September House Sales In New Zealand

It is interesting to read the different interpretation on current house sales in New Zealand.

Scoop Business » NZ September house sales creep up from trough

Oct. 14 (BusinessDesk) – New Zealand's residential house sales crept up in September from August's trough, though they're still in the doldrums as people continue to focus on repaying debt. ...

Publish Date: 10/13/2010 18:41

http://business.scoop.co.nz/2010/10/14/nz-september-house-sales-creep-up-from-trough/

Christchurch house sales down | New Zealand News, Business, Travel ...

House sales in Christchurch are almost at a standstill, five weeks after the earthquake.

Publish Date: 10/12/2010 16:10

http://kiwi247.com/entertainment/video/christchurch-house-sales-down

Property: House sales sink to 10-year low - Move To New Zealand

Property: House sales sink to 10-year low 11:00 AM Thursday Oct 14, 2010 Property sales have sunk to their lowest September level in at least a decade,

Publish Date: 10/14/2010 16:59

http://www.movetonz.org/forum/locations-properties/10519-property-house-sales-sink-10-year-low.html

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New Zealand House Sales Decline

Many real estate agents across New Zealand are still finding times difficult with limited activity in the residential property market.

Scoop Business » Sixth month of declining NZ property values: QV

Sixth month of declining NZ property values amid 'very low' sales: QV Oct. 7 (BusinessDesk) – New Zealand property values declined for a sixth month in a row amid a “very low level of sales activity.” ...

Publish Date: 10/07/2010 0:09

http://business.scoop.co.nz/2010/10/07/sixth-month-of-declining-nz-property-values-qv/

Sale slow for Auckland houses | TopNews New Zealand

For the fourth month, the rate of growth at house sales market is slow. As per Barfoot & Thompson, Auckland's biggest real estate firm's estimates, the percentage of houses has been slipped by 25% in September 2010, compared to the same ...

Publish Date: 10/05/2010 23:50

http://topnews.net.nz/content/28660-sale-slow-auckland-houses

More real estate news and residential property updates.

Australia Interest Rates Unchanged

5 Oct 2010

Much to the surprise of many economists, the Reserve Bank Of Australia has left the official cash rate unchanged.

Australia Unexpectedly Keeps Rates Unchanged; Currency Drops ...

Dollar falls after interest rates decision. THE dollar has lost more than one US cent after the Reserve Bank of Australia (RBA) surprised markets by leaving the cash rate on hold. more. Herald Sun ( 10/4/2010 11:41:35 PM -08:00 ) ...

Publish Date: 10/05/2010 15:28

http://business.newsplurk.com/2010/10/australia-unexpectedly-keeps-rates.html

More nz real estate news

NZ Real Estate Industry Standards

It is always good to see people striving to improve industry standards.

New breed of real estate agents to lead the charge for better ...

The Open Polytechnic is the first educational institution in New Zealand to integrate the upcoming module into their national certificate in real estate training. The National Certificate is a Unit Standards based qualification. ...

Publish Date: 10/05/2010 12:56

http://www.infonews.co.nz/news.cfm?id=58813

Here is an interesting article about real estate agent commissions

5 Quick Home Improvent Ideas To Help Your House Sale

Here are 5 quick home improvements to consider when getting your home ready for sale:

1. Start by remove anything that looks untidy around the property. I know this sounds logical, but it is amazing how many vendors fail to do this simple thing, yet it costs nothing but a little time and effort. Remove trash lying around, tools, kids toys or old vehicles, etc.

2. Then clean the trash can thoroughly to remove unpleasant smells and then store it away from prying eyes.

3. Then roll away hoses and put lawn mowers away out of sight.

4. Then take some time to wash the exterior walls of the house to remove any dirt and grime that might have built up over the years. Make sure you wash away cobwebs. A simply hose down might save you from repainting the exterior (unless the property exterior is badly flaking paintwork).

5. Then wash every window of the house on both the inside and outside.

Useful real estate articles and property tips.

New Zealand Building Consents Tumble

Will the Central Bank be in any hurry to raise interest rates? These facts will have a bearing on any decision.

Home reasonability perks up | TopNews New Zealand

In the three months to August 31, Homes turns out to be more reasonable, as interest rates, house prices and wages stays cowed, according to the report published by Massey University's latest Home Affordability. ...

Publish Date: 09/30/2010 18:33

http://topnews.net.nz/content/28584-home-reasonability-perks

Building consents tumble, ensures rates stay low - Landlords.co.nz

New Zealand's building consents tumbled last month, adding to evidence that the household sector remains in a funk and ensuring the central bank won't rush to hike interest rates.

Publish Date: 09/30/2010 22:00

http://www.landlords.co.nz/read-article.php?article_id=3822

Read this property blog for real estate tips and NZ property information.

New Zealand Central Bank Decisions

What influence is the New Zealand currency situation, the Australian currency, and Reserve Bank Of New Zealand's official cash rate settings having on the NZ housing market and consumer confidence?

Do foreign interest rates matter in home central bank decisions ...

Now this is well-known that Norway, Sweden and New Zealand central banks publish forecasts of their policy rate. What I didn't know is Norway also publishes something called “interest rate accounting”. This shows what factors will lead ...

Publish Date: 09/28/2010 17:30

http://mostlyeconomics.wordpress.com/2010/09/28/do-foreign-interest-rates-matter-in-home-central-bank-decisions/

Forex Calendar | Australian Dollar Strength at Risk on RBA ...

"Australian Dollar Strength at Risk on RBA Interest Rate AnnouncementDaily FXA packed economic calendar in the week ahead means that it could be a make-or-break ..." New Zealand Dollar Vulnerable As Domestic Picture Dims - Daily FX ...

Publish Date: 10/02/2010 7:17

http://forexcalendar.org/2010/10/01/australian-dollar-strength-at-risk-on-rba-interest-rate-announcement-daily-fx/

Read this blog for helpful real estate advice and NZ property updates.

Bathrooms And Kitchens A Priority

Everyone has one or two things they would like to improve about the place they live. When it comes to improvements, our homes should be at the top of the list, but they often get shuffled to the side, because improvements tend to be costly and time consuming. However, a lot of home improvements you can actually accomplish on your own using some home improvement tips that aren't costly, but are noticeable.

Two areas of the house tend to get the short end of things when it comes to home improvement. They are the bathroom and the kitchen area. The bathroom is somewhat understandable. While we like to have it nice, the reality is that a face lift in the bathroom can be problematic. Redoing the entire bathroom is quite costly and often a messy proposition that takes weeks to reconcile.

Despite the inconvenience, doing up a bathroom is usually time and money well spent. It is one of the most used rooms in any house, and is a priority for most home buyers. The condition and presentation of a bathroom can add or subtract thousands of dollars in a property sale. A bathroom can also influence how long a property stays on the market, before being snapped up by a buyer.

Kitchens are also a critical factor for many buyers. It is a case of deciding what needs to be done (if anything), and setting a realistic budget for the renovation. There is probably no point in putting an expensive kitchen in a low price house, or putting a cheap kitchen in a luxury home. It is a case of giving the market what it wants.

When selling a home it is advisable to spend money wisely.

Presenting Your Home For Sale

Here are a few quick tips for presenting your home for sale.

If you're having an open house, or just having people in to look at the home, don't arrange the rooms around the television. Consider what will give buyers the clearest path and the best way to move through the house. Having all the seating facing the television or for playing those Wii games may not be the best layout plan for the living areas.

When it comes to letting people walk through freely, clutter and poor room arrangement just won't cut it. Give buyers some room to move around. Make the home for sale appear light and airy with open feeling. The look sells. Give buyers room to walk around and imagine how the home layout would suit their needs. Arrange the wall furniture to enhance the focal points such as a fireplace if you can. Good home presentation is vital in any sale, unless the property is being sold at a discounted price to attract home renovators.

Eliminate the smells - Just as a certain smell can give you a positive lasting memory, so too can a smell turn off a buyer permanently. Before you show your house, don't cook fish, curry, or that great garlic sauce that Uncle Edgar taught you to make. Spicy or fried, it can wait. The smell will permeate the house and affect the overall impression of the home. Don't leave the garbage disposal uncleaned.

Home Presentation Tips to Show Your House in Its Best Light

Noel Peebles writes:

When it comes to selling your home, as the old saying goes, you don't get a second chance to make a good impression. Home presentation tips are available for you all across the internet, but we've got our own sense of what is and is not most important when it comes to selling your house.

If you're serious about making the sale, then these home presentation tips should help you to make it more attractive to your buyers.

Clean it up - None of the other home presentation tips we give are going to be helpful to you if the house you're trying to sell is cluttered and unsightly. Top of the list, make your dwelling clean and neat. There is nothing wrong with a few toys lying around, or a few magazines on your table, but a sink full of dirty dishes doesn't scream "buy me" to anyone.

Internal presentation - If you're having an open house, or just having people in to look at the home, don't arrange the rooms around the television. Consider what will give buyers the clearest path and the best way to move through the house. Having all the seating facing the television or for playing those Wii games may not be the best layout plan for the living areas.

When it comes to letting people walk through freely, clutter and poor room arrangement just won't cut it. Give buyers some room to move around. Make the home appear light and airy with open feeling. The look sells. Give buyers room to walk around and imagine how the home layout would suit their needs. Arrange the wall furniture to enhance the focal points such as a fireplace if you can. Good home presentation is vital in any sale, unless the property is being sold at a discounted price to attract home renovators.

Cut the smells - Just as a certain smell can give you a positive lasting memory, so too can a smell turn off a buyer permanently. Before you show your house, don't cook fish, curry, or that great garlic sauce that Uncle Edgar taught you to make. Spicy or fried, it can wait. The smell will permeate the house and affect the overall impression of the home. Don't leave the garbage disposal uncleaned.

If its the middle of the winter, one of the smartest things you can do for your house is to put on a small pot of water and sprinkle some cinnamon into it just prior to your guests arriving. The potential buyer will love the odor of baking cinnamon bread that the pot of cinnamon evokes far more than they would be impressed by the orange roughy that you had for dinner.

If it's summertime, spray a little floral scented febreze on the carpet. Note we said a little, and open up some windows to give them that feeling that the slight scent of flowers is wafting in from outdoors. If you really do want to use an air freshener prior to the visit, stay with something neutral and very low key. Light is the order of the day, so stick to a cinnamon or vanilla.

Natural lighting is going to be your best bet. Open the drapes and open the blinds to let the natural light shine into your rooms. Clean the windows for goodness sake and let them see the great view you have of the back yard. If you're lacking windows in a certain room, turn on just one or two lamps, but don't flood them with overhead lights.

Home presentation is important, so hopefully these tips have been helpful. However, they are just a starting point if you want to do the job properly.

Noel found a really interesting site with interesting NZ real estate resources listed

12 Factors Affecting Your House Sale Price

Noel Peebles writes:

There are lots of important decisions to make when it comes to putting your home on the market for sale. The decisions range from which agent to select, how to market your home for sale, what price to ask, how to best present your home to attract and impress potential buyers, and the list goes on. The decisions you make will influence how quickly your home sells and for what price.

Unfortunately too many home sellers are under the impression that the market alone will decide the final outcome. However, there is more to it than that.

Here are 12 factors that could potentially affect the price you get for your home:

1. The state of the local real estate market.
2. The situation with the national or state economy with regards consumer confidence.
3. Current mortgage interest rates and lender borrowing criteria.
4. Recent comparable sales in the vicinity of the home for sale.
5. The ability of the real estate agent you employ.
6. The effectiveness of the marketing used.
7. The buyers level of motivation to buy your property.
8. The asking price and your level of motivation to sell.
9. The condition of the property and how well it meets the buyers needs and wants.
10. The location, views etc.
11. Whether or not there are multiple buyers lining up to buy the home for sale.
12. Your personal negotiating skills.

By studying the list above you'll see that some factors (like the state of the economy) will be out of your control. However, there are ways to react to situations to ensure you achieve the best result in the circumstances. Looking above you will also see there are several factors that are totally within your control and could clearly influence the final outcome.

At the end of the day every home will sell at a price. You just need to decide if you want to maximize the price you achieve or minimize it. What you do, or don't do, will have a big influence so there is no point in putting all the blame on the agent when things go pear-shaped.

There are lots of decisions to make even before you list with an agent or sell for sale by owner. Think carefully about whether you should improve the condition of the home, or whether it may be more cost-effective and easier to simply sell for a lower price. It really comes down to maximizing your profit rather than just focusing on the highest price.

With that said, you might end up achieving a high price in a short time on the market, or your home could sit there for months (or years) waiting for a buyer who is prepared to pay an unrealistically high price. So, correct pricing in relation to all of the above factors will determine how quickly your house sells and how much you walk away with. The decision is yours!

More real estate resources for buying and selling a home

New Zealand Real Estate Market Remains Flat Over Winter Months

The New Zealand residential property market remains predominantly flat in the face of
threat of a double dip recession in the USA.

Wary Mood Slows New Zealand Real Estate Activity

Threatened lending rate hikes, along with a seasonal slump, have lead to a wary mood surrounding New Zealand's real estate market. However, the impact on prices should be minor compared to the aftermath from the global crash.

Publish Date: 08/14/2010 1:25

http://www.nuwireinvestor.com/articles/wary-mood-slows-new-zealand-real-estate-activity-55844.aspx

Global Property Market Impacts On New Zealand

It seems the downside to the global financial crisis is far from over.

Global Trend In International Real Estate Investment

In many tourists base place the property investment still remains very constant, like in New Zealand, for example. If economy of a country remains strong than the property investment of any country may not go to a downfall. ...

Publish Date: 08/19/2010 16:58

http://indirekt.si/global-trend-in-international-real-estate-investment

Wellington Property Sells For $4.55 million

A Wellington property sold for $4.55 million.

Home sells for $4.55m - down from $10m | Stuff.co.nz

A central Wellington property has sold for less than half its original $10 million asking price, but agents say there is no sign that the top end of the market is collapsing.

Publish Date: 07/15/2010 3:00

http://www.stuff.co.nz/business/personal-finance/3919810/Home-sells-for-4-55m-down-from-10m

New Zealand Housing Market In June 2010

New Zealand house prices were up, but house sales were down in June

XE.com - NZ house prices up, sales down in June - REINZ

WELLINGTON, July 14 (Reuters) - New Zealand house sales were weak while prices increased in June, the Real Estate Institute of NZ (REINZ) said on Wednesday. Sales by the industry group's members were down 12.1 percent from May and were ...

Publish Date: 07/14/2010 8:27

http://www.xe.com/news/2010/07/13/1271189.htm?utm_source=RSS&utm_medium=TL&utm_content=NOGEO&utm_campaign=News_RSS_Art4

REAA Head Quits As Real Estate Watchdog

The head of the new Real Estate Agents Authority (REAA) has quit seven months after it began its watchdog role...

Property News | NZ real estate watchdog quits

The head of the new Real Estate Agents Authority (REAA) has quit seven months after it began its watchdog role...

Publish Date: 07/08/2010 0:19

http://www.themovechannel.com/news/8ebf6776-00ca/

NZ Housing Market "Way Overpriced" Says Finance Minister

New Zealand Finance Minister Bill English is of the opinion NZ house prices are over valued.

Property News | NZ property 'way overpriced'

NZ property 'way overpriced'. Wednesday, July 07, 2010. Catherine Deshayes. New Zealand's housing market is "still way overpriced" by international measures and is likely to struggle for some time, says Finance Minister Bill English. ...

Publish Date: 07/08/2010 0:18

http://www.themovechannel.com/news/9852a506-f2a2/

Asking Prices Hold Firm Despite Slow House Sales

New Zealand home owners seem reluctant to reduce their asking price when selling their biggest asset, despite slow real estate sales in most areas.

A recent New Zealand Property report revealed the average asking price in June 2010 rose slightly by $2,709 to $410,058. This is despite a rising supply of unsold houses in many towns across the country. The supply of unsold houses is at 45.3 weeks, although this does represent a drop of 1.7 weeks on the previous month.

The major cities showed up better than provincial New Zealand towns. Overall house listings are up 16% in June 2010 when compared with June 2009.

Major Bank predicts Real Estate Sales Volumes And House Prices To Remain Subdued

Major Bank Westpac has come out with a comment on the state of the current New Zealand housing market.

Rents will rise as house prices fall, says Westpac

Move To New Zealand ... House prices will fall gently for the next two years before levelling out, but rents will rise because property investment is now returning less because of the October personal tax cuts, says Westpac in its latest housing market update. And while residential property sales may pick up a little in coming months as some property investors reorganise or quit the market, Westpac expects several years of subdued sales volumes and prices. ...

Publish Date: 07/02/2010 13:51

http://www.movetonz.org/forum/locations-properties/10318-rents-will-rise-house-prices-fall-says-westpac.html

Private Investors Eye Housing New Zealand Stock

Housing New Zealand Opens Its Doors To Private Investors | Voxy.co.nz

Housing New Zealand Opens Its Doors To Private Investors. Few are now talking about the changes to tax on residential property investment which is understandable as the government has done just enough to keep opposing sides happy. -1.

Publish Date: 06/29/2010 14:41

http://www.voxy.co.nz/business/housing-new-zealand-opens-its-doors-private-investors/1071/53530

Real Estate Websites Fight It Out In New Zealand

A recent Nielsen research survey has some findings that will affect were future real estate advertising dollars are spent.

realestate.co.nz Reveals Market Share | Property Portal Watch

Nielsen figures published by realestate.co.nz show the portal is second in the marketplace with less than half trademe.co.nz's unique visitor numbers.

Publish Date: 06/15/2010 10:04

http://www1.propertyportalwatch.com/2010/06/realestate-co-nz-reveals-market-share/

NZ Real Estate News From Around The Country

Harcourt's Nelson Office Gets Honoured

Harcourts' Nelson franchise honoured | Harcourts Newsroom

Harcourts' franchise Property Sales (Nelson) Real Estate Limited was honoured at the recent Harcourts New Zealand conference, receiving a special award in.

Publish Date: 06/17/2010 14:16

http://news.harcourts.net/news/harcourts-nelson-franchise-honoured/

Impact Of Tax Increases On Real Estate Investments

Tax Increase On New Zealand Real Estate Could Prompt Price Declines

The impact to New Zealand's property market from tax changes in latest Budget, depends largely on landlord response. Nearly half of the landlords surveyed reported an intent to raise rents in order to offset the additional burden.

Publish Date: 05/27/2010 0:57

http://www.nuwireinvestor.com/articles/tax-increase-on-new-zealand-real-estate-could-prompt-price-55266.aspx

New Zealand House Prices - How They Compare

NZ house prices 15th | Real Estate Buzz

New Zealand house prices are ranked 15th on a list of 47 countries based on percentage change compiled by property consultancy Knight Frank. NZ was up 6.8 per cent comparing the first quarter of last year with this year's first… ...

Publish Date: 06/18/2010 3:20

http://www.realestatebuzz.com.au/nz-house-prices-15th/

How to get cottage for rent from realtor | Publish article New Zealand

For this reason, the safest way to get a flat is to cooperate with a real estate broker, that will let you to save time and gain confidence that you definitely will find a really good flat. Once the client contacts the agency, ...

Publish Date: 06/17/2010 19:52

http://newzealandprop.com/how-to-get-cottage-for-rent-from-realtor/

Latest New Zealand Real Estate Tweets:

Relevant Articles Update: Real Estate Guide to Buy or Rent Whangarei Northland and Coastal Property in New Zealand http://bit.ly/a7mhBF

By jackskin2 at 06/17/2010 20:47

$100 Million Residential Mortgage Sale

17 June 2010

New Zealand financial services company NZF Group has hit a milestone.

NZF Group completed a $100 Million Sale of Residential Mortgage. A $100 million sale of residential mortgage-backed securities was completed by NZF Group, a financial services Company, successfully, which is the first such New Zealand sale since the global financial crisis hit the world economy.

Sec Com unclear on where mortgage and insurance advisers stand ...

The New Zealand Mortgage Brokers Association (NZMBA) chairman Darren Pratley says he has told the Select Committee the Association's happy with the revised changes but it is disappointed that the opportunity to be an AFA has been taken ...

http://www.goodreturns.co.nz/article/976496865/sec-com-unclear-on-where-mortgage-and-insurance-advisers-stand.html

Measures to Hit Consumer Interests | TopNews New Zealand

The new measures are also being criticized by the New Zealand Mortgage Brokers Association. It represents 650 mortgage and insurance advisers across the country and feels that the new measures will severely harm the interests of the ...

New Zealand Interest Rate Rise

Recent blog posts relating to the rise in the official cash rate announced by the Reserve Bank of New Zealand.

New Zealand raises interest rate to 2.75 percent | Business

Wellington, June 10 - New Zealand's central bank Thursday raised the benchmark interest rate by 25 basis points to 2.75 per cent, the first hike in over a year. Reserve Bank governor Alan Bollard had kept the official cash rate (OCR) at ...

Publish Date: 06/10/2010 12:01

http://www.indiatalkies.com/2010/06/zealand-raises-interest-rate-275-percent.html

New Zealand could go bankrupt within next 5 - interest.co.nz ...

Interest - the leading provider of interest rate news to the New Zealand public. ... With New Zealands prosperity linked heavily to our agricultural exports, as a country we live and die by the quality of our biosecurity. ...

Publish Date: 06/10/2010 8:41

http://www.interest.co.nz/news/housing-bubbles-deceit/node/49690

Halo Financial: Currency - GBP / New Zealand Dollar

Having raised their interest rate last week the Reserve Bank of New Zealand set its stall out that it was not seeking to hike interest rates unless it was truly necessary. IF China does act to slow its economy, the fall in commodity ...

Publish Date: 06/15/2010 19:18

http://blog.halofinancial.com/2010/06/currency-gbp-new-zealand-dollar.html

In periods like this of scarce liquidity the best thingis to | G1Tube

In New Zealand, interest rate swaps dipped one to two basispoints along the curve, reversing some of Friday's rise asinvestors speculated upbeat jobs data had raised the prospectof more rapid tightening once the current easing period ...

Publish Date: 06/16/2010 3:34

http://www.g1tube.com/entertainment/in-periods-like-this-of-scarce-liquidity-the-best-thingis-to.html

One Less House Sold in New Zealand In May 2010

15 June 2010

As winter approaches, it is traditionally a quieter time for New Zealand real estate sales. Surprisingly enough, only one less house was sold across the entire country in May 2010 when compared to April 2010. Residential property sales in May 2010 were 5,206 whereas 5,207 residential properties were sold in April 2010.

Latest figures released by the Real Estate Institute Of new Zealand (REINZ) show residential house prices across the country dropped 1.4 per cent in May 2010.


Prices are more than 5 percent under the 2007 high. However, in the 3 months up to May 2010, housing prices went up 0.7 percent.

The median house price of $350,000 in May was $6,000 below the April medium price of $356,000.

Figures for major urban areas were as follows:
Wellington - May 2010 was 4.4 per cent higher than May 2009.
Christchurch - an increase of 4.2 percent.
Auckland - an increase of 3.7 percent

In other centres the figures for residential real estate sales in May were:

North Island suburbs - a decrease of 0.4 per cent.
South Island suburbs - an increase of 2.5 percent.

New Real Estate Guide For Tauranga

A new real estate blog has been launched for residents of Tauranga and the Bay of Plenty. The blog is a guide to transacting property purchases or sales particularly relating to the Mount Maunganui, Tauranga and wider Bay of Plenty province. The Tauranga real estate information blog will include property stats, new listings information etc pertaining to the Bay of Plenty.

51,980 Unsold Houses For Sale On NZ Property Market

1 June 2010

Figures just out reveal there were 51,980 unsold houses on the New Zealand property market at the end of May 2010. This represents 46.9 weeks supply.

Many Vendors (sellers) are lowering their price expectations and reducing the price their home to get it sold. I surplus of supply slows the market as buyers see no urgency to commit.

Across the country the volume of house sales fell more than 1000 in April 2010 when compared to the same time in 2009. The average vendor asking price dropped 3.6 per cent to $407,349 during May 2010.

The key Auckland housing market fell 2.5 percent. However some regional centres did record increases in the average asking price. Overall, the state of the current property market could see many more more vendors reducing prices to meet the market in the short term at least.

New Zealand Government Warns Effects Of Property Drops In Other Countries Could Impact NZ Economy

May 22, 2010

The New Zealand Government has warned that NZ's fragile economy could be affected if property markets drop overseas.

New Zealand is just a small country and although it is completely surrounded by ocean, it is not isolated from what happens on the global stage, especially in its biggest export markets.

Finance Minister Bill English, who has just delivered his budget to the nation, expressed concern about the potential for crash in property markets in China and Australia - which are New Zealand's two largest export markets.

Stable NZ Property Market Despite April House Prices and Sales Falling

Despite the Monthly Housing Price Index for April 2010 falling by 0.4 per cent, the property market remains reasonably stable. By comparison with 12 months previous, the price index has risen by 6.2 per cent. House prices are still 3.7 per cent under their peak in November 2007.

Northland showed the largest increase in the value of residential properties that were sold in April 2010. The average value increased 10.4 per cent to $320,250.

Kapiti Coast Pushes Ahead With New Services

Changes are afoot on the Kapiti Coast north of Wellington which should help the local economy and potentially real estate values in the area.

Roading - The New Zealand Transport Agency NZTA is reportedly buying up land between Peka Peka (north of Waikanae) and Otaki for the new expressway. The government last year announced that the road link between Levin and Wellington was of national significance and that an expressway would be built on the land designated for the Western Link Road to improve traffic flows through the Kapiti Coast.

Rail - Work is nearing completion (2011) on the upgrade to train services to and from the Kapiti Coast. This includes more double tracking to improve the frequency of service and the extension of the rail service to Waikanae. KiwiRail planned to complete the $90 million upgrade to double track and electrify the railway line to Waikanae in 2011.

Paraparaumu Airport - Major improvements are afoot in central Paraparaumu with a new Mitre 10 Megastore planned to open later this year. This is the first development in the new business park project planned for the airport land. Upgrades to the runway have already been done.

These changes are all significant and could prove to be a much needed boost to the local economy over the coming years.

Transport Agency Buying Properties Along Expressway Route

The New Zealand Transport Agency NZTA is reported have started buying properties along the Otaki to Peka Peka expressway route north of Waikanae on Wellington's Kapiti Coast.

This follows the December announcement by the Government that the long awaited expressway from Peka Peka to Otaki would be constructed. This will link into the planned four-lane expressway through Kapiti along the Western Link Rd route (Sandhills motorway).

Property Values Steady Across Wellington Region

Property values across the Wellington region were up 7.1 per cent during the past year from the 6.6 per cent in the year to March.

The average sales price increased a little from $458,260 to $460,365. Lower Hutt recorded the region's biggest increase up 8.2 per cent for the year to April. Porirua property values rose 6 per cent and Wellington city rose 6.8 per cent by comparison.

NZ Property Sale and Purchase Agreement

Important things to know about real estate Sale and Purchase agreements:

* A sale and purchase agreement is a legally binding contract.
* The real estate agent is working for the seller of the property, but must treat the buyer fairly.
* You need to understand the difference between a conditional and an unconditional agreement.
* You can negotiate the conditions you require in a sale and purchase agreement.
* It is recommended that you get your lawyer to check the sale and purchase agreement before you sign it.

New Zealand Residential Property Sale and Purchase Agreements Guide

A guide about property transactions has been produced and approved by the Real Estate Agents Authority REAA. It is a booklet which lists the important things buyers and sellers should know when transacting deals. The booklet is available free of charge and is available from real estate agents.

Uncertainty In N Z Real Estate Market Remains

April 2010 statistics for the New Zealand property market shows the volume of new listings coming onto the market dropped - although it must be said that April is traditionally a quiet month in many areas. There were 12,225 listings, a 17% increase when compared to a year ago when bargain hunters were particularly active in the market. This resulted in a decline in new listings at the time.

The stock of unsold homes had been increasing for nearly a year with 53,123 unsold houses available on the market at the end of April. This represents 46.5 weeks supply when compared to 42.5 weeks at the same time in 2009.

Welcome to the New Zealand Real Estate Information Blog

This real estate blog has been set up to help buyers and sellers with property transactions. It is independent and is not owned or operated by any real estate company. It is produced to give current information and statistics on the New Zealand property market. The tips and ideas mentioned will be a guide only and anyone buying or selling properties is advised to always seek proper legal and financial advice.