Pt Chevalier top streets in relation to 2014 CV

Was interesting to read the item in this mornings NZ Herald regarding NZ’s top streets where Cremorne St in Herne Bay is in number one position.

We have been looking at the latest CV data for Pt Chevalier and of the streets that we have analysed so far it appears that the top 10 streets in regard to average 2014 CV are:

1)  Lynch St
2)  Bangor St
3)  Harbour View Rd
4)  Joan St
5)  Newell St
6)  Lister St
7)  Raymond St
8)  Maryland St
9)  Johnstone St
10) St Michaels Ave

The table below gives the average and median 2014 CV and the high and low figures for each street.

Street Average Median High Low
Lynch St 1900000 1785000 3700000 920000
Bangor St 1861739 1640000 3000000 890000
Harbour View Rd 1745862 1480000 4650000 785000
Joan St 1385588 1290000 2850000 800000
Newell St 1383809 1310000 3050000 900000
Lister St 1365384 1340000 2350000 590000
Raymond St 1332575 1170000 3250000 695000
Maryland St 1323414 1325000 2000000 480000
Johnstone St 1312592 1200000 3200000 690000
St Michaels Ave 1283370 1070000 3600000 440000
Seacombe Rd 1179696 1090000 3850000 680000
Wainui Ave 1177477 1130000 2550000 405000
Dignan St 1174588 1120000 3900000 615000
Te Ra Rd 1145434 1120000 1920000 720000
Walker Rd 1140961 1140000 1950000 450000
Wright Rd 1105493 1000000 3100000 390000

 

November 22 2014 | Uncategorized | No Comments »

Auction vs negotiation – which is best sale method?

We have just analysed all sales in Pt Chevalier so far this year up to the 20th November and compared results achieved in relation to 2011 CV figures.

Properties marketed as auctions achieved an average of 43% above 2011 CV whereas negotiation achieved an average of 51% above 2011 CV

Negotiation achieved a result 18.6% better than auction.

So quite a resounding win for the negotiation method and clear proof that if you want the best possible price the auction method is not the best way to achieve it!

November 20 2014 | Uncategorized | No Comments »

Auckland Council Valuations 2014

Every time that CV figures are released we have always have had a real issue with selling homes for which the CV is lower than what we would expect the home to sell for, so our advice is that if your CV is low and you are thinking of selling at any time in the next 12 months that you should object and get it increased.

Immediately upon release of the data this week we are noticing buyers taking a strong interest in the latest CV figures. The latest CV figures are very inconsistent and we will publish separately a post with some examples we have collated so far.

Another good reason to keep your CV high is if there were a major disaster in Auckland that caused serious damage any payout from EQC may reflect the CV value and the people of Christchurch with lower than market CV figures discovered this to their disadvantage. There is a also a cumulative effect to keeping your CV low, sure you will avoid higher rates but when you come to sell, the expected larger than normal sale price above CV is difficult to explain to buyers.

Wee have come across some very strange examples so far ie a home with a very low 2011 CV of $380,000 which has now been increased to $550,000 but the current owner actually paid approx $620,000 for it around July. It has since had a full renovation and would be worth at least $880,000 to $900,000 and as a result has a 2014 CV 60% lower than market value.

Our opinion is the CV system should be cancelled and leave the value of homes up to the market and find a better method of assessing rates. Someone paying $9,000 per year for rates on a $2.5m CV property in Grey Lynn has the same two wheelie bins that a person paying $2,400 per year in rates has on a $600,000 property in Avondale!

Alistair Helm has an interesting item related to the 2014 CV release at properazzi.co.nz

November 14 2014 | Uncategorized | No Comments »

Auckland 2014 CV online access

If you are having trouble accessing your 2014 CV on the Auckland Council website try using this QV link instead 

If you are thinking of selling your home in the near future and you think your CV is too low then it is best to object, as the CV figure will become a focus of  negotiations and may limit your prospects of achieving top dollar!

If you own a home in Pt Chevalier, Westmere or Grey Lynn and want a realistic assessment of market value call us on 098468996.

 

November 10 2014 | Uncategorized | No Comments »

The Block Pt Chevalier alternative

If you would like to purchase a new home in Pt Chevalier but want at least 500m2 of land and 325m2 of house take a look at our listing for 25 Buxton St at sellrealty.co.nz

This home will be constructed to the highest standard with quality fixtures and fittings and will comprise 4 bedrooms, ensuite, study, two living areas, double garage etc and will have a view of the city from the upstairs rooms. The landscaping includes a swimming pool and the property will be fully fenced.

25buxton

 

 

October 25 2014 | Uncategorized | No Comments »

The Block Open Day

TV3’s The Block open day will be held on Saturday 25th October from 9am to 3pm and the best way to get there would be to catch the Outer Link bus and get off near the intersection of Meola Rd and Walford Rd, Pt Chevalier

Full details including a map, proposed events and activities are available online here.

While you are in the area check out the homes we have for sale in Pt Chevalier here and read all about the Pt Chevalier housing market here.

October 13 2014 | Uncategorized | No Comments »

Auckland auction sales drop 25% in September

The commencement of the spring market has seen the number of Auckland auction sales drop by 25%  when comparing September 2014 with the same month last year, according to the latest press release from the Real Estate Institute.

32.8% of all dwelling sales in Auckland were by auction in September 2014, compared with 43.8% of all dwelling sales in Auckland in September 2013.

Across NZ only 18.1% of homes were sold by auction in September.

It would be great if the industry offered more transparent data when it comes to auction results for example:

1) What was the sale price under the hammer versus original appraisal price supplied by the salesperson?
2) Did the vendor lower their reserve price/expectation in the stressful high pressure period when the auction was actually taking place?
3) Was the sale made under the hammer or negotiated afterwards?
4) How much above the reserve price that was set before the auction did the property achieve – ie was there really a premium above vendor expectation?

Our view is that a sale at auction is one where it has sold “under the hammer”, however the latest official definition of an auction sale is a sale that took place either under the hammer, or within one working day of the auction, to a party who was in attendance at the auction. This may be one of the reasons data indicates that auction sales volume has dropped, as reporting of auction sales must now take into account the new definition!

We have noticed in our office, over the last few months, a distinct preference from buyers and sellers to avoid the auction process with many buyers, when registering with us, commenting “do not quote us any auction properties”. Buyers definitely prefer to secure a contract on a property for 3 to 5 working days during which time they will obtain finance, valuations, building reports etc and will often pay more, having been given that opportunity.

We were recently approached by a couple who had purchased a home that was marketed as an auction by another company. The day they settled the purchase they approached us as they needed to resell it so we simply put a price on it and sold it a few days later for $60,000 more than they paid for it! So fairly obvious which method obtained the best result in this particular case.

You can read the full REINZ September press release here

Also worth a read is this Commerce Commission paper on Buying and Selling at Auction and this article from properazzi.co.nz

 

October 13 2014 | Uncategorized | No Comments »

The Block 2014 comes to Newell St, Pt Chevalier

It has been reported on page 7 of this mornings NZ Herald on Sunday that The Block is coming to Pt Chevalier.

This will place a major focus on Pt Chevalier and the local property market, although could cause serious disruption in the immediate Newell St area, especially at school drop off and pick up times.

It will be interesting to see how they go with regard to the planning rule that requires Resource Consent if removing a pre 1944 dwelling and also given proximity to the coast whether or not any other restrictions will kick in.

Will they move the existing homes to the rear and place two second hand homes onto the front or remove the existing homes and build four new homes – time will tell.

If you are inspired by The Block and motivated to carry out your own renovation and/or development then perhaps consider a couple of homes we currently have for sale at 3 Wainui Ave and 47 Oliver St – see details at www.sellrealty.co.nz

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March 16 2014 | Uncategorized | No Comments »

Point Chevalier waterfront structures swamped by king tide

All around the waterfront jetties and low lying areas were swamped by the 3.7m king tide this morning! This jetty is near the Oliver St boat ramp.

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February 02 2014 | Uncategorized | No Comments »

King high tide at Pt Chevalier beach brings the crowds

It was difficult to find a park anywhere close to Pt Chevalier beach this morning as the king high tide attracted what appeared to be at least 1,000 people to the beach!

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February 02 2014 | Uncategorized | No Comments »

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