After the lowest level of sales for 8 months in September sales numbers rebounded in October and were around 15% higher than October 2017. This is what was predicted following the serge in listings that has come onto the market.
October was the month when the ban on foreign buyers came into effect. The median house price nationally was up 0.5% compared to September and in Auckland it was up 1.5% compared to September.
The time taken to sell was up by 1 day both nationally and in Auckland compared to
September. Nationally 35 days and Auckland 36 days to sell. Nationally October set a new record for median price at $562,000 which is up 6.0% on the same time last year. 5 Regions in New Zealand set record median prices in October:
+20.2% for Manawatu / Wanganui to $344,000
+18.2 for Otago to $480,000
+17.4% for Hawkes Bay to $464,123
+8.6% for Taranaki to $380,000
+3.3% for Canterbury to $465,000
The Sale and Purchase Agreement Buyers Guide – Conditions
As a buyer you may be unfamiliar with various conditions that can be in a sale and purchase agreement for a property. There are many and that is why you and the seller employ lawyers to look after your interests.
As a buyer you are able to add certain conditions into any sales agreement to protect you and ensure you are buying what you think you are – a property without legal or building problems. Here are 4 items every buyer and their lawyer should check:
- Title: In every agreement clause 6.0 allows the purchaser / purchasers lawyer 10 working days after the date of the agreement to check for any problems with the title.
- LIM Report: The LIM (Land Information Memorandum) is a report that is
produced by the relevant local council which provides details relating to the property. It covers a whole range of things including any council known problems with the property such as unpermitted (illegal) building work, whether a code of compliance certificate or building permit was granted, drainage information, zoning information and much more. Clause 10.2 of the sale and purchase agreement allows 15 working days after the date of the agreement for the buyer to obtain and approve (or otherwise) the LIM report.
- Building Report: The purchase of a house in New Zealand is a
transaction involving hundreds of thousands of dollars and in our major cities often more than a million dollars. You need to ensure what you are buying does not have costly problems you may be unaware of. A Buyer’s Choice Home Inspections report covers all aspects of the house you are buying and is backed up by Building Inspection Professional Indemnity Insurance in the unlikely event that anything is missed. You have NO insurance for your inspection with Builders Insurance.
OUR INSPECTIONS INCLUDE
* Roofs, vents, flashing and trim
* Gutters and downpipes
* Eaves, fascia and soffits
* Skylights, chimneys and other roof penetrations
* Decks, steps, porches, walkways and railings
* Slopes and drainage
* Basements, foundations and crawlspaces
* Exterior cladding
* Retaining walls, fences and sheds
* Garage doors, safety sensors and openers
* Heating systems
* Cooling Systems
* Water heating systems
* Moisture testing
* Plumbing fixtures and fittings
* Electrical panels, meter boxes and fuses
* Insulation and ventilation
* Earthing and bonding
* Fireplaces and hearths
* And much more!
- Meth or ‘P’ Testing: A buyer can not “see” if a house has Meth or ’P’ contamination. A contaminated property can cause serious health problems and in cases of higher contamination the building can be declared unfit for habitation. All A Buyer’s Choice Home Inspectors are trained and qualified to test for Meth or ’P’ contamination. As a minimum every sensible buyer should include these 4 conditions in a sale and purchase agreement for their protection.