Property Market Report
The national median days to sell hit 50 in August, the highest it has been in the month of August since 2008, according to the Real Estate Institute of New Zealand(REINZ).
Meanwhile, the national inventory level surged 30% year-on-year in August, reaching 29,579 properties on the market. This was down 977 from 30,556 in July.
Rental market report
The rental market continues to fluctuate with demand for rental properties being subdue and supply being higher than at this time last year. This being a combination of speculars renting rather than selling and developers offloading surplus homes into the rental pool until the market improves. The values are holding firm with good homes achieving better rental yield. Lets look at the active bond rates:
The Bank of Mum and Dad
We recently heard of a case where $50,000 was lent by a parent to their child to help them with the deposit for the purchase of a property. The mortgage broker provided a gifting certificate for the parent to sign to help with the mortgage application, but actually the arrangement was meant to be a loan not a gift. Signing this certificate unfortunately set them up for failure when the relationship between the child and their partner broke down. Even though there were text messages from the partner agreeing that it was a loan, when it came to the crunch they denied the loan and relied on the gifting certificate to avoid repaying the loan in the relationship split.
There are three ways to protect funds when trying to help your kids get a step up onto the property ladder.
Five must do’s, before you list your home for sale
Investing in certain key areas around your home before selling it can help increase its appeal to potential buyers and potentially fetch a higher selling price. Here are the five most important things to consider:
- Curb Appeal: The first impression matters. Enhance your home’s curb appeal by investing in landscaping, exterior painting, and repairs. A well-maintained exterior can attract more buyers and create a positive initial impression.
- Interior Updates: Focus on interior upgrades that can add value. Consider fresh paint in neutral colors, modernising fixtures and hardware, repairing any visible damage, and updating outdated appliances. Kitchens and bathrooms are often considered the most critical areas to renovate.
What are the 6 must-do’s in matrimonial separation
Navigating a matrimonial separation can be a complex and emotionally challenging process. It’s important to approach it methodically and consider various legal, financial, and emotional aspects. Here’s a step-by-step guide to help you through the process, including dealing with assets:
Seek Legal Advice: Consult with an attorney who specializes in family law. They will help you understand your rights, responsibilities, and the legal implications of your separation.
Tired of Paying Someone Else’s Mortgage?
Here’s How You Can Escape The Rent Trap.
Did you know that the rent you are currently paying can actually go towards making up your future mortgage repayments?
For example, if you’re paying $750 per week, that equates to nearly $40,000 per year in rental payments! So if you took that $750 per week and looked at what the equivalent would be in mortgage repayments, it would cover a mortgage of around $500,000.
But it doesn’t stop there.
Not only do you take the rent that you are currently paying into account, but also the savings you have been making towards that house deposit.
