3 out of 4 auctions sold
It was a good day for sales at LJ Hooker Gisborne when 3 out of 4 residential properties sold under the hammer. 5 Elsdon Best Street, Riverdale was offered for sale under mortgagee instructions. The property drew a positive response during the marketing programme with over 30 buyer inspections. It came down to 3 active [...]
Market Trends – the big picture
The market trend for house prices in Gisborne is they are falling, but not by much. Sales over the past 11 years show that the market peaked in 2007 and since then prices have remained slightly below that level. Often the monthly results can show a spike, however due to the small amount of monthly [...]
New RV’s accurate?
The new Rating Valuations (2011) are out for residential property in Gisborne. They are back dated 1 July 2011. Despite the clear disclaimers from the Council and Land Mass Technologies that Rating Valuations are not accurate market valuations, we still tend to reference our property against its RV. However upon closer inspection, it is clear [...]
Property prices 2011
Gisborne’s property values dropped by 2.8% during 2011. Nationally average values rose by 2.4%. Those increases were in the main centres and in some provincial cities. Both Tauranga and Hamilton’s values were flat. Gisborne was not alone in falling values. For the full report visit the QV website. (Quotable Value New Zealand). QV gathers its data from completed [...]
New RV’s out soon
The new RV’s (Rating Valuations) for Gisborne are due out on 10 December 2011. Effective from September 2011, they are meant to represent a snapshot of property values. RV’s replaced the old GV’s sometime ago. However RV’s do not purport to be an accurate assessment of market value. Land Mass Technologies (the company who did [...]
26 House Sales in October
There were 26 residential properties sold in Gisborne City during October 2011. There were also 4 residential sections sold. This list of the actual sales can be found here. In the lower end of the market there were some good buying opportunities for investors looking for better returns. A few years ago you would have [...]
Great auction at Wainui
46B Moana Road, Gisborne sold under the hammer today, well above the expected market value. It sold for $481,000. Three buyers were after the funky beach house on the Pacific Highway at Wainui Beach. Set back from the road with views overlooking the headlands at both ends of the beach, the property offered the new [...]
23 Sales in July
There were only 23 residential homes sold in Gisborne during July 2011. That’s well down on the recent 30 to 35 of previous months. The highest sale price was $395,000 for a 4 bedroom home in Te Hapara. Normally we would expect to see a lot more higher sale prices than this. The lowest sale [...]
Quarterly results – good insights
Sales over the second quarter (April – June) were at the same number of the previous five quarters, around the 100 sales mark. Compared to the peak during 2006 / 2007 of double that, it seems that these levels of activity is the new norm. Median sale prices continue to be around the low to [...]
Spirited bidding on Moana Road
58b Moana Road sold on Wednesday for $335,000. Located on the Pacific Highway at Okitu, Wainui Beach Gisborne, the three bedroom ”initial home” drew good interest from half a dozen bidders before it sold under the hammer at the on site auction. A local resident purchased the property. “Being offered as a mortgagee sale drew [...]
