Latest House Sales Figures
The latest January residential sales results have been released by the Real Estate Institute of New Zealand and by Quotable Value (Q.V). The picture is one of a continuing trend of slowing growth in value activity and demand.
The Reserve Bank 40% LVR is clearly having an effect especially in Auckland. Coupled with the annual Christmas / New Year holiday period slow-down has lead to a decrease in prices for parts of Auckland, Hamilton and Christchurch since November.
It is worth noting that a similar trend of flattening / falling values was seen in Auckland over the Summer period last year following the introduction of the 30% LVR for the Auckland region only. Actual prices dropped slightly across Auckland by 0.4% last month. Hamilton prices slowed to a 1.1% increase over Nov / Dec / Jan. Tauranga continues to rise with a 4.3% increase over Nov / Dec / Jan with continued price increases in Western Bay of Plenty. Hawkes Bay is still growing strongly in value with a 5.5% increase over Nov / Dec / Jan.
Wellington, Dunedin and the Nelson area are still showing price rises. We believe that if the LVR is left unchanged prices will soon begin to rise again in Auckland because of the growing shortage of houses and strong net migration figures.
Do you own or are you buying a rental?
If so you really should have the property checked for Methamphetamine contamination before you buy and periodically during a tenancy. It makes good financial sense to have your rental checked for Meth (P) at the start of a tenancy and at the end of a tenancy—which will be the start of the next tenancy.
Have it written into your tenancy agreement which will be signed by the tenant. This alone will put off applicants for a rental who intend to use or worse manufacture methamphetamine at your rental.
De-contamination costs can be huge and in cases of extreme contamination demolition of the property is the only option. Check your property insurance policy as it may exclude Meth contamination.
All A Buyer’s Choice Home Inspectors are trained and qualified to test for Methamphetamine. What about that second hand car you are thinking of buying? Meth’s users could have contaminated it too! The level of contamination in such a small closed space such as a car can be very high.
Don’t risk you or your families health, have an A Buyers Choice Inspector check it for you.