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Property market report

It’s a market of two halves

Half is the reducing volume of houses on market.

Half is the increasing confidence of buyers in the market.

Let’s face it, confidence has been sucked out of this market quicker than blood in a donor centre. It has been the perfect storm of, over-zealous Government regulation, Reserve Bank noose tightening, and the naivety in Wellington that you can buy a cheap house in Auckland, truth is “You Can’t”.  Most buyers I have engaged with over the last two years highlight the near impossibility of borrowing money, extending overdrafts or making financial changes.  The good news is that some levers have been pulled to loosen the noose. These include:

- Tax deductibility on interest charged on rental property

- Brightline test reversed to 2 years (not the 10 years Labour had in place)

-  CCCFA (The Responsible Lending Act) having a cut and tuck

- Transparent LVR ratios formulated to gross income

In addition interest rates are stable across the main banks with most offering a three year term of 6.39% and Kiwibank having a one year rate at 6.99%. This can only be good for certainty of borrowing.

Let’s look at the sales:

Coatesville                              $9,300,000

Helensville                              $591,250 to $1,000,000

Huapai                                     $955,000 to $1,400,000

Muriwai                                   $340,000 to $1,350,000

Riverhead                                $1,180,000 to $4,230,000

Swanson                                  $960,000 to $1,688,000

Taupaki                                    $920,000

Waimauku                               $1,395,000 to $2,275,000

Waitakere                                $1,200,000 to $1,800,000

Whenuapai                              $710,000 to $1,270,000

House prices have taken a thumping since December 2021, averaging 25% lower than at the peak of the market, but still up on pre-Covid pricing of 2018/19.  What we have seen plenty of over the last three months is a willingness by Property Owners to test the market, understand value, and withdraw from sale, therefore protecting their perceived value in their asset, while they move to rent or invest in renovations.  Over 35% of property brought to market has been withdrawn from sale over the last quarter. This is a time for cautious planning, careful moves and a willingness to understand market demand.  Ensure you list with an agent that is a good communicator, appreciates the value you see in your asset and has an excellent plan. Give me a call Graham McIntyre on 0800 900 700 or 027 632 0421 and let’s talk. Mike Pero Real Estate Kumeu/ Hobsonville. Licensed REAA2008.

9 Sep

Join us for an exciting women’s clothing swap event

We are thrilled to invite you to our upcoming Kumeu Clothing Swap & Shop event, an initiative aimed at fostering community spirit, sustainability, and giving back. This event is a fantastic opportunity to refresh your wardrobe while contributing to a great cause. Here’s everything you need to know:

Fundraising Goal: $20,000 - Our goal for this event is to raise $20,000 to support Parent Aid North West. With your participation and generosity, we believe we can reach and even surpass this target. These funds will go directly towards providing home help visits to young families in need in the North West community.

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5 Sep

Local landscape designer Jules Moore wins gold

Kiwi athletes aren’t the only ones bringing home gold.

Landscape designer Jules Moore of Riverhead, and Whenuapai’s Touch of the Tropics Garden Centre, got a gold medal at the prestigious Singapore Garden Festival (August 3-11) at Singapore’s Suntec Stadium.

Jules, who featured in the May 2024 Kumeu Courier, won gold for her entry “Portals to Paradise” in the Best of Show, Fantasy Garden category.

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3 Sep

Tracey - The Travel Broker Team

Hi, My name is Tracey, I am a local independent travel broker and a member of the award-winning The Travel Broker Team.

Born and bred in Taranaki now living with my 2 primary school aged children and partner in Kumeu, Auckland.

I love everything about travel – the planning, the lead up and the thrill of the journey itself. I have travelled extensively from doing my OE in my 20s in Ireland and the UK and travelling all over Europe be it a bus tour, backpacking or short city stays. And many more amazing memories have been made on trips over the years visiting some amazing parts of the world – highlights to mention are trekking the Inca trial in Peru to a Safari in South Africia. A huge highlight of my travels was experiencing central America – Mexico, Belize and Guatemala were incredible.

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September 2024

the Kumeu Courier September 2024

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