Arrowtown and Rural Newsletter May 2014
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Arrowtown Market Review
What a fantastic time of year, the colours of our trees get brighter and better each year, as does our Annual Autumn Festival. A big congratulations to the Autumn Festival committee and the many helpers who make this annual event such a success.
March and April has seen a considerable slowdown in sales compared to the first two months of the year.
A total of nine sales were recorded for March and April in Arrowtown, two of those were section sales and one an industrial property. Listings are short in the lower end of the market with an abundance of homes for sale over the $1million dollar mark. It is estimated there is over two years supply of this type of property on the market.
In this present market it is critical to get the price right for your home otherwise you may be waiting a long time to sell. Close communication with your Realtor is imperative to ensure you are up to date with what your competition is and what has sold similar to your home in recent months.
Some recent private sales have seen the reverse with owners underselling because they have not been informed of the market and have not marketed their home to the potential pool of buyers that Real estate companies have on their database. Selling privately to save a commission is false economy and unwise in this market. The seller has also no protection if something goes wrong in the selling process, thereby making them open to damages or civil action from the Purchaser.
Last month we welcomed Mr Ant Mellor to our team. Ant has lived in the Wakatipu for the past seven years and will be concentrating on the rural life style market.
As we head into winter ensure your home is protected from the cold, cover any air vents, outside taps or any openings under the house. Check spouting is clear and down pipes not blocked.
From the all the Team at Ray White Arrowtown enjoy what remains of the beautiful period of autumn and take care over winter.
The Statistics below do not include a substantial country dwelling sold last month just outside of town.
March and April Sales
Sold by Ray White Arrowtown
10 Bush Creek Rd
Lot 17 Advance Tce
5 Chalmers Pl
17 Devon St
13 Pritchard Pl
380 Malaghans Rd
Sold by other companies
87A Devon St
111 Cotter Ave
4 Boundary St
May 2014 results
Average sale price April (dwellings) $552,533
YTD 2014 results
Average sale price (dwellings) $635,591 (2.9% increase)
Average sale price (section) $430,500 (40% increase)
Houses for sale by Real Estate Agents 39 (approx.)
March/April Residential 2014 sales 8 + 1 industrial property
Highest recorded sale price $572,500
Lowest recorded sale price (house) $430,000
The total volume of sales year ending 2013 was 66, (a decrease of 23.4% over 2012 sales). This does not include private sales.
The sales consisted of 59 house sales and 7 section sales.
The total volume of sales year ending was 84, 77 house sales and 7 section sales.
FOR SALE BY TENDER
Web ID: www.rwarrowtown.co.nz/ ARR20848
• Busy café/bar set in a prime location on Arrowtown’s main street
• Popular with locals and both National and International visitor’s
• Expansive courtyard dining with Liquor license
Operating from 7am to 5pm seven days a week with the potential for night time dining. Here is the chance to own a thriving business and enjoy the lifestyle Arrowtown has to offer. This is ideal for a couple wanting to move to Central Otago and experience a lifestyle change and create a new atmosphere for everyone to enjoy.
Tender: Closes Friday 9th May 2014 @ 12 Noon
(Unconditional prior offers maybe considered)
FOR SALE BY Deadline
7 Isabel Court
Web ID: www.rwarrowtown.co.nz/ARR20884
Designed for spacious family living and entertaining with 5 bedrooms, sheltered sunny outdoor living on a large and level section surrounded on two sides by open green space reserve. This modern home will appeal to buyers wishing to enjoy themselves with their family and their guests in both comfort and style. The interior is designed for easy living and the open plan lounge features a Jetmaster fireplace for the unbeatable winter ambiance of a log fire. Background heating is supplied in all rooms and bedrooms to provide warm and comfortable living, no matter the weather outside.
Deadline Sale: Offers close Friday 16th May 2014 @ 4pm
(Unconditional prior offers maybe considered)
Rural Market Review
There is another important component of the real estate market and that is the rural area. There is much to learn from activity in this sector as we find buyers are attracted to both Arrowtown homes and country homes. The same with owners, many people in the country decide to come into Arrowtown when the need for a large property has past.
The rural area is generally classified as that which is NOT the Arrowtown, Queenstown and Frankton towns, NOT Lake Hayes Estate or Arthurs Point. It is essentially the country between the towns. As the Wakatipu develops and subdivision becomes more intense, there is a blending of the town and country boundaries. We see this in areas such as Speargrass Flat and Lower Shotover Road, particularly in the Hawthorn Estate area.
The rural market has a higher ratio of out of town buyers. These people are looking for lifestyle opportunities and have quite demanding tastes. If they do not see what they like, they move on elsewhere. The number of sales per year is not high in number, but they are high in value.
Many of the rural buyers are from the Auckland region, but can equally be from the Australia, East Coast and from Perth. We have clients living in Singapore, China, Japan and indeed, throughout the world.
Dealing in the rural market requires different skill sets. Firstly there is the ability to communicate effectively across multi cultural boundaries and time zones. Calling a buyer at 3am in the morning is definitely to be avoided, but answering a call at midnight may just be part of the sales persons job description.
Then there is the matter of urgency. Often buyers are very busy in their own environment and do not share the same sense of urgency as perhaps the vendor or the salesperson. Often, a purchase may take months to complete, not because of a lack of interest, but only because of the buyers not being together to make joint decisions.
A selection of our rural properties for sale. Call me for details on our bare land blocks and homes.
63 Hogans Gully Road $1,885,000
Bendemeer Estate Rural Lifestyle land
69 Morven Ferry Road. Space and Location!
206 Dalefield Road. Worth inspection. $1,300,000
Lot 33 Threepwood Slope Hill Road. Negotiation.
Recent Rural Sales
By Ray White
741 Malaghans Rd
380 Malaghans Rd
25 Slope Hill Rd
By other companies
11 Arrowtown Lake Hayes Rd
250 Centennial Ave
34 Mountain View Rd
64 Speargrass Flat Rd
468 Malaghans Rd
33 Old School Rd
Lot 3 Little Stream
114 Mooney Rd
This list may not contain all recent rural sales
I do hope you enjoy reading our newsletter and that you find it helpful in keeping up to date with the local real estate scene.
Call me anytime for information about Arrowtown, the country or just to check the weather before you leave home
Phone 027 442 1167
Happy to Help
EMAIL me now for any information you need.