this catastrophic event…with the commercial heart needing to be rebuilt, a process that will take several years, the companies and services requiring massive office space will surely depart the region…there are no options open to them. Some major groups are already advanced in this planning and sadly, they really don’t have any options”

Stewart further commented that the same was true for the “…somewhere between 20,000 – 80,000 of the population who are unable to live in their homes. With repairs to that number of properties required, patience will surely wear thin quickly. Already people are choosing to depart.”

“What this means for real estate in the region is unclear as yet. Certainly the emphasis is on the rental market at present and our offices in the city are presently at full stretch endeavouring to house the homeless, as are offices in nearby towns.” he added.

“Long term of course, the city will endure. There is though, no doubt that it’s population, suburban construct and commercial makeup will be vastly changed from the city those of us who have lived there came to love.”

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The residential real estate market is continuing the sustained lift First National noted from early December. Right across the country listings, buyer enquiry and sales are noticeably up on any time in 2010. Of real interest to us is the quite massive increase in web enquiry…again, commencing early December, web visits ran at record levels compared with any previous December and into January we note almost double the best ever.

As the CEO of Tower Corp noted a week or so ago in the media, with inflation about to move ahead in the next year, owning property is again seen as an excellent, tax-free investment. Of course, you need to make your call on that….let me know if I can assist or provide any background information relating to your plans.

The rule, as always is this: the best presented, clean, tidy and fresh properties in any market sector or suburb will always outsell the others, particularly when priced carefully.

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We commented last year that following the collapse of so many finance houses and subsequent Government payouts under the guarantee scheme, mainstream banks quickly became the ‘safe’ resting place for investor funds.

Well, the pressure of that money has come through to the market and most banks are now offering incentives to potential mortgage clients and have definitely freed up lending criteria for sound clients. Note too that the Fixed Rate loans, especially two year, are becoming competitive with Variable Rate offerings. It is also worth noting that in view of the sluggish internal economy, it is unlikely the Reserve Bank will move of interest rates until at least the end of the second quarter this year.

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As is always the case in downturns, astute developers and end users disappear from the market well in advance of any negative shift in the market or economy but they immediately commence planning for a return! Our commercial network is reporting that this is again the case, with some of the larger national and international brands deep in discussion with developers of specialized retail, commercial and industrial property.

At the same time, small to medium sized businesses are looking at where their premises need to be to maximize any rebuild in the economy and for many that means a shift across town…so you can imagine the activity right now!

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2010 finished with a flourish for those involved in the rural market, with a substantial lift in sales of properties across the landuse spectrum. Of real interest was the return of the private Kiwi buyer …the NZ family farmer, if you will.

With most export prices for farm produce holding their own and even growing, 2011 is starting as a much more positive time for buyers and sellers.

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