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Duane Turner
Office: 09 811 8018
Mobile: 027 376 4806
duane.turner@abuyerschoice.com
www.waitakere.abuyerschoice.com
Waitakere & Surrounding Areas
Friday, 12 September 2014
REINZ Highlights
Duane Turner
Office: 09 811 8018
Mobile: 027 376 4806
duane.turner@abuyerschoice.com
www.waitakere.abuyerschoice.com
Waitakere & Surrounding Areas
FW: REINZ Residential Market Report - Live
Duane Turner
Office: 09 811 8018
Mobile: 027 376 4806
duane.turner@abuyerschoice.com
www.waitakere.abuyerschoice.com
Waitakere & Surrounding Areas
Buyers Beware
Are you dealing with licensed real estate people?
The process of selling and buying real estate can be overwhelming and stressful especially when considering the amount of paperwork and preparation involved with these transactions. Most sellers in New Zealand still rely on real estate professionals to sell their homes rather than selling privately. The reasons for this can vary, but many home owners clearly feel that real estate professionals can:
• Help market their homes efficiently and effectively to attract potential buyers;
• Help find buyers for their homes in a specified timeframe;
• Provide up-to-date information on what is happening in the market;
• Help price their homes competitively;
• Advise them on how to improve the value of their homes;
• Advise them on how to better present their homes for viewing; and
• Help with the paperwork involved and with the negotiation process.
Are purchasers better protected when purchasing through real estate professionals? – “most absolutely.” This is especially so if the purchaser lacks sufficient experience in property investment.
Generally, selling one’s property privately is not classified as being “in trade” and hence these activities are often not captured by the Fair Trading Act 1986. What this then means for consumers is that if a private seller misrepresents the property or fails to disclose important facts about the property, then the only remedy available is in civil action which can lead to significant cost and time delay with no guaranteed outcome. More importantly, the onus of proof in these civil actions lies solely with the person bringing the claim.
In comparison, if the property was offered “in trade” via a real estate agent, then an option exists for a complaint to be made to the Commerce Commission. Under the Fair Trading Act, the Commerce Commission has the role to enforce this Act by investigating and prosecuting traders. The Commission can also ask the Court to order compensation for consumers who have suffered loss. The Consumer Law Reform Bill proposes to take this step further and include an additional provision under the Fair Trading Act which will place the onus on the person making representation (i.e. the trader) to substantiate the representation, failing which an offence will be established.
Under the Real Estate Agents Act 2008, remedies are available to have fines imposed or to have compensation paid for the loss suffered by the person bringing the complaint but only persons holding license under this Act can be found guilty of unsatisfactory conduct or misconduct that would subject them to these penalties.
Whilst various remedies available to the aggrieved buyers may not necessarily bring joy to the real estate industry, a warning is definitely there for those who purchase property without a licensed agent.
The Real Estate Agents Act 2008 was enacted to protect consumers. The compulsory licensing regime under this Act was also designed to protect consumers so that they get to deal with real estate professionals who must comply with strict requirements and professional standards and are required to keep up with continuing education.
So, the message to potential buyers of real estate, business or potential lessees is to make most of this protection provided and choose to deal with persons licensed under the Real Estate Agents Act 2008. You should also be aware that not all real estate licensees are the same. Only real estate licensees who are members of the Real Estate Institute of New Zealand (‘REINZ’) can use the title ‘MREINZ’ on the business card or other marketing materials.
REINZ members are bound by strict codes of ethics and are expected to develop and enhance the real estate industry by providing excellent customer care and upholding excellent standards of practice that are open, ethical and honest.
DISCLAIMER: The information contained in this material is not intended to form professional legal advice or legal opinion. Readers are advised to obtain their own specific legal advice.
Duane Turner
Office: 09 811 8018
Mobile: 027 376 4806
duane.turner@abuyerschoice.com
www.waitakere.abuyerschoice.com
Waitakere & Surrounding Areas
The Week That Was In Property - Thursday 11 September, 2014
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Monday, 1 September 2014
RE: Nit Picking?
http://unconditional.co.nz/blog/average-asking-of-homes-remains-high/
Average asking of homes remains high
Posted on: August 15th, 2014 | Filed in Buying / Selling a home, Featured, NZ Property Report
Home sellers are still expecting near record prices for their homes. The national average asking price is $488,711, only 0.4% lower than the all-time record achieved in June. Three individual regions achieved new record high asking prices in July. On average, sellers in Waikato want $394,806 for their homes, marginally higher than the previous high achieved in March this year. In Canterbury the new average asking price of $461,032 is about 2.6% above the record from January. However, these figures pale against the high of $782,682 in Central Otago – a price that outstrips the record set in May 2013 by nearly 10%.
Not only the asking price, but the number of listings in Central Otago has grown significantly, with nearly 13% more properties on the market than July last year. While the total number of newly listed properties for sale around the country exceeds the total for June, it is still not as high as at the same time last year.
The number of listings should be seen as indicative of the usual seasonal cycle. Every year, we see a surge in the number of properties in the market when spring comes around, and there is every reason to expect that the same will happen in August and September this year.
The total number of homes for sale on www.realestate.co.nz this July was 39,906. This is about 3,500 more than in July 2013.
Other Graphs:
For Media Enquiries, please contact:
Paul McKenzie, National Marketing Manager, Realestate.co.nz | +64 21 618 537
A full copy to the Press Release is available here – download now.
Notes:
Truncated mean The monthly asking price for new listings presented in this report utilises the measure of 'truncated mean'. This measure is judged to be a more accurate measure of the market price than average price as it statistically removes the extremes that exist within any property market that can so easily introduce a skew to traditional average price figures. The truncated mean used in this report removes the upper 10% and the lower 10% of listings in each data set.
Methodology The realestate.co.nz data is compiled from new listings coming onto the market from the more than 1,000 licensed real estate offices across NZ, representing more than 96% of all offices. With an average monthly level of over 11,000 new listings, the realestate.co.nz data provides the largest monthly sample on the residential property market.
Seasonally adjustment The core data is seasonally adjusted to better represent the core underlying trend of the property market in NZ. In preparing this seasonally adjusted data Realestate.co.nz is grateful for the assistance of the New Zealand Institute of Economic Research (NZIER) who use an X12 ARIMA methodology to calculate seasonally adjusted data.
Background to Realestate.co.nz Realestate.co.nz Ltd is the official online property listing company of the New Zealand real estate industry, currently hosting over 100,000 listings, covering this portfolio of residential property for sale and rent, commercial property for sale and lease, rural properties and farms, as well as businesses for sale. The raw property report data is accessible here as an Excel spreadsheet enabling anyone to analyse the raw data and establish any trends or observations. Usage rights are governed under attribution to the source of the data being Realestate.co.nz.
By Paul McKenzie, Marketing Manager, Realestate.co.nz
If you have any comments or enquiries about the NZ Property Market or about marketing your property online, please contact me via Google, or Twitter
Related Posts
- Average asking price reaches record $732,240 in Auckland
- Property Report – March 2014
- NZ Property Report – March 2013
- NZ Property Report – May 2013
- NZ Property Report – August 2013
- Property Report – December 2013
Kind regards,
Duane Turner
Office: 09 811 8018
Mobile: 027 376 4806
duane.turner@abuyerschoice.com
www.waitakere.abuyerschoice.com
Waitakere & Surrounding Areas
FW: ABCHI TOP Award Winners Midwest Canada June 2014
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For more information or have clients interested in a Home Inspection, please call me at 1 800 929 0189.
Duane Turner
Office: 09 811 8018
Mobile: 027 376 4806
duane.turner@abuyerschoice.com
www.waitakere.abuyerschoice.com
Waitakere & Surrounding Areas
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