Posted on February 25, 2013 by Colin Wong Areinz (Waitakere Real Estate Mreinz REAA 2008)
New Listing: Massey: MWP. Roll Up Your Sleeves for This One! 2 levels, Mod kitchen, gas cook top, electric wall oven, combined dining, family room and 5 double bedrooms, master ensuite and 2 bathrooms, plus separate formal living. Internal access double garage and easy care FH section with Bus Stop at front gate and High School close by. Make an appointment to view today! http://www.colinwong.co.nz/
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Posted on February 19, 2013 by Colin Wong Areinz (Waitakere Real Estate Mreinz REAA 2008)
Traditionally the real estate market’s year begins slowly, with holidays, family, beach and sun shine on the minds of most potential purchasers.
At the end of January, residential stock levels were the lowest level since January 2007 across the country. The average measure of stock in January dropped to 28.7 weeks of stock, based on the rate of sale. This is also well down on the average of 39 weeks.
New listings rose by 4% in January, with 8,849 new listings, however demand continues to outweigh supply, therefore we are still in a ‘sellers’ market.
The asking price across the country still continues to provide strong results, with the seasonally adjusted asking prise rising by 4% to $440,507, this is up by 5% compare to last year. This was primarily driven by the Auckland market that reached $607,226 (over $600,000 for the second time in history).
However regions across the country that reported asking price increase with the greatest rises were Otago, Central Otago, Lakes, Northland and Malborough.
Lifestyle listings fell across the country in January, however asking prices have risen by 1.4% compared to the recent 3 month average. This is up by 5.2% on last year with Central Otago recording the record high.
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Posted on February 15, 2013 by Colin Wong Areinz (Waitakere Real Estate Mreinz REAA 2008)
8300 loans approved second week of January 2013, over 23% more for the same time last year, but some may have been refinancing, with some switching to fixed rates averaging 5.29%, but floating is averaging 5.79%.
Due to Aucklands market, Bill English, stated that Auckland Council needs to have more land to build affordable houses. “over the next couple of years there will be thousands more houses built in Auckland…., we need the assistance of Auckland Council to cut through the red tape to make sure the lower value houses are built.”
Mortgage Statistics for December 2012:
December 7th – 7555 approved – $1.2b value
December 14th – 7976 approved – $1.33b value
December 21st – 8299 approved – $1.34b value
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Posted on February 15, 2013 by Colin Wong Areinz (Waitakere Real Estate Mreinz REAA 2008)
It’s time to write those property investment goals. Identify what your life goals are and how you need to invest. Do you need high return from an investment property, producing a yield that covers borrowing or are you a long term investor, investing for retirement?
Review what type of investor you are; ‘the renovator’, ‘the waiter’ or the ‘now investor. Firstly, determine the time you have available and your skills as to whether you can renovate a property yourself, as the costs of contractors may make this kind of investment not a viable option. Looking at properties takes time and patience, getting that bargain property is more difficult with many other investors within this market. Alternatively, you may be ready now.
Working with a trusted real estate agent can assist you in your search for your investment property. Our agents have database information of current and future sellers, knowledge of the local markets and areas to buy; they also have years of experience that can assist you in your purchase of the right property.
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Posted on February 11, 2013 by Colin Wong Areinz (Waitakere Real Estate Mreinz REAA 2008)
Both number of sales and the average sale price fell for the month of January. But this January was still the best January for the last 5 years. It’s still too early, but it may be a sign that the market is flattening out. Lack of supply could explain the relative slow month, but January is traditionally always a slow month. With house price inflation at 6% by December 2012, the market may level out for 2013.
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Posted on February 11, 2013 by Colin Wong Areinz (Waitakere Real Estate Mreinz REAA 2008)
First National Real Estate Group’s January 2013 Residential survey revealed an increase in first home buyer activity across the country. The results reveal that the ‘first home’ segments of buyers were the major purchases of residential homes in many areas across the country.
While the media have focused on the lack of affordability of first homes across Auckland and Christchurch, they have failed to recognise the sales in this category increasing across many areas of the country.
The First National Real Estate survey reveals strong areas of activity in Hawkes Bay with 50% of buyers being first home buyers; Bethlehem
(Tauranga) reports 50% of buyers are first home buyers; Cambridge recorded 40% of residential sales were from the first home buyer segment. In the Wellington region of Johnsonville, 30% of the buyers were once again first home buyers.
Areas of Auckland still have strong activity from first home buyer with West Auckland, Glendene, reporting 51% of sales were in this segment, followed by Manukau reporting 20%.
There are still affordable properties for families within the residential market within Auckland despite the recent media information indicating otherwise. In the South Island, Blenheim reported 30% of residential sales were made up of first home buyer and Gore followed with 20%. Christchurch, Ilam also reported 51% of residential sales are from first home buyers.
A realistic attitude as to what the first home property buyers can afford and a realistic approach to the location they can afford can get them into their first home.
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Posted on February 8, 2013 by Colin Wong Areinz (Waitakere Real Estate Mreinz REAA 2008)
Aucklanders are buying beach properties in holiday locations up North. Over half of the sales of holiday homes/family homes have been to Aucklanders. Sale prices in the Northland area have risen 6.3% and number of properties have increased over 37% for December 2012 over December 2011. This has been the best, it has been for the Northland market for the last 5 years.
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Posted on February 8, 2013 by Colin Wong Areinz (Waitakere Real Estate Mreinz REAA 2008)
In December 2012 the National Head Office shifted from Tauranga to Auckland.
You can find us in Building 5, Level 2 Central Park Business Complex.
666 Great South Road, Penrose.
You cant miss us, step out of the lift and look for the giant ‘swash’ on the office doors.
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Posted on November 20, 2012 by Colin Wong Areinz (Waitakere Real Estate Mreinz REAA 2008)
Asking prices rose to a new high of $445,529 for residential properties, up 4% in the last month and 5% compared to a year ago. While there is a significant rise in new listings, the market still favours sellers. Stock of unsold houses rose slightly to 33.1 weeks of stock; however, this is still down on the long term average of 39.1 weeks.
Source: www.realestate.co.nz
If I were borrowing what would I do?
Recommendations from a BNZ Economist are to sit on the floating rate and wait for a bank to provide a five year fixed rate at 5.5%. This provides some security, especially if you are an investor.
Commentary
While October saw an increase in listings, (up 12% on October 2011) the property market shows signs of confidence and heightened activity compared to previous years. House price inflation has already reached 5% according to the latest Real Estate Institute figures, surpassing the late 2007 peak in June 2007.
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Posted on November 12, 2012 by Colin Wong Areinz (Waitakere Real Estate Mreinz REAA 2008)
Across the country the BNZ Confidence Survey 2012 found a firm lift in business confidence, this is the highest level since July 2011.
The sector providing the strongest confidence is the real estate sector. The continuing shortage in listings is driving prices up across the country, particularly in Christchurch and Auckland.
– BNZ Weekly Overview
New Housing Build on the Rise
There is a new trend within residential construction, led primarily by the Christchurch rebuild and Auckland. Across the country, however, the building consents are up 14% from a year ago.
At some point the cost of building new houses will become cheaper than buying existing homes, providing more optimism for developers and builders for the future.
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