Stoked by a suburb? Well yes, as a matter of fact, in Nelson, you can.
As the ITV cameras pan in at the beginning and again, out at the end, you used to see what looked like rows of little boxes on the hillside of Coronation Street. Many many identical little boxes. Something that must surely have made a local Valuers job just that little bit easier back then.
Guess what, Nelson in one way, has something similar.
Not exactly in TV terms, with debatable neighbours, but most definitely from a Valuers perspective.
See, the area local folk know affectionately as “Poets Corner”**, it just about presents that same Coro St equivalent property valuation opportunity.
A large subdivision that was developed & populated in the 60’s, and early 70’s it was quite unique in Nelson terms.
The why is because, picking a few streets here for example, in this instance Marlowe, Kipling, Tennyson & Dickens, I come up with the figure of 60.8% of the properties that had an identical section size, generally rectangular and always at the same 607 m2. (for those of you statistically inclined, that relates to 110 out of 181 stand alone housing sections in total ) In addition to that, another 15 had a slight 10% bump up, up to 647m2…so to be fair, they could almost be lumped into together in the scheme of things anyway. ( I suggest 125 out of 181 here)
Of these homes, well they were mixed, stucco/roughcast, weatherboard along with a bit of the usual mixed material construction, again pretty standard fare for the times, but typically of the 110 ~ 125m2 in floor area size, all built in that same short period.
Time to bring you up to date with the suburb of Stokes importance in New Zealand, so I draw your attention to this prior news.
And the local news, prices for homes in this Poets Corner zone of Nelson have doubled every 10 years in recent memory.
That means that they were…..
In 1975 – $30 ~ 35,000
In 1985 – $70,000
In 1995 – $140,000 (this is really an average decade price b/c the 90’s were, to put it mildly, a trying^^ time for real estate prices in NZ)
In 2005 – $280,000 (well actually a year or two before this date in reality, because by 2005 most were more like $285,000 ~ 295,000)
In 2011 – $ approx $320-330,000.
In 2015 – $560,000??? ( hmmm….interesting)
Put simply, the figure for 2015 as an average (“median” perhaps), well it has my head spinning?
...a past listing of mine from the "Poets Corner" area
So the good news is that because we have so many similar style / size / year built homes on exactly the same size sections, we do indeed have a great local property valuation tool. It also reinforces that Stoke home prices have kept their value almost better than anywhere else in NZ over recent years
There’s a good chance in 4 years time I’ll be eating my words, my hat, whatever…….but any which way, it sure will certainly be interesting around about January 2016 summer BBQs , any discussions regarding “the past” in terms of real estate prices.
Be that as it may, history has shown that investing in real estate in Nelson is certainly not an unsure thing. There’s a track record there.
** called Poets Corner because of the following street names…..like Marlowe, Kipling, Tennyson, Keats, Browning, Dickens, Shelley, Barrett, Coleridge, Wordsworth, Masefield, & Rosetti.
^^ – plenty of examples depicting folks that brought a property in 1991/92/93 sold it for the same price or even less in 97/98/99
Well on account of the fact that southern residents between Christchurch & Dunedin will hopefully receive an envelope in the mail from the Timaru District Council by weeks end, detailing their latest CV.
Obviously you too can see from the above QV chart ( I’ve taken the liberty to highlight parts) they’re not the only ones due some important notification.
Timaru is kind of dear to my heart, and yes in case you are asking there is a good reason. As a Mainlander, I was born down there.
David, what has this to do with the Nelson region I hear you ask?
Well… just check the chart above and you’ll quite quickly notice that the last line on the above Quotable Value chart does indeed have a heck of a lot to do with my region, some would say 50% to do with it. Any which way, locally…..well we’ll know in a week or two those amongst us who feel justified…or otherwise.
Check out Quotable Value NZ’s Property Map above covering October 2011, just published by www.trademe.co.nz above. Do you notice a NZ Regional zone that happens to have the most stable housing prices, one which aligns itself the closest with the New Zealand median?
(hint – look on the left-hand side about mid way down)
…..and more than likely read it when browsing over the newspaper reports about monthly sales.
So exactly how are they calculated?
Well, good news, because with the help of Bank of NZ’s Chief Economist Tony Alexander, the Real Estate Institute of NZ (REINZ) have decided to help you out by offering an explaination, using Auckland as an example.
Click here to head on over to the REINZ site to bring yourself up to speed on this important statistic.
While you’re at it, you should also check out the handy online versions of the bi-monthly “Builders Mate” magazine, written for builders. Who knows, you might pick up some handy extra tips or advice there too.