The Market
First-home buyers are particularly active so far this year. The Real Estate Institute of NZ says that sales numbers for all of NZ excluding Auckland are up 14.5% in January compared to January 2015.
I heard noted economist Shamubeel Eaqub talking to Capital Property Investors’ Association last week. He says that while Auckland has a huge shortage of homes which is driving the price boom there, Wellington has a slight shortage, and the rest of the country has more homes than they need. Interestingly, he says the average disposable income in Auckland, after housing costs and transport costs, is the lowest in the country, below even Gisborne, and well below that of Wellingtonians.
Right now there are 720 homes listed on TradeMe in Wellington City. That is exceptionally low. Which probably explains why 80 hopeful first home buyers are showing up to open homes of properties in the under $450,000 price bracket. This means multiple tenders, and premium prices. So if you’re ready to sell, now’s fantastic – talk to me!
Investors Are Flying In
Aucklanders and NZ-born Australian residents are increasingly looking here. I have a number of Aucklanders coming to look at the 3-flat property I am marketing in Hanson St, and I’ve heard that the suburbs of Taradale & Flaxmere in Hawkes Bay are popular as it’s possible to get a cash-flow positive
investment in a free-standing 3 bedroomed house there. They are looking at both multi-flat properties, and traditional first homes. Bigger numbers of buyers will inevitably lead to more competition and price rises.
Do Your Tenants Use P (Methamphetamine)?
Even if they’re just using P in the property, and not manufacturing it, there can be residue left on your walls & furnishings which can create a health hazard to your next tenants. Health effects can include headaches, migraines, nausea, respiratory issues, insomnia, hyperactivity, rashes, general discomfort.
People on P exhibit certain behaviours: jumpy, jittery, talking very quickly, damaged teeth, weight loss, not sleeping for long periods, bursts of anger (your doors/walls may have holes kicked /punched in them). If you suspect P use, it is worth getting the place tested – if testing shows more than 0.0005mg per 0.01m², clean-up will be required, at a cost which can vary from $3,000 – $25,000.
If it’s all too scary to deal with, let me recommend you a property manager.
Do You Own Your Power Pole?
If you live on a private road or driveway, you are not only responsible for the surface of that road/driveway, but you also own the power poles along it. A Paparangi household has just found this out to its cost, when a power pole on the driveway to their house fell onto the roof of the house in front, leaving them liable for the replacement of the power pole and associated wiring, plus the damage to the neighbour’s roof. It’s a timely reminder to check that your insurance company will cover you for events such as this.
My Moving Van
Amazing how many kind people phoned me to let me know there was a rock-sized hole in the back window! It’s all fixed now, and super busy: my odd-jobs man/ex-mover has helped several of my buyers & sellers to move, using my van; a tenant used it – she had been so patient while the place was on the market that I was glad I could do something to help! Several charities have had donations in lieu of hire of my van to people who aren’t currently clients..