colinrealestate

You might have seen the results of our quarterly Property management Survey out in the media recently? Trends generally reflected many more vacant rentals than I the recent past, except Auckland.

The background story is fairly simple; the economic downturn has seen many small [and some large] businesses close from the big cities to small town NZ. That in turn has led to unemployment which in turn
has seen people leave town in search of a new job, and their departure has left rental properties vacant and if they own a home, they are often unsold and also released onto the rental market pending a sale. This situation can quickly change as the rural and regional economies lift, with new employees renting or buying the vacant homes. The current lift could well be the beginnings of that change.

It is again of note that better presented, more modern, well insulated and heated rentals are still snapped up

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We all heard of the RSA virus that swept the Kiwifruit industry late last year.

Most of us could only guess at the effect this had on orchard values and salability… it was severe and came at a time when the industry was just starting to see a return to fair value sales of property after some pretty quiet times.

Again, as is so often the case in such situations, prices have settled back to a revised value and vendors & buyers are again talking. We anticipate that quiet lift in activity to continue.

2010 was a tough year for vineyards with the result that pricing of grape-bearing land plummeted, supply contracts were reviewed and varietal choices weighed against anticipated consumer choices. Change!

What has also happened in the past couple of months is a realization by potential buyers,that now is a good time to enter or expand their presence in the market, with the result that we’ve noted a lift in sales, albeit moderate.

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Three years of difficult times when although record numbers of people have been visiting real estate websites, property transactions have remained at lower than half recent [albeit inflated] figures just might have ended.

And the reason I say that is that as I write this note, right on Christmas, we are seeing buyer activity at higher levels than for some time and certainly beyond the normal for Christmas week

I reflect on earlier comments….
if you are thinking of selling, given this activity and also the likelihood that more people are staying home this year, strong consideration should be given to listing now.

We are advising all vendors to make sure their properties are kept tidy over the break as we anticipate more than usual numbers of “drive by inspections” this year.

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Yes, it’s true! The banks are itching to lend to qualifying people and up to 95% of valuation, it seems. What we are seeing though is that those people being granted extra support by banks are those who front up and present their case personally.

Again, if you are thinking of a move, go discuss options with your bank BEFORE listing or starting your hunt.

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Well, this is the time of the year when tenants aspiring to a better property in 2011 really need to move.

Especially as in general we are seeing most markets reporting lower vacancy rates [empty homes] than for many years…although in Wellington the opposite is true, with our major team there carrying more vacant tenancies than for many years.

The message is simple, if you are wanting to make a move, start looking and enquiring now.

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Simple tips to help keep your home & contents secure while you are on holiday:

• Cancel your newspapers
• Put a hold on your mail
• Ensure that all your doors & windows are securely locked
• Ask your neighbour to park their car in your drive
• If away for more than 2 weeks get your lawns mowed while you are away

By following these sensible tips, you could prevent a nasty surprise on your return.

Enjoy the Holidays!!!

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Our National Office keeps in close contact with the banks regarding funding policies, propositions and predictions for the future. For much of the first part of this year all banks were predicting two things:
1. Interest rates for variable-floating loans will climb
2. the days of low interest fixed term loans were over – “never again will interest charged on fixed rate loans match or better variable rate charges.”

They say a day is a long time in politics and it seems a month or so is a long time in banking! What we now know is that with the world economy [and our own] stalling, reserve banks are realizing they would kill any growth if they raised interest rates. So variable – floating mortgages are now predicted to stay where they are until at least June next year.

On the other front, fixed rate costs are dropping and presently, a two – year fixed rate loan will cost close to the floating rate, something that many NZers are already leaping on. Best advice is to talk with your bank.

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As a follow-on from the above comment, there is certainly a bit of a battle going on at the moment.

Almost all banks are offering incentives to clients to take up mortgages…
o low deposit options
o legal cost support
o prizes and more.

Most are now prepared to lend money to qualifying people from 5% deposit.

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As the working year comes to a close in a few weeks our Property Managers are readying themselves for the annual influx of enquiry in January from people who have decided over the break, to move in 2011 and particularly those who have been successful in a job application that requires a shift.

We’re advising landlords that tenants are being pretty choosey about tidiness, warmth and appliances these days so we suggest a complete “health check” of all rental premises at year’s end.

At the same time we are suggesting to prospective tenants to ‘get in early’ to secure the best properties.

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