February 2020 Newsletter

January 2020 has come and gone, with the statistics showing much the norm of previous years. Typically with school holidays and several people taking a well-earned break, we see a slower start to the property juggernaut for the first few weeks until everyone returns and gets into the swing of the New Year.

The number of sales for January is lower at 92 for the greater Dunedin area, compared to 128 sales for the corresponding time last year. However, with an increase in properties featuring on realestate.co.nz (256), we should see a climb in sales for February 2020.

The median sale price for January 2019 was $410,000, and with even fewer sales we have seen our median figure rise to a new record figure of $550,000 for the past month. However, it has to be said with January being a disjointed month this may not be an accurate figure to truly reflect where we are in the market.

Days on the market have seen a big jump to 43, well up from 2019’s figure of 33 days.

We have received plenty of buyer action at our open homes recently. One example in St Clair saw a very nice townhouse having an excess of 130 groups viewing over 2 weeks and 12 offers for the owners to consider.

Your team here at Cutlers are always ready to advise you regarding anything Real Estate. Contact us on 03 467 7277 or pop into our new offices at 709 Great King Street, North Dunedin.

 

Donald Muldrew

Sales Manager

 

 

That time of year again, students flooding back into town.  Overall things have run much smoother than previous years with only a few melodramas to deal with.  The weather is good, spirits seem high and we’re looking forward to an enjoyable 2020.

 

Matt Cutler

Managing Director

 

If you own a rental property, it’s likely you already know about the new healthy homes standards that came into effect on 1 July 2019. Landlords must already maintain their rental properties, but under the new standards, some will need to improve the quality of their property too. While it will ensure better and healthier homes for Kiwis, it can seem a bit overwhelming in the short-term. You might have questions like ‘What does this mean for me and my property?’ or ‘Is owning a rental property still a smart investment?’

The good news is that real estate is still a great asset. If you are willing to invest in keeping it healthy you won’t need to do as much maintenance in the long run. Plus, happy and healthy tenants are more likely to stick around and pay rent on time. Keeping your rental healthy will also remove any last-minute stress if your circumstances change and you were to sell the property.

Get ahead of the game and sort out your property now, by investing in a few key areas. Here are four easy steps to help make sure your investment is healthy and ticks all the boxes.

  1. Find out if your rental is up to scratch- Read up on the latest changes in regulation and remember to book in regular property inspections to keep on top of maintenance issues.
  2. Prepare to level up your property- It’s important to plan and prioritise what needs to be done to keep your property healthy.
  3. Get in and get it done- Taking action is the most important step. But before you begin any work, make sure you keep your tenants in the loop.
  4. Keep tabs on your investment- Keep a record of all upgrades and maintenance. Proper documentation can make life easy.

Now you know the key areas to work on, you can start ticking all the boxes when it comes to keeping your rental property healthy. It will help you attract and retain great tenants, who are willing to help ensure your property stays in great shape – making life easy for you when it comes time to sell.

 

Reference:  https://www.realestate.co.nz/blog/tips-and-guides/4-steps-healthy-rental-property

 

Useful links:

NZ Property Report: January 2020