Wanaka Lifestyle News Items

On this page you can read our latest ten website news articles.

01st 2010f September 2010

Property values across New Zealand have continued to gradually decline according to the QV residential property indices for July. Values have now dropped 0.8% since March, after rising 4.9% in the prior eight months. As a result, values are now 4.1% above the same time last year, and 4.7% below the market peak of late 2007 “The number of house sales in recent months has dropped around one third from the same time last year, and is also around one third below the long term average. We are now approaching similar levels of sales as during 2008 at the height of the recession” said QV.co.nz Research Director Jonno Ingerson. “Unlike 2008 when the overwhelming negative sentiment of the global economic crisis drove house values down, we are now seeing more of a ‘do-nothing’ sentiment. According to QV Valuers, an increasing number of people appear to be shelving plans to buy houses and are instead focussing on reducing debt. Of those potential buyers that remain active, some are finding it difficult to secure lending from banks, while others feel they are in the driving seat, have time to do their research, and only make sharp offers” said Mr Ingerson. “The lack of buyer demand, combined with an increasing supply of unsold houses is causing values to gradually drop. This is in contrast to 2008 when values declined sharply” said Mr Ingerson. “The property market is typically slower over the winter months. Some of the home owners and potential buyers we have spoken to remain concerned about potential interest rate rises and job security. Market activity is likely to remain slow over the coming months, and we may not even see the traditional spring upsurge in activity. If this is the case then we would expect to see values continue to ease back” said Mr Ingerson. While values have declined according to the QV index, the average sales price increased slightly from $404,715 to $407,191. This increase in average price is due relatively fewer lower value properties selling over recent months. The index is a more reliable measure of value change as it is not based on average sales prices and is not affected by which parts of the market are more or less active. Most of the main centres are showing a similar trend over the last year with values increasing through until March then easing since. As a result values are still above the same time last year, although the gap is closing. Auckland area values are 6.9 percent above last year, down from the 7.9 percent reported last month. Recent declines in values in the Wellington area mean that values are now only 3.2 percent above last year, down from the 5.4 percent reported last month. Values have been flat in recent months in Christchurch and are now 4.6 percent above last year. Dunedin values are now 3.7 percent above last year, down from the 5.8 percent reported last month. In contrast to the other main centres, values in both Hamilton and Tauranga have been relatively stable for the last year. As a result Hamilton is only 0.3 percent above last year and Tauranga 0.5 percent. Values in most of the provincial centres remain above the same time last year, although the gap is closing. Napier (4.7 percent), New Plymouth (4.3), Wanganui (2.6%), Palmerston North (2.3) Nelson (3.1) and Invercargill (5.3) all remain above last year. Rotorua (1.4 percent), Gisborne (0.6 percent) and Queenstown Lakes (-0.2) all have values similar to the same time last year. Values in Whangarei have continued to drop since late 2009 and are now 2.6 percent below the same time last year.

20th 2010f August 2010

July Residential Property Sales A Ten Year Low Residential property sales turnover is the lowest for a July in a decade but prices in Auckland, Wellington and Christchurch are still up on last year, according to figures released today by the Real Estate Institute of New Zealand (REINZ). Nationwide sales slipped from 4,575 residential property transactions in June to 4,411 last month, the lowest July total in ten years, but still higher than the record low of only 3,666 dwelling sales last January. The highest number of residential property sales in July was 10,150 in 2003. Nationwide prices also fell in July 2010 as measured by the REINZ Monthly Housing Price Index. The index based on methodology derived by the Reserve Bank of New Zealand (see footnote) decreased by 1.2 percent to 3191.5 in July from June. In the three months to July, the index shows housing prices decreased by 1.1 percent. Compared to 12 months earlier, the REINZ Housing Price Index increased by 1.8 percent. The trend was strongest in Auckland, Wellington and Christchurch where prices remained higher than they were in July 2009 with Christchurch prices up 7.4 percent, Auckland up 1.7 percent, Wellington up 1.1 percent and other North Island suburbs up 2.2 percent. Prices in South Island suburbs other than Christchurch were down 2.7 percent from July 2009. REINZ spokesperson Peter Thompson says: ‘We are seeing a similar pattern to last month with sales volumes down but prices remaining stable in contradiction of predictions of a falling market.. ‘Good sales are still being made and properties priced right are attracting a lot of attention and are selling.’ The national median number of days to sell stayed at 45 for July which is longer than the 37 days of July 2009 but an improvement on the median of 58 days in July 2008. Winter is traditionally a slow period for the property market, and Mr Thompson says agents are aware of many home owners preparing their properties for marketing in the Spring so an uplift in sales volumes can be expected. The total value of residential sales, including sections, in July declined to $1.83 billion, a further decrease on the June total of $1.96 billion. The breakdown of the values of the properties sold is 134 for $1 million plus, 462 for $600,000 - $999,999, 1,084 for $400,000 - $599,999 and 2,731 under $400,000. Changes in the median price varied from district to district across the country with falls as high as 5 per cent in five regions, and increases of up to 11 per cent in the other seven when compared with the same month last year. The largest rise in the median price is in Southland which is up more than 10.5 per cent on the previous year and the largest fall in Central Otago Lakes down 4.9 per cent.

31st 2010f May 2010

Property market remains subdued Property values across New Zealand are 6.1 percent above the same time last year according to the QV residential property indices for April. The annual change in values is the same as reported last month and reflects stable values in both recent months and this time last year. Nationally, values remain 3.9 percent below the market peak of late 2007. NZ MAIN AREAS Auckland Region 9.5% $532,538 Hamilton 2.7% $357,200 New Plymouth 7.2% $345,932 Palmerston Nth 6.9% $289,157 Christchurch 6.9% $367,688 Queenstown -0.3% $571,746 Invercargill 5.0% $212,664 Whangarei 0.0% $340,436 Tauranga 0.6% $412,080 Rotorua -1.2% $255,089 Napier 6.4% $345,757 Hastings 3.6% $332,033 Wellington Rgn 7.1% $460,365 Nelson 6.7% $389,363 Dunedin 7.5% $275,142 New Zealand 6.1% $405,235 The Values increased steadily from May to November last year. As values are currently relatively stable the annual change will reduce in the coming months as the gap between last year’s values and this year’s closes. The national average sales price for the three months to April decreased further to $405,235 from $407,133 in March. While roughly indicative of value, the average sales price is a less reliable measure of change than the QV index as averages can be biased depending on which part of the market is active. Glenda Whitehead of QV Valuations said “the property market remains relatively subdued as both buyers and sellers carefully consider their positions. There is little urgency, and many people are waiting to see the exact nature of the changes in the May budget before deciding their next move”. Whitehead said “sales activity in April was low, not unexpected with Easter and the school holidays consuming the greater part of it. We are also seeing fewer properties being put on the market, which is also a normal trend for this time of year”. “It remains a very mixed market. Houses in some areas and price bands are showing good demand and value growth, while other parts of the market remain subdued with falling values. This varies from place to place depending on local social and economic factors” said Whitehead. “Market activity over the coming months will in part be dependent on how people react to changes in the budget. If confidence returns then we may see an increase in activity during the winter months. However there is also the likelihood of interest rate rises in the middle of the year which will keep pressure on borrowers” said Whitehead. Values across the Auckland area are 9.5 percent above last year, back slightly from the 9.9 percent reported last month. Hamilton values are 2.7 percent above last year and Tauranga 0.6 percent. In the Wellington area values are 7.1 percent above last year, slightly up from the 6.6 percent reported last month. Christchurch has remained stable at 6.9 percent above last year, and Dunedin has increased slightly to 7.5 percent. There is more variability in provincial centre values compared to last year. Napier (6.4 percent), New Plymouth (7.2 percent), Palmerston North (6.9 percent) and Nelson (6.7 percent) have grown the most over the pat year, although most of that growth was during 2009 rather than in recent months. Gisborne (2.5 percent), Hastings (3.6 percent) and Invercargill (5.0 percent) have shown moderate growth over the past year. Values in Wanganui are only 0.4 percent above last year, values in Whangarei are equal, whereas in Rotorua (-1.2 percent) and Queenstown Lakes (-0.3 percent) values are below this time last year.

30th 2010f April 2010

House buyers cautious Property values across New Zealand are 6.1 percent above the same time last year according to the QV residential property indices for March. Despite being above last year, values in the most recent months have begun to ease back in many areas. Nationally, values are 3.9 percent below the market peak of late 2007. NZ MAIN AREAS Auckland Region 9.9% $546,062 Hamilton 3.8% $365,915 New Plymouth 7.6% $341,365 Palmerston Nth 7.3% $286,708 Christchurch 6.9% $374,117 Queenstown -1.8% $592,394 Invercargill 4.7% $204,932 Whangarei -1.1% $338,839 Tauranga 0.1% $413,173 Rotorua 2.7% $263,556 Napier 5.7% $327,327 Hastings 3.7% $331,507 Wellington Rgn 6.6% $458,260 Nelson 5.4% $381,974 Dunedin 7.3% $282,897 New Zealand 6.1% $407,133 The national average sales price in March decreased to $407,133 from $416,074 in February. While roughly indicative of value, the average sales price is a less reliable measure of change than the QV index as averages can be biased depending on which part of the market is active. Glenda Whitehead of QV Valuations said “the property market is now quite different to what we saw in the second half of 2009. Not only have values remained relatively flat for the past few months, but the urgency amongst buyers has all but gone”. Whitehead said “we have seen the usual seasonal increase in new listings over February and March. This has led to more choice for buyers, but sales activity remains relatively subdued. Buyers appear to be holding back as concerns linger over job security, bank funding is perceived to be difficult to secure, and any tax changes remain unknown”. “The properties that are selling well are those that are well presented and appropriately priced. Buyers are generally being thorough in their research, and offers are often full of conditions.” said Whitehead. “The range of factors affecting the property market remain finely balanced. How these factors change over the comings months will determine which way the property market goes. However we expect values to remain relatively stable rather than decline significantly” said Whitehead. Values have eased over the last few months in all the main centres, but are still above the same time last year. The Auckland Region is 9.9 percent up, the Wellington Region 6.6 percent up, Christchurch 6.9 percent up, and Dunedin 7.3 percent up. Values have grown less over the last year in Hamilton which is now 3.8 percent above last year and Tauranga which is only 0.1 percent above last year. The provincial centres continue to show more variability in values. New Plymouth (7.6 percent) and Palmerston North (7.3 percent) have grown the most over the past year. Rotorua (4.5 percent), Gisborne (4.5 percent), Nelson (5.4 percent), and Invercargill (4.7 percent) have all shown moderate growth over the past year. Wanganui is only 0.5 percent above last year, while Whangarei at -1.1 percent and Queenstown Lakes at -1.8 percent are below last year. Thanks to www.qv.co.nz

27th 2010f April 2010

Residential Sales and Prices Rise in March Both median residential property prices and the number of sales rose in March according to figures released today by the Real Estate Institute of New Zealand (REINZ) as large increases in listings left buyers spoilt for choice. Real Estate Institute of New Zealand President Peter McDonald describes the apparently strengthening residential property market as most encouraging. “Despite an abundance of good listings at present, we are still seeing prices going up as a result of strong demand from genuine home buyers,” he says. “The median sale price of $360,500 is the highest March figure in twenty years and, after dropping to just 3666 in January, the number of sales broke through the 6000 barrier last month.” “What is happening now is in strong contrast to the market in November when listings were short and prices went up because demand was not being met,” he says. The total value of residential sales, including sections, in New Zealand in March was $2.73 billion, an increase on the February total of $2.14 billion. The March total of 6161 dwellings sold is also an improvement on the February figure of 5,029. The breakdown of the values of the properties was 208 for $1 million plus, 812 for $600,000 - $999,999, 1589 for $400,000 - $599,999 and 3552 under $400,000. While the March national median residential house price is only $500 up on the December figure, it is more than 7 percent up on the median price for March 2009. There has also been increases in the median price in all 12 districts ranging from 1 to nearly 10 percent when compared to the same month last year. Once again two of the largest annual percentage increases were in Auckland, up 9.31 percent to $475,500, and Taranaki up 8.52 percent to $280,000. While in Otago and Central Otago Lakes, where median prices in February were down on the same month last year, there was only minimal increase in March. However in Southland the annual median price percentage increase is more than 5.3 per cent to $191,750. Auckland residential sales, including sections, accounted for $1,267 million of total sales in March. Wellington and Canterbury/Westland were the next greatest value at $350 million and $326 million respectively. Another indicator of the strengthening market is a fall in the national median for days to sell from 46 in February to just 35 in March, which is also down on the figure of 44 for the corresponding period a year ago. Sales were quickest in Wellington, Canterbury/Westland and Otago at 29 median days. Thanks to www.reinz.co.nz

06th 2010f April 2010

Residential Sales Recover But Prices Plateau Total residential dwelling sales recovered last month from their lowest level in nearly two decades, but the national median price has remained steady at $350,000 in figures released today by the Real Estate Institute of New Zealand (REINZ). Real Estate Institute of New Zealand President Peter McDonald says it is pleasing to see residential property sales turnover return to normal levels for a February at 5029. ‘Agents report an air of caution amongst buyers, most of whom are genuine home seekers as opposed to investors, and this is reflected in the increase to 46 in the median days taken to sell a listed dwelling,’ he says. ‘Recent Government discussions of potential tax changes have halted the number of inquiries from investors who usually buy at the lower end of the price range. Most interest at present is in the $400,000 to $600,000 bracket and no change in interest rates is keeping the genuine home buyers in the market,’ Mr McDonald said. ‘We are seeing a good supply of listings and high levels of inquiry so we expect the market to remain reasonably balanced and maybe strengthen as we move into the autumn months.’ The total value of residential sales, including sections, in New Zealand in February was $2.14 billion, a significant increase on the January total of $1.53 billion. The February total of 5029 dwellings sold is also well up on the January figure of 3,666. The breakdown of the values of the properties was 134 for $1 million plus, 587 for $600,000 - $999,999, 1269 for $400,000 - $599,999 and 3039 under $400,000. While the February national median residential house price remained level with the January figure, it is still 6 percent up on the median price for February 2009. There has also been an increase in 10 out of 12 districts in February when compared to the same month last year. The largest gains were in Taranaki, up 9.61 percent to $285,900, followed by Auckland up 7.59 percent to $453,500. After topping the list of percentage increases in January, Otago was the only region to experience a drop in median prices, down 0.44 percent from $223,000 in February 2009 to $222,000 last month. The annual increase in median prices was zero in Northland and less than 2 percent in Waikato/BOP and Manawatu/Wanganui. Auckland residential sales, including sections, accounted for $874 million of total sales in February. Canterbury/Westland and Wellington were the next greatest value at $284m and $273m respectively. The national median for days to sell in February was 46, up three on the January figure, but still 16 fewer days than the corresponding period a year ago. Sales were quickest in Wellington and Southland at 32 median days. Thanks to www.reinz.co.nz

03rd 2010f March 2010

Residential Sales Fall On Back Of Uncertainty 12 Feb 2010 Total residential dwelling sales plummeted last month to their lowest level in nearly two decades, as seen in figures released today by the Real Estate Institute of New Zealand (REINZ). Real Estate Institute of New Zealand President Peter McDonald says the total figure of 3,666 dwellings sold in January this year was the lowest monthly total since electronic records began in 1992 and was only the second time the total figure had dipped under 4,000. �Activity in the residential property market was quiet last month on the back of uncertainty over what actions the Government intended to take on the recently announced tax working group recommendations,� he says. �Hopefully the market will start to pick up now things are a bit clearer after the Prime Minister gave his opening speech to Parliament on Tuesday. He indicated the Government has ruled out proposals to introduce a land tax, comprehensive capital gains tax or new tax on residential investment properties.� The total value of residential sales, including sections, in New Zealand in January was $1.53 billion. January�s total of 3,666 was 40 fewer dwellings than were sold in January 2009, the first time total dwelling sales fell below 4,000 and 1291 down on December 2009. The breakdown of the values of the properties was 87 for $1 million plus, 395 for $600,000 - $999,999,937 for $400,000 - $599,999 and 2247 under $400,000. The median residential house price rose in 11 out of 12 districts last month (January 2010) compared to the same period the previous year. The national median of $350,000 was up 7.7 percent on the corresponding figure of $325,000 for January 2009, but was $10,000 down on the median price for December 2009. �House values seem to be holding nicely at the moment though and it�s becoming a more settled market as times goes by,� Mr McDonald says. The largest gains were Otago, up 17.9 percent to $247,500, followed by Taranaki up 12.5 percent to $300,000 and Canterbury/Westland, also up 12.1 percent to $319,500. Central Otago/Lakes was the only region to experience a drop in median prices, down 10.4 percent to $410,000. Auckland residential sales, including sections, accounted for $666 million of total sales in January. Canterbury/Westland and Waikato/Bay of Plenty were the next greatest value at $191m and $183m respectively with Wellington not far behind at $172m. The national median for days to sell in January was 43, 16 fewer days than the corresponding period a year ago but 10 more days than in December 2009. Sales were quickest in Southland at 33 median days and in Auckland where the median days to sell was 36.

17th 2009f December 2009

Median House Prices Double That Of Year 2000 Median house prices have more than doubled over the past 10 years, figures released by the Real Estate Institute of New Zealand (REINZ) reveal today. The national median of $355,000 for the month of November has increased more than 100 percent on the corresponding figure ($174,000) for November 2000 and is also up $17,500 or 5.2 percent on the median price for November 2008. Real Estate Institute of New Zealand President, Peter McDonald, says the residential property market in New Zealand appears to have stabilised after last month�s all-time high national figures. �It�s been a long held belief that property doubles in value every decade. This trend has been borne out in this month�s analysis of median house prices for New Zealand,� Mr McDonald says. Around the country, median values have risen in nine out of 12 districts compared with November 2008 prices. The largest gains were Auckland, up 10.6 percent to $470,000, followed by Northland up 5.9 percent to $341,000 and Waikato/Bay of Plenty, also up 5.9 percent to $320,000. The two largest drops in property values were at Central Otago Lakes, down 7.2 percent to $441,000 and Hawke�s Bay, down 6.0 percent to $275,000. �The market appears to have retained the momentum gained over the last few years and median prices this month mirror the all-time highs experienced in October,� says Mr McDonald. Another positive picture of the market is the number of houses sold, he says. The total number of 6,056 houses sold in November 2009 was well up on the same month last year, when 4,279 houses were sold. The national median for days to sell in November was 33 compared with 31 in October 2009 and the sluggish 44 days in the corresponding period a year ago. Sales were quickest in Southland at a snappy 20 median days, while in Wellington it was 28 median days and in Canterbury/Westland and Otago, the median days to sell was just 29. Northland was the slowest market, with houses taking a median of 58 days to sell. The total value of house sales in New Zealand in November was $2.67 billion, which was slightly up on the $2.62 billion recorded last month even with slightly fewer sales (6,091 houses were sold in October 2009, 35 more than November 2009). Auckland sales accounted for $1.27 billion of total sales in November. Canterbury/Westland and Waikato/Bay of Plenty were the next greatest value at $306m and $303m respectively with Wellington not far behind at $300m. �The residential property sales market has remained steady and I believe it will firm even further as the economy recovers,� Mr McDonald says. Thanks to http://www.reinz.co.nz

11th 2009f December 2009

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08th 2009f December 2009

Property value growth driven by main centres Property values are continuing to increase according to the QV residential property indices for November released today. Nationally, values are now 1.0 percent above the same time last year, up from the 0.2 percent reported last month. According to the index, nationwide values are now 4.1 percent up from their low in April 2009, but are still 5.9 percent below the market peak of late 2007. This increase in nationwide values is largely driven by the main urban areas which have risen 4.7 percent since the low. In contrast the provincial centres have only risen 2.0 percent and rural residential areas only 0.4 percent. A further market measure, distinct from the index, is the average sale price which across New Zealand also increased to $393,373 in November from $389,198 in October. This figure tends to reflect the mix of properties sold during the period rather than absolute value shifts. �The level of market activity has remained relatively static for most of 2009 and the usual pick up in activity over spring failed to materialise. While turn-over activity, measured by number of days taken to sell a property, is improving in the main centres, total activity levels continue to be low. This is driven by the shortage of listings as prospective vendors decided to stay put rather than sell. This situation differs in the regions where listings are more abundant, but actual turn-over is slower� said QV Valuation Manager Glenda Whitehead. �There are signs in recent weeks that there are more properties coming on to the market, especially in the main centres. This increase in supply will help to ease some of the upward pressure on prices presently caused by motivated buyers competing vigorously for the few available properties.� said Whitehead. �Building consents for new houses have also continued to increase in response to improving market confidence, but it will take some time before these homes are on stream. This building activity follows on from an increasing number of section sales this year, after a very stagnant period in 2008. Net migration is continuing to increase, driven particularly by fewer departures. This places pressure on the housing market and is contributing to rising property prices. In contrast the rental market does not appear to be under pressure with rental levels relatively static� said Whitehead. �Indications are that some people have been watching the market and have decided that now is the time to buy and sell. We expect that January and February will lead to further increases in activity and lead to more balanced market conditions� said Whitehead. Values in most of the main centres have continued to increase in recent months. In the Auckland Region values are now 3.1 percent above last year, the Wellington Area is 2.9 percent up, Christchurch 2.8 percent up, and Dunedin 4.1 percent up. In Hamilton and Tauranga values have remained relatively static in recent months and as a result remain below last year�s levels at -0.5 percent and -2.2 percent respectively. Values in many of the provincial centres have also risen over recent months. As a result values are above last year in Napier (0.2 percent), New Plymouth (6.6), Palmerston North (2.3), Nelson (1.1) and Invercargill (0.4). Despite recent rises some areas are still below last year with Gisborne at -4.8 percent, Hastings -0.4, Wanganui 2.2 and Queenstown Lakes at -6.1 percent. In contrast values have slid back in recent months in Whangarei (to -6.2 percent) and Rotorua (to 1.8 percent). Read full story and view map at http://www.qv.co.nz/aboutus/pressreleases/propertyvaluegrowthdrivenbymaincentres07122009.htm

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