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Lack of quality listings on the market

Although listings remain far out-weighted to sales, there is a lack of well-presented properties on the market, especially in Auckland and Wellington, according to QV.

Thursday, October 7th 2010, 3:07PM

by Maddy Milicich

Jonno Ingerson, research director for QV, says "valuers, particularly in Auckland and Wellington, are reporting that there is a general lack of well-presented, quality properties on the market at present. Those that do come up are selling quickly and for good prices."

He says properties that are not well presented and lacking maintenance or have perceived flaws are either failing to sell or buyers are discounting their offers accordingly.

QV says the lack of sales in the market is due to some buyers choosing to hold back to see where the market will go, while others cannot find a suitable property. The other reason is possibly because of some financially secure vendors in the market, who are happy to hold out for their desired sale price rather than being tempted by low offers.

The majority of main urban areas throughout the country have remained stable in terms of value and are currently at or around the same value as this time last year, although activity and value is dependent on local market conditions.

Values in the Auckland area increased steadily through most of 2009 and early 2010 before falling slightly for a couple of months in April and May, and since then have remained relatively stable according to QV's latest data.

As a result, values are still 4.3% above the same time last year, but this gap is continuing to close.

In the Wellington area values have dropped 2.8% since April and are now only 0.3% above where they were the same time last year.

Values in Dunedin have been variable in recent months but have dropped since March and are now 1.5% above the same time last year.

Unlike the other main centres, Hamilton and Tauranga did not see a significant increase in values this time last year. In both cities values have been dropping for most of this year and are now below the same time last year by -1.4% in Hamilton and -1.8% in Tauranga.

In the provincial centres values have been more or less stable for the past few months and there are signs that values may have increased over the last month in many towns.

As a result, values in most of the provincial centres remain above the same time last year, although the gap continues to close:

The following towns' values remain above last year: Napier (2.6%), New Plymouth (2.5%), Wanganui (3%), Nelson (2.4%), Queenstown (2.6%) and Invercargill (2.3%) all remain above last year.

The following towns have values similar to last year: Rotorua (1.3%) and Hastings (0.7%) have, while Whangarei (-2.7%), Gisborne (-0.7%) and Palmerston North (-0.3%) have values lower than this time last year.

« Momentum building in house market, according to ANZFree Investment Property Showcase Events: Auckland, Wellington and Christchurch »

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 4.94 - - -
AIA - Go Home Loans 7.49 ▼5.79 ▼5.49 ▼5.59
ANZ 7.39 6.39 6.19 6.19
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.79 5.59 5.59
ASB Bank 7.39 ▼5.79 ▼5.49 ▼5.59
ASB Better Homes Top Up - - - 1.00
Avanti Finance ▼7.90 - - -
Basecorp Finance ▼8.35 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.54 - - -
BNZ - Rapid Repay 7.54 - - -
BNZ - Std 7.44 ▼5.79 ▼5.59 5.69
BNZ - TotalMoney 7.54 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.69 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 6.95 5.79 5.59 5.69
Co-operative Bank - Standard 6.95 6.29 6.09 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - ▼5.99 ▼5.89 -
First Credit Union Standard ▼7.69 ▼6.69 ▼6.39 -
Heartland Bank - Online 6.99 ▼5.49 ▼5.39 ▼5.45
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.60 6.65 6.40 -
ICBC 7.49 ▼5.79 ▼5.59 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.25 6.89 6.59 6.49
Kiwibank - Offset 7.25 - - -
Kiwibank Special 7.25 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 7.94 ▼5.75 ▼5.99 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.49 6.95 6.29 6.29
SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 4.94 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.19 6.49 ▼6.39 ▼6.39
TSB Special ▲8.64 ▲6.74 ▲6.49 ▲6.39
Unity 7.64 ▼5.79 ▼5.55 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society ▼7.70 ▼5.95 ▼5.75 -
Westpac 7.39 6.39 6.09 6.19
Westpac Choices Everyday 7.49 - - -
Westpac Offset 7.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 5.79 5.49 5.59
Median 7.54 5.99 5.89 5.69

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