1106 HN Stats Page.indd
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PROPERTY REPORT PROPERTY PRICES MORE THAN DOUBLED In 1983 I sold a block of seven flats to a very cautious investor. The market was in the doldrums; the seller was under pressure and this buyer-investor was concerned about paying too much. Just three years earlier, the owner of the property had paid $200,000 for it and my buyer picked it up for $170,000. Can you believe seven flats were ever so cheap? Today, they have an income of $57,000 per annum, they have to be worth ten times that (more than double the purchase price) and my client has retired to travel. In 1999 I phoned some other clients of mine who I had sold their first home to, and later their second home. They didn't know too much about property as an investment but we had got to know each other well and I encouraged them to buy a block of four flats I had for sale. I told them they were probably paying a little more than what they were worth but that was the only way of convincing the owner to sell. Looking back, at $283,000, they were cheap - worth at least double that today, just 12 years later and even after going through a property downturn. They aren't ready to retire, but this purchase and other
subsequent investments have enabled them to trade up into their third family home and they can afford their dream. I had coffee last week with a 27 year old who has his first home in Naenae. I was trying to persuade him to buy a second home as an investment, stating that in time it would more than double in value. Do you think I could convince him? He came up with every reason why it couldn't happen. How could a $200,000 property ever by worth $400,000? With which I replied "How did that first home I sold in Taita in 1981 for $28,000 become worth $56,000 in 1985; $130,000 by 1995 and $260,000 by 2005?" "Oh yes," he said, "but wages aren't going up enough for people to keep paying more, property couldn't double again". I had my head shaved for Child Cancer; with no grey hair showing, he may not have realised I had heard it all before!
John Ross AREINZ Licensee Agent [email protected]
Lower Hutt Sales Statistics February – April 2011 SUBURBS
MEDIAN SALE PRICE ($)
Alicetown Avalon Belmont Boulcott Central Hutt Eastbourne & Bays Fairfield Harbourview* Kelson Korokoro Manor Park* Maungaraki Moera Naenae Normandale Park Ave Petone Stokes Valley Taita Tirohanga* Wainuiomata Waiwhetu Waterloo Woburn
$450,000 $328,000 $408,900 $455,000 $495,500 $562,500 $415,000 $495,000 $361,800 $357,500 $465,000 $412,500 $260,000 $238,500 $415,000 $310,500 $465,000 $290,000 $240,000 $460,000 $242,000 $352,500 $434,000 $745,000
MEDIAN SALE PRICE % CHANGE 1 YEAR 3 YEARS
10 -17 -7 -29 25 -12 9 -7 -8 4 -7 -8 1 -24 3 0 -8 8 2 -6 32
2 -20 6 5 4 -11 -1 11 -21 1 -15 -13 -2 -25 1 -1 -7 -1 9 18 15
NUMBER OF SALES
7 19 14 6 20 30 7 13 5 18 5 16 11 8 25 23 19 47 12 15 19
VS LAST YEAR
MEDIAN DAYS TO SELL
82 25 101 53 51 93 132 21 44 29 35 40 43 60 26 41 41 38 31 36 36
VS LAST YEAR
*For accuracy purposes, suburbs with less than five sales in the period have been excluded from this analysis.
visit www.redcoats.co.nz to view previous property reports
Lower Hutt Residential Property Sales 300 275
Hutt Valley Rental Statistics Rental Returns for April 2011 MEDIAN RENT
RENT RANGE LOWEST - HIGHEST
Northern Lower Hutt ONE TWO THREE FOUR
$ 190 $ 285 $ 350 $ 400
$175 - $197 $250 - $302 $320 - $365 $390 - $423
7 2 9 0
7 33 25 5
Southern Lower Hutt ONE TWO THREE FOUR
$ 200 $ 310 $ 385 $ 470
$190 - $220 $290 - $342 $345 - $442 $437 - $520
3 0 3 4
21 41 41 9
Wainuiomata
ONE TWO THREE FOUR
n/a $ 255 $ 290 n/a
n/a $228 - $267 $280 - $310 n/a
n/a 13 -3 n/a
0 7 19 0
ONE TWO THREE FOUR
$ 180 $ 230 $ 350 $ 417
$162 - $196 $210 - $250 $320 - $364 $360 - $450
8 0 6 7
11 42 40 12
BEDROOMS
% CHANGE FROM APR 10
NO. LET
Number Of Sales
250 225 200 175 150 125 100 75 50
Jan
Feb Mar Apr May Jun 2007 2008 2009
July
Aug Sep Oct Nov Dec 2010 2011
Regional Round Up February – April 2011
Upper Hutt
Median - the middle value when all of the data is placed in order of value. Source - Sales Statistics: REINZ website and Professionals Hutt City Ltd MREINZ records. These statistics are for residential dwellings and do not include sections. Source - Rental Statistics: Tenancy Services Bond Centre. These statistics are derived from information gathered from bonds lodged at the Department of Building and Housing.
SUBURBS Lower Hutt Upper Hutt Porirua Wellington
MEDIAN SALE PRICE ($)
MEDIAN SALE PRICE % CHANGE 1 YEAR 3 YEARS
NUMBER OF SALES
VS LAST YEAR
MEDIAN DAYS TO SELL
VS LAST YEAR
$369,500 $310,000 $425,000 $481,125
7 -2 6 -1
10 -8 18 5
346 181 153 776
43 40 60 30
$523,750 $318,000 $325,000 $245,000
-4 -2 1 0
12 -8 0 0
2052 541 739 545
33 48 45 43
MAIN CITIES Auckland Hamilton Christchurch Dunedin
www.redcoats.co.nz
PROPERTY REPORT PROPERTY PRICES MORE THAN DOUBLED In 1983 I sold a block of seven flats to a very cautious investor. The market was in the doldrums; the seller was under pressure and this buyer-investor was concerned about paying too much. Just three years earlier, the owner of the property had paid $200,000 for it and my buyer picked it up for $170,000. Can you believe seven flats were ever so cheap? Today, they have an income of $57,000 per annum, they have to be worth ten times that (more than double the purchase price) and my client has retired to travel. In 1999 I phoned some other clients of mine who I had sold their first home to, and later their second home. They didn't know too much about property as an investment but we had got to know each other well and I encouraged them to buy a block of four flats I had for sale. I told them they were probably paying a little more than what they were worth but that was the only way of convincing the owner to sell. Looking back, at $283,000, they were cheap - worth at least double that today, just 12 years later and even after going through a property downturn. They aren't ready to retire, but this purchase and other
subsequent investments have enabled them to trade up into their third family home and they can afford their dream. I had coffee last week with a 27 year old who has his first home in Naenae. I was trying to persuade him to buy a second home as an investment, stating that in time it would more than double in value. Do you think I could convince him? He came up with every reason why it couldn't happen. How could a $200,000 property ever by worth $400,000? With which I replied "How did that first home I sold in Taita in 1981 for $28,000 become worth $56,000 in 1985; $130,000 by 1995 and $260,000 by 2005?" "Oh yes," he said, "but wages aren't going up enough for people to keep paying more, property couldn't double again". I had my head shaved for Child Cancer; with no grey hair showing, he may not have realised I had heard it all before!
John Ross AREINZ Licensee Agent [email protected]
Lower Hutt Sales Statistics February – April 2011 SUBURBS
MEDIAN SALE PRICE ($)
Alicetown Avalon Belmont Boulcott Central Hutt Eastbourne & Bays Fairfield Harbourview* Kelson Korokoro Manor Park* Maungaraki Moera Naenae Normandale Park Ave Petone Stokes Valley Taita Tirohanga* Wainuiomata Waiwhetu Waterloo Woburn
$450,000 $328,000 $408,900 $455,000 $495,500 $562,500 $415,000 $495,000 $361,800 $357,500 $465,000 $412,500 $260,000 $238,500 $415,000 $310,500 $465,000 $290,000 $240,000 $460,000 $242,000 $352,500 $434,000 $745,000
MEDIAN SALE PRICE % CHANGE 1 YEAR 3 YEARS
10 -17 -7 -29 25 -12 9 -7 -8 4 -7 -8 1 -24 3 0 -8 8 2 -6 32
2 -20 6 5 4 -11 -1 11 -21 1 -15 -13 -2 -25 1 -1 -7 -1 9 18 15
NUMBER OF SALES
7 19 14 6 20 30 7 13 5 18 5 16 11 8 25 23 19 47 12 15 19
VS LAST YEAR
MEDIAN DAYS TO SELL
82 25 101 53 51 93 132 21 44 29 35 40 43 60 26 41 41 38 31 36 36
VS LAST YEAR
*For accuracy purposes, suburbs with less than five sales in the period have been excluded from this analysis.
visit www.redcoats.co.nz to view previous property reports
Lower Hutt Residential Property Sales 300 275
Hutt Valley Rental Statistics Rental Returns for April 2011 MEDIAN RENT
RENT RANGE LOWEST - HIGHEST
Northern Lower Hutt ONE TWO THREE FOUR
$ 190 $ 285 $ 350 $ 400
$175 - $197 $250 - $302 $320 - $365 $390 - $423
7 2 9 0
7 33 25 5
Southern Lower Hutt ONE TWO THREE FOUR
$ 200 $ 310 $ 385 $ 470
$190 - $220 $290 - $342 $345 - $442 $437 - $520
3 0 3 4
21 41 41 9
Wainuiomata
ONE TWO THREE FOUR
n/a $ 255 $ 290 n/a
n/a $228 - $267 $280 - $310 n/a
n/a 13 -3 n/a
0 7 19 0
ONE TWO THREE FOUR
$ 180 $ 230 $ 350 $ 417
$162 - $196 $210 - $250 $320 - $364 $360 - $450
8 0 6 7
11 42 40 12
BEDROOMS
% CHANGE FROM APR 10
NO. LET
Number Of Sales
250 225 200 175 150 125 100 75 50
Jan
Feb Mar Apr May Jun 2007 2008 2009
July
Aug Sep Oct Nov Dec 2010 2011
Regional Round Up February – April 2011
Upper Hutt
Median - the middle value when all of the data is placed in order of value. Source - Sales Statistics: REINZ website and Professionals Hutt City Ltd MREINZ records. These statistics are for residential dwellings and do not include sections. Source - Rental Statistics: Tenancy Services Bond Centre. These statistics are derived from information gathered from bonds lodged at the Department of Building and Housing.
SUBURBS Lower Hutt Upper Hutt Porirua Wellington
MEDIAN SALE PRICE ($)
MEDIAN SALE PRICE % CHANGE 1 YEAR 3 YEARS
NUMBER OF SALES
VS LAST YEAR
MEDIAN DAYS TO SELL
VS LAST YEAR
$369,500 $310,000 $425,000 $481,125
7 -2 6 -1
10 -8 18 5
346 181 153 776
43 40 60 30
$523,750 $318,000 $325,000 $245,000
-4 -2 1 0
12 -8 0 0
2052 541 739 545
33 48 45 43
MAIN CITIES Auckland Hamilton Christchurch Dunedin
www.redcoats.co.nz
