Home Inspection News – Issue 26

The May Housing Market

During May across all of New Zealand house prices increased by 3.2% to $578,000 from $560,000 in May 2018. Median prices in Auckland increased by 1.2% from May 2018 and now sits at $860,000.

This is the highest Auckland median price in 2019. At the other end of the scale Gisborne property owners enjoyed a massive 54.4% median increase from May 2018 – May 2019!

Prices in Gisborne increased as a result from a median of $285,000 to $440,000. That was $2,645 a day for every day between the 1st of May 2018 and the 1st of May 2019.

Other strong growth areas were Southland (16.7%), Manawatu / Wanganui (14.4%), Hawkes Bay (9.3%) and Otago (8.2%). The number of properties sold in May was down 7.8% across New Zealand with Auckland the worst down 21.8%.

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The Importance of LIM Reports

What is a LIM report?

A Land Information Memorandum (LIM) report is a summary report of some of the information held by the local council. The report covers one particular property only – land or house and land.

What is in a LIM report?

A LIM report contains information about such things as slippage and potential flooding risk by way of flooding plains. The presence of possible hazardous substances such as Asbestos or soil contamination by pesticides and insecticides.

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Home Inspection News – Issue 25

The Housing Market April 2019

Over the whole of New Zealand house prices in April increased in 13 of the 16 regions compared to prices in March. The areas not seeing increases were Auckland, Nelson and Otago. Days to sell increased slightly from 36 days to 37 nationally.

Auckland increased by 4 days to 41 days to sell. What was noticeably down was the number of sales which year on year were down 11.5% nationally and 16.3% in Auckland. The recent fall in the official cash rate to a record low of 1.5% and the scrapping of the proposed capital gains tax should however give confidence to buyers.

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Home Inspection News – Issue 24

Prices in January 2019

14 out of 16 regions of New Zealand had annual price increases in January. The only ones that did not were Auckland and Canterbury. The number of residential property sales were down year on year both in Auckland and Nationally. The warm sunny weather possibly meant would be buyers were at the beach instead.

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Home Inspection News – Issue 23

House prices were up nationally in December 2018 by 1.5% compared to December 2017

The new median price is $560,000. Auckland also saw an increase but only 0.2% to a new median of $862,000. The Bay of Plenty was the star achiever for December with a new record median price of $610,000 which was a 2.0% increase.

Every region in New Zealand had a price increase in December which was the first time this has happened since June 2017 – 18 months ago. Auckland recorded the highest price for 9 months. For all those that think house prices are going to fall, take a look at this:

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Home Inspection News – Issue 22

October 2018 House Prices

After the lowest level of sales for 8 months in September sales numbers rebounded in October and were around 15% higher than October 2017. This is what was predicted following the serge in listings that has come onto the market.

October was the month when the ban on foreign buyers came into effect. The median house price nationally was up 0.5% compared to September and in Auckland it was up 1.5% compared to September.

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Home Inspection News – Issue 21

September 2018 House Price Sales

September recorded the lowest level of residential property sales for 8 months because of the low number of properties for sale. The numbers were down 3% compared to September 2017. As far as prices are concerned nationally they were up 5.9%. For Auckland prices were the same as September 2017.

While the numbers of sales nationally were down in 14 out of the 16 regions in New Zealand, prices were up compared to September 2017 and 4 regions set record median prices. The 4 were:

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Home Inspection News – Issue 20

New House Price Records in August 2018

An early spring for house prices nationally with New Zealand prices up 3.6% year on year and Auckland up 1.4% year on year. After 6 months of flat prices the regions set new median price records in August.

Gisborne increased 42.6% in the last 12 months to a new record median of $335,000. Tasman up 24.2% in the last 12 months to a new record median of $615,000. Manawatu / Wanganui rose by 10.5% in the last 12 months to a new median record of $315,000.

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Home Inspection News – Issue 19

July 2018 House Prices

In July house prices increased in every region of New Zealand except Auckland which fell marginally by 0.1%. The NZ median price increased to $550,000 and the median days to sell was 37. The Auckland median price is now $835,000 down $850 from June.

The REINZ house price index for New Zealand was up 4.9% from July 2017 and the index showed Auckland was up 1.6% from July 2017. New record prices were recorded in July for:

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Home Inspection News – Issue 18

June Property Prices 2018

June saw a downturn in the number of properties sold across New Zealand as winter weather took hold. Sales were down 1.6% compared to June last year. Prices have however remained strong according to the Real Estate Institute of New Zealand (REINZ).

Prices dropped by just $2,000 from $562,000 in May to $560,000 in June (0.35%). In Auckland the median price actually rose a little ($2,000) and remember it rose in May too in Auckland. Could it be the shortage of houses in Auckland and the shortage of building trades people to build more that is having some effect?

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