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The latest QV House Price index is out and it appears that the Capital’s dream real estate run may be feeling the freeze as much as its residents currently are.
 
Housing market conditions in Wellington appear to have taken a sharp monthly downturn, with residential values falling 1.3% in May and the average residential property value now sitting at $633,759. The statistics tell a very different story to the anecdotal reports of strong market performance, which just goes to show: when it comes to real estate, there’s no arguing with the data, however much you don’t want to believe it. 
 
It’s the drop in Wellington City itself that’s letting the team down; in fact the 1.3% drop in May is almost entirely due to weak city performance. Suburban real estate performance further out is working hard to offset broader declines. Upper Hutt for example is having an absolute blinder, with 2.9% value growth over the last three months alone. Second place goes to Lower Hutt at 1.4%, ahead of Porirua at 0.9%
 
When you delve further into the types of properties being impacted in Wellington’s sharp downturn, it’s those at the upper tier of the market (over $850,000) that are being hardest hit. Annual growth in this value range has been limited to just 0.7% over the last 12 months. Compare that to the mid-range market ($650,000 - $850,000) which presented a much stronger 7.1% value growth over the same period. Even properties at the lower end of the market (below $650,000) have performed better than the top tier – albeit with relatively restrained annual growth of 2.5%. 
 
Head of Research Nick Goodall comments: “While we’re always cautious to read too much into a one month ‘trend’ the turnaround in Wellington City is quite sharp and given there’s supporting evidence of prolonged weakness at the upper tier of the market the softness is more likely to continue through winter. It also brings Wellington in to line with many of the other main centres, in terms of experiencing minimal growth, and given Bank’s prudent mortgage lending standards are nationwide this is not all together that surprising”.
 
Whether you’re looking to buy or sell, you can get more info on current property market conditions here
 
One of the most important things agents can do to deliver high satisfaction levels for clients is to share more information about the market with them in their listing presentation, the 2018 Vendor Perceptions of Real Estate Agents Report New Zealand showed.
 
The survey showed that agents who were more open and transparent and provided their vendors with Local Auction Clearance Rates and the Average Time on Market were overwhelmingly likely to rate their overall experience selling their home as Excellent. 
 
The data showed that 50% of those vendors who were given Local Auction Clearance Rates by their agent reporting their sales experience as Excellent, as did 49% of those who received Average Time on Market information. This was 14% higher than the general response where 34% of vendors rated their overall experience as Excellent.
 
The value of sharing important market information was underlined by additional results which demonstrated the role of data in helping agents develop trust and an understanding of the sales experience with their clients.
 
Agents who provided their clients with Local Auction Clearance Rates and Average Time on Market information were significantly more likely to stay in touch with their agent or use him or her again. The survey showed 61% of vendors who received Local Auction Clearance rates from their agent reported they would definitely stay in touch or use their agent again, while 56% of vendors who received Average Time on Market information said they would do use again. This compared to 36% of vendors on average who said they would stay in touch with their agent. 
 
When “maybe” was added to the count, the survey showed a huge 82% of respondents who received Local Auction Clearance Rates were likely to stay in touch with their agent or use him or her again, while 76% of those who received Average Time on Market information would do similar.
 
The third piece of evidence about the importance of sharing market information was evidenced in the question “Would you recommend your agent to friends or family?”. While 68% of respondents generally said they would recommend their agent, this number jumped 15% to 83% of those vendors who received Average Time on Market information from their agent, and by 18% to 86% of those vendors who received Local Auction Clearance Rates.
 
The survey identified a correlation between the level of information a vendor received and their sense of preparedness about the sale process. While only 59% of respondents generally said they felt Very Well Prepared for the sale process, 78% of vendors who received Local Auction Clearance Rates felt Very Well Prepared, and 85% of those who received Average Time on Market data reported feeling Very Well Prepared.
 
Author: Kylie Davis

Continued growth in property values across New Zealand netted sellers $3.1b in profit during the first three months of 2018, according to new figures from CoreLogic. 

The company’s first Pain and Gain report for the year shows total losses from resales dropping from $36.6 million to just $27.2 million, showing few people are concerned enough about the market outlook to push through quick sales for a lower price. 

Aucklanders continued to get the lion’s share of median profits per resale at $352,000, followed by Tauranga ($236,500), Wellington ($227,400) and Hamilton ($195,000). 

One sign of market fatigue was in apartments, for which the proportion of loss making resales 

increased from 8.7% to 11.2%. This is the highest figure in two years, with sellers making a median loss of $33,000. 

CoreLogic Senior Research Analyst Kelvin Davidson says the market is generally in good shape, with losses from sales remaining at historically low levels. 

“There's a bit of evidence of uncertainty for investors and in the apartment sector, but it's minimal. This is consistent with the continued gains in overall property prices in most parts of the country." 

Across the main centres, Wellington and Dunedin continued to stand out as the strongest markets overall. In the capital, low levels of listings and strong upward pressure on prices meant just 1.2% of sales were made at a loss, while in Dunedin the number was even lower at 1%. 

By contrast, Auckland saw an increase in the proportion of loss making resales, up from 3.3% to 3.7%. Hamilton and Tauranga also experienced slight increases, while Christchurch city had the highest proportion at 9.9%, up from 8.8% in the last three months of 2017. 

Owner occupiers fared better than investors during the first quarter of the year, with just 2.6% of their sales being made at a loss, down from 3.2% in the last three months of 2017. Investors faced more pain, with 5.1% of their sales generating a loss, up from 4.7%. 

"We’d anticipate property values continuing to rise modestly over the rest of the year, given that migration is holding up, investors are staying in the market, and interest rate rises remain a fair way away.”, Mr Davidson says.

You can read CoreLogic’s full report here.

Kid’s canopies have been on the must-have kid’s design lists for a few years now, whether hung above the bed or used with cushions on the floor for a permanent tent/reading corner. It’s my pleasure to introduce you to my no sew, 20 minute bed canopy, created with a queen-sized duvet cover set. It's been hanging up for 6 months now and is still going strong and very much loved by its bookworm owner who elected to hang LED lanterns up for "extra special magic mum". Here's how we did it: 
 
Materials: 
  • Queen duvet set (you need one of the pillows in the set too). 
  • Round garment holder (the ones used to dry socks/small garments…this is what creates the tent shape at the top of the canopy & enables the tent ‘ceiling’ to be styled).
  • Scissors. 
  • 2 x pieces of ribbon. 
  • Ceiling hook.
Instructions: 
Basic canopy: 
  1. Open all the domes on the duvet cover (this is the short side of the duvet). 
  2. Gather one of the LONG sides of the duvet into a concertina fold (think back to when you made fans at kindy). 
  3. Tie the base of 'fan' with a hair tie
  4. Lay the duvet out on the ground, fan tie at the top. The two ‘shorter’ sides with the domes/buttons act as the front opening of the canopy
  5. Cut up the other LONG side of duvet (it's at the bottom), right up the seam to the corner.  
  6. Now go to the concertina fold at the top of the canopy. Cut a small slit in the bottom of one the concertina folds, towards the middle of the fan. 
  7. Wiggle up the hook of the garment-holder up through the slit that you've just cut. 
  8. Drill a small hole in the ceiling. 
  9. Screw a ceiling hook into the hole. 
  10. Loop a ribbon over the ceiling hook. Pick up the canopy using the hook of the garment holder (that you've just poked up through the canopy). 
  11. Tie the ceiling ribbon to the hook (so the canopy is now hanging from ceiling). 
 
Now you’ve got the basic canopy shape, and unless your kid is into the industrial look, it’s time for styling. This is where the garment holder is awesome: all those clips make it super easy. 
  1. To hide the hair-tie, wrap your second length of ribbon around it and tie into a bow. 
  2. Get one of the pillows from the duvet set and tuck it up under the peg holder thing to form the underside "roof" of the tent and to hide the peg thing, clip onto the pegs. 
  3. Add LED lanterns to the clips too if you like.  
  4. Fluff out the canopy and adjust it so it's hanging at an even level from ceiling.