Tag Archives: Stats

Griff’s summer newsletter


Summer – a great time of the year…

The typical NZ summer means good times for most Kiwis as we embrace the festive season, longer days, beach holidays and more. For the real estate market, our homes look and feel the best and typically in the new year we come back from holiday refreshed with a positive mind-set keen to get our housing requirements on track. Inevitably the summer season is one of the better times to sell and given the current vibe 2014 will likely finish on a strong note.

The year that was…
Looking back on 2014 I think it would be fair to say that it has been “the year of the rebuild” with post-quake new builds popping up all over the city. The positivity and confidence this has brought to the overall real estate market has been noticeable and especially in the east/north-eastern suburbs has been a huge confidence booster. Capital growth has continued to be consistent to strong and the average list to sell period has remained short between the 25-30 day period supporting overall good demand.

Prepare for the new year…
Despite enquiry likely to remain consistent right up to Christmas beginning to prepare now is a good thing to do if you are looking to sell in the new year. In January this year several of my clients prepped their homes over the Christmas/new year period, launching their homes to the market around 20 January. Consequently these homes got a head start on most of their competition and all sold well, fetching good prices. A good plan and with most people taking a little while to get underway once back from holiday this can be a small window of opportunity to capitalise on.

The ‘as is, where is’ market…
While this market is looked upon from a bittersweet point of view I think it would be fair to say that it is consistently taking place including the hill, south, east and northern suburbs. While a reasonable number of these homes are being purchased by investors, equally Mums and Dads are buying, assisting the kids into this more affordable real estate, We are also seeing good interest from the construction sector, who are eyeing them as opportunities given the proven remediation techniques now readily available.

Be a good neighbour – free $50 meat voucher…
With the holiday season upon us and many properties left unoccupied, unfortunately those less scrupulous light fingered opportunists sometimes move in! So why not take the opportunity to have that chat with your neighbours to plan a bit of a neighbourhood security strategy for the festive/holiday season. In fact why not arrange that street BBQ and kill two birds with one stone! In support of good neighbourly relations Team Griff will donate a $50 Mad Butcher meat voucher for any street BBQ arranged between the months of December through February.

Availability over the holiday period
While I fully support the great Kiwi close down over the Christmas new year period one of my team will be on deck from early Jan to assist with your real estate plans and requirements – we are committed to getting the job done.

Be sure to check us out online for all things real estate.

Relax – eat – laugh – enjoy but keep and drive safe. Catch up soon!

Warm regards

Christchurch hits the half-mil milestone

Hot off the press from the Harcourts MarketWatch, the Christchurch market has broken yet another record…

“For the first time in history the average selling price for a residential property in Christchurch [sold by Harcourts]  is over half a million dollars, sitting at $507,681. This is up 19% on the same time last year and has jumped by 2.7% from February’s high.

Total listings are down by 16.5% and written sales are up by 13.7%, which indicates how competitive the residential market is. Demand for housing is outstripping supply.

Last month Reserve Bank Governor Graeme Wheeler increased the official cash rate to 2.75%, saying rising interest rates will have a moderating influence on the housing market. This is unlikely to be the case in Christchurch, where our rapidly growing population will continue to push prices up.

The same can be said for the loan to value restrictions (LVR),which have failed to have an effect on prices in the city. Theonly outcome is it is now more difficult for first home buyersto enter the market.

Auctions continue to gain traction in Christchurch, with auction numbers up 4.7% on last year. Vendors are seeing the value in letting the market determine price, rather than fixing, when demand is so high.”

Further to my comment from a couple of weeks ago where we mentioned that the Canterbury market was catching its breath – I’d say justifiably with these stats!

I guess the bottom line for the local Christchurch market is that the underpinning factors of high demand and a flush local economy continue to stimulate and drive these growth figures.

The message for any local purchaser, whether it be a first home buyer or an experienced investor looking to build their portfolio, is just do it, the timing is ideal!

Uninsured property demand continues

Wisteria

DESPERATE SALE: 11 Wisteria Place is one of our latest “as is” sales, fetching a respectable $293,000 after competitive bidding in the auction rooms.

 

As Is StatsHaving just been instructed to market the 27th “as is” property, here within the Griff Team we are finding that the demand is still good for these properties. It is worthy of noting that these properties are consistently achieving sale prices well in excess of the rating land value (LV). In fact the average for our sales is 24% above LV.

We boast a specific “as is” database of 245 purchasers all requesting, “tell us about the next one” –  quite simply because of the perceived and real opportunity that these properties bring. It is not hard to understand why this demand is building momentum with the selling of the properties gaining credibility. With full disclosure, engineer’s reports and relevant data provided, purchasers are appreciating the transparency of the process while allowing them the opportunity to make a well informed decision before proceeding to purchase.

Our next property is due to go live tomororow, so do keep an eye on www.griff.net.nz for the heads up.

Christchurch building consents hold steady


 

 

 

 

 

With new building consent figures equal but not bettering last year’s figures I think it is not unreasonable to ask why? Liz McDonald in The Weekend Press writes:

New Canterbury homes are going up no faster than a year ago, according to building consents figures compiled by Statistics New Zealand.

A total of 378 new homes were given building consent by local councils in January, almost the same number as the 379 consented in January last year.

Numbers fell for Christchurch City, down about a quarter from 209 to 152, while consents for new homes rose in surrounding districts.

One could be forgiven for coming to the conclusion that the rebuild of our city is stifled, and it is not hard to understand why some home owners are totally frustrated and had enough. Come on EQC and insurance companies – can’t we pick up the pace a little for the sake of sanity?

 

The basics still apply…
Presentation, Presentation, Presentation…. Yes the old adage of “presentation sells” has certainly stood the test of time during my 24 year tenure of selling real estate.  There were some great ideas the in Your Weekend insert in The Weekend Press. Here’s an excerpt from the article ‘Going For Sold’:

People are often unaware, says agent Helen Anderson, of the power of setting up a house to sell. ‘‘People who understand that, do it. Often when they don’t, they have no idea that big prices come from well presented homes.’’ Location can’t be upgraded but presentation can.

While it sounds like sales hysteria it is the truth. It is hard to feel excited about a dowdy and boring home, on the contrary sharp and appealing presentation creates energy and a sense of well being. It’s a pity my teenagers don’t get that about their bedrooms! Well that’s another story and best I don’t go there…

 

Go the extra mile when selling in Christchurch
Taking the time to compile additional information when selling will definitely pay dividends. Everything from EQC and insurance scopes to even providing a simple thing like an insurance policy number can all help to give both the purchasers and their chosen financing and legal professionals the confidence to help the sale across the line. Engineers’ reports or thorough property inspections including floor levels – it all starts from the ground up after an earthquake – are invaluable in the sale process. Forgive me for saying it again, but every house should have some form of post-quake inspection – a warrant of fitness, so to speak. Knight Frank valuation director Will Blake has also stressed the importance of robust reports when selling TC3 properties:

Knight Frank says its research shows real estate agents are finding TC3 properties take more work to sell because of the stigma attached and because lenders are cautious. However, the agents report success, and emphasised the need for sellers to provide thorough reports. Homes in the suburbs of Fendalton, Merivale, Strowan and Parklands were selling especially well.

No longer do we paint by joining the numbers, we sell by joining them. Credible and transparent information wins the day!

 

On that positive note it is time for me to sign off but not before I welcome Karie Thoms to Team Griff as my new office administrator – she comes with very high recommendation so watch this space….