Ray White Snells Beach

White Light Market Report - October 2011 Issue

Well it would seem that the Rugby World Cup has caught the imagination and enthusiasm of the New Zealand public, far more than many of us (except Martin Snedden) would have imagined.
 
With national flags mounted on every possible vehicle shape or size as well as homes and properties and, bunting that incorporates the flag of every participating country being attached to businesses in most town centres as well as the barge boards and verandahs of many homes, it’s hard not to get carried along in the enthusiasm. Down on the Coromandel we even spotted where a farmer had stacked his large covered hay rolls on a ridge near the road with a written message  

 

 

 

 

Spreading the games around the provinces has given everyone the chance to participate and we would say, for the sport, the Rugby World Cup has been a huge success.

The off-field dramas - Mike Tindall and the English teams escapades, Daniel Carter, and then Colin Slade’s groins, Piri Weepu’s grandfather passing away and the family keeping the news from him for nearly 3 days, etc. etc, have ensured that even non-rugby enthusiasts have been captivated by the ‘Cup’.
 
Has it been the ‘economic boom’ for New Zealand that was predicted? Not yet according to many sectors of the business world. Hotels and restaurants throughout the country have complained of low occupancy rates and reduced customers. Some retailers in Warkworth have suggested it has been the quietest period in the twenty years of their trading. Perhaps the RWC has been so successful that people have preferred to stay at home rather than go out on game nights and shopping is something that is just not necessary, at the moment.
 
Certainly, the phones in the real estate offices have been pretty quiet and open home attendances have fallen significantly. Viewings on the internet have remained high and even increased over the last few weeks, but the calls and enquiry have been quite slow.
 
New listings coming to the market have also been much slower than what is the historical pattern for this time of year. This may be a factor in enquiry levels being low. There is still a reasonably high level of ‘stale properties’ on the market (properties that have been on the market for a long time, without any price adjustments). A good percentage of properties that have sold over the last few months, are those where the owners have finally accepted what the market is telling them about their pricing, they have adjusted their expectations to a realistic level, thus attracting buyers with the finance and successfully moving on.
 
Residential sales numbers for North Rodney were exactly the same as August, at 33. This is indicative that the market is not experiencing the ‘spring lift’ that would normally occur during this period. The graph below shows that whereas numbers remained flat for September 2011, last years numbers for the same month were up over 30 percent on August 2010 numbers. For the same two months of 2009, September sales numbers were up 94 percent on August numbers and, in 2008 the difference between the two months was 81 percent (excluding a large number of sections in Warkworth, where title was suddenly available). 
 
Of the thirty-three residential sales transacted during September 2011, twenty-seven or, 82 percent, sold for a sum below their 2007 Capital Value. Eight, over 24 percent, sold for prices below their previous sale price.
 
At the end of this month we will all be advised by the new Auckland Council what Quotable Value New Zealand has assessed our new Capital Values as. This could make interesting reading although it is likely that the variations will be similar to the 2004 and 2007 assessments, where the CV’s assessed ranged from around 60 percent below market value, to 60 percent above - we’ll soon know.
 
Rural and Lifestyle sale numbers have not changed over the last three months, standing at seven. In September 2010 there were eleven sales, eight in 2009 and a low of two in 2008.
 
The historical ‘spring lift’ has not affected sales in this category over the last four years as in residential, but we are working with a lot less numbers.
 
By the time many of you are reading this newsletter, the finalists for the Rugby World Cup will be known, the show will nearly be over and we’ll be moving into a general election which has yet to gain any momentum at all.
 
National catastrophes are hitting the country hard, so perhaps the RWC has been an excellent distraction for us all - then let’s get into business.
 
Residential house sales for North Rodney -  September 2011                                                                      RS = Residential Section              X/L = Cross Lease

Property Address   Sale Price   Days on Market  Bedrooms Land Area M2  2007 CV  Last Sale Price    Year
Algies Bay Mahurangi East Rd 555,000  23  4 679 630,000  605,000  2006 
Leigh Pakiri Rd 250,000  10  2 926 288,000  265,000  2009 
Mahurangi West Jamieson Rd 420,000 257  3  809 510,000  366,500  2004 
Omaha Mangatawhiri Rd 310,000 109  RS 599 365,000  370,000  2007 
  Mangatawhiri Rd 370,000  168  RS 783 375,000  195,000  2003 
  Paraoa Cres 1,325,000 12 4 713  980,000  N/A   
  Patiki Pl 875,400  139  4  593 960,000  857,500  2006 
  Pioneer Cres  475,000  161  3  506 575,000  215,000  2005 
  Pioneer Cres  520,000  192  3  506 550,000  335,000  2004 
  Point Wells Rd  500,000  67  3  1,090 580,000  N/A   
  Taumata Rd 730,000  0  RS  735 800,000  362,500  2002 
Point Wells Point Wells Rd 500,000  185  3   600,000  N/A   
  Riverside Dr 610,000  26  3 1,179 580,000   533,500  2006 
Snells Beach Arabella Ln 435,000  340  RS 4,282 345,000  N/A   
  Ferndale Dr 303,000  321  2  1,087 370,000  43,000  1985 
  Ferndale Dr  330,000  33  3  XL 495,000  N/A   
  Ferndale Dr  215,000  1  RS  822 300,000  125,000  2002 
  Gerontius Ln  275,000  112  3  675 400,000  192,000  2002 
  Gerontius Ln  299,000  18  3  607 400,000  380,000  2007 
  Governor Grey Rd  495,000  25  3  659 500,000  355,000  2002 
  Kawau View Rd  385,000  172  3  607 520,000  380,000  2004 
  Merehai Pl  250,000  306  1  XL 330,000  120,000  1996 
  Washington Ave  275,000  226  3  XL 355,000  146,500  2000 
Warkworth Belmont Pl 472,000  168  3 602 470,000  N/A   
  Bertram St 495,000  332  4 509 495,000  485,000  2008 
  Blue Gum Dr 155,000  190  RS  1,047 235,000  120,000  2010 
  Earls Way 205,000 1158 RS 665 235,000  237,000  2007 
  Melwood Dr  635,000  308  3  646 555,000  469,000  2004 
  Pulham Rd  400,000  52  3  540 490,000   N/A   
  Southgate Rd  310,000  93  3  607 325,000  312,000  2005 
Wellsford Rodney St 180,000  899  2  984 260,000  145,000  1999 
  Rodney St 240,000  92  3 1,012 285,000  250,000  2005 
  Wi Apo Pl 310,000  47  4  872 350,000  165,000  1996 

 

Rural house sales for North Rodney - September 2011

Property Address  Sale Price Day on Market Area (Hectares) Description 2007 CV Last Sale Price Year
Matakana  Matakana Valley Rd 420,000   43 2.1960 100m2 Home 395,000  489,000  2007 
Omaha  Omaha Valley Rd 1,100,000   578  5.3220 3 bedroom 246m2 home  1,100,000  315,000  2001 
Port Albert  Bennett St 393,000   27 0.5000 3 bedroom 125m2 home 425,000  369,000  2005 
Puhoi  Ahuroa Rd 785,000   1 42.2340 4 bedroom 194m2 home 885,000  725,000  2009 
Warkworth  Phillips Rd 530,000  163 1.2800 4 bedroom 150m2 home 650,000  310,000  2000 
Wellsford  Biddle Rd 265,000  299 1.4500   285,000  164,000  2002 
   Pakiri Block Rd 1,000,000  0 3.1660 4 bedroom 261m2 home 920,000  1,430,000   2009 
 
Disclaimer
N.B. Market statistics based on unconditional sales recorded with REINZ during the prescribed period. In preparing this document we have used our best endeavors to ensure the accuracy of all the information provided. We accept no liability or responsibility for any errors or inaccuracies and recommend that all recipients make their own enquiries to verify any information given.