Arrowtown July Market Review

Arrowtown News

ARROWTOWN JUNE UPDATE

Market News for June 2013

Brought to you by Michael Tierney of Ray White Arrowtown

July 2013 Newsletter

From the desk of Michael Tierney Phone 027 4421167

QUICK UPDATE   
Winter sales are understandably lower in number as the weather does play a role in peoples’ decision making process. However, sales are being made and inquiry is still strong for the time of the year. Life does go on irrespective of the temperatures outside.  Read on to see what is happening in Arrowtown.

ARROWTOWN MARKET REVIEW                                                                                           
There is a shortage of homes for sale in some categories, notably in the $400-$600,000 range and this situation may not change for some time. If owners wanted to obtain a premium for their house, then now is the time to list it for sale. Hail and snow would not stop our buyers from making an offer.  Houses sold in the first four months of 2013 have not been replaced with new listings causing an imbalance in the supply of homes to the market. 41% of the houses for sale are between $600 and $700,000 with only one house below $500,000.

June  2013 Sale Results
Houses sold last month in Arrowtown 3
Sections sold last month in Arrowtown Nil
Highest price (dwellings) NB Sale price not available list price shown $1,259,000
Lowest price (dwellings) NB Sale price not available list price shown $685,000
Section Prices Nil
July Market Supply Overview                      TOTAL 38
Houses for sale in Arrowtown this month 17
Sections for sale in Arrowtown this month 12
Units for sale in Arrowtown this month 2
Accommodation apartments for sale this month 4
Lodges and BnB’s  for sale 3
Sales for the Year to Date 2013                        TOTAL 41
Houses sold in Arrowtown in 2013 35
Sections sold in Arrowtown in 2013 3
Units sold in 2013 3
CURRENT MARKETING PREFERENCES
We are selling a significant number of homes by either Auction or Deadline Sale. The auction process is well known to most people, even though they may have not purchased or sold by that method. Deadline sales are a relatively recent form of selling and perhaps need more explanation of the process.A Deadline Sale is  ‘No Price Marketing’ and buyers are requested to submit their offer before the deadline (hence the name). Offers can be unconditional or conditional and can be submitted at anytime before the deadline date. Buyers need to submit their best offer as they will be in competition with other bidders and the vendor will decide which bidder to deal with based on the contents of the offer. Therefore, higher bids with fewer (or no) conditions are more attractive.There is a lot of flexibility with Deadline Sales and they are a more consultative form of selling than auctions or tenders. To make certain that buyers do not chase after properties that they cannot afford, we will ask for their budget range and advise them accordingly.You are always welcome to call me at any time on 0800 ARROWTOWN (0800 27 76 98) for a talk about your property.

HOUSES & SECTIONS SOLD IN MAY and JUNE 2013

7 Jenkins Place
75 Centennial Avenue
88 Cotter Avenue (sold by other agency)
10 Helms Court (sold by other agency)
111 Devon Street
17 Thomson Street

IS MY RATING VALUE A GUIDE TO MARKET VALUE?
No.  The Rating Value is produced by a computer algorithm and has no relevance other than what you pay in rates. There are calls to have the RV abolished (or not published) as it is misleading and causes problems for both buyers and sellers.  We are phasing out using RV’s in our advertising because it can be misleading and if we use a RV, then we are giving it importance that it does not deserve.

BUILDING INSPECTION REPORTS  – Are the all the same and do I really need one?
I strongly advise that all buyers obtain a building inspection report on the house they wish to purchase. Before arranging for one, there are several options available.

BUILDING INSPECTION BY A PROFESSIONAL BUILDING INSPECTOR.  Building inspectors have indemnity insurance and operate professional inspection companies. Talk with them to see if their services are what you require.

WEATHER TIGHTNESS EXPERTS  The Department of Building and Housing has designated experts they have approved to investigate all aspects of building weather tightness. There is one such company in the Queenstown area.

Use one for peace of mind. It is not advised to use a  well meaning friend in the trade or a builder without indemnity insurance as should something go wrong, a problem not identified, or the report is not factual, then it could cost a considerable amount of money and be the cause of a broken friendship. The owner of the house too, has a right to expect that the person reviewing their house is not only suitably qualified and has adequate indemnity insurance, but is competent and operates a professional business.

Always ask me for a full list of suitably qualified inspectors and then you can decide for yourself who you wish to act for you.

Opinions expressed are my own and not the company that I work for.

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Posted by Michael Tierney