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Stefan Fuchs

p r op e r t y u p d at e
020 404 29926

04 280 7431

sfuchs@villarealty.co.nz
AUGUST 2016

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update

Updates to Building Code proposed


The Government is proposing changes to 32 Building Code compliance documents
to ensure standards keep pace with industry developments, best practice and new
research, Building and Housing Minister Dr Nick Smith says.
The construction sector is growing at a phenomenal rate and building activity is at
record levels. We need to ensure we maintain the standards of building work through
this boom. These new and updated standards are part of our plan for addressing
New Zealands housing challenges.
The proposals involve adding two new Acceptable Solutions around waterproofing,
and amending 32 existing Acceptable Solutions and Verification Methods. These
include changes to the requirements for glass barriers, safety glass, foil insulation
and slip resistance of walking surfaces.
We need input from the public, particularly those in the building industry, so we can
be sure the proposed revisions are workable and effective, Dr Smith says.

Local inventory
and days to sell fall,
median sales prices rise
The number of properties available for sale across all regions in
New Zealand has continued to fall between June 2015 and June
2016. Wellington has the fewest properties for sale with just
over seven weeks of supply, closely followed by Hawkes Bay
with nine weeks supply and Auckland with just under 10
weeks of supply.

For more information on the consultation and to provide a submission, go to

The number of days to sell has only improved by


three days at the national level over the past 12
months, although the regions have seen some
significant improvements with nine
regions seeing a decrease of 20%
or more in the number of days
to sell. Auckland was the only
region to see a lengthening of
the number of days to sell over
the past 12 months.

www.mbie.govt.nz/info-services/building-construction/consultations

https://www.reinz.co.nz/

This is part of wider government work to bring about greater efficiencies in the
building industry, including investing in a single website to improve access to, and
compliance with, building regulations. The new website is expected to be ready early
next year.
We are lifting our investment in New Zealands building standards. We are also
ensuring they are more accessible for those in the building industry, with the
development of the ministrys new building code website.

Consultation runs until 31 August 2016.

Current housing situation not a repeat of 1985-87


In a recent issue of his weekly overview, Tony Alexander, Chief Economist BNZ, advanced
his arguments for why the current housing situation is not the same as 1985 1987.
Some property sector people are apparently opining that this (current property
demand) is a repeat of the 1980s boom which ended with the October 1987 share
market crash and property market crash. They reference Chase buildings, bankruptcies
and so on. But this comparison is incorrect and here are a few reasons why.
Back then borrowing costs soared as the Reserve Bank struggled first to fight inflation
entrenched from the 1970s and then to reverse policy easing mistakenly undertaken
in 1986 when they thought their job was done. First mortgage rates went from 13%
in 1984 to 20% in 1986, dropped to 17.5% late that year, then were pushed to 20.5%
mid- 1987. Many people paid higher.
This time around borrowing costs are falling as are expectations for future borrowing
costs with the average floating mortgage rate of 5.64% down from 6.22% a year
ago, headed down to close to 5.25% soon
Back then credit supply was booming as the banking system was deregulated in
fits and starts from 1984-87. This time around more limits are being steadily placed
on the ability of banks to supply credit and the regime for controlling lending risks
as administered by the Reserve Bank is vastly superior to the lacklustre range of
controls back then.
Back then the economy was being shaken by massive deregulation; this time and
largely since 1992, the reform environment is minor and incremental. No big changes
shaking up specific sectors let alone the overall economy.

SUSTAINABLE BOOM?
Do these arguments mean that this boom in average house prices is sustainable?
Definitely not. It will end, the only questions are when and how. My pick for when
is late-2017 to mid-2018 in response to:

the end of falling interest rates


the end of falling interest rate expectations
some worries about rising interest rates as inflation moves higher
slowing net inward migration (though still above average)
higher annual house supply growth
high prices taking more buyers out of the market who dont already have
property to gear up
extra constraints on bank credit supply
new restrictions on bank funding of investors
programmes initiated/boosted to supply more building staff, materials, and
land.
The extent to which house price flattening turns into house price declines will
depend upon:
whether the global economy is heading downward anew
what the share market is doing
whether or not the Reserve Bank repeats its past tendency to tighten too
much as it fights to slow the pace of credit growth.
http://tonyalexander.co.nz/wp-content/uploads/2016/07/WO-July-7-2016.pdf

Congratulations to K Thomson of Johnsonville who was the winner of last months Logan Brown contest.

020 404 29926

04 280 7431

sfuchs@villarealty.co.nz
Homenet Enterprises Ph: (04) 234 8006, E-mail: graham@homenet.co.nz

Disclaimer: All the information published in Property Update is true and accurate to the best of the publishers knowledge. No liability is assumed by Leaders in Real Estate, nor the publisher, for any losses suffered by any person or organisation relying directly or indirectly on this newsletter.

Recent Tawa to Kapiti Residential Property Sales


Street Name
Kepler Way
John Burke Dr
Sumner Tce
Sumner Tce
Tongariro Dr
John Burke Dr
John Burke Dr
Conclusion St
Sasanof View
Mo St
Sievers Gr
Driver Cres
Cardiff Cres
Cornwall Cres
Bellona Pl
Rangituhi Cres
Kotuku St
Rangituhi Cres
Rangituhi Cres
Kokako Rd
Makora Rd
Waerenga Rd
Waerenga Rd
Main Hway
Rahui Rd
Main Hway
Mahoe St
Ngaio St
Tilley Rd
Eskdale Rd
Lauderdale Rd
Brora Cres
Doon Gr
Yarrow Pl
Makarini St
Campbell Ave
Arawhata Rd
Parakai St
Milne Dr
Hinemoa St
Makarini St
Ratanui Rd
Observation Pl
Bluewater Pl
Mazengarb Rd
Palmer Ct
Manly St
Seaview Rd
Walton Rd
Manly St
Seaview Rd
Eatwell Ave
Manly Gardens
Walton Rd
Eatwell Ave
Manly St
Gray Ave
Cedar Dr
Walton Rd
Langdale Ave
Kapiti Rd
Nathan Ave
Rifleman Ln
Mazengarb Rd
The Avenue
Trevor Tce
Kiriwai Rd
Mana View Rd
Moana Rd

Area
Aotea - Porirua
Aotea - Porirua
Aotea
Aotea
Aotea
Aotea
Aotea
Ascot Park
Ascot Park
Camborne
Cannons Creek
Cannons Creek
Cannons Creek
Cannons Creek
Cannons Creek
Elsdon
Elsdon
Elsdon
Elsdon
Otaihanga
Otaihanga
Otaki
Otaki
Otaki
Otaki
Otaki
Otaki Beach
Otaki Beach
Paekakariki
Papakowhai
Papakowhai
Papakowhai
Papakowhai
Papakowhai
Paraparaumu
Paraparaumu
Paraparaumu
Paraparaumu
Paraparaumu
Paraparaumu
Paraparaumu
Paraparaumu
Paraparaumu
Paraparaumu
Paraparaumu
Paraparaumu
Paraparaumu
Paraparaumu
Paraparaumu
Paraparaumu
Paraparaumu
Paraparaumu
Paraparaumu
Paraparaumu
Paraparaumu
Paraparaumu
Paraparaumu
Paraparaumu
Paraparaumu
Paraparaumu
Paraparaumu
Paraparaumu
Paraparaumu
Paraparaumu
Paraparaumu
Paremata
Paremata
Paremata
Plimmerton

Beds
4
4
6
4
4
4
4
4
3
3
3
3
3
3
3
5
3
3
4
3
4
2
3
2
1
4
2
1
2
3
3
3
3
3
2
3
3
3
5
3
3
3
3
4
3
2
4
4
4
3
2
3
3
3
3
4
2
4
4
5
4
4
4
1
3
4
4
3
1

SOLD
$830,000
$760,000
$750,000
$766,000
$710,000
$786,500
$980,000
$272,500
$305,000
$730,000
$280,000
$280,000
$235,000
$250,000
$243,000
$3,415,000
$350,000
$401,000
$340,000
$410,000
$380,000
$207,500
$265,000
$237,000
$220,000
$415,500
$260,000
$245,000
$385,500
$551,000
$560,000
$450,000
$611,500
$516,000
$245,000
$366,000
$300,000
$364,000
$730,000
$380,000
$275,000
$450,000
$607,500
$654,000
$515,000
$330,000
$800,000
$762,500
$453,000
$455,000
$441,500
$414,141
$433,000
$498,000
$440,000
$739,000
$323,000
$550,000
$453,000
$790,000
$350,000
$811,000
$680,000
$242,000
$555,000
$1,300,000
$610,000
$627,575
$640,000

RV
$680,000
$250,000
$690,000
$590,000
$540,000
$700,000
$880,000
$245,000
$255,000
$590,000
$200,000
$250,000
$190,000
$200,000
$220,000
$255,000
$255,000
$275,000
$250,000
$350,000
$385,000
$170,000
$245,000
$185,000
$142,000
$270,000
$205,000
$205,000
$390,000
$114,000
$435,000
$390,000
$435,000
$405,000
$215,000
$270,000
$270,000
$270,000
$670,000
$270,000
$270,000
$420,000
$590,000
$540,000
$410,000
$235,000
$760,000
$600,000
$345,000
$365,000
$305,000
$350,000
$330,000
$375,000
$265,000
$630,000
$225,000
$530,000
$355,000
$800,000
$500,000
$740,000
$600,000
$200,000
$450,000
$1,050,000
$475,000
$445,000
$550,000

Street Name
Durville St
Komata Gr
Muri Rd
Mahinawa St
Sea Vista Dr
Wairaka Rd
Gear Tce
Jackson Tce
Arawhata St
Sams Way
Rosetta Rd
Tennis Court Rd
Harry Shaw Way
Matatua Rd
Rosetta Rd
Wharemauku Rd
Saint Edmund Cres
Davidson Cres
Rewa Tce
Tremewan St
Main Rd
Zande Tce
Olivia Cres
Romney Sq
Ranui Tce
Tawa Tce
Oriel Pl
Wilfred St
Massey St
Findlay St
Rodney Ave
Pikarere St
Owhiti St
Whanga Cres
Paenui St
Dimock St
Pennant Gr
Jillett St
Te Pene Ave
Tireti Rd
Bay Dr
Taupiri Cres
Main Rd
Fleetwood Gr
Te Moana Rd
Nimmo Ave East
Walton Ave
Hughes St
Field Way
Charthouse Ln
Mercury Way
Lanyon Pl
The Bollard
Endeavour Dr
Bowman Pl
Saunders Cl
The Masthead
Abbey Way
Solander Pl
Navigation Dr
Endeavour Dr
Bight Pl
Joseph Banks Dr
Staithes Dr North
Samwell Dr
Mariners Way
Albatross Cl
Parkinson Cl

Area
Porirua
Porirua
Pukerua Bay
Pukerua Bay
Pukerua Bay
Pukerua Bay
Ranui Heights
Ranui Heights
Ranui Heights
Raumati
Raumati
Raumati
Raumati
Raumati
Raumati
Raumati
Tawa
Tawa
Tawa
Tawa
Tawa
Tawa
Tawa
Tawa
Tawa
Tawa
Tawa
Tawa
Tawa
Tawa
Te Horo
Titahi Bay
Titahi Bay
Titahi Bay
Titahi Bay
Titahi Bay
Titahi Bay
Titahi Bay
Titahi Bay
Titahi Bay
Titahi Bay
Titahi Bay
Waikanae
Waikanae
Waikanae
Waikanae
Waikanae
Waikanae
Waikanae
Whitby
Whitby
Whitby
Whitby
Whitby
Whitby
Whitby
Whitby
Whitby
Whitby
Whitby
Whitby
Whitby
Whitby
Whitby
Whitby
Whitby
Whitby
Whitby

Beds
3
3
5
3
3
4
3
3
3
3
2
3
3
3
3
4
3
3
4
6
3
4
3
3
3
5
3
4
3
2
2
2
4
3
4
3
4
2
3
3
2
2
3
2
4
3
2
3
6
4
4
4
3
4
4
4
4
3
4
4
4
3
4
3
4
3
3
3

SOLD
$296,000
$245,500
$667,300
$310,000
$440,000
$525,000
$311,000
$400,000
$427,500
$445,000
$460,000
$460,000
$446,000
$345,000
$415,000
$675,000
$604,250
$290,000
$570,000
$571,000
$487,550
$516,000
$342,500
$500,000
$435,000
$611,000
$497,000
$502,000
$384,000
$393,000
$493,000
$300,000
$350,000
$481,000
$410,000
$340,000
$460,000
$306,000
$350,000
$400,000
$378,550
$270,500
$357,000
$362,500
$442,500
$565,050
$435,000
$532,000
$850,000
$471,000
$451,000
$576,000
$395,000
$690,500
$510,000
$597,000
$740,000
$590,000
$572,000
$650,000
$707,500
$400,000
$575,000
$575,500
$510,000
$710,000
$495,000
$445,000

Courtesy REINZ
www.reinz.co.nz

RV
$210,000
$205,000
$380,000
$275,000
$330,000
$340,000
$240,000
$310,000
$100,000
$380,000
$380,000
$370,000
$395,000
$280,000
$320,000
$430,000
$500,000
$280,000
$460,000
$440,000
$335,000
$415,000
$290,000
$320,000
$280,000
$425,000
$390,000
$345,000
$305,000
$255,000
$400,000
$270,000
$310,000
$365,000
$315,000
$265,000
$410,000
$265,000
$270,000
$340,000
$305,000
$235,000
$265,000
$285,000
$410,000
$420,000
$380,000
$395,000
$830,000
$400,000
$485,000
$550,000
$300,000
$210,000
$550,000
$520,000
$740,000
$130,000
$440,000
$570,000
$550,000
$305,000
$325,000
$460,000
$550,000
$520,000
$450,000
$320,000

Get an appraisal of your property based on recent sales in your area


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Villa Realty Ltd.

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