Leaders in Real Estate

Gerry Generics
Stefan Fuchs

Property Update
Property Update
020 404 29926 04 280 7431 stefan.fuchs@raywhite.com
DECEMBER 2016
JUNE 2017

Adding Value to your property

Changes to Residential Tenancies Act

New laws to tackle meth testing, tenant damage, and unlawful tenancies
The Residential Tenancies Amendment Bill (No. 2) introduced to Parliament
Kiwisaver has now helped thousands of New Zealanders buy their first
NZs Housing Affordability Measure
Your neighbour and your new
in late May will provide better protections and clarity for tenants and
home. Provided you have been in the scheme for at least 3 years and
landlords, Building and Construction Minister Dr Nick Smith says.
the home is for own occupation you should qualify. Land purchased to
a world first
fence plus a few more words
This Bill makes three practical changes to the Residential Tenancies
build your home on also meets the criteria. You can withdraw personal
Act to help ensure our tenancy laws better manage methamphetamine The Ministry of Business, Innovation and Employment (MBIE) has
and employer contributions plus any investment returns but you cannot
contamination, liability for careless damage and the tenancy of unsuitable announced a newDrmeasure for last
housing
withdraw the government contributions. Ask your Kiwisaver provider Housing Minister Nick Smith monthaffordability
welcomed the andsecond
its being
properties. It builds on the changes we made last year requiring smoke referred to as a world first. CoreLogic is providing data that forms
for a first home withdrawal balance to see what you can access. You reading of a bill to clarify and simplify some parts of the law around
alarms and insulation, and establishing a Tenancy Compliance and part of this measure. The owners.
Housing Affordability Measure (HAM) will
cannot use the Kiwisaver funds to pay the initial deposit which is due bodies corporate and unit
Investigations Team. eventually beTitles
released quarterlyBilland aims atonumber
deliver aofmore accurate
when you confirm a contract to buy the house as the money is not paid The Unit Amendment makes amendments
Easier path to meth testing understanding of how much is spent on housing by New Zealanders.
out until the settlement date (the day you have to pay for the property). to the Act that will benefit prospective buyers, unit owners and
This Bill recognises that meth contamination of properties has become a Itbodies
also tracks the factual reality behind the people
age-oldtoday
debate
Consequently, you may need other funds to make up your total deposit corporate. It affects about 100,000 butcurrently
the
significant issue that needs clearer direction. We want homes to be safe raging
or a temporary loan from your bank. growthbetween
of apartment millennials
living isand baby
likely boomers
to cover half a- million
whether housing is
people
but we also dont want properties being vacated when the risks are low. becoming more (orDrless) affordable
First Home will Buyers Deposit Subsidy within 50 years, Smith says. over time for those renting, and for
Landlords have easier access to test for meth and tenants will be firstThis
homebillbuyers too. Having a more robust picture
This will reduce costs for prospective buyers of affordability
needing to will
able is
toaterminate
house warming presentif from
their tenancy the government
it presents at unsafe iflevels.
you meet
Standards inaccess
turn help better inform government policies and decisions around
certain criteria;is $1,000 body corporate documents as part of the sale and purchase
New Zealand workingfor oneach year you
appropriate have been a thresholds
contamination member ofand the
housing
Kiwisaver up tothese
a maximum of $5,000. Each region has a purchase process.for New
It will Zealanders.
enable buyers CoreLogic
to select onlyis providing data thatthey
those documents forms
Bill will enable to be legally recognised and enforceable before the part of this measure, alongside Statistics NZ, the Reserve Bank of NZ,
price capTribunal.
which is currently $400,000 for the Wellington city suburbs require rather than receiving a stack of standardised documents
Tenancy the
and $300,000 for thetogreater thattenancy
just adds bond database and other data such as housing service
cost.
Careless damage cost Wellington
tenants area. In addition, you must costs,
have household income under $100,000 forofup to 2 borrowers Thesocial welfare
bill also and atax
includes fastdata.
and effective way to recover unpaid
The Bill also implements changes in respect liability for carelessand
damage What thebody
firstcorporates.
measure tells
under levies for Theseus:
issues will now be able to be
arising$140,000
from the Osaki for more than last
decision 2 borrowers.
year. This The
courtGovernment
ruling meansislandlords
making
The
some dealtfirst
withavailable data is Tribunal.
by the Tenancy captured from March 2003 - June 2015
cannotnoises
recover about changing
the costs this capincluding
of damage, level. the excess charge on any highlights
In addition,policy.
you must The billthat
wasnationwide
previously housing affordability
part of the has remainedBill
Statutes Amendment relatively
but
insurance Thehave household
changes incometounder
are needed ensure $100,000
tenantsfor up an
have stable since 2009.
to 2 borrowers and under $140,000 for more than was separated out asThis is despitebill
a stand-alone strong
on theproperty value growth
recommendation of
incentive to take good care of a property, and for2the
borrowers.
landlord The
to have
occurring in this time.
the Government From early Committee.
Administration 2012 to the middle of 2015 (when the
Government is making some
appropriate insurance. Undernoises
the Bill,about changing
tenants will be this cap
liable forlevel.
the cost of
HAM series ends) values have increased by 30%, yet the affordability
http://beehive.govt.nz/release/
Not only firstinsurance
their landlords home buyers
excess up qualify
to a maximum of four weeks rent for
measure hardly moved. The lack of change in affordability is mostly
eachmay
You incident of damage
still qualify even Ifcaused
you haveby carelessness.
already ownedAatenant home remains
providedfully due to persistently low interest rates during this time and is further
liableyou
that where
have: the damage is deliberate or a criminal act, and the landlord
Advice to mix floating
verified when analysing first home buyer activity during this period.
liable for fair wear and tear and damage beyond the control of the tenant,
Not made a first home withdrawal from Kiwisaver or received the http://www.mbie.govt.nz/info-services/housing-property/sector-information-
like a natural disaster.
and fixed term mortgages
deposit subsidy. and-statistics/housing-affordability-measure
Unsuitable properties targeted
It also
Your household
strengthens theincome
law forisprosecuting
under $100,000 for who
landlords up totenant
2 borrowers
unsuitable
and under
properties. The $140,000 for more than
current jurisdiction 2 borrowers.
of the Tenancy Tribunal is limited to The median price for the local region increased by $10,000 (+2.6%)
Wellington region house values showing strength
in June compared to the previous month, with Western and
You have
residential realisable
buildings, assetsthose
meaning less than
who20%rentofouttheunlawfully
purchase converted
price cap
garages,in thewarehouses
area you areorbuying. Assets
industrial include
buildings asmost
livingthings except
spaces can your
avoid The latest
Northern monthlyhaving
Wellington QV House Price increases.
the largest Index shows that nationwide
Compared to
primary mode of transport.
accountability. residential
June 2012property values
the regions for April
median increased
price increased11.1% over the(+1.4%)
by $5,625 past year,
which
with the is the slowest
largest annualinrate
increases HuttofValley
growth andsince July 2015.
Northern Quarterly
Wellington.
These improvements
Housing NZ processtoand our approve
tenancy laws
thesewill better protect responsible
applications.
landlords and tenants and help our residential tenancy market function value growth to
Compared plateaued
June 2012 with a 0.0%
sales volumes change
fell byover
2.0%the withpast
salesthree
Other schemes can qualify
more effectively, Dr Smith concluded. months. This means
falling noticeably nationwide
in Central average
Wellington, and value
to a remains at $631,147
lesser extent in
Ifhttps://www.beehive.govt.nz/release/bill-tackle-meth-damage-unlawful-tenancies
you are part of a superannuation fund other than Kiwisaver, you which
Southern is 52.3% above the
and Western previous
areas. Comparedmarket to peak of latevolumes
May sales 2007. When
fell
should check with your scheme provider to see if your scheme is a adjusted
by almostforone inflation
quarter thewith
nationwide
falls rightannual
acrossincrease
the region.drops
Theslightly
numberto
complying QVNZ
schemeHOUSE VALUE
and whether youAREA COMPARISONS
have access to your funds for a 8.7% and
of days to values are now
sell remained 27.2%
steady at above
37 days thecompared
2007 peak.QV
to May.National
first home purchase.
SALES AREA
AVERAGE VALUE
APR 16 APR 17 INCREASE Spokesperson Andrea Rush said, Nationwide quarterly value growth
www.reinz.co.nz/
Horowhenua $216,000 Source: www.homeloanshop.co.nz
$266,000 23.30% has plateaued over the past three months as the housing market
Kapiti Coast $406,000 $491,000 20.90% continues to be constrained by the latest round of LVR restrictions.
Porirua City $410,000 WELLINGTON
$510,000 24.40% REGIONAL Values COMPARISON
dropped in parts of Auckland and Christchurch over the
Upper Hutt AREA SALES
$351,000 MEDIAN$445,000
DAYS TO SELL MEDIAN SALE PRICE
26.60% SALES MEDIAN DAYS TO SELL MEDIAN SALE PRICE
SALES SALES AREA and the rate of value growth has slowed considerably in
past quarter
AUG 15 AUG 16 AUG 15 AUG 16 AUG 15 AUG 16 AUG 15 AUG 16 AUG 15 AUG 16 AUG 15 AUG 16
Lower Hutt $402,000 $503,000 25.10%
000s Tauranga and Queenstown. 000s
Wellington Central $599,000 $724,000 20.80%
Wairarapa
Wellington South 82 85
$597,000 63 $721,00032 $239
20.80% $265 PukeruaMeanwhile,
Bay/Tawa the71average 80value across 41 the 28Wellington $432region $438
has
Wellington
WellingtonCentral
East 68 80
$658,000 41 $785,00020 $481
19.30% $523 now
Lower Hutttopped $600,000 139 however 169 the rate 34 of value 26 growth there is $425
$335 also
Wellington
WellingtonWest
North 27 30
$529,000 25 $646,00021 $589
22.10% $683 continuing
Upper Hutt to slow 81 but market 70 remains 42 buoyant 26 particularly
$377 in more$400
Wellington
WellingtonEast
West 30 39
$698,000 24 $839,00024 $510
20.20% $750 affordable parts of 79
Otaki/Paekakariki the region96such as53Porirua and 25 the Hutt $360 Valley.
$420
MastertonSouth
Wellington 30 38
$248,000 22 $290,00023 $530
17.20% $629 Levin The Wairarapa and 47 Masterton 57 markets56 are now 29 seeing strong value
$192 $251
South Wairarapa
Wellington North 65 $319,000
78 30 $288,00018 21.50% $600
$550 growth
Compiled fromastheaReal
flow-on effect of
Estate Institute recent
of NZ growth
statistics in Wellington values.
https://www.reinz.co.nz
Carterton $279,000 $329,000 17.80%
http://qvgroup.qv.co.nz/news-articles-and-press-releases-details/276
https://www.qv.co.nz/property-trends/residential-house-values

Gerry Generic Tel: 04 123 4567 Mob: 0274 123 4567 Fax: 04 123 4568 Email: gerry.generic@raywhite.com
020 404 29926 04 280 7431 stefan.fuchs@raywhite.com 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 Ray White, nor the publisher, for any losses suffered by any person or organisation relying directly or indirectly on this newsletter.

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 Ray White, 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 Courtesy REINZ www.reinz.co.nz

Address Suburb Beds Sold RV Address Suburb Beds Sold RV

Queen Charlotte Dr Aotea 3 $815,000 $830,000 Glen Rd Raumati 2 $425,000 $255,000
Te Puia Dr Aotea 4 $682,500 $670,000 William Ave Raumati 4 $675,000 $460,000
Dusky Cres Aotea 4 $682,000 $690,000 Renown Rd Raumati 2 $370,000 $245,000
Kaimai Pl Aotea 4 $815,000 $210,000 Karekare Rd Raumati 3 $550,000 $460,000
Kepler Way Aotea 3 $965,000 $760,000 The Esplanade Raumati 3 $480,000 $375,000
Wangapeka Way Aotea 3 $930,000 $840,000 Dale Rd Raumati 3 $550,000 $340,000
Coventry Cl Ascot Park 2 $370,000 $340,000 Rosetta Rd Raumati 4 $1,150,000 $1,100,000
Saint Ives Dr Camborne 4 $755,000 $740,000 Renown Rd Raumati 3 $647,500 $425,000
Trispen Pl Camborne 3 $540,000 $485,000 Rimu Rd Raumati 4 $500,000 $480,000
Pope St Camborne 3 $521,000 $490,000 Rimu Rd Raumati 3 $472,500 $355,000
Penryn Dr Camborne 4 $1,250,000 $930,000 Ngaio Rd Raumati 3 $465,000 $285,000
Saint Ives Dr Camborne 3 $722,290 $640,000 Alexander Rd Raumati 3 $530,670 $350,000
Carnavon Pl Cannons Creek 3 $340,000 $280,000 Matai Rd Raumati 2 $431,000 $285,000
Surprise Pl Cannons Creek 4 $355,000 $355,000 Raumati Rd Raumati 3 $727,000 $590,000
Norfolk Gr Cannons Creek 3 $321,000 $235,000 Tainui St Raumati 3 $512,500 $455,000
Champion St Cannons Creek 3 $270,000 $240,000 Kiwi Rd Raumati 3 $472,000 $340,000
Acheron Rd Mana 3 $560,000 $465,000 Anaru St Raumati 2 $430,000 $310,000
Ruru Rd Otaihanga 2 $415,000 $280,000 Rembrandt Ave Tawa 4 $690,000 $570,000
Atmore Ave Otaki 3 $430,000 $215,000 Katarina Gr Tawa 5 $647,000 $500,000
Hadfield St Otaki 4 $505,000 $410,000 Lupin Tce Tawa 6 $680,000 $550,000
Millhaven Pl Otaki 3 $450,000 $340,000 Coates St Tawa 3 $370,000 $360,000
Totara St Otaki 3 $288,500 $155,000 Pembroke St Tawa 4 $656,500 $200,000
Dunstan St Otaki 3 $301,000 $214,000 Woodman Dr Tawa 4 $780,000 $550,000
Rupini St Otaki Beach 3 $265,000 $275,000 Cullen Pl Tawa 5 $653,000 $550,000
Ngaio St Otaki Beach 2 $285,000 $215,000 Chester Rd Tawa 4 $601,235 $400,000
Toi St Otaki Beach 3 $318,000 $235,000 Huia St Tawa 4 $652,000 $395,000
Scott Ave Otaki Beach 3 $395,000 $285,000 Chastudon Pl Tawa 4 $735,000 $550,000
Marine Pde Otaki Beach 3 $529,000 $410,000 Taylor Tce Tawa 3 $510,100 $340,000
The Parade Paekakariki 3 $847,500 $740,000 Ordley Gr Tawa 3 $611,527 $475,000
Wellington Rd Paekakariki 3 $415,500 $330,000 Bell St Tawa 3 $415,407 $290,000
Campbell Ave Paraparaumu 3 $485,000 $365,000 Main Rd Tawa 3 $600,000 $365,000
Dennis Taylor Ct Paraparaumu 2 $408,000 $310,000 Cullen Pl Tawa 5 $630,000 $420,000
Pukeko St Paraparaumu 3 $290,000 $210,000 Chastudon Pl Tawa 4 $691,777 $530,000
Atarau Gr Paraparaumu 3 $485,000 $300,000 Rodney Ave Te Horo 3 $553,000 $485,000
Waterstone Ave Paraparaumu 4 $638,000 $475,000 Dixie St Te Horo 2 $350,000 $215,000
Milne Dr Paraparaumu 4 $665,000 $520,000 Gloaming Hill Titahi Bay 3 $460,000 $445,000
Pukeko St Paraparaumu 3 $303,000 $220,000 Spur Gr Titahi Bay 3 $502,000 $380,000
Ocean Rd Paraparaumu 2 $372,500 $290,000 Vella St Titahi Bay 2 $290,000 $230,000
Regent Dr Paraparaumu 3 $660,000 $540,000 Inlet View Titahi Bay 3 $495,000 $445,000
Chums Rd Paraparaumu 3 $481,657 $305,000 Tireti Rd Titahi Bay 3 $500,000 $345,000
Te Kupe Rd Paraparaumu 3 $437,500 $365,000 Thornley St Titahi Bay 4 $570,000 $500,000
Donovan Rd Paraparaumu 5 $570,000 $360,000 De Castro Pl Titahi Bay 4 $500,000 $460,000
Seaview Rd Paraparaumu 3 $470,000 $320,000 Main Rd Titahi Bay 2 $425,000 $385,000
Michael Rd Paraparaumu 3 $485,000 $320,000 Pikarere St Titahi Bay 3 $360,500 $370,000
Sunburst Ct Paraparaumu 3 $522,000 $365,000 Awanui Dr Waikanae 4 $1,050,000 $995,000
Rifleman Ln Paraparaumu 3 $610,000 $455,000 Hira St Waikanae 3 $710,000 $375,000
Kotuku Dr Paraparaumu 4 $660,000 $550,000 Kohekohe Rd Waikanae 3 $595,000 $460,000
The Avenue Paraparaumu 3 $555,000 $455,000 Kauri Rd Waikanae 5 $550,000 $430,000
Aburoc Pl Paraparaumu 4 $568,000 $435,000 Te Moana Rd Waikanae 5 $680,000 $540,000
Hollis Rd Paraparaumu 6 $647,500 $490,000 Nimmo Ave West Waikanae 2 $462,600 $320,000
Sharda Gr Paraparaumu 3 $390,000 $265,000 Hicks Cres Waikanae 1 $355,000 $190,000
Paremata Rd Paremata 4 $675,500 $650,000 Pine Ridge Tce Waikanae 3 $590,000 $385,000
Oak Ave Paremata 3 $550,000 $450,000 Tutere St Waikanae 4 $852,000 $610,000
Seaview Rd Paremata 4 $960,000 $1,050,000 Field Way Waikanae 3 $2,110,000 $1,650,000
Marram Way Peka Peka 4 $555,000 $520,000 Molyneux Cl Whitby 4 $665,000 $650,000
Corlett Rd Plimmerton 3 $791,000 $630,000 Gennaker Ln Whitby 4 $700,000 $590,000
Corinna St Porirua 3 $228,000 $230,000 Banks Bvd Whitby 3 $630,000 $600,000
Cheshire St Porirua 3 $320,000 $350,000 Observatory Cl Whitby 4 $627,000 $610,000
Onepu Rd Pukerua Bay 3 $453,000 $440,000 Semaphore Ln Whitby 3 $641,500 $570,000
Pukerua Beach Rd Pukerua Bay 4 $715,000 $730,000 The Topdeck Whitby 5 $755,000 $730,000
Rawhiti Rd Pukerua Bay 3 $555,000 $490,000 Lodestar Ln Whitby 5 $1,015,000 $910,000
Sea Vista Dr Pukerua Bay 4 $577,500 $570,000 Ayton Dr Whitby 4 $650,000 $680,000
Sea Vista Dr Pukerua Bay 3 $515,000 $495,000 Navigation Dr Whitby 4 $760,000 $720,000
Pukerua Beach Rd Pukerua Bay 3 $529,000 $495,000 Mizzen Pl Whitby 4 $475,000 $530,000
Apple Tce Ranui Heights 3 $326,000 $370,000 Compass Way Whitby 3 $650,000 $540,000
Renown Rd Raumati 3 $545,000 $465,000 The Masthead Whitby 5 $770,000 $730,000
Rosetta Rd Raumati 5 $2,500,000 $2,650,000 The Companionway Whitby 3 $552,000 $540,000
Matai Rd Raumati 3 $545,000 $430,000 Spinnaker Dr Whitby 4 $527,000 $495,000