Four major banks have announced cuts to

Four major banks have announced cuts to home loan rates.
The RBNZ slashed the cash rate by 50 basis points to 1 per cent today – a new record low for New Zealand’s cash rate.
ASB was the first bank to move on cutting its home loan and saving rates but it has since been joined by Westpac, BNZ and Kiwibank.
ASB’s variable home loan interest rate will fall from 5.7 per cent to 5.2 per cent and its revolving credit Orbit home loan will drop from 5.75 to 5.3 per cent.
Source: NZ Herald.
http://ow.ly/AKUW50vqliV

EXECUTIVE SUMMARY: INVERCARGILL REAL ESTATE SALES- Calendar Year Jan -June 2019.

Informative updates are fundamental to be first to know when the time is right to make your move whether it be buying or selling. Adhering to REINZ policy we are not at liberty to comment on the market data; so, we’ll just let our ‘desktop analyses’ of the sales numbers do the talking.

Invercargill Sales by Property Type

Report Period: January – June 2019 comparing the previous 6 months July – Dec 2018

□ REINZ reported sales. Private / Developer direct sales not included.

Property Type January – June 2019 July – Dec 2018 Variance +/-
Residential Dwellings (RD) 865 sales  914 sales    -5.3%
RD Median Sell Price $291,500 $259,000 +12.5%
Residential Sections/ Lifestyle Blocks (RS) 74 sales  104 sales  -28.8%
RS/ RB Median Sell Price $155,000 $127,500 +21.5%
Total Sales Numbers 939 sales  1018 sales    -7.7%
Value of Sales $ $300,175,240 $291,004,740   +3.1 %

 January – June 2019 comparing previous 6-months July -Dec 2018:

  • Jan – June 2019 median sell price residential dwellings all types (home, unit, apartment, townhouse) $291,500. Sales above $700K represented 2.1% of all sales
  • July-December 2018 median sell price residential dwellings all types (home, unit, apartment, townhouse) $259,000. Sales above $700K represented 2.5% of all sales.

Analysis of selling method/ All property Types:

January – June 2019 comparing previous 6-months July -Dec 2018:

SELLING METHOD Jan -June 2019 Jul-Dec 2018
Tender  0.3%   0.6%
Quiet/ Off market  2.4%   2.9%
Auction  3.6%   4.7%
Private Treaty 93.7% 91.8%

 

REINZ Reported sales by price of Invercargill City Residential Dwellings

January – June 2019 comparing previous 6-months July -December 2018:

Price Band % of Total Sales % of Total Sales
               Sub $199,000  15.4 %   25.1%
  $200,000 – $299,000  36.5%    39.2%
  $300,000 – $399,000  24.4 %    18.0%
  $400,000 – $499,000  11.2%      7.3%
  $500,000 – $599,000   6.4%       4.4%

 

   $600,000 – $699,000    4.0%        3.5%
                Plus $700,000    2.1%         2.5%

 

REINZ Reported sales by price of Residential Sections/ Lifestyle Blocks.

January- June 2019 comparing previous 6-months July -December 2018:

Price Band % of Total Sales % of Total Sales
 Sub <$149,000 48.5%   62.5%
  $150,000 – $199,000 13.8%      9.6%
  $200,000 – $249,000 22.9%    18.4%
  $250,000 – $299,000   4.0%      3.8%
  $300,000 –      $349,000     n/a       0.9%
  $350,000 plus 10.8%       4.8%

 Data Source: REINZ. Private & Developer direct sales data not included.

Disclaimer:  While every effort has been made to ensure the information contained herewith is true, no responsibility will be taken for errors or omissions. You should seek your own independent advice from your legal, taxation and financial consultant prior to purchase.

Strong growth in residential rents in th

Strong growth in residential rents in the last 12 month

Rental Bond data analysed by http://ow.ly/ZxKx50uVcLr shows that the average rent from new bonds received from throughout New Zealand in the second quarter of this year was $450 a week, up 7.6% compared to the second quarter of last year.
That means that on average, renters are likely to be paying around $32 more a week in rent than they were 12 months ago. And the rate of increase is also on the rise.
Click the link for the table that shows the average rent NZ wide across all districts in the second quarter of this year, and the annual percentage change for the last two years.
https://bit.ly/2Nyol1O

Ten NZ property market predictions for t

Ten NZ property market predictions for the rest of 2019. Kelvin Davidson from CoreLogic shares his insight.
Here’s prediction number #2. High level market trends:

2. Average property values still rising but in a restrained fashion, with the more affordable towns and cities in ‘regional NZ’ likely to record the largest increases. By contrast, it wouldn’t be a surprise to see further weakness in Auckland – as buyers bide their time.

Read his other 9-predictions here:
http://ow.ly/WV7I50uM2PF

Need to know to move on from your lifestyle block

What you need to know to move on from your lifestyle block.

Living on a lifestyle block is an excellent way of life – for those who have the time to dedicate to the expansive property. Many, however, find that they are a lot of hard work to keep up with, especially approaching retirement.
Learn more about key steps involved in buying a property in New Zealand, here.
http://ow.ly/l2Ex50uFfhT

Kiwi DIY certainly has its place; howeve

Kiwi DIY certainly has its place; however, some property owners are either time starved and or lack the skill and confidence to manage a reno project on their own home.
Earlier today our sales team welcomed Matt Hartigan- Refresh Renovations to introduce their company’s specialist services. It became clear that this company have identified a market niche and place planning, budgeting and project management at the forefront of every client project.
What surprised me most was they will consider project of varying budget and not just high value contracts.
Check them out online:
http://ow.ly/wObF50uB1zy