Team Griff’s Spring Update

Spring 2017 Header

We all love spring!

Longer days, warming weather and the inevitable countdown to summer and the holiday season – who can’t feel good about that!

Well, with an election looming it seems that some commentators feel the property market goes on hold – in my opinion what absolute nonsense! Life goes on and whatever comes our way won’t be life threatening. It may simply mean that we just need to change the way we do things. As quoted, don’t blame the market, simply change the game plan.

It is our opinion that a strong number of properties will come to the market prior to Christmas, so capturing the early spring market is a wise thing to do in order to avoid the traditional spring influx of listing stock.


Tempered but active market

Unquestionably the market has changed and to be quite honest I actually like the current market vibe. There are a good number of purchasers out and about looking with more time to make considered offers and are not so stressed. While there are more offers being made subject to sale the market activity is healthily brisk.

Largely in Christchurch residential property remains affordable and is void of spiraling property values, boding well for sustainable growth as the city rebuild continues. Both owners and purchasers win in this type of environment, where growing supply will curb escalating values in the short to medium term while longer term growth is on the horizon on the heels of our newly created city that is fast becoming that fresh and exciting place to live. Those looking at the bigger picture can do so with confidence.


North-eastern high school update

Avonside Girls’ High School and Shirley Boys’ High School are in the process of creating a brand new, state of the art campus, which will become a crucial asset for the east of Christchurch.

This is the first time in New Zealand’s history that two single sex schools will be co-located.

It is a groundbreaking development. Each of the schools will continue its rich history in delivering quality single sex education while the new campus will be able to offer students a wide range of opportunities.

Avonside Girls’ High School principal Sue Hume is buoyed by what’s ahead.

“Residents in the east of Christchurch have long been calling for a new high school, and the new campus will be a place where the community is welcomed. Many of our facilities, including the sports facilities will be available for community use”.

The new schools will open their doors in 2019. You can track construction’s progress at www.newcampus.nz.


Team Griff secures new recruits

In a bid to increase the size of our team and the quality of our service, Team Griff has been on a recruiting drive and is pleased to announce three new members joining the team:

Blair Stevenson – Sales Consultant
Keegan Adams – In training
Bianca Edmonds – Executive Assistant

teamgriff.co.nz for all things real estate (1)

As we draw closer to the end of the year, we’re at the ready to assist with your property decisions.

Griff Signature Jpeg version

 

 

 

 

 

How the general election impacts the property market

Election Property Market

The hoardings are up (with a few to still to be updated), the door knockers are out in force, and our newsfeeds are flooded with stories detailing the latest resignations and policy announcements – election season is well and truly underway.

Policies and personalities aside, we’re often asked by clients how an upcoming election is likely to affect the property market, particularly sellers who ask whether it’s better to hold off until it’s over or simply to push on through with getting their property on to the market. The conventional wisdom is that markets do not respond well to uncertainty, and given recent developments, the election’s outcome is anything but certain. On the other hand, I’m yet to meet a buyer who has said that they’re going to forego a purchasing opportunity simply because they do not know the makeup of the next government.

While it’s easy for us to rely on anecdotal evidence and the vibe of the market, thankfully we have access to a considerable body of data from REINZ dating back to 1992. Back in 2014, real estate commentator Alistair Helm at Properazzi came up with a seasonable comparison. It uses the three preceding months leading up to each general election date and calculates the representation those months were of the total sales for that year. He then compares that % representation as a single figure against the normal for the same 3 months of the year based on a larger set of preceding data going back to 1992, as follows:

Election Year Sales Graph

Helm comments:

You could say that on average general elections depress property sales as 5 of the 8 elections caused property sales to decline as compared to normal. However there is no real consistency. The completely and significant opposing variance in the results for 1993 and 1996 are too significant to ignore.

Our friends at Bayleys have also analysed the data dating back to 2000:

Our analysis indicates that the majority of those choosing the ‘wait and see’ approach around election dates are property investors, as it is this section which is more likely to be impacted by changes in government policy.

The decision by owner occupiers looking to enter the market or move home tends to be driven by changes in personal circumstances, such as marriage, divorce, having a family, changing jobs, retiring etc. Once these circumstances are in play, the decision to purchase a new home is unlikely to be delayed solely because they coincide with the date of an election.

While there are signs that the Christchurch property market is cooling, this cannot be solely attributed to the election. The post-quake residential construction boom has boosted supply, while LVR restrictions are dampening demand, resulting in fairly modest price growth. The great thing is that a steady market empowers buyers and sellers to make informed decisions with confidence.

7 Reasons To Sell in Winter

Selling in winter

With another steady month of sales, and July traditionally being one of my stronger selling months, I thought it was worthwhile to share the virtues of selling in winter. Interestingly, during the recent storm our open homes were busier on the Saturday during the thick of the storm than the Sunday when the sun was shining. I guess buyers were thinking it was a great time to see how they performed.

1. Less competition
Traditionally homeowners hunker down in winter and then all decide to sell in spring. It makes so much sense to sell when everybody else isn’t.

2. Like it in winter, love it in summer
Buyers like to see your property in the worst conditions. If they like it now they will love it over the warmer months.

3. High and dry
What else need I say after this winter and with recent flooding buyers can see for themselves just how your home has fared – both inside and out.

4. Heating and insulation go hand in hand
Winter will test the quality of your insulation and heating system. Practically showing how these key components function in winter will inspire confidence with prospective purchasers. A well-insulated home maintains ambient heat.

5. Time to show off
if your home is warm, sunny and dry, winter is the great time to tell the world about it. Sun shining right into a living area will convince so much better than a 1,000 words spoken.

6. Ventilation
A breathing home is a healthy home. Crying windows is huge put off to prospective purchasers. If you don’t have a ventilation system, we suggest you at least air your home regularly.

7. Appeal to the senses
Baking, coffee and hot soup, the ultimate feel goods on a winter’s day! Time to sharpen those baking skills, and there is probably no better way to impress the crowds than fresh baking greeting you at the door.

Over the years I have found that winter is actually a good time to sell, and here at Team Griff we would rate the winter market a close second to that of the new year market. Selling in winter also sets you up well to purchase in the spring, when there are traditionally more homes on the market. So, if you are considering the merits of selling, why not contact us now – you too could be pleasantly surprised with a great result.

‘As Is, Where Is’ Market Update

Live Update- As Is Where Is Market (2)25 Foresters Crescent | Parklands
Inspections: 32
Bidders: 6
Sale price: $365,000 at auction
Vendor feedback:
“Good result today with the sale and appreciated the regular communication; a job well done.”

3 Kakariki Lane | Sumner/Clifton
Inspections: 
35
Bidders: 
3
Sale price:
$515,000 at auction
Vendor feedback:
“While it would be fair to say that ours was not the easiest of properties to sell Team Griff took on the challenge professionally, dug deep and produced several bidders on auction day. The result, a sale price that we were quite happy with.” 

‘As Is, Where Is’ current market comment

Numbers through open homes are still holding up and while some are feeling the brunt of lending institutions both tightening their belts and lending criteria, our owners are still benefiting from multiple parties bidding on the day. The large majority continuing to be sold under the hammer. Team Griff’s sizeable purchaser database of 1500+ “as is” purchasers is proving invaluable when it comes to getting these properties across the line in a firming market. To date with 246 sales under our belt home owners looking to sell can rest assured that they have an experienced team at the ready.
To have the peace of mind that your property has been fully exposed to the wider open market in order to achieve the best possible result.

Do contact us today for friendly chat and to explore the options available to you.
Keep warm,
Griff Signature Jpeg version

Yet another exciting Parklands community development

Pukeko Centre

In addition to the impending relocation of Avonside Girls’ and Shirley Boy’s to the former QEII site, as well as the construction of the Eastern Sports and Recreation Centre, it’s exciting to read about the next new project in our backyard.

The Pūkeko Centre is an exciting new community-led development in the heart of Parklands. The multi-use sports and recreation hub on the site of the Parklands Bowling Club will provide indoor and outdoor facilities for a range of local clubs, groups and organisations. Stage 1 of the development is due to be completed in late 2017.

It involves the relocation of two buildings from the former Freeville School – the Modern Learning Studio and the School Hall – onto the Parklands Bowling Club site in Chadbury Street.

These two ideally suited and good quality buildings were previously earmarked for demolition but have generously been made available to us by the Ministry of Education.  We are thrilled to be able to put them to good use for the benefit of the wider Parklands community!

The completed centre will provide a range of options for indoor and outdoor recreation and social activity including shared clubrooms, meeting rooms, catering facilities, hall, ample parking, bowling greens and all-weather courts for netball, futsal and tennis.

Nearly seven years after the earthquakes, it’s heart-warming to see this grass-roots effort come to fruition. The idea of re-purposing modern buildings from the former Freeville School is to be commended. It’s yet another example of Christchurch’s resilient recovery!

238 ‘as is’ sales and counting

Pictured: 22 Titirangi Crescent - sold for a record 'as is' price in Tumara Park

Pictured: 22 Titirangi Crescent – sold for a record ‘as is’ price in Tumara Park

Celebrating our 238th ‘as is, where is’ sale is both rewarding and humbling, especially for a market that we didn’t originally set out to become specialists in. I have full respect for my team who have worked hard in a focused effort to help create the systems we have now, and the results simply speak for themselves. Of the 239 that we have listed 238 have sold! From the collation of property info packs both online and in hard copy to pre-drafting the sale and purchase agreement with appropriate clauses that protect both vendor and purchaser my team’s work ethic is nothing short of phenomenal.

Team Griff’s 99.6% success rate for ‘as is, where is’ sales
Such results are a direct reflection on our knowledge, expertise and systems. It may seem strange, but I am quite passionate about the process and the great thing about it is that process is very transparent. Post-quake and numerous scopes later, we have become “professional report” rich – great info to be able to prove the actual damage of a property.
Beware of the opportunists off the street or on the radio
With opportunity comes opportunists, and having heard some of their sales pitches, they are quite persuasive. The problem being their reality of value is based on both their perception only and in many cases, they pitch that conservatively to line their own pocket. Integrity is vital post-quake, especially so when people are vulnerable, some ground down by the process of fighting both EQC and their insurer for years. I recently met a gentleman who had been at it for more than six years – needless to say, he was at the end of his tether.

Marketing expertise
Effective marketing will bring you multiple parties and fair competition, a much more transparent way of establishing true market value.

1528 as is where is buyers as the click of a button
Team Griff have built up a strong following of ‘as is, where is’ buyers – as easy to unsubscribe as subscribe, our database has proved invaluable for both purchaser and vendor. With our first port of call being e-notifying 1500 plus as is buyers, vendors can be assured that their property is being marketed to those most likely to respond, let alone the phone calls we can make if the going gets tough.

The proven value of the auction process
Without question the auction process achieves better results for most properties. The reality is that it is very seldom that we don’t have multiple interest in an ‘as is’ property and auction is the best and fairest way of dealing with competition. There are more times than not where we get a better selling price than expected and with just one property last year that didn’t sell under the hammer, it is no wonder most sellers rejoice over an unconditional result that is on their terms.

The listings keep coming
While the ‘as is, where is’ numbers have eased a little over recent months there are still a lot coming through the system, so expect more of the same and be sure to keep in touch for the heads up on that new listing before it hits the market. Here’s to many more win/wins for sellers and buyers – both parties securing upside!

 

Team Griff – 7 Points of Difference

7 Points of Difference(3)

 

 

Teamwork
Team Griff is synonymous for their team approach to customer service. Combining their vast experience in the greater Christchurch market both prior to and following the earthquakes means each team member knows their role with a joint focus on a superior client experience. With our highly skilled administration support, plus a team focus on both the selling and purchasing process, you can rest assured you’re in good hands.

Client and solution focused
We build a strategy around out clients’ personal requirements and utilize our experience and expertise to focus on your ultimate goals. We’re prepared to take the necessary steps to accomplish what you set out to achieve – with minimum fuss and inconvenience.

Market intuitive
“We never blame the market, we just adjust the game plan”.
There is nothing more inconsistent in the real estate market than inconsistency and having the intuition to adjust the plan to stay both abreast and ahead of your competition is essential, especially with all the curve balls than can be thrown our way here in Christchurch.

Proven track record
With nearing 30 years’ experience on the real estate coal face supported by an impressive array of accolades. Team Griff is well recognized for results, knowledge and pro activity when it comes to customer service. So whether it is your $1m listing on the hills or your earthquake damaged ‘as is where is’ property on the lean, rest assured we have the systems and expertise for a hassle free sale process.

Digital market leaders
We’re industry-renowned and respected for our online marketing expertise. We understand the benefits of a strong online presence in this fast-paced digital age. Embracing and utilizing these leading edge tools means our clients can benefit from the best 24/7 marketing and our extensive e-marketing campaigns.

Believers in our product
The skills and expertise of Team Griff coupled with the world-class marketing platform that Harcourts provides ensures higher exposure for a better result, plus the support of a well-motivated team.

Award winners
Harcourts Gold Customer Service Award 2015/16
Harcourts Gold Auction Excellence Award 2015/16
No. 5 Harcourts Christchurch Region 2015/16
No. 19 Harcourts New Zealand 2015/16
Harcourts $300M Club

New plans submitted for red-zone water facility

Christchurch Red Zone Lake

 

 

Jack Fletcher at Stuff.co.nz reports:

The group behind a proposal to build a new lake in Christchurch’s residential red zone has released an indicative design of the flat water facility aimed to transform the city’s east.
The East Lake Trust, chaired by David Goodman, released the plans on Monday. He said trustees were “thrilled with the new design”, which reinstates an original bend in the Avon River around the back of Porritt Park.

Goodman said the trustees feel they are “now on the home straight” towards the lake becoming a reality. Bringing back the original bend had the added advantage of allowing the lake to join up to the Kerrs Reach rowing sheds, while remaining separate from the Avon River.

Aquifer-sourced water would make the lake swimmable, meaning it could be used for triathlons alongside canoeing, waka ama, dragon boating and rowing.

Goodman previously said the lake would be an place where people could swim, walk and picnic. It was also planned to be part of the City to the Sea walk and cycle way running from central Christchurch to New Brighton.

The Minister supporting Greater Christchurch Regeneration Gerry Brownlee had previously said he wanted to make the city’s red zone the “sporting capital of New Zealand”.

He said building a water course could attract global attention and solve the area’s flooding problems.

Once again I find myself putting pen to paper on the positive plans that continue to roll out for eastern Christchurch. A lake of this calibre would again be a real asset for the bordering suburbs and help put these locations back on the map. I take my hat off to the visionaries of the city, their initiatives and forward thinking is inspiring in itself. I think most of us will agree, that while we miss the “old” there is no doubt that the new is going to be far superior. Largely with affordable real estate, a new city and many new facilities emerging, Christchurch unquestionably has a positive future and certainly will be a great place to live for many years to come.

Why Christchurch houses have become more affordable

Christchurch

Chris Hutching at The Press reports:

New Zealand’s second biggest city, Christchurch, is bucking national house price trends because politicians and building firms acted urgently after the 2011 earthquakes.

The earthquakes destroyed up to an estimated 20,000 Christchurch homes (12,000 red zoned), and the near-complete task of rebuilding them means prices have plateaued even as the city returns to net population gain.

The demand scenario was similar to Auckland’s migrant influx but the response was different.

I’ve often commended the ‘powers that be’ for freeing up the housing supply in Christchurch, which has largely addressed our city’s housing shortage over the past five years. Median sale prices are steady (currently at $442,500 according REINZ) and rents are falling – quite the contrast from the frenzied market of 2012 and 2013.

“It will take some real effort in Auckland. Gerry (Brownlee, Earthquake Recovery Minister) was lucky because there were builders like Ngai Tahu ready to go,” former chief executive of Ngai Tahu Property, Tony Sewell, said.

What they face in Auckland are owners of paddocks who aren’t necessarily developers, and they’re not ready to go,” Sewell said.

Christchurch’s rebuild was also fast-tracked by district zoning enacted by Brownlee, using special earthquake legislative powers.

“At Prestons (a 2300-home subdivision in north east Christchurch) we were already so close to starting, the nudge Gerry gave was not substantial, but he closed the gap,” Sewell said.

“Now we’re reaching a balance of supply and demand and there’s a risk supply will outstrip demand,” Sewell said.

Co-author of the annual house affordability Demograhia survey, Hugh Pavletich, credits neighbouring councils Waimakariri and Selwyn for speed in granting building consents for towns such as Rangiora and Rolleston

This acted as a vent on prices in the wider region, he said.

I’m a firm believer that Christchurch provides great opportunities for those looking to secure good value for property. There remains healthy competition for properties in the highly sought-after locations (Merivale, Fendalton, Strowan), where premium prices are being achieved. However, there is also a solid inventory of entry-level properties under $450,000, giving first-home buyers plenty of attractive housing options. This is great enticement for buyers to pursue these opportunities and actively secure property!

Team Griff’s early start pays dividends

Early Start

At the time of writing, we’re about to complete our fourteenth appraisal, list our tenth property, and complete our forth sale for the new year. Needless to say, we are fairly upboard about the new year market, which we refer to as a premium time to sell.

Balanced market predicted

With the market tracking well for a positive start to the new year and with stock levels building steadily we predict 2017 to provide another year of balance. We are of the opinion that purchaser and vendor can both embrace the year positively – purchasers can continue to purchase confidently in what has become a sustainable marketplace as capital growth rates remain modest and property prices overall affordable. For vendors, they can expect to see continued demand and sell within a month, as we see no reason for the list-to-sell period to lengthen much from the 2016 average of 31 days. After all, with the flush local economy underpinning local investment and confidence, we are not likely to experience a downturn for some time yet.

‘As is, where is’ market continues strongly

Our first ‘as is, where is’ auction signalled more of the same for the year ahead. 54 inspections over 8 open homes produced five bidders and a result in excess of the reserve price. Our second auction resulted in an early auction after a mere four days on the market, with the ultimate sale price $50,000 above the pre-auction offer. With Team Griff’s track record of 98% sales under the hammer, our 1,300+ ‘as is, where is’ purchaser database, and 218 sales – we’re constantly receiving requests for assistance and consultation.
We see 2017 largely being a year of more of the same healthy investment into Canterbury real estate. Here’s to a great year ahead and be sure to be part of Christchurch’s exciting future and invest today!