We would like to take this opportunity to thank you for choosing Goodwins to be your Property Management specialist. We are grateful for your business, and we will do our very best to continue to protect your investment, and provide service to your tenants, which exceeds their expectations.
Christmas and the end of 2022 are upon us, we wish you and your loved ones a very safe and blessed Christmas, and a prosperous New Year. With hope, you all get in some much-needed relaxation.
We are delighted to share that our flagship Mt Albert Branch, located at 910 New North Road has now re-opened following an extensive renovation. First built in 1923, it feels very special to be re-opening this space as the building enters its 100th year!
2023: A year ahead that many predict will be tough for homeowners and prospective buyers, with the latest property stats. showing prices have dropped once again to round out 2022. The latest available Real Estate Institute figures show prices in 14 of 16 regions down compared with this time last year.
Rising interest rates, access to finance and concerns around the economy have created uncertainty in the market. Across New Zealand, the median price for residential property (excluding sections) decreased 12.4% annually, from $925,000 in November 2021 to $810,000 in November 2022. Month-on-month, this represents a 1.2% decrease from $820,000 in October. Auckland saw the greatest median price decrease — down 18.1% compared to November last year, from a record $1,300,000 to $1,065,000. All seven Auckland districts had negative movements, with Papakura down 24.8%, and Auckland City and Waitakere City down 22.7%. But, let’s not forget, the market peaked in November 2021; so, we’re comparing a market at its peak with one that has moderated over the past 12 months.
This, amongst many other recognised measures, leads the media to be reporting that we’re heading for a soft recession next year which means that while prices may be down, interest rates will continue to rise. New Zealand’s annual inflation rate was 7.2 percent in the September quarter, down slightly from its peak of 7.3 percent in June, but well above the Reserve Bank of New Zealand’s target of 1 to 3 percent. As a result, the RBNZ has been steadily increasing the Official Cash Rate (OCR) which is currently at 4.25 percent.
2023 will be a year to ‘test our mettle’. Goodwins has been serving Auckland’s Real Estate market for nigh on 32 years, and our principal, Ashley Goodwin will celebrate 50 years in Real Estate in 2023! We are confident that with the number of property cycles, and economic challenges that Goodwins has successfully traversed before, we are exceptionally well placed to work closely beside our clients to achieve the same, again, now and into the future.
Goodwins’ branch offices will close at 3pm on Friday the 23rd of December and re-open to full hours on Monday the 9th of January 2022. All mobile phone numbers will be answered by a member of Goodwins’ Team throughout this period; and, our full 24/7 Emergency Assistance to Tenants and Owners remains in place. A small staff is also being provisioned to manage current campaigns, vacancies, and urgent appointments. As with previous years, our clients can please be assured that we have made this decision with absolute confidence that to allow our Team enjoys this very special time with family and friends will in no way compromise our client care.
All the best and Merry Christmas.