Auckland house sales slump to four-year low

 

The number of Auckland homes sold in November fell to the lowest level since 2011 on a seasonally adjusted basis. Figures from the Real Estate Institute of New Zealand (REINZ) showed volumes fell 11.5 per cent compared to October, while in the rest of the country sales rose 4.6 per cent. However the shortage of homes meant that prices continued to rise, up 2.2 per cent, or $16,750, to $765,000 compared to the previous month, or a 14.2 per cent annual increase. That compares with annual increases of 16.8 per cent and 25.4 per cent in the September and October years respectively. The slowdown in the country's biggest city meant the national average median house price actually fell between October and November by $500 or 0.1 per cent to $459,500.

The Reserve Bank imposed new restrictions on lending to investors in Auckland from the beginning of November because of concerns that the boom in house prices there posed a risk to financial stability. The government also imposed new rules at the beginning of October including taxing gains on properties bought and sold within two years and requiring foreign buyers of a home other than their residence to have a New Zealand bank account and taxpayer number.

Away from Auckland, there were signs of strong growth in sales and prices. New record median prices were set in the capital, Wellington and in Waikato/Bay of Plenty at $435,000 and $392,500 respectively. In Northland, the number of properties being sold increased 68 per cent compared to year ago. Excluding Auckland, the national median price rose $15,000 or 4.2 per cent compared to a year earlier to hit a record high of $375,000. In all, there were 8,048 unconditional residential sales in November, an 8.5 per cent increase on November 2014 and an increase of 2.7 per cent on October. Seasonally adjusted sales fell 2.6 per cent from October to November, a figure that REINZ described as indicating that sales were generally weaker than would normally be expected at this time of year.

Source: Auckland Herald Friday 11 December 2015

 

Kind regards,

Duane Turner
Territory Owner and Inspector
Office: 09 811 8018
Mobile: 027 376 4806

duane.turner@abuyerschoice.com
www.waitakere.abuyerschoice.com

Waitakere & Surrounding Areas
         

I am certified qualified to test for methamphetamine - ask me about testing for meth at your property.

Buying Old or Buying New - 5 Key Considerations

Love the idea of an original weatherboard character home, or maybe you prefer something brand spanking new. Well, before you plump for that ultra-modern pad, or start hunting for antique chandeliers for your ornate villa, Stephen Hart from Hometopia.co.nz considers some facts. 1.       Layout  New homes are built with today’s lifestyles in mind and are generally easier to live in. They are built with more bathrooms and kitchens are often integrated into living areas. Don’t expect an older house to be set up to effortlessly accommodate your media room. And yes, your 90-inch flat-screen television will look ridiculous hanging in the oak-panelled library. Flow was something else far from the minds of most Victorian architects, so celebrate the idea of corridors and cubby-holes, or rule out character homes. 2.       Location  Historic or older houses will often be located in the more established city suburbs while most newer properties will be in recently developed areas further from the CBD. There are two plus points for the old home buyer. First, you know exactly what you are buying into when you move to an Epsom Fendalton or Eastbourne. Who knows what some of the new developer-created suburbs will eventually turn out like? Second, commuting to the city is easier from the old money suburbs. This is good for your sanity and will be good for your bank balance when you sell. 3.       Charm and personality  Older homes often have a character and individuality that simply cannot be found in new homes. If an older home looks good now it will look good in another 20 years. That stainless steel and black glass exterior may look spectacular now but what will it age like? Is the design merely fashionable, or will it stand the test of time? 4.       Gardens and landscaping  Mature trees and established lawns add to the appeal of older homes. With new homes on a subdivision the buyer needs to have imagination to visualise how that scrappy vegetation between the bulldozers might one day develop into a lush tropical landscape. Or will it? Landscaping is expensive and some developers may be tempted to skimp on the orchid count. 5.       Maintenance  It’s funny how the charm and personality of your original villa can quickly evaporate when you are presented with cost of replacing the rotten floorboards that have just given way under your Victorian claw-foot bathtub. Get used to the fact that old homes require maintenance – some of it suddenly and in a big way – and if you are no handyman, that means expense. Make sure you factor maintenance and renovation costs into your purchase price budget when buying an older property. At least with a new home you get a warranty to cover any major problems while the house settles into its foundations. Stephen Hart runs Hometopia.co.nz – the free online resource centre for home buyers and sellers, and Auckland HomeFinders. Source: Unconditional.co.nz

Duane Turner
Territory Owner and Inspector
Office: 09 811 8018
Mobile: 027 376 4806

duane.turner@abuyerschoice.com
www.waitakere.abuyerschoice.com

Waitakere & Surrounding Areas
         

I am certified qualified to test for methamphetamine - ask me about testing for meth at your property.

Buying a house - A checklist to help home buyers make informed decisions

Buying a house is the biggest investment most

of us make, so it is important to get it right.

Home buyers need to remember that the seller’s

real estate agent works for the seller. However,

they also need to be aware that real estate

agents licensed under the Real Estate Agents

Act, and their salespeople, are also bound by

a number of statutory and ethical obligations

which require them to provide the buyer with

information of material importance, and to

fully answer buyers’ questions. Information of

material importance is any information about

the property that could impact on your decision

about buying it. Buyers and sellers alike should

know that sellers of real estate who are not

covered by the Real Estate Agents Act are not

bound by the same requirements.

Friends and family are often keen to offer free

advice, but spending money on professional

advice before you buy may save you spending

a lot more money in future fixing problems you

didn’t know about.

Knowing the right questions to ask and engaging

expert advice will help you make a sound

investment for your future – whether you’re

buying a home to live in with your family or to

rent to tenants.

 

Is the seller or their agent aware of any

problems with the property?

 

Ask both the real estate agent and the

seller if there is anything a buyer should be

aware of with the house, particularly around

weathertightness concerns if it’s a modern

design or had additions done since the early

1990s. Write down what you are told.

 

Buying a house

A checklist to help home buyers

make informed decisions

 

Most apartments and townhouses are unit title

properties, with a body corporate governing the

use of common areas and administering the body

corporate rules. Always ask the seller to authorise

the body corporate secretary to provide full

records, such as meeting minutes and financial

reports, to identify any financial liabilities you

need to know about, or problems such as leaks or

subsidence.

 

What needs to be checked?

 

For all properties, regardless of age and design,

basic checks should include:

• the condition of the roof (rust, broken tiles,

patching)

• plumbing, including water pressure – check all

taps and showers

• the condition of drainage systems – are there

any signs of flooding from a partially blocked

sewer or storm water drain?

• electrical wiring – check the switchboard

and power points for any discolouration

• the condition of the piles (under floor supports)

• insulation – in the ceiling space, in the walls,

under the floor

• the condition of fences, paving and driveways

• evidence of house movement, such as cracked

window sills and doors that don’t close properly

• any alterations that do not appear on the plan

(plans usually can be obtained from the local

council for a small fee).

 

www.consumerbuild.org.nz

 

Is a pre-purchase building inspection

advisable?

 

A pre-purchase building inspection is

advisable for all properties, but essential for

homes that may be at risk of leaking. If the

property has any potential signs of leaking,

engage an experienced building expert with

weather tightness expertise to inspect it. If the

house you are thinking of buying has any obvious

weather tightness risks, ask the building expert

to report specifically on this. If the property

is an apartment or in a townhouse complex,

ensure the whole complex is inspected for

weather tightness and not just the unit you are

interested in. If other parts of the complex are

leaking then you will be liable for a share of their

repair, even if your own unit is weather tight.

 

Can you check if a house has had

weathertightness problems?

 

Weathertight Services, Department of

Building and Housing, can let you know if the

property is or has been subject to a claim –

call 0800 324 477. In Land Information

Memorandum (LIM) reports councils are

obliged to identify properties that are or have

been subject to Weather tight Services claims.

However properties that have been subject to

Weather tightness claims through the courts

or private actions do not have to be identified.

Homes requiring re-cladding require a building

consent from your local council.

All houses are capable of leaking if not built

correctly. However, if a house was built or had

major renovations after the early 1990s, some

features are known to increase the risk of leaking,

including:

• monolithic claddings, including texture coated

fibre-cement, EIFS (polystyrene boards

with a plaster and paint finish), and stucco

• more than one cladding system used

on the house

• lack of roof overhang or eaves

• complicated roof design

• balconies, particularly above rooms

• internal gutters

• wall claddings in contact with the ground

• lack of flashings (waterproofing strips)

to windows, doors and chimneys

• parapets without sloped tops or adequate

cap flashings.

Check the property yourself for potential signs

of leaking, including: visible water damage;

cracks in the external cladding; mould on

ceilings and internal walls; walls and skirtings

showing signs of bulging and staining. Check any

balconies on upper floors where water cannot

freely drain away.

Ask for furniture, floor rugs and pot plants on

balconies to be moved, if necessary, to ensure

you can thoroughly check for signs of potential

leaks and rot.

Older homes can have weather tightness

problems if additions or renovations have

been undertaken since the early 1990s,

or if maintenance of roofs and walls has not

been carried out.

 

What about newly built houses?

 

People planning to build a new house should

discuss weather tightness matters with the

architects, designers and builders involved.

If any concerns arise, seek advice from

an experienced, qualified consultant with

weather tightness expertise. Money spent at

the planning stage can avoid costly problems in

the future. Visit www.consumerbuild.org.nz for

detailed information about what you need to be

aware of when buying or building a home.

 

What can the council tell you about

the house?

 

For a small fee you can view the property file

on any house, including original specifications

and drawings. You can also obtain a Land

Information Memorandum (LIM) report, which

provides information your local council holds

about a property. While a LIM is more expensive

than viewing the property file and can take up

to 10 working days to obtain, it is a valuable

pre-purchase check to protect your investment.

The LIM outlines any permitted alterations that

have been made to the house and any proposed

local authority zoning or other changes to the

area or the property. Make sure you allow for

time to get a LIM when putting in an offer on

a property.

 

A LIM report will show whether existing works

have received council consent and whether

the council requires any remedial work. Any

house built or modified since 1992 should have

a code compliance certificate or a certificate

of acceptance issued by the local council. If it

hasn’t, you need to find out why. The LIM will

also give you information about matters such

as soil contamination, possibility of flooding,

and zoning details.

 

Remember, however, that the LIM provides

information only about those things reported

to the council. Check with your lawyer that the

LIM covers everything you need to know.

 

Are there any problems with the

property title?

 

Seek legal advice about the property title.

In particular you need to know about easements,

including rights of way. Buyers should make their

offers conditional on a title search to identify any

problems ahead of actual purchase.

 

If you don’t have a lawyer,

www.propertylawyers.org.nz will help you

find one or you can call 0800 745 754.

 

Getting the contract right

 

Ask your legal adviser to use a contract like

the Auckland District Law Society’s or Real

Estate Institute of New Zealand’s standard sale

and purchase contract, which includes useful

warranty clauses. For your protection you should

seek a warranty for weather tightness in the sale

and purchase agreement.

 

Buyers wanting a builder’s or engineer’s report

should include an appropriate condition in their

offer, allowing them to cancel the contract if the

report is not satisfactory.

 

Make sure that whatever you sign is right for you

before you sign it.

 

Will there be any maintenance?

 

A lot of modern houses are described as

‘low maintenance’, but this does not mean

‘no maintenance’ – there is no such thing

as a maintenance-free house.

 

Check that you will have easy access to areas

of your house that need regular maintenance,

like gutters. Also check that landscaping features

will not present problems, for example wall

claddings that are likely to come into contact

with the ground or garden debris.

 

Remember, fibre-cement cladding or other

speciality exterior cladding will usually need

more and professional maintenance than a

weatherboard house.

 

See reverse for summary checklist.

 

Checklist summary

 

Ask the agent and the seller about any issues

with the house.

 

Thoroughly check the house yourself, including:

the roof plumbing, including water pressure

electrical wiring the piles insulation (especially  

above ceilings where most heat escapes)

fences, paving and driveways evidence of house  

movement any alterations that do not appear

on the plan.

Check the property for potential signs of leaking,

including:

visible water damage

cracks in the external cladding

mould on ceilings and internal walls

bulging or stained walls and skirtings

balconies on upper floors without good

drainage.

Make sure you:

view the property file at the local council, or

obtain a LIM from the local council

engage an experienced building surveyor to

report on the property seek legal advice about
any issues that arise in the LIM or property report

obtain legal advice before you sign the contract

don’t sign the contract until you are confident

it is right for you.

For reliable, practical advice on buying,

building, renovating and maintaining

homes visit www.consumerbuild.org.nz

– a joint website of the Consumers’

Institute and the Department of Building

and Housing.

 

Source: www.dbh.govt.nz, http://www.building.govt.nz/UserFiles/File/Publications/Building/consumer/home-buyers.pdf

 

Kind regards,

Duane Turner
Territory Owner and Inspector
Office: 09 811 8018
Mobile: 027 376 4806

duane.turner@abuyerschoice.com
www.waitakere.abuyerschoice.com

Waitakere & Surrounding Areas
         

I am certified qualified to test for methamphetamine - ask me about testing for meth at your property.

Waikato, Bay of Plenty and Coromandel reach record average asking prices in November, bucking national trend

 Average asking price for Auckland apartments surges by
31.5%  in 12 months to new record high of $660,000

AUCKLAND, 1 December 2015 – The Waikato, Bay of Plenty and Coromandel regions reached record high
average asking prices in November, according to data from Realestate.co.nz, New Zealand’s largest website
dedicated only to property. The national average asking price of homes for sale continues to plateau, remaining
just below record highs achieved three months ago.

In Waikato, the average asking price in November was $413,067 (up from $403,640 in August). In Bay of Plenty,
the new record is $487,025 (up from $481,730 in October) and in the Coromandel the new high is $554,303 (up
from $539,597 in September).
 

“It is significant that the areas where asking prices are at record highs are all within striking distance of Auckland,
” says Brendon Skipper, CEO of Realestate.co.nz. “There have been strong indications over recent months that
Aucklanders are house hunting further afield, which is helping to raise the expectations of sellers in these
neighbouring regions.”

The national average asking price in November was $547,515, which is 1.4% up from October, but still slightly down
from the national record of $568,215 in August. In Auckland, the average asking price of $849,882 was marginally
ower than the record of $851,531 in September. In both Wellington and Canterbury, the average asking prices for
November were within $10,000 of the record highs achieved in August and September respectively.

Auckland apartment asking prices surge

The average asking price for Auckland apartments in November reached a new record high of $660,001. This
represents an increase of 31.5% compared to November 2014, when the average asking price for apartments in
Auckland breached $500,000 for the first time. The increase in the asking price for apartments (31.5%) is almost twice
as much as the increase in asking price for Auckland houses (16.8%) over the same period,

“We’ve seen the asking price of apartments in Auckland increase strongly and steadily over the last 24 months,” says
Brendon Skipper. “This has driven the national average, which has now breached the $600,000 mark for the first time,
only eight months after the national average asking price for apartments first broke the $500,000 barrier in March.”

Auckland dominates the market for apartments nationally, accounting for 71.9% of all national apartment listings.

New listings down on November last year

New listings nationally show a 5.6% reduction from the same month last year. Auckland had 7.0% fewer listings this
November compared to November 2014, Wellington had 16.7% fewer and Canterbury had 5.1% fewer.
 

Again, the Waikato, Bay of Plenty and Coromandel are among the regions bucking this trend. All three of these regions
had the most new listings for any November for at least five years.

“Nationally, we’ve seen fewer listings this year than we have since November 2009,” says Brendon Skipper. “This may
further exacerbate the shortage of inventory, which still hovers near the all-time low of 16.1 weeks we reached last month.”

Inventory is a measure of the national supply of homes for sale, expressed as a number of weeks it would take for all
currently listed properties to sell at average rates, should no new properties get listed. The inventory for November was
16.8 weeks, compared to a long-term average of 35 weeks.

Source: unconditional.co.nz, http://unconditional.co.nz/blog/property-report-november-2015/

 

Kind regards,

Duane Turner
Territory Owner and Inspector
Office: 09 811 8018
Mobile: 027 376 4806

duane.turner@abuyerschoice.com
www.waitakere.abuyerschoice.com

Waitakere & Surrounding Areas
         

I am certified qualified to test for methamphetamine - ask me about testing for meth at your property.

Sometimes complicated is not as good as simple

Sometimes complicated is not as good as simple - water heater leak pans. Posted: 15 Aug 2015 06:21 PM PDT Everyone knows that it is a good idea to install a leak collection pan under water heater. In fact these pans are required by modern standards whenever the water heater is installed in a location where damage could occur if the tank were to leak. At a recent inspection I found the water heater in the following picture installed behind some removable panels of a cabinet located in the bathroom. With the panels out of the way one can see the plastic liner that has been created to form a pan for the water heater. The white pipe on the right in the picture (that terminates inside this pan) is the drain for the Temperature Pressure Relief Valve (TPRV). In some jurisdictions around the country this pipe is allowed to terminate in the pan but it still must have an air gap. With an air gap, the end of the pipe would never be under water if the pan were to flood. If the end of the pipe was under water the relief valve might not function properly. In Washington State, which follows the Uniform Plumbing Code (UPC), the TPRV drain cannot terminate at the drain pan and must go to a proper drain receptor or to the exterior of the building at an approved location. Another component of the leak pan is that it should have a drain so that any leaks can be safely drained away. If the pan cannot have a drain, then a high water alarm is recommended. Keep in mind, these pans, even the very unusual high pan in the picture above, would never hold the quantity of water that is in the tank after the water is shut off. If the water is not shut off it would not take very long for a significant leak to flood over the top of the pan. Whoever installed this water heater had a more complicated means of dealing with monitoring for water in the pan. A glass "viewing port" was installed so that it could be viewed while sitting on the toilet. Sometimes complicated is not as good as simple.   By Charles Buell, Real Estate Inspections in Seattle
Sometimes it is the little details that make all the difference - know when to be flashy and when not. Posted: 07 Aug 2015 06:33 AM PDT Today's post is about one such little detail. In this case the risk of its being a "big deal" is small but I have seen similar installations where, over time, considerable damage does occur. This is a typical lead flashing common on houses in the Northwest. Lead Pipe Flashing The flashing is made of lead. It is designed to fit over the pipe and be lapped by the shingles on the plane of the roof. The cap you see on the top is a nice way to finish off the installation and is quite common when the roof portion of the flashing is not quite tall enough to extend to the top of the pipe. When it is tall enough, the excess above the pipe is simply folded inside the pipe. When the top is "counter-flashed" with this type of cap it is designed to lap both the outside of the lead flashing and the inside of the pipe. Without the cap, any water that hit the pipe would run down the pipe behind the lead flashing. Now you might ask, well how much water could that amount to really? If you look at this next picture you can see where the blue arrow points to two water lines that show how water hitting the inside of the cap is still finding its way outside of the metal flashing. The red arrow points to a water line that is clearly running down the pipe and into the roof/house structure. Lead Pipe Flashing In this next picture we can see "why" this is happening. When they installed the nice counter-flashing the piece that is supposed to be inside the pipe got scrunched and no longer directs water inside the pipe. While the blue arrows show where they have been "lucky," the red arrow show where they have not been lucky. Inadequate Lead counter-flashing In our area of the world, where it can rain or drizzle for weeks on end, it actually can result in a fair amount of water getting into the roof/house structure. Sometimes these vent pipes make an immediate right angle below the roof line to move over to where the pipe actually comes up through the house. There are lots of reasons why a plumber might do this. For example if the pipe would end up coming through the roof on the "street side" of the home, they will often run it to the back of the house where the pipe would not show. At any rate, even a half a cup of water a day–or any amount that would not dry in 24 hours would keep ceilings below the leak wet and eventually cause damage to the ceiling. As a Licensed Structural Pest Inspector, this lack of attention to detail is what we would consider a "conducive condition." A condition that if left un-repaired could result in wood decay/rot or promote infestation by wood destroying insects. I have found several damaged ceilings with "unexplained" past/ongoing water damage from improper flashings around pipes. Repairs are a very easy fix, but certainly worth noting. This defect, I might add, could likely not be determined from a ladder at the edge of the roof– and you would have to be pretty lucky with a drone as well–another important reason for the home inspector to walk the roof when it is safe to do so. By Charles Buell, Real Estate Inspections in Seattle

 

 

“Safer, Warmer And Healthier Homes” – Changes To Regulations Affecting Landlords

"Safer, Warmer And Healthier Homes" – Changes To Regulations Affecting Landlords Posted: 12 Oct 2015 01:26 PM PDT by Gemma Dale, www.unconditional.co.nz Back in July, the Government announced changes to the law affecting landlords and tenants. Under new regulations, most landlords will be required to ensure that properties under their management meet certain standards, including effective insulation and the provision of smoke alarms. Theoretically, this legislation is good for both landlords and tenants – on the one hand, it ensures that tenants need not feel forced by market circumstances to live in poorly maintained, unsafe homes. On the other, it gives landlords the incentive to improve their properties, and makes said properties far more attractive rental prospects. However, these new regulations come at an interesting time for the letting market, and not everyone believes that the new regulations will have the impact that they should. In order to fully appreciate the potential consequences of these new laws, it is essential that they be viewed within their current context – particularly with reference to the now thriving rental black market. The Legalities Of Renting Those who rent legitimately, and declare their property interests to the government are naturally subject to rules and regulations – more so under the new laws. They are likely to have a degree of insurance protecting themselves, their business, their property, and their tenants. Furthermore, tenants who rent legally have recourse to legitimate avenues of dispute should they run into problems. Under the new laws, tenants will also be assured of a degree of warmth and safety within their homes as well – something any responsible landlord will usually provide as a matter of course. However, these safety measures and assurances must necessarily come at a price – which will usually be added on to the rent. In addition to this, in many areas of New Zealand (Auckland in particular), demand far exceeds supply when it comes to rental accommodation, meaning that landlords have a distinct advantage when it comes to pricing properties and choosing tenants. All too often, those in need of housing are finding that legitimately rented properties have a price tag which they consider extortionate, particularly when much-hated estate agent fees are thrown into the mix. Feeling exploited and priced out of the market, it is perhaps unsurprising that people are increasingly turning their backs on those who make it their legitimate business to rent out properties, and entering a growing 'black market' of sub-letting and surreptitious private tenancy. The Rental Black Market This 'black market' is not just flourishing in New Zealand – it's doing a roaring trade all over the world. The internet facilitates the illegitimate business of those who sub-let spare rooms, and rent out properties on a private basis without registering with the appropriate governmental authorities. With 'couchsurfing' websites like AirBNB in the vanguard, more and more people are choosing to shun estate agents and legally registered landlords in order to take their chances with rooms and properties advertised on the internet. In part, this movement is facilitated by the popular perception of estate agents and professional landlords as money-grabbing and exploitative – an image not aided by the media. Many people feel that they would far rather take their chances with a private and illegitimate landlord with whom they can deal on a face-to-face and equable basis than a professional agency or landlord whom they perceive to be steeped in greed and liable to exploit them at every opportunity. This is an image which the real estate industry really must work upon if the rental black market is to be combated in any serious way. Ethical Reform Of course, the best way in which to change an image is to act in the way you would like to be perceived. The new regulations, it is hoped, may help in some way to challenge the rental black market by giving tenants assurances of safety which they will certainly lack with unregistered landlords. However, it also indicates a degree of ethical thought and moral conduct with which the real estate industry is not usually associated. While some are still concerned that the new regulations are little more than a sop to tenant demands, others have noted that it may provide a welcome change in the general mode of landlord-tenant relations. In social housing, the required improvements must be put in place before next July. All other properties must meet the new governmental regulations by July 2019. The overall impact that this will have upon the rental market  – both legitimate and illegitimate – but it is to be hoped that (assuming that landlords fulfil their obligations correctly) the situation as a whole will improve for everyone. "Gemma (Dale) is a financier turned freelance writer. She is passionate about helping businesses succeed with clever and engaging copy that enlightens and informs the reader. In her limited spare time she also enjoys roller blading, quite often with her energetic spaniel in tow."

 

 

Unconditional.co.nz
Fewest homes for sale nationwide for at least eight years Posted: 30 Sep 2015 04:11 PM PDT Market demand continues to push up prices and fuel high turnover  AUCKLAND, 1 October 2015 – There are now fewer residential properties listed for sale nationwide than at any time since 2006, potentially longer, according to new data released by Realestate.co.nz. The largest New Zealand website dedicated only to property represents over 97% of all agent supplied property listings in the country – more than any other single resource. The data shows that in September there were only 30,988 properties for sale across New Zealand. "Historically, the number of homes for sale tends to be fairly stable, following gradual, long-term trends," says Brendon Skipper, CEO of Realestate.co.nz. "Given that the number of homes for sale when we started keeping records in January 2007 was nearly 43,000, we can safely assume that this is the fewest homes on the market in New Zealand for a much longer time, possibly a decade." Over the last eight years, the number of the homes for sale climbed steadily to a high point of 58,137 in April 2008. It remained consistently near 50,000 for another three years, before starting a slow, steady decline to the present level. "We use a metric we call inventory, a measure of supply and demand that indicates how long it would take, in theory, for all the current properties on the market to be sold at the average rate of sales. In September, inventory nationally dropped to its lowest level since we've started keeping records," says Skipper. "We have only 16.3 weeks of inventory compared to the long-term average of 35 weeks. In our main centres, the situation is even more extreme. In Auckland, the inventory is only 9.6 weeks and in Wellington 11.1 weeks." The current inventory levels across all 19 regions of New Zealand are now below their respective long-term regional averages. More new listings, but properties do not stay on market for long "The fact that inventory is so low may seem surprising, given that we have seen an increase in listings in most regions compared to September last year, especially in Auckland, Waikato and Bay of Plenty. Significantly, these are the three regions with the lowest level of inventory in the country, along with Wellington. The simple truth is that these properties are now spending less time in the market, suggesting that market pressures will remain high while the current rate of turnover continues," says Skipper.   "Low inventory such as this is usually associated with a sellers' market and higher asking prices, as we have seen in recent months." While Realestate.co.nz data for September reveals that the average asking prices in many regions have dropped since August, the longer term trend shows strong increases in asking price. Six regions in the country achieved their highest average asking price in September 2015, with a further seven reaching their record in August. The remaining six regions have all recorded their highest ever average asking price in the last six months. About Realestate.co.nz Realestate.co.nz offers buyers the shortest path to the perfect property. As the official website of the New Zealand real estate industry, Realestate.co.nz is dedicated to property and has the country's most comprehensive selection of real estate listings online. The site presents more than 97% of all residential, commercial and farm properties currently marketed by real estate professionals. Being focussed exclusively on people in need of property, Realestate.co.nz offers superior functionality, including accurate search, school zone data and a mobile app. Source: www.realestate.co.nz blog www.unconditional.co.nz Kind regards, Duane Turner Territory Owner and Inspector Office: 09 811 8018 Mobile: 027 376 4806 duane.turner@abuyerschoice.com www.waitakere.abuyerschoice.com Waitakere & Surrounding Areas