The latest monthly QV Residential Price Movement Index shows that nationwide residential property values for August have increased 6.9% over the past year and 1.7% over the past three months. This means they are now 15.8% above the previous market peak of late 2007. When adjusted for inflation the nationwide annual increase drops slightly to 5.2% and values remain below the 2007 peak by 0.8%.
The Auckland market has increased 11.4% year on year and values are up 33.0% since 2007. When adjusted for inflation values are up 9.7% over the past year and are 13.8% above the 2007 peak..
QV National Spokesperson Andrea Rush said, “Since September last year the growth rate of New Zealand residential property values has been slowing and this trend has continued over the past month.”
“Home values in Auckland, Christchurch and Tauranga are still increasing but at a slower rate than this time last year.”
“Hamilton and Dunedin home values have decreased slightly and Wellington values are continuing to show the downward trend seen over the past few months.”
“Sales volumes and home loan approvals are down year on year and interest rate rises, LVR restrictions and the upcoming election appear to be keeping the number of homes on the market low as well.”
Residential property values in the Wellington Region are still showing a slight downward trend down 0.5% over the past three months and values across the region as a whole are up 0.9% since August last year.
Home values in Wellington City have decreased slight 0.2% over the past three months, as have values in Wellington Central and South, down 0.5%. Wellington West is also down 1.0%; while Wellington North and East values have remained the same.
Lower Hutt home values have decreased by 2.1% in the past three months and 1.1% year on year. Upper Hutt has increased 0.9% over the past three months and home values there 0.3% below what they were this time last year.
QV Wellington Registered Valuer, Kerry Buckeridge said, “Home values across the Wellington region as a whole are now 1.3% below the 2007 peak and the Hutt Valley remains well behind.”
“Seven years is a long time not to see any value growth and a key factor is that Wellington does not have population growth to drive demand for homes.”
“Currently there are historically low levels of stock in the market and low interest from buyers. The upcoming election is likely to be a factor and could mean people are holding off making property decisions.”
“The current generation of new home buyers seem to find properties in need of renovation unappealing.”
“A full ‘doer-upper’ can still appeal to seasoned renovators’, but some first home buyers seem more likely to purchase a fully-finished apartment, than a standalone home that is in need of some work.”
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Last months winner was: A van Baarle of Lower Hutt
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Levels of mould and condensation in New Zealand are widespread, both of which are triggers of respiratory diseases, asthma and hospital visits
Many New Zealand homes are in such bad shape they cause health problems and increase their occupants' stress levels, a nationwide survey has found.
The State of the Home Survey was conducted by independent research company Buzz Channel.
It found more than half of respondents said they suffered in some way due to the state of their home.
The survey, commissioned by HRV, found levels of mould and condensation in New Zealand were widespread. Both are triggers of respiratory diseases, asthma and hospital visits.
Almost a third of respondents said the state of their homes reduced their wellbeing and 58 per cent said they suffered stress due to living in an unhealthy home.
One in five respondents said they had moved out of a house because it was cold, damp or mouldy. Almost 60 per cent of tenants surveyed said they had moved out of a house because it was unhealthy. Of those who stayed put, nearly a third faced increased heating costs and higher power bills.
However, even though Kiwis are living in chilly and damp homes, the survey revealed some novel approaches to staying warm in bed at night.
While most respondents said they threw a few extra blankets on the bed (61 per cent), many chose to wear warm socks (37 per cent), flannel pyjamas (29 per cent) and even a beanie (8 per cent) in winter.
Meanwhile, 11 per cent of respondents slept with their head under a duvet to stay warm. This was a particularly popular heating method among tenants.
Then there were the more adventurous winter-warming ploys such as one woman "trying to persuade my husband to go to bed early", and another person who slept naked all year round because their waterbed was constantly warm.
Other findings from the survey included:
•Mould is prevalent in 59 per cent of homes and condensation in 31 per cent.
•A quarter had curtains, carpets, clothes and other property damage from mould, dampness and condensation.
•Thirty-seven per cent were concerned about heavy metals in water, followed by sediment (28 per cent) and chlorine (25 per cent).
•Sixty-one per cent will throw another blanket on the bed if they are cold at night, rather than turn on a heating source.
•Almost two-thirds of people would be happy to have their home undergo a housing warrant of fitness.
*Buzz Channel surveyed 505 people aged between 24 and 75 years. The margin of error on this sample is +/- 4.4.3 per cent at the 95 per cent confidence level.
QV National Spokesperson Andrea Rush said, “We are starting to see a slowdown in the rate of value increases in many of the main centres following on from the slowdown in sales volumes over the past few months.”
Thanks to Tony Alexander of the BNZ for his Weekly Comment 14/08/14