Welcome to spring. Temperatures are just starting to creep up, Labour weekend is approaching which is always a sign that it is time for planting the vege garden, of course what happens, within days of planting etc a late frost hits!!!

What is happening in the local market, sales volume for September 2018 was a low 28. For the same month last year 39. So, sales volume is still very low, to put into perspective for all of New Zealand for September 2018 there were 5,506 so we recorded .5% of the NZ total. The number of days to sell were 42 for September 2018, for September 2017 an average of 50 days. The medium sale price September 2018 $1,007,200 for September 2017 $986,000. The local market still seems to be very much driven by supply and demand and it is that factor that is holding up values at present.

It will be very interesting to see the impact of the Overseas Investment Amendment Act. In essence if you are a citizen of New Zealand, Australia or Singapore then you are classified as a resident. Outside of this if you hold a New Zealand residency Visa and have lived in New Zealand for 183 days in the last 12 months then you are classified as a resident. If you have not resided in New Zealand for 183 days you are classified as non-resident with major restrictions in place for purchasing property. In a location like Queenstown this could potentially have a big impact on the real estate market.

Whilst it would be fair to say that banks have tightened the reins in the lending market place; this is more related to restrictions like the LVR handbrake being applied by Reserve Bank and nervousness regarding the outcome for the Australian Royal commission of Enquiry into Banking and potential flow on effects to New Zealand. Having said that when lending proposals meet all the big ticks we are seeing some pretty aggressive pricing being offered by the Banks. So, if you are looking at topping up for those spring renovations or you have a fixed interest rate coming due, don’t hesitate to contact us to review.

Until next month enjoy spring, longer sunshine hours following daylight saving and roll on summer.

Cheers

Charlie & Michelle

Property sales activity is down across New Zealand, with low listings and stagnant prices also pointing towards a market slowdown. According to data from the Real Estate Institute of New Zealand (REINZ), September saw the fewest number of sales recorded nationally since January. Over the last 12 months, sales activity has dropped 3.3 percent outside Auckland and 2.1 percent in Auckland, bringing the nationwide decrease to 3.0 percent over the year.

As the years roll by and the wrinkles start to develop, we have more to look back on but less faculty for doing so. While decreasing memory as we get older might seem like one of life's tricks, there are lots of things we can do to improve our recall and upgrade our state of mind. Memory is a complicated process that’s made up of numerous brain activities, which means this task can be tackled in a few different ways.

The Kiwi dollar dropped to a significant 2.5 year low last week against the greenback, sinking to 64.26 US cents on the back of rising US interest rates and weak domestic data. While the dollar has seen a spirited rise since then, coming back to its mid-September levels, many experts are forecasting the Kiwi to fall even further in the weeks and months ahead. How low the Kiwi goes will depend on US-China trade tensions, the health of the domestic economy, and whether or not the market has fully priced in the Federal Reserve's tightening cycle.

Spring is well and truly here, with more light in the day both increasing the warmth of your home and highlighting the dust in its corners. More than just a bridge between winter and summer, spring is a time to start fresh, a time to hit the reset button on everything that has been and lay the foundations for a better tomorrow. Spring cleaning is well-established across much of the world, with this practical and effective ritual helping you to take stock and get your home ready for the summer ahead.

The world of fine art is shrouded in mystery, especially when it comes to the top end of the market. While most of the world's famous masterpieces are owned by museums in Europe and rarely sold, there is an active private auction market for some high profile works. In order to determine the value of a piece of art, it's important to differentiate between museum paintings and those owned by private collectors. While old master works in museums are valued extremely high, most of them will never be available for private sale.