Can I have an Open Homes/Private viewings:

These are not considered essential services so cannot take place in person. They could take place via online virtual tours or video conferencing type software, where people aren't required to leave their homes and no in-person contact occurs

What if my house is due to settle during the lockdown?

In lock down, vendors and purchasers will not be able to move in and out of their houses. For this reason, Auckland District Law Society is recommending that settlements be deferred until after the Alert Level 4 restriction is lifted. The party's lawyers will make appropriate amendments to the contract to facilitate this

What if I need to move during the lockdown period?

Travel will be restricted to essential travel only e.g. pharmacy/supermarket trip, so settlements and moving house should be deferred until after the Alert Level 4 restriction is lifted. The parties lawyers will make appropriate amendments to the contract to facilitate this

For rural sales and tenanted property sales: Auckland District Law Society have considered situations where sales may not involve people leaving their home or any in-person contact (e.g. where a property is tenanted and the tenancy will continue after settlement) and have advised that whilst settlement can occur where no one has to have contact, purchasers and vendors may encounter difficulties when trying to get A&I, mortgage instruction, and other legal forms issued and signed. So, deferring settlement may still be the safest option. We would strongly recommend that the parties seek and follow the advice of their lawyers and not assume settlement can or will be able to occur. Physical property inspections cannot occur when we are under Level 4 lockdown

Can I bridge finance:

Vendors/purchasers should talk to their bank or financial services provider in the first instance

What if I have a conditional contract on a property?

These can still be confirmed during lockdown provided no travel/face-to-face meetings are required. If the condition(s) cannot be met during the Alert Level 4 period, then both the buyer and seller should take legal advice and either extend the condition until after the lockdown period or cancel the contract. The party's lawyers will make appropriate amendments to the contract to facilitate this

What if I need to arrange a pre-settlement inspection?

These are unable to take place in person during lockdown, however, if both parties agree, these could take place using video conferencing

Property Management

Rental Viewings:

These are not considered essential services so are unable to take place during lockdown unless done by virtual reality tour or pre recorded video/photos or other technology. If tenants need emergency accommodation, they should contact Work and Income

Routine inspections:

These are not essential services, so should be deferred until after the lockdown period in consultation with the landlord and their insurer

Routine Maintenance:

As this is not an essential service it should be deferred until after the lockdown period in consultation with the landlord

Urgent Maintenance:

If this is related to essential services e.g. power, water, waste, gas then it is likely this can be undertaken during the lockdown period. However, we are awaiting confirmation from MBIE on this matter

Rental increases:

Cabinet has agreed to freeze all rent increases. Rent still needs to be paid during this period, however, if tenants have lost their jobs and need support they should talk to their landlord/property manager at their earliest convenience to work out a payment plan or to see what financial support is available to them.

No cause terminations:

Tenants can not be issued with a 90-day no cause termination notice during the lockdown period. We are awaiting further details from MBIE on this issue

Owner wants to move back into the property during lockdown:

The current law states a landlord must give 42 days’ notice if an owner or their immediate family wish to use the premises for their own use. Under the proposed changes (which are currently under review) this would increase to 63 days’ notice. We are waiting for confirmation in regard to which notice period should be used if this is required

Please stay safe, look after yourselves and your families. We will get through this together.

NB Please note that the following is advice that REINZ has been given at this point in time. This is not legal advice, but provides a recommended approach in certain situations.

Tradition has it that spring is the best time to sell, so many people think the best time to list their home is when everybody else is doing the same. But many would-be spring sellers leave their run too late, underestimating how much time it takes to get their property ready for sale.

Buyers are not as seasonal as sellers think they are. All through winter, they have become dejected as they notice a distinct lack of listings. And when the property market starts to ramp up again in the first flush of spring, eager buyers are ready and waiting to compete for new listings.

Often a very good time to sell is during September and October, as the stock levels never quite match up to buyer demand. The laggards who get their property to market in November and December may not do so well. By this time, buyers are tired, there is more property to choose from and the balance of supply versus demand levels off.

Suddenly, buyers feel as though there is no urgency and they can take their time for a change.

The best time to sell is often early in the season, yet many would-be vendors dawdle in the lead-up to the warmer months and don't have their home ready until almost Christmas. However, buyers have an appetite for spring property from the start, and it is the early bird that catches the worm.

Source

Speaking of heat, after quite some time the news is no longer filled with headlines of the outrageously hot Auckland housing market, record high house prices or housing unaffordability.

The latest statistics in from the Real Estate institute of NZ showcase the median sale price across New Zealand as having dropped $4000 to $516,000 in December.

In Auckland, the median sale price last month was $840,000, down 1.4% on November's $852,000 ($868,000 in October).

Sales volumes in Auckland were down by 2% and, nationally, sales dropped by 11% comparing December 2016 with December 2015.

What this says is that, while there are still plenty of buyers, the rush has slowed and we are now in a more balanced market.

Over the past six months we’ve seen properties starting to take longer to sell. This is due to a number of factors, but has resulted in sellers needing to adjust their perceptions somewhat and buyers now being able to take their time just a little more.

Ongoing supply issues and a growing population in Auckland are being countered by higher fixed rate home loans and the 40% LVR on investment properties.

REINZ's CEO Bindi Norwell says the underlying trend is one of rising prices across New Zealand coupled with flat or falling sales volumes in many areas of the country. "In Auckland, the long-term median price trend has been consistently rising, despite a slight easing compared to November 2016," she says. 

Let me finish by positing that with a balanced market comes an element of stability; and stability and balance protect against a housing bubble: prices remain strong (even if their year-on-year growth is at a more steady rather than stratospheric rate); and increased supply and known affordability encourages and entices buyers into purchasing a home.