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The number of new listings fell to 10,023, down 21.5% on March and down 1.5% year on year. In the main centres, both Auckland and Canterbury experienced an increase in listings when compared to April last year of 9.3% and 0.8% respectively and Wellingtons figure fell by just 1.9%.

The next 3 months are traditionally a quieter time for the market, with lower listings ahead of the spring pick up in August. If property sales continue strongly it is likely that asking prices will continue to creep up as demand for property continues to remain high.
[Real Estate.co.nz]

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The property market continues to show signs of confidence and heightened activity as compared to the past few years. The confidence amongst sellers bringing their properties onto the market has pushed up the (seasonally adjusted) truncated mean asking price to a new high of $447,275 – the highest level since the collection of data began in 2007.

This rise in asking price was noticeable in around half of New Zealand, with Auckland reaching a new record high of $612,167, and Central Lakes Otago reaching a new high of $679,987. A record low of $353,474 was seen in Marlborough (down 9% on March figures). (Realestate.co.nz)

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No prediction for an increased OCR; Tony Alexander BNZ Economist reports that household debt grew only 0.4% in March and that has been the rate of growth for almost all of the months since July last year. We also get a benign inflation outlook which suggests no change upward in the official cash rate until well into next year – or 2015. The Reserve back adjustment will have more effect for the exporting sector than on the OCR.

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As predicted the housing Markets in Auckland and Christchurch have resulted in an intervention by the Reserve Bank, this has not been seen since 2007. First National Real Estate raised these concerns last month within the media across the country in their Press Release.

Median prices only show where the market is performing- First National Press Release
‘Reported record median price rises do not always indicate what is happening in the market. Median prices only show where the market is performing. If the median price is high, then this shows activity at the upper level, if the median is lower it shows activity in the lower range of the market. Some people are influenced by the hype of the Auckland and Christchurch market and the median price can also put people off purchasing, whereas this not always a realistic indicator. In summary, the regulatory decisions relating to property increase as well as a potential early increase in the OCR means a cautious approach should be taken, if using either median house prices or Auckland and Christchurch as the indicators’.

Reserve Bank Intervene- First time since 2007 (National Business Review) “The Reserve Bank have intervened in the financial markets in an attempt to stabilise the currency which was “significantly overvalued, while warning the strength in the property market was threatening the country’s financial system,” were the comments made after Mr Wheelers briefing. “The housing market has become a growing headache for the central bank, as Auckland sale prices hit new record highs in a rapidly heating market, while at the same time a strong currency has limited the bank’s ability to stoke lending growth with lower rates.”

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In February 2012 REINZ reported 6,632 dwellings sold around New Zealand which was a rise of 7.5% from a year earlier and rough seasonally adjusted change near zero.

Sales growth appears to be plateauing. Prices are rising, however the rise in the past three months has been 0.7% from a 2.8% rise three months ago, so as with sales the pace of price gains has slowed slightly from late last year.

But both trends remain upward. Prices in February were on average 7.9% ahead of a year ago.

The most interesting number in this month’s release is the days to sell measure.
This came in at 39 in February which was four days faster than average for the month whereas January sales happened just 2.6 days faster than average and December 0.8 days. Once again this shows a shortage of properties listed for sale.

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Residential Market Survey under taken by REINZ this week, confirms the results of the survey under taken by First National Real Estate last month.

The results for the first time ever in this country give us some good insight into really basic things like the proportion of house sales that are to first home buyers (24%), investors (19%), and buyers located offshore (9%).

They tell us that of those offshore buyers, across the country 18% come from the UK, 15% from China (Auckland 19%), and 14% from Australia.

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The simple answer to one of the most commonly asked questions in the property market – “Why should I use a real estate agent to buy, sell or manage my property?” – is because it makes financial, legal and common sense to do so.

It may seem tempting to keep commission dollars in home owner pockets, but in the long run there is greater chance of maximising success and minimising stress if an agent is involved, just as there is if you use a lawyer when going to court.

A good agent has the right skills and experience to ensure no opportunities are missed and will make the process, that can be stressful and time-consuming, a lot less pressured and more enjoyable.

The trick is selecting the right one.  The relationship between an agent and client needs to one of mutual respect, based on loyalty and trust, because real estate transactions can be complicated and success relies largely on the skills of key players such as the agents and the client’s willingness to cooperate with their strategy for marketing and during negotiations.

Ultimately, having the right agent on your side can result in thousands of extra dollars for home owner’s pocket, so it is worth taking the time and effort to find the one that suits the needs best.

Budget, location, size and style are just a few of the hundreds of factors that are considered for a property transaction.  Whether buying selling or renting a property, feedback and direction should be integral to the process.

Licensed real estate agents devote a lot of time and effort to gaining experience, qualifications and active buyer contacts.  At First National Real Estate a great deal of energy and resources is spent on honing and developing agent skills, so they can become specialists in their industry and local real estate markets. Additional systems that actively match buyers and tenants to properties also help assure no opportunities are missed.

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The result of Tony Alexander’s BNZ Business Confidence survey reveals a net 41% feeling optimistic about the economy in the coming year tells us two things. First, things look good with respect to growth in job numbers and business investment

Tony Alexander also recognises that “drought always hits our economy and it will be one of the factors which offsets the stimulus already started in the construction sector and the reasonably strong lift in retail spending which is underway.

Will the drought effects be severe enough to push the economy back into recession?
We don’t think so – but then we don’t know how long the drought will last and the extent to which it hits not so much late-season agricultural production, but production potential for the coming season or two.” Tony Alexander, BNZ Economist.

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Pukekohe, Warkworth, Kumeu and Brighams Creek are the rural towns that will contribute to the population of Auckland.

A new planning rulebook has more apartments in urban Auckland for 1 million people, with plans to build 160.000 new homes beyond traditional urban borders, borders which were set up in the late 1990’s to contain urban sprawl.

90,000 homes will be built on new land at Warkworth, Silverdale, Whenuapai, Huapai, Pukekohe, Paerata, Drury and Karaka. Another 70,000 will be within Warkworth, Pukekohe, Beachlands, Bombay, Snells Beach, Piha, Wellsford and Whitford with existing developments in Hobsonville and Hungaia.

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The New Zealand economy accelerated going into the end of 2012. Construction volume’s rose by 10% in December after following a steady increase in building consents through the middle and last quarter of last year.

The real estate activity continues to pick up as house prices continue to increase on the back of a deficit of supply.

The OCR has not changed and interest rates have remained steady, however watch for any upward movement on the fixed borrowing rates and this is an early indicator of interest rises.

Migration trends in New Zealand are indicating a mild upward trend. The data from statistics New Zealand indicate there was a net loss to our population from permanent to long term migration flow in December of 582 people. This is 402 fewer than in December 2011. The loss for 2012 was 1,165 people, whereas 2011 was a net loss of $1,855.

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