Archived Market Comments
February 2010
There is good reason for optimism already in 2010. Economic indicators are improving and real estate sales continue to rise, though there\\\'s still a shortage of listings.
One of our A J McPherson offices recently listed 2 adjoining properties at 25 and 25a Francis Ave, St Albans...and they sold prior to auction in just 6 days. They included a 1920s bungalow with 2 living areas and 4 bedrooms, owned by the vendor\\\'s parents who gifted the vendor the second property where he built a little 2 bedroom unit of Summerhill Stone. Both homes were in poor condition but the agent made sure they were immaculate for the open homes. After just 2 open homes where 27 groups went through, the Ray White agent presented the owner with a cash offer from a buyer that was good enough to be accepted. Both properties still need a lot spent on them, but it this investor could see a fantastic opportunity to create a couple of rentals. If a property is well-marketed and the vendor sets a realistic price expectation, it will sell – sometimes very quickly!
29th Jan 2010
Carrying over from the pre-Christmas period, a high level of activity continues in the real estate market, although there\'s still a shortage of available properties. We\'re experiencing lots of enquiry from prospective buyers. And we\'re completing a lot of appraisals for people who\'ve decided to move on over the holiday period, possibly as a result of recent data showing a recovery in real estate.
Quality homes in good locations are selling fast and many are attracting multiple offers. When sellers\' expectations are met, some are selling prior to auction.
The market has a very positive feel to it. Even the anticipated changes to tax on investment properties hasn\'t dampened enquiry. The majority of people say property is a long term investment and even if the tax benefits aren\'t there, moving forward, the underlying fundamentals haven\'t changed.
Carrying over from the pre-Christmas period, a high level of activity continues in the real estate market, although there\'s still a shortage of available properties. We\'re experiencing lots of enquiry from prospective buyers. And we\'re completing a lot of appraisals for people who\'ve decided to move on over the holiday period, possibly as a result of recent data showing a recovery in real estate.
Quality homes in good locations are selling fast and many are attracting multiple offers. When sellers\' expectations are met, some are selling prior to auction.
The market has a very positive feel to it. Even the anticipated changes to tax on investment properties hasn\'t dampened enquiry. The majority of people say property is a long term investment and even if the tax benefits aren\'t there, moving forward, the underlying fundamentals haven\'t changed.
22 Jan 2010
The nation\'s housing values rose 2.9% in 2009 and ended just 4.9% below the late 2007 peak, according to Quotable Values for December. The recovery was led by the main urban centres. But the same confidence is now returning to provincial areas where prices are picking up again. The property market during 2008 and 2009 was strongly influenced by confidence. As confidence grew, so did values in the main centres. For the main areas, the rise since April was 6.5%, taking values in those areas just 3.9% below their peak.
For 2010, QV expects sales activity to lift in the first few months as owners who delayed their selling decide to move. Values are expected to rise through 2010 but not at the same pace as last year.
The nation\'s housing values rose 2.9% in 2009 and ended just 4.9% below the late 2007 peak, according to Quotable Values for December. The recovery was led by the main urban centres. But the same confidence is now returning to provincial areas where prices are picking up again. The property market during 2008 and 2009 was strongly influenced by confidence. As confidence grew, so did values in the main centres. For the main areas, the rise since April was 6.5%, taking values in those areas just 3.9% below their peak.
For 2010, QV expects sales activity to lift in the first few months as owners who delayed their selling decide to move. Values are expected to rise through 2010 but not at the same pace as last year.
15 Jan 2010
MOVING AHEAD WITH CONFIDENCE
Happy New Year. After a decade of lofty highs followed by a bit of a slump as confidence took a hit during the depths of the Recession in 2008, it\'s great to be back again. Looking back, real estate has continued to perform well compared to other traditional forms of investment. If you own a home, it\'s sure to be worth considerably more than it was 10 years ago. There was still a lot of caution in the market last year. But we\'re predicting a solid year ahead as economic indicators continue to improve, giving confidence to both sellers and buyers.
Most people are still basking in holiday mode - with time to think about changes for the future. For those considering putting their property up for sale, there\'s a captive market awaiting the new listings that will launch in the New Year. If you\'re looking to sell, call us now for an appraisal and we can put a campaign together that will make certain your property stands out from the rest. If you\'re looking to buy, call us to ensure you\'re one of the first to see what\'s available.
18th Dec 2009
It\'s been an unpredictable year for real estate - definitely a year of big changes. It started with a Government determined to tackle global issues head on. More recently we\'ve seen real estate step into a more professional era with the introduction of a new Act. This week, the Real Estate Institute revealed median house prices have more than doubled over the past 10 years. The national median price of $355,000 for November 2009 was an increase of more than 100% on the corresponding figure ($174,000) for November 2000. It was also up $17,500 or 5.2% on the median for November last year.
Summer has definitely arrived and Christmas is just around the corner. Just a reminder, we\'ll be staying open over the holiday period apart from the statutory days. So if you are looking to buy or sell, come and see us. Note that January is a good time to sell your home. Buyers are ready to act. They certainly have more time to peruse what\'s on offer. And there\'s less competition because there are fewer listings.
In our last newsletter, we\'d like to say a big thank you to all our clients who have supported us over the year. Have a great Christmas, a wonderful New Year, and keep safe on the road.
11th Dec 09
The great thing about the auction process is it gives a clear indication of where the market sees a property\\\'s value.
A 1960s home at 67 Halberg St, Dallington which sold by auction last week was completely renovated by the original owner\\\'s son. The 3 bedroom home was beautifully presented with double glazed windows and quality fittings. It also had triple car garaging. As the owner had lived there most of his life, he was understandably nervous about selling. The CV was $327,000 and price feedback was between $350,000 and $360,000. The property attracted 3 registered bidders and on auction day, bidding stopped at $355,000. However, the highest bidder came back after checking out other similar properties and decided the home was definitely worth more as there was nothing else that needed to be done on it. They raised their final offer to $364,000, which was accepted. The auction revealed fair market value, so both the owner and the purchaser felt very comfortable with the result.
4th Dec 09
Six months of experiencing a shortage of property, the market is bouncing back into balance. More properties are available which has welcomed buyers with more choice. Consequently some buyers are taking a bit more time to make decisions. Recent reports in the media around the property tax and interest rates trending upwards may also have influenced this situation. However, well-presented, well-marketed properties are bringing pleasing results. It\\\'s worth noting that as availability increases, the increased competition among sellers makes it extremely important to select professionals who can market and help you present your properties to a very high standard.
27th Nov 09
This week the government announced that first home buyers in higher priced areas of New Zealand will be able to borrow more under the government\\\'s Welcome Home Loan scheme, as long as they can service those borrowings. As signalled in August the amount that can be borrowed under the Crown-funded mortgage insurance scheme has increased to $350,000 in selected areas. This is great news for those returning to New Zealand.
The real estate market is still very active with multiple offers for many auction properties. Listings are freeing up as more people are keen to move before the end of summer. For those who are still thinking of selling, there\\\'s still time to put an auction campaign together with the cut off date around December 19. Sellers who have realistic price expectations and are prepared to invest in high exposure marketing will be assured there are buyers out there prepared to compete for their property.
What\'s on in our area:
Christchurch Farmers Market
Saturday 17th October–Wednesday 23rd December 2009
Time: Every Saturday: 9am - 12pm & Twilight Market Every Wednesday 4pm-6pm
Venue: Riccarton House & Bush, 16 Kahu Road, Christchurch
Stallholders include Breads & pastries, Olive Oil, Organic Fruit & Vegetables, Organic chicken, gourmet sausages, french cheeses, goats cheese, organic muesli, salad greens & herbs, German breads & cakes, French Macarons, gourmet pies, lavender products, pork & bacon, fresh fish & seafood, Lovat Downs Venison, Cupcakes, SHE Chocolates, soup, Wine, beer, flowers, Chutneys & jams, pestos & sauces, Lamb, Hummingbird organic coffee & gourmet BBQ....
Time: Mon, Thu 6:30pm / Tue, Wed, Fri, Sat 8:00pm
Venue: The Court Theatre
Ticket Info: The Court Theatre (or ph. 963-0870)
Pricing: Adults $30, Seniors/Supporters $25, Students $20
Contact Phone: 963-0870
The Leibman family have been touring their hit vaudeville act all over the US for the past twenty years. Hanna is the star, her husband Herb is the \\\\\\\"straight man\\\\\\\", their daughter sings and their son is the manager. Behind the scenes their loyal friend Marie maintains the wardrobe and helps with their costume changes....
