Foreign buyer ban will have minimal impact on residential sales says REINZ

Particularly true in Upper Hutt, the foreign buyer ban will have minimal impact on residential sales. In a recent announcement from the REINZ, they say that the ban on foreign buyers on purchasing existing properties is expected to have a minimal impact on residential sales.

This is according to new research from the Real Estate Institute of New Zealand (REINZ) – source of the most complete and accurate real estate data in New Zealand.

REINZ recently surveyed its residential agent members and found responses indicated that currently only a minority of buyers are from overseas (3.8%).

Bindi Norwell, Chief Executive, at REINZ says: “Ahead of the Government’s upcoming foreign buyer ban we were interested to understand exactly what percentage of residential sales were made to international buyers as there is minimal data available. So, who better to ask than those who deal with this day in and day out – our members.

“Our survey indicates that only a small number of sales are made to buyers from offshore – the clear majority of sales are made to locals (63.9%) and those from other towns or cities from within New Zealand (29.8%),” continues Norwell.

In order to gain a clear picture of the situation, the survey also sought to understand the make up of open home visitors. Again, the majority of open home visitors were local (64.1%), followed by 28% from out of town and only 4.5% from overseas – the remaining 3.4% were classed as ‘other’.

“Given international buyers are such a small part of the market we’re interested to understand what impact the Government believes the foreign buyer ban will actually have? We know when looking at Australia that a similar policy there has had little impact with Australia still remaining the third most unaffordable country in the world,” concludes Norwell.

The survey also sought to understand the make-up of buyers in the market. Currently most purchasers are owner occupiers (52.3%), followed by first time buyers (26.3%) and investors only made up 14.2% of buyers. The remaining 7.3% of buyers were classified as ‘other’. 

What percentage of your buyers are?
First time buyers26.3%
Investors14.2%
Owner Occupiers52.3%
Other7.3%

 

What percentage of your buyers are?
Locals63.9%
From out of town29.8%
Overseas buyers3.8%
Other2.5%

 

Are your open home visitors?
Locals64.1%
From out of town28.0%
Overseas buyers4.5%
Other3.4%

 

What are they buying?
Holiday homes6.9%
Permanent home76.6%
Rental investment12.1%
Other4.4%

 

 

Latest Upper Hutt property stats for November 2017

Here is some residential property market information for Upper Hutt during November that may be of interest:

  • In November, the cheapest property sold in Upper Hutt was for $60k; the most expensive was $1,500,000.
  • The total sale price of all property sold in Upper Hutt over the past month was $37,469,020
  • 76 properties were sold in Upper Hutt in November.
  • The average time to sell a property in Upper Hutt in November was thirty days.
  • Property turnover in November was 0.36%.

The median sale price during November was $445,000 across all sales. All information has been sourced from the Real Estate Institute of New Zealand.

Give me a ring on 022 327 5718 or message me if you want information on what your property may be worth in the current market, or if you are thinking of selling or buying housing in Upper Hutt.

14 Harvard Grove – SOLD!

After another successful marketing campaign, 14 Harvard Grove has sold for $540,500 – this is $120,500 above the latest RV price, and one of the highest prices ever achieved for a four bedroom property in Totara Park.

Get in touch today to see how a well-run campaign could achieve an excellent sale price for you, or for information if you are thinking of selling or buying property in Upper Hutt!

New Listing & quiet listing on Fergusson Drive

Jon has just listed 15a Harvard Grove; a beautiful, private two bedroom property to be sold by negotiation. More details to follow in the next couple of days, but get in touch for information.

Also listed, we have 722 Fergusson Drive. You wont find this property on TradeMe!

The owner wants the property sold, contact Jon today for a private viewing of this lovely, character 3 bedroom home.

Property Information
  • Approx Floor Area: 120 sqm
  • Land Size: 429 sqm
  • Tenure: Freehold
  • Approx year built: 1930
  • Property Type: House
  • House style: Bungalow, Character
  • Garaging / carparking: Open carport, Off street
  • Construction: Weatherboard
  • Roof: Decramastic
  • Heating / Cooling: Heat pump, Other (2X open fires in Dining Room)
  • Living area: Separate living, Separate dining
  • Main bedroom: Double
  • Bedroom 2: Double and Built-in / wardrobe
  • Bedroom 3: Single and Built-in / wardrobe
  • Main bathroom: Shower over bath
  • Laundry: Separate
  • Views: City, Urban
  • Outdoor living: Entertainment area, Garden
  • Fencing: Partial
  • Land contour: Flat
  • Grounds: Tidy
  • Water heating: Electric
  • Water supply: Town supply
  • Sewerage: Mains
  • Locality: Close to shops, Close to transport, Close to schools

Preview: new listings coming to Harcourts this week

I thought you might be interested in a property that Harcourts are currently selling as a quiet listing – 722 Fergusson Drive.

 

This 3 bedroom, character home is available immediately with a price guide of $449,000. You wont find it on Trademe!

 

Before the property becomes widely advertised, I am offering you an opportunity to attend a private viewing.

 

Please contact me to arrange a time if you are interested, or feel free to contact me to discuss your property needs.

Open homes this weekend, and deadlines coming up!

This weekend are the final open homes for 66 California Drive and 14 Harvard Grove, prior to the deadlines next week.

Please contact me if you require any information or wish to talk through the process of submitting an offer prior to the deadline:

  • 66 California Drive – Tuesday 5th at 4pm.
  • 14 Harvard Grove – Wednesday 6th at 4pm.

I have a number of documents available, including council documents – message me if you require them!

Real Estate Salesperson serving the Upper Hutt community