Archive for March, 2012

Grey Lynn real estate – the suburb everyone is talking about!

Update 29 March – SOLD. Photographed Tuesday, live on the web Thursday, viewings by appointment only Sat/Sun/Mon, multiple offers made and SOLD on Wednesday. Buyer and seller ecstatic!

If you would like your Grey Lynn property sold fast using the same stress free method please do not hesitate to call us to arrange a FREE appraisal – call Derek von Sturmer 0275 337357 or Lawrence von Sturmer 027 2279294 Grey Lynn office 483 Richmond Rd www.sellrealty.co.nz

Most home buyers in central Auckland will have noticed there has been a great deal of media interest in the Grey Lynn real estate market of late and it’s not surprising given the fabulous results that are being achieved.

A Grey Lynn home at 9 Jessel St that was purchased for $812,000 in March 2010 has been renovated and sold again this week for $1,830,000 or more than a million above its CV.

Another modern home at 28 Arnold St sold recently for $2,600,000 – a record breaking price and a Villa at 1 Selbourne St sold for $1,620,000.

Following on from our sales of Tutanekai St and Sefton Ave we now have another opportunity for you to profit from the Grey Lynn market with this superb original Bay villa. Perfectly liveable as is or ripe for transformation into another home as spectacular as Selbourne St or Jessell St.

Situated close to the popular West Lynn shopping strip it is in immaculate original condition with all character features intact. The house offers 3 bedroooms, large open plan living/kitchen/dining and a massive basement area. The section is an inner city oasis, fully fenced, well established and complete with garden studio. Zoned Res 6A and comprising 430m2.

If you would like to arrange a sneak preview of this home please email Derek von Sturmer dvs@sellrealty.co.nz to organise a time and he will also email you a full set of photographs, floor plan and LIM report.

No need to wait 3 or 4 weeks for an auction here! We expect this home to be snapped up quickly so if you have a budget in excess of $900,000 do not delay!

March 22 2012 | Uncategorized | No Comments »

Waterview Connection Open Days now at Waterview School 19 Oakley Ave

The public information days to be held this week have been moved from Cowley Street to Waterview Primary School Hall at 19 Oakley Ave:

Thursday March 22nd Midday – 8pm
Friday March 23rd 8am – 5pm
Saturday March 24th 8am – 2pm

If you are considering buying a home in the Waterview area or south west corner of Pt Chevalier you should be fully informed of what is happening with the Waterview Connection and the causeway to Avondale.

March 22 2012 | Uncategorized | No Comments »

Housing Bubble discussion with Bernard Hickey and Alistair Helm

A good debate between Bernard Hickey of interest.co.nz and Alistair Helm of realestate.co.nz this morning on Breakfast TV this morning.

Watch the video clip here.

March 19 2012 | Uncategorized | No Comments »

John key indicates we are in for a housing boom!

“I think it’s going to take off” – that’s what John Key said this morning on the TV1 Breakfast show.

He says this is for a variety of reasons including slow planning processes etc and that all indications are that this will happen particularly in Auckland as a function of internal/external migration and not enough supply.

More details on the nzherald site.

March 19 2012 | Uncategorized | No Comments »

Waterview Connection – Public Information Days

If you are thinking of buying a home in Waterview or in the South West corner of Pt Chevalier then you may like to check out the latest information on the Waterview connection.

This will include details of construction timeframes, location of the ventilation stacks and creation of walkways, cycleways etc.

There will be public information days held this week at Waterview Primary School Hall 19 Oakley Ave

Thursday March 22nd Midday – 8pm
Friday March 23rd 8am – 5pm
Saturday March 24th 8am – 2pm

There is some very interesting additional information available on the transport blog

Other information including plans, visuals and videos can be seen at nzta.govt.nz/waterviewconnection

http://www.nzta.govt.nz/projects/waterviewconnection/img/great-north-rd-interchange-design.jpg

March 18 2012 | Uncategorized | No Comments »

Auckland Council Rates Calculator – prepare for a shock!

From July this year a new rating system will apply to Auckland properties which will see significant rate increases that will come as a shock to many property owners!

You can check with this online calculator how much your rates will increase after July or use the calculator to check the future rates on any property you may be looking at purchasing.

We have checked a few properties in the Pt Chevalier area and here are some examples of the increases:

Current CV $425,000
Current rates $1,590
New rates $1,800 – $1,870
Increase 13.2% 

Current CV $640,000
Current rates $1,972
New rates $2,370 – $2,450
Increase 20.2% 

Current CV $920,000
Current rates $2,579
New rates $3,160 – $3,230
Increase 22.5% 

Current CV $1,760,000
Current rates $4,871
New rates $5,600 – $5,670
Increase 14.96% 

Current CV $2,500,000
Current rates $5,948
New rates $7,750 – $7,830
Increase 30.3% 

The question has to be asked – why are the rates increasing 13% plus when inflation is so low – perhaps one reason is that there are more leaky home cases being settled by council on a confidential basis than we realise?

 

March 07 2012 | Uncategorized | 1 Comment »

Property auction failure rate increases during 2012!

Many auctions we attended last week failed to sell under the hammer no doubt leaving owners wondering why the thousands of dollars they had invested in high profile print media marketing campaigns had failed to achieve the outcome they were looking for. Several had no bids at all and many others only sold after the owners reduced their expectation and were consulted mid auction,with sales only resulting once the reserve prices were lowered.

If the reason for placing your home up for auction is to create a competitive environment and unconditional bidding leading to higher prices with a sale under the hammer, then this has not been the outcome for many sellers during 2012 so far.

An article in the NZ Herald on March 5th also indicates that many auctions failed to sell under the hammer during February – here are some comments from that article:

“Of the 43 lots – representing homes from west, central and east Auckland – 15 sold under the hammer and 28 properties were passed in. Sixteen of them drew no bid at all, with three others attracting just one low offer.”

“But most of the properties selling on February 15 seemed to fetch prices below the vendors’ initial reserve as staff negotiated the deals – eking out a few dollars more from buyers and persuading sellers to drop a little.”

“If the auction gave another pointer, it was that buyers are still cautious, with just two homes comfortably clearing the original reserve.”

“The passing-in of so many properties without a single bid hardly suggests supply is still way out of kilter with demand in Auckland, but may support arguments that generally we still have quite a fussy market”

“Eventually, as the sellers came down to meet the market, the house sold for $750,000″

So what’s with the sudden emergence of auction marketed properties this summer if they have such a large “under the hammer” fail rate? Many companies pay the salesperson who lists an auction property a considerably higher share of the commission as the expensive auction marketing campaigns usually demanded of an owner ensure that the company commands a high profile. This profile is obtained using the sellers money rather than the real estate company having to invest in it.

As to the reason for failure there appear to be many buyers avoiding auctions, preferring an asking price or at least some form of price indication and then negotiating a sale with the owner through a salesperson rather than an auctioneer.

In Australia they are more open with the auction success/failure rates reporting them immediately after each weekend as you can see here

But even in Australia the “under the hammer” sell rate has dropped to 49% in Sydney and Melbourne and only 25% in Brisbane.

From interest.co.nz thread:

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March 05 2012 | Uncategorized | No Comments »

Pt Chevalier Westmere and Grey Lynn House price update from Quotable Value

For a full quarterly market report buy a copy of today’s NZ Herald as it contains a comprehensive 24 page market update and included in the report are figures for our local area which indicate price movements for Pt Chevalier, Westmere and Grey Lynn:

Pt Chevalier 

$655,444 was estimate of average value at peak of the last boom in November 2007
$737,889 is the  estimate of average value as at 31st December 2011

There was a 7.1% increase for the year ended 31 December 2011 in Pt Chevalier

Westmere

$832,278 was estimate of average value at peak of the last boom in November 2007
$941,111 is the  estimate of average value as at 31st December 2011

There was a 6.9% increase for the year ended 31 December 2011 in Westmere

Grey Lynn

$737,000 was estimate of average value at peak of the last boom in November 2007
$833,333 is the  estimate of average value as at 31st December 2011

There was an 8.6% increase for the year ended 31 December 2011in Grey Lynn

If you had purchased a house at the average price at the previous peak in 2007 it would now be worth at the end of last year $108,833 more in Westmere, $96,333 more in Grey Lynn and $82,445 more in Pt Chevalier.

So there you have it – November 2007 peak has been well and truly exceeded.

March 05 2012 | Uncategorized | No Comments »

QV quarterly property report features Pt Chevalier

Monday 5th March – In the NZ Herald this morning is the latest Quotable Value Property report. It’s a 24 page liftout that provides a quarterly guide to house prices. If you haven’t received a home delivered copy get one now from your local shop, petrol station or supermarket.

Here are a few links to the report:

QV – What the property industry says

QV – Caution reigns

Auckland property market out in front

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March 05 2012 | Pt Chev News | No Comments »

Wedding on Meola Reef?

A Grey Heron watches over what appears to be a wedding taking place at the end of Meola Reef Reserve on Sunday afternoon. Just as well the weather bomb evaporated quickly!

 

 

 

March 04 2012 | Uncategorized | No Comments »

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