News and Publications

Hawkes Bay Rural update Summer 2016

Pastoral Market:

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Hawkes Bay Commercial Property update December 16

Activity in the Hawkes Bay commercial croperty market continues to be strong. A number of sales have recently been completed which continue to show low yield rates provided the buildings, tenants and lease conditions are sound.

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Hawkes Bay Residential Property update

 

There has been a lot of recent debate around the percentage increase in values in the Napier residential market from September 2015 to the current date. To investigate this we undertook a search of residential sales in the main Napier suburbs looking for resale properties. We initially looked for properties that sold between mid 2014 to mid 2015, this period being before there was any noticeable movement in the market. We have then looked for re-sales from between September 2015 and November 2016, this after the recent market lift.  The results following:

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Pedestrian Count – Hawkes Bay 2015

Pedestrian Count – Hawkes Bay 2015

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Gisborne Residential Market update December 2016

The Gisborne residential real estate market continues to be active, although reported dwelling sale numbers dipped to 45 in October from the average for the year so far of 58 as the market takes pause to digest the effects of increased deposit requirements imposed on investors by the Reserve Bank, minor mortgage interest rate increases, and international political events. The median number of days to sell held pretty steady at 28, and the median sale price rose to $265,000, sitting above the average for the year thus far of $244,850.

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Gisborne Commercial Update December 2016

The Gisborne commercial property market has kept pace with trends in other provincial cities, where low interest rates have made well tenanted commercial properties very sought after, with yields having come down to historically low levels over the past year.

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Congratulations!

TelferYoung Hawkes Bay has had a fantastic year with two hard working members of our team being nationally recognised at the TelferYoung annual conference. Anna Paget was awarded Graduate Valuer of the year and Susie Penrose was awarded Young Valuer of the year for the TelferYoung Group.

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The Commercial Market at a Glance- Spring 2016

 The Hawkes Bay commercial property market has shown an increase in transactional volumes over recent months as investors, both out of town and local chase strong yields in a low interest rate environment.

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Rural Market Commentary - Spring 2016

The rural economy has generally been quite resilient with mainly good farming conditions through the summer but a difficult dry autumn assisted by a mild winter. Returns for most commodities have been good, with strong returns for some horticulture.

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Residential Market Commentary -Spring 2016

The Hawkes Bay residential market remains active with an increase in sale numbers throughout the region relative to a year ago, and with median price levels also showing solid increases.

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Residential Market Commentary

The Hawkes Bay residential market remains very active with a significant increase in sale numbers throughout the region relative to a year ago, and with median price levels also showing solid increases.

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Gisborne Commercial Market Commentary

 Gisborne commercial sales levels remain relatively low due to limited supply.  Relatively strong with yields have been achieved for several well tenanted properties, these consolidating returns shown by the Farmlands and The Warehouse sales in 2015.  Vacant or earthquake prone properties continue to meet market resistance.Sales

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Gisborne Residential Market Commentary

The Gisborne residential market has been very active recently resulting in high sale volumes and a lift in median price levels.

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New Directors

TelferYoung (Hawkes Bay) Limited is delighted to announce the appointment of Susie Penrose and Lucas Paku as new Directors, joining Trevor Kitchin and Mike Penrose.

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REINZ Report Hawkes Bay

REINZ Hawkes Bay

Check out the latest REINZ report on property trends in Hawkes Bay.

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The Valuation Process

Often people ask what the valuation process involves, especially when quoting the fee!  I hope that the following can shed some light on this.

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The Value of a View

The value of a view and who owns it has been highlighted by the recent case in Wellington where the “million dollar harbour views” have been built out when a “fort” was built on the neighbouring property.

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Rural Market Commentary

Recent activity in the pastoral property sector has been very solid, with the demand reflected in the high prices received for recent sales. Well presented properties within good localities are strongly sought after.  This demand is due to a mix of strong commodity prices and low interest rates in a competitive lending market.

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Residential Market Commentary

After a prolonged period of limited growth, the HB residential market has finally awoken with some real momentum.

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Commercial Market Commentary

Increasing transactional volumes are beginning to appear in the Hawkes Bay commercial property market in response to lower returns on bank deposits and other forms of investment as well as confidence returning to the region underpinned by the prediction of ongoing solid returns in the pastoral farming, fruit growing and viticulture sectors and increasing visitor numbers.

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Earthquake Prone Buildings

Background

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Gisborne Commercial Market Update

The commercial market has been characterised by relatively low sale volumes over the past year. Superior properties are strongly sought after and are attracting low yields, while lesser presented, vacant and seismic deficient properties are meeting with limited demand.

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Gisborne Rural Market Update

The Gisborne rural market is relatively strong with most recent pastoral farms selling well above Rating Value levels. Waihina Station is a good example with this 753 ha block selling 24% above the RV in April 2015, and Burnbrae Station, sold over 9% above RV in March 2015.

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Understanding Rating Values in Gisborne

The latest rating values for the Gisborne District have been in effect since July 2014. Comment on their relevance and how they can differ from actual sales follows:

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Gisborne Residential Market Update

The Gisborne residential market has shown some heightened activity as of late. This has resulted in a significant increase in sale numbers throughout the region but with median price levels slightly easing.

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Wairoa Real Estate Market Commentary - Lucas Paku

The Hawkes Bay residential market has continued to show strong growth in terms of sale volumes over recent months, while median value levels have remained steady.

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Congratulations Susie Penrose

TelferYoung (Hawkes Bay) Limited would like to congratulate Susie Penrose on her latest accolade. Less than one year after qualifying as a registered valuer, Susie has been invited by her peers to sit on the Valuers Council as the young valuers representative under the Property Institute of New Zealand’s Young Leader Program. Susie will, not only be one of only two Woman sitting on the council this year when they reconvene in June, she will also be Hawkes Bays only representative in  the Young Leaders programme.

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Commercial Market

The New Zealand outlook for economic growth is forecast at around 3.3% for the year to March 2015. This compares to 2.3% actual growth for the March 2014 year. NZIER forecasts indicate economic growth will hold at solid levels over the next several years, driven largely by continuing residential demand in Auckland and Canterbury.

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Residential Market

The Hawke's Bay residential market has shown some heightened activity as of late with this resulting in a significant increase in sale numbers throughout the region but with median price levels remaining constant.

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Leasehold Freeholding Option

CBRE, on behalf of Ironpot and Corunna Bay Holdings, put the lessor’s interests associated with 33 Napier commercial ground leases, up for sale. Initially the sitting lessees were given first option to purchase and effectively freehold their site with expressions of interest closing in November 2014.

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Understanding Rating Values

In light of the recent round of rating revaluations released on 1 September 2014 for the Napier City District, it is timely to comment on their relevance and how they can differ from actual sales. The purpose of the Rating Value (RV) is to  apportion rates within your local authority. However they are often used as a guide to market and purchase property and as a negotiation tool. Most people do not fully understand how they are compiled. Here is a snap shot of what an RV is:

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