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Reported record median price rises do not always indicate what is happening in the market. “Median prices only show where the market is performing” states Colin Wilson from First National Guardian Real Estate Wellington. “If the median price is high, then this shows activity at the upper level, if the median is lower it shows activity in the lower range of the market”, he said. First National Golden Bay's Sharon McConnon also confirms that median prices in her region are not an indication of where the market sits. Although First National Golden Bay has a market share of approximately 60% in this region, Sharon states that she can have 'three sales at $230,000, one at $480,000 and one at $650,00, however the median price of $230,000 will be the median price reflected for this region'(unadjusted). “This only reflects which section of the market are buying at that time” she said. “Real local knowledge of the local real estate market is the essential element when purchasing a property”, states Colleen Milne, General Manager First National Real Estate. “We have offices from Kaitaia to Invercargill and our First National Residential survey results indicate two things - a shortage of listings and it's a sellers 'market across most regions. In other words, the survey response indicates the median price does not form a true representation in many regions. “The median price is used often when reporting the mid-point and is said to represent where most people buy” said Bob Brereton, First National Chairman and principal of First National Motueka. He believes some people are influenced by the hype of the Auckland and Christchurch market and that the median price can also put people off purchasing, where as this not always a realistic indicator. “In Auckland it is reported that there has been a 38% rise in the number of sales in excess of $1,000,000, this will significantly skew the data as this is far removed from the average sale” he said. In summary, the regulatory decisions relating to property increase as well as a potential early increase in the OCR means a cautious approach should be taken, if using either median house prices or Auckland and Christchurch as the indicators. Contacts: Bob Brereton;Chairman First National Group; Principal First National Motueka Mobile 021 772 309 Colin Wilson; Sales Manager First National Guardian Wellington Mobile (027)433 2256 Sharon McConnon; Principal First National Golden Bay Mobile (0275) 258255 Colleen Milne; General Manager First National Real Estate Mobile 029 771 0750

First National's top regional performers for the Auckland/Northland region are celebrating after being recognised at the real estate network's regional conference and awards.  First National Group general manager Colleen Milne says the awards are recognition of the commitment, professionalism and putting the customer first.  "The achievements of these salespeople are great to see after the previous, very difficult years within the Real Estate industry. We are all celebrating 2012 as a great year of growth in sales and performance of our offices.” states Colleen Milne   Award winners for Auckland/Northland were: Top 10 salespeople were: 1.      Yolanda Atkins - First National Waitakere 2.      Gillian Quantrill - First National Rutherford, Howick 3.      Arthur Subritzky - First National Now, Manukau 4.      Tony Xu and Shirley Huang - First National Rutherford, Howick   5.      Raymond Kwan and Monique Ho - First National Rutherford, Howick 6.       Gary Ng - First National Rutherford, Howick 7.      Paul Gregory - First National Glendene, Auckland 8.      Rhoda Morrison - First National Roper & Jones Dargaville 9.      Rachael de Vries - First National Roper & Jones, Dargaville 10.  Billy Chan - First National Rutherford,  Howick   Our top sales consultant Yolanda Atkins from Waitakere,  has achieved successful results as a committed sales agents throught the last 9 consecutive years achieving very high results. Also Gillian Quantrill from First National Rutherford, Howick, who was placed second has achieved high results for the last 6  consecutive years.   “These sales people have built enduring relationships with in their communities,  with vendors and buyers. Building  trust and confidence with all clients is a predominant aspect driving the sales agents success” sates Colleen Milne   Top office for Group 1 ( up to 5) sales people was won by First National Team Glendene this office has achieved excellent sales results through 2012 and has had great results in helping first home buyers into their first home.   Rookie of the year was achieved by David Oldham of Waitakere.” David won this award without completing a full year in real  estate, which shows that he certainly has developed strong relationships with his customers and delivered results very early in his real estate career” states Colleen Milne For additional comment please contact Colleen Milne, General Manager First National Group              (029) 771 0750      

First time home buyers are making up more than 50 per cent of sales in some areas across the country, dispelling recent reports property is out of their reach, according to First National Real Estate groups January 2013 survey. First home buyers were the major purchases of residential homes even in parts of Auckland where property prices continue to steadily increase. The First National Real Estate survey for the month of January 2013, reveals strong areas of activity include the Hawke's Bay with 50 per cent of buyers first timers; Bethlehem, Welcome Bay in Tauranga also reports 50 per cent of sales were first home buyers. Cambridge recorded 40 per cent and the Wellington suburb of Johnsonville 30 per cent of the buyer market was first house purchases. Proving Auckland still has affordable areas with entry level homes, Glendene in West Auckland reported 51 per cent of sales went to first time property buyers, followed by Manukau reporting 20 per cent. In the South Island, Blenheim reported 30 per cent of residential sales were made up of first home purchases and Gore recorded 20 per cent. “First time home buyers are becoming more practical about how much bang they can get for their buck in this current market,” says Colleen Milne, General Manager First National Real Estate. “Buying a home is still an important Kiwi rite of passage and first home purchasers are being realistic about what kind of property they can afford and the location.” Factors that may be helping first time buyers take the plunge include improving confidence in the economy, low mortgage interest rates and banks willing to lend more, and Kiwi savers funds becoming available as deposits adds Ms Milne. -ENDS- For further information or comment please contact: Colleen Milne General Manager First National Real Estate Phone:  029 771 0750 http://www.firstnational.co.nz

Here at First National Real Estate we've thrown out the gifts of flowers, chocolates, teddy bears and bottles of wine when you buy a house from us and decided to give a gift of compassion with your family's safety in mind. So now there's another good reason to buy or sell your home from First National Real Estate.  For every property transaction our gift to you will be a Home Safe Kit, which comes with a fire extinguisher, fire blanket and smoke alarm. Our First National office and property consultants also assure you that $5 from your Home Safe Kit will go directly to the First National Foundation, which is in partnership with the National Burn Centre.  This facility offers treatment and rehabilitation to the most severe burn patients from across the country and South Pacific, both adults and children. The Home Safe Kit is all part of First National's new focus on keeping our community and families safe. “We're very excited to be gifting our clients something that saves lives.  It is great to know that the Home Safe Kits will benefit our local community and teach our children about fire prevention” says general manager Colleen Milne. “First National Real Estate has already donated a lump sum to the First National Foundation, and will be exploring additional fundraising opportunities in the future.” The First National Charitable Foundation is a registered New Zealand charity purposely founded with philanthropic objectives.  Through the Foundation, First National's 60+ offices around New Zealand are able to provide significant benefits to various educational and humanitarian projects. Participating offices ONLY   For more information please contact: Colleen MilneGeneral ManagerE: colleen.milne@firstnational.co.nzP: 029 771 0750 - ends -

Real estate network First National's Charitable Foundation has teamed up with the National Burn Centre (NBC) to assist patients staying in touch during their prolonged hospital stay for severe burn injuries. In many cases, burn patients are away from their homes, family and friends and will stay in the National Burn Centre for several months. Because patients come from all corners of New Zealand and the South Pacific, it can be difficult for their family and friends to be constantly at their bedside. First National Group's charitable foundation saw the need to connect these patients and families and has named National Burn Centre its prime beneficiary. To kick off the new relationship, The First National Charitable Foundation has bought four new ipads, complete with Internet connections for patients in the National Burn Centre to use... TO VIEW THE FULL ARTICLE & PHOTOS ON THE MIDDLEMORE FOUNDATION WEBSITE CLICK HERE

The reason for the lack of homes for sale throughout New Zealand is not due to the economic conditions, as revealed in the First National Real Estate residential market survey for August. The survey indicated that 68% of respondents said that sellers were waiting for spring to list their homes and this was the major contributor to the notable lack of homes for sale over the past months.  Another reason is the lack of suitable properties available once they sell. “Good sales over the past months have severely depleted stock levels which then reduce the opportunities for buyers.  'Empty nesters' downsizing find little to choose from so are reluctant to list” says Paul Coltart, from First National Guardian in Wellington. Compared to this time last year, 60% of the First National Offices stated that they have experienced an increase in appraisals; however, home owners have still been reluctant to enter the market. The supply of listings is not corresponding with the increase in demand the survey revealed.  “It is a sellers' market with serious buyers making multiple offers on properties for sale.  Market conditions have never been better with low interest rates set to continue into next year,” states Colleen Milne, general manager, First National.  According to the survey, home buyers visiting open homes have increased by 62% on the same time last year.  Peter Wilson, of First National Reid & Wilson, Timaru backs this; “It's a great time to sell as buyers are plentiful and strong demand is having an inflationary effect on sale price. We are seeing evidence of very good lifts in values over relatively short periods.” In the Auckland market, “there are multiple offers on many properties.  When buyers find something they like, if they have a house to sell, they are missing out to cash buyers due to the lack of stock,” states Gary Atkins, of First National Waitakere. “The pressure on finding a home for sale increases in spring due to school zoning closing early in the season.  If people are out of zone and are desperate to get into a particular school, the rush will be on to make sure they're in the zone by the end of the year,” says Jon Simpson from First National Rutherford, Howick. Brent Howie, First National Taupo states, “the situation was slightly different in the Taupo region with the problem being that, in some cases, properties were overpriced.  People will buy if the price is right.” The message is clear: now is the time to sell while it is still a sellers' market.  Spring will bring with it a greater supply of houses for sale which will boost the competition between sellers.  Responding to the demand now will provide greater opportunities for a quick sell at a premium price. For more information please contact: Colleen Milne, First National General Manager colleen.milne@firstnational.co.nz029 771 0750 Paul Coltart, First National Guardian027 442 8695 Peter Wilson, First National Reid & Wilson027 476 5329 Gary Atkins, First National Waitakere027 561 8206 Jon Simpson, First National Rutherford021 618 452 Brent Howie, First National Taupo027 495 2193 - ends -

Newly elected Bob Brereton becomes First National Real Estate's youngest Chairman. First National Real Estate is the largest group of independent real estate agents with over 400 offices in Australasia - Australia, New Zealand and Vanuatu. At age 38, and after only six years with the network, Brereton's leadership, vision and business acumen are the outstanding skills required to spearhead a company. Starting out as a personal assistant in the real estate business, within six years, Brereton has risen to Principal of First National Motueka followed by Chairman of First National Real Estate. “ Bob's enthusiasm, focus and business aptitude meant he was quickly identified as a future leader for our brand”, says Colleen Milne, general manager of First National Group. Milne says,“Bob has come from a cross industry business background - construction through to property investment. His extensive industry experience and people skills has laid the foundations for a successful real estate business while, at the same, developed the competencies required for a leadership role.” “During this time, a new generation of real estate professionals has emerged never having known a different market and, ultimately, flourished in it. As a result, First National has embraced the market conditions and emerged a stronger and more focussed force” he says. First National Real Estate is a co-operative company which means agents are shareholders in the brand. This results in the owners having control of their destiny. As part of the shareholder process, the group elects a board and a Chairman, with the emphasis on growth and delivery of benefits to its members. Milne says, “ Bob has extensive information technology experience which is critical in today's real estate market . He is leading the way in implementing new technologies from our partnership with First National Australia”. Ends   For more information please contact:   Colleen Milne, General Manager, First National Group. Phone: 029 771 0750   Bob Brereton, Principle, First National Motueka. Phone: 021 772 309

Continued low interest rates are tempting buyers into rural real estate in greater numbers, but the same economic concerns which are keeping rates low are also impacting on purchasers' confidence, according to First National's latest quarterly rural property survey. The economic outlook is weaker and the official cash rate remains at 2.5%, so the likelihood is low interest rates will continue for some time, which will bolster purchasers' borrowing power, First National General Manager Colleen Milne says. But as the Reserve Bank Governor Alan Bollard confirmed on Thursday, weaker agricultural commodity export prices are weighing on economic activity despite a good year for rural production. “First National's network of offices across New Zealand report that worries over the economic situation in Europe and the downturn in commodity prices are affecting people's confidence so there is still a lot of caution in the rural real estate market,” Milne says. Real Estate Institute of New Zealand figures show a 20.8% increase in sales of lifestyle blocks in the three months to May 2012 compared to a year earlier and sales are up 8.6% from the three months to April 2012.   A majority of First National rural survey respondents across the country confirm this improving trend. The survey considers listing levels, sales, market trends and overall activity across First National's nationwide network of rural realtors.   “The early part of the year was subdued but this month has been flat out with offers and activity and people are now talking more positively about taking action,” says First National Otaki Principal Grant Robertson, the winner of the rural office of the year in the group's recent annual awards.   “The source of the activity is properties selling in the lower price range. First-home buyers and people under the $400,000-mark are purchasing in the city and that is flowing on to the lifestyle market,” he says.   “Buyer enthusiasm is increasing and vendor realism is leading to transactions being done.   “Vendors who are pricing their properties correctly at the time of listing are having success as too are people who have adjusted their asking price downwards after trying to sell at too high a price for the last couple of years,” Robertson says.   People are still cautious about employment amidst the atmosphere of public sector cuts in Wellington and worry about the impact the European economic woes will have on New Zealand, but if their property in Wellington is selling they are freeing up capital to achieve their lifestyle dream, he says.   The REINZ reports 10 regions recorded increases in sales compared with April while four recorded falls and the national median price for lifestyle blocks rose $15,000 to $475,000 for the three months to May.   In Marlborough, First National Mark Stevenson lifestyle specialist Ian Fyfe reports more buyers and confirmed transactions in recent months and says the situation is positive, though nothing like the pre-recession levels of 2007.   Vendors' attitudes have changed and they now realise they are not immune to the property price correction, he says.   Lifestyle properties in Marlborough which in 2007 could be purchased for $850,000 are now fetching around $650,000.   “But when people are both selling and purchasing in the current market, they are realistic about the differences from a few years ago,” Fyfe says.   He believes buyers are concerned about missing the bottom of the market and with the prospect of interest rates remaining low for a sustained period, they are presently more active.   While recently a few sales have gone through around the million-dollar-mark, and there are plenty of lifestyle properties in the $550,000 to $700,000 bracket available, there's a shortage of lifestyle listings in the $300,000 to $450,000 level, Fyfe says.   The dominant viticulture industry in Marlborough has seen vineyard and land development values halve since the 2008 harvest and even some forced sales, but the market for vineyards is now noticeably more bouyant.   “Demand for wine is exceeding supply and this looks set to continue,” Fyfe says. “Pricing for the fruit is still lagging behind this demand, but expectations for improved returns are positive and the harvest restrictions have been relaxed.”   A different rural picture is obvious in the Kaipara area, where First National Roper and Jones Director John Powell reports few listings or sales.   “It is shocking in the Kaipara region at the moment with few beef and mutton property sales and minimal dairy farms changing hands,” Powell says.   “Beef and mutton properties are not popular or regarded as financially viable and the dairy payout decrease for the coming season and uncertainty in Europe is dampening enthusiasm for dairy farms even though they have a guaranteed cheque every month,” he says.   Nonetheless, REINZ data shows there were more farm sales in the three months ended May 2012 compared with the three months to April and also a year earlier. The median price per hectare for all farms sold in the three months to May 2012 was 0.9% lower than a year earlier and a decrease of 8.5% from the three months to April 2012, the REINZ says.   Ends   For more information please contact:   Grant Robertson, 021 660 113   Ian Fyfe, 021 860 690   John Powell, 021 439 555   Colleen Milne, 029 771 0750 (not available June 17-24)   Compiled by Convergence Communications, 03 365 0081

Outstanding Wellington real estate saleswoman Gillian Cross has won First National Group’s top salesperson award for the 14th time.   Congratulating the real estate agents who received national awards last night, First National Group general manager Colleen Milne says the winners are all hard-working individuals who constantly strive to do their best for both vendors and buyers.   “These agents have achieved their winning status by exemplifying the First National promise to put our customers first. They are a credit to the First National network,” Milne says.   “They have exceptional knowledge of their areas because they live there and their success in bringing vendors and buyers together is shown in repeat business and long-lasting relationships.”   Gillian Cross concentrates on the Wellington suburb of Churton Park for First National Guardian.   Gillian Quantrill from First National Rutherford in Howick, Auckland, has placed second for a consecutive year and Andrea Church, from First National Mark Stevenson in Blenheim, has been in the top six for four years in a row despite only being in real estate for seven years.    First National Group’s top awards were:   Top 20 salespeople: Gillian Cross – First National Guardian, Churton Park (1); Gillian Quantrill – First National Rutherford, Howick (2); Owen Mills – First National Allied Farmers, Stratford (3); Yolanda Atkins – First National Waitakere (4); Andrea Church – First National Mark Stevenson, Blenheim (5); Grant Robertson – First National Otaki (6); Arthur Subritzky – First National Now, Manukau (7); Bob Brereton – First National Motueka (8); Mark McLeod – First National Reid and Wilson, Timaru (9); Lee Girvan – First National Western, New Plymouth (10); Mike Murphy – First National Richmond (11); Jamie Gemmell – First National Western, New Plymouth (12); Margaret Wilson – First National Mid Canterbury, Ashburton (13); Kim Fraser – First National Taupo (14); Margaret McKeefry – First National Guardian, Johnsonville (15); Teresa Leung – First National Rutherford, Howick (16); Anne Goodyer – First National Mark Stevenson, Blenheim (17); Sandie Faiers – First National Tairua (18); Jill Cole – First National Wanaka (19); Kim Miller – First National Mid Canterbury, Ashburton (20).   Annual award winners: Gillian Cross – First National Guardian, Churton Park (top exclusive lister, top exclusive seller, top number of confirmed sales, top number of confirmed sales in dollar value); Mike Murphy – First National Richmond, Nelson (top number of confirmed sales of sections and project marketing); Allan Inglis – First National Whangarei (top auction lister); Jill Cole – First National Wanaka (top gross referral fees generated).   Top residential salesperson: Gillian Cross – First National Guardian, Churton Park   Top rural salesperson: Owen Mills – First National Allied Farmers, Stratford   Top commercial, industrial and business salesperson: Geoff Dentice – First National Mark Stevenson, Blenheim   Top sections and project marketing salesperson: Mike Murphy – First National Richmond, Nelson   Property Press rookie of the year: Cindy Hayward – First National Mid Canterbury, Ashburton   Property Press cup for profile marketing: Gillian Quantrill – First National Rutherford, Howick   Next generation award: Jamie Gemmell – First National Western, New Plymouth   Top office: Group 1 (1 - 5 salespeople) First National Guardian, Churton Park   Top office: Group 2 (6 - 10 salespeople) First National Allied Farmers, Stratford   Top office: Group 3 (11+ salespeople) First National Mark Stevenson, Blenheim   Top property management office: First National Allied Farmers, Hawera   Property management growth award: First National Cromwell   Top rural office: First National Otaki   Top commercial office: First National Mark Stevenson, Blenheim   Top auction office: First National Tauranga   Ends   For further comment, please contact:   Colleen Milne General manager First National Group (029) 771 0750

A nationwide shortage of residential properties for lease has led rental prices higher in many places across the country and there’s no respite in sight, First National’s quarterly property management survey shows. “Rents have increased due to a shortage of rental properties across much of the nation – it’s the basic economic principle of supply and demand,” First National Group General Manager Colleen Milne says. “The situation is unlikely to improve until more properties are available to rent, particularly in the Auckland market,” she says. The survey, for the summer of 2011-12, measures property management vacancy rates, rent rate movement and demand/supply experienced by property managers in the First National network, which covers the length and breadth of New Zealand. Nationally, 46% of First National property management offices say rents in general have increased from a year ago, while 43% say they are the same and 3% report rent decreases. The survey shows 45% of First National respondents record two-bedroom rent rates the same as summer 2010-11, while 41% say rents are higher and 7% say they are down. For three-bedroom properties, 48% of those surveyed say rent rates are up compared with summer last year, 41% say they are the same, and 3% say they are lower. With regards four-bedroom places, 48% of First National property management offices say rent rates are up compared with summer last year, while 41% say they are the same and none indicate rents are lower. Notably, all Auckland offices say rent rates are up across the board. In Auckland the average rent rate for a two-bedroom flat was $312 a week, $320 for a two-bedroom house, $343 for a three-bedroom flat, $400 for a three-bedroom house and $462 for a four-bedroom house. The highest rate was $580 per week for a four-bedroom house in Howick and $370 per week for a three-bedroom house in Glendene. Wayne Boberg, from First National Bobergs in Epsom, Auckland, says February was insanely busy and March has been hectic for his property management team. He says the main factor behind the rent rises is the lack of new construction in Auckland. “There is no finance available for development or developers in the current economic climate after the demise of the finance company sector. On top of that, red tape with council consents and the cost of planning approval are anything but an incentive to build,” Boberg says. LOW YIELDS ONE COMPONENT OF LANDLORD RELUCTANCE “At the same time, the returns landlords can achieve with development don’t justify their investment. There’s little incentive to be an active landlord anymore,” he says. “When gross yields of 4.5% or 5% are the norm (3.6% or 4% net), it is more attractive for many people to leave their money in the bank.” Next month’s law changes mean depreciation can no longer be claimed on investment properties. “This has had a cumulative effect of making it difficult for new landlords to enter the market and for existing investors to grow their property portfolio, while keeping reluctant landlords in a holding pattern because they would have to pay back the depreciation if they sell,” Boberg says. “There’s a gradual creep towards more people renting versus owning a home as people can’t afford to buy and the population of Auckland is growing, but there is no new development providing the accommodation for the increasing population. On top of that as more people move out of the central city, from the expensive central areas, their transport costs rise as they commute further and further to work. “These problems are not easily solved and rents will continue to rise in the meantime,” Boberg says. “We’ll end up like Sydney before too long – always difficult to find a place and remarkably expensive.” Ilam in Christchurch was the most expensive in the South Island with an average four-bedroom home renting for $450 per week and $390 per week being charged for an average three-bedroom house. QUAKE CRUNCH IMPACTS First National Giera Progressive Principal Joe Mullins says his Ilam agency has been inundated with multiple applications for every rental property on the market for the last three months. Between relocating families from the eastern side of Christchurch due to earthquake damage and firms of tradespeople looking for accommodation for their rebuild staff, there is increasing competition for vacant properties, Mullins says. It’s cheaper for construction companies to rent a house for their staff than pay motel rates so they are competing with families for properties. There’s little chance of success for those people searching for short-term leases while their houses are being repaired. “Rents are rising after three years of stable prices,” Mullins says. “Another consequence is that without question a higher proportion of leases are being renewed as people realise their choices are limited in the current situation.” The available rental stock is stable or even declining as landlords take a capital gain in the present market. “Homes for sale on the western side of Christchurch are rarely being bought by investors because the indicative prices are too high for the anticipated return to be attractive,” Mullins says. “Many homeowners with earthquake-damaged properties are choosing to buy existing houses rather than build again because it is easier. So any investors who are in the market are put off by the competition and prices in this area. “Unfortunately there’s no real solution to the problem unless landlord investors are prepared to accept a lower rate of return,” Mullins says. All of the upper South Island offices say rent rates are up across the board. The average for a two-bedroom flat was $220 per week, a two-bedroom house $265 per week, $275 for a three-bedroom flat, $315 for a three-bedroom house and $357 for a four-bedroom house. In contrast, Cromwell noted that rents are down on two- and three-bedroom properties. NOT ENOUGH PROPERTIES TO MEET RENTAL DEMAND According to 47% of First National survey respondents, there are not enough available rental properties to meet tenant demand. For 28% of respondents, there is a good balance between supply and demand, while 6% of property managers report an oversupply. Families are currently the most active tenants in the rental market, according to 89% of First National property management offices. Young professionals are the most frequent applicants for 11% of offices. The survey shows 50% of respondents nationally say there is a shortage of high-end properties of all sizes, 56% report a shortage of all mid-priced properties, and 36% note a shortage of all lower-end properties. All offices in the Auckland region noted shortages across the board except for Howick, which shows a balance of supply and demand across the majority of styles. The national average vacancy rate for First National properties under management is 5%, an improvement on 7% in October and 7% in July 2011, the survey shows. The lowest vacancy rates are in Papakura, Glendene, Howick, Te Kuiti and Ilam in Christchurch. Those offices all report vacancy rates below 1%. Motueka has a vacancy rate below 2%. The highest vacancy rates are in Mangawhai (17%), Bethlehem in Tauranga (12%), Stratford (9%), Dargaville (12%), Whangarei (7%) and Papatoetoe (7%). Waihi Beach has a vacancy rate of 48% which can be attributed to a large proportion of properties under management being holiday lets.