Monday, May 31, 2010
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.
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.
Friday, May 21, 2010
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.
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.
Thursday, May 13, 2010
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.
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.
Tuesday, May 11, 2010
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.
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.
Sunday, May 9, 2010
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).
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.
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.
* 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.
Saturday, May 8, 2010
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.
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.
Friday, May 7, 2010
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.
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