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One in five First National Real Estate offices had buyer or rental tenant enquiries from recent immigrants in November, while considerably fewer people intending to leave New Zealand listed their home for sale or concluded tenancies, according to the nationwide group’s monthly residential property survey. First National Group general manager John Stewart says, “Much has been reported recently about there being more departures than inbound migrants, but our network’s experience is that more recent arrivals are active in the market then those looking to depart. “Perhaps I am speculating, but  it may just be that a larger proportion of those departing are not property owners, while the skills and or higher net worth that immigrants typically bring sees them better able to purchase,” Stewart adds. “After a relatively quiet October, the usual and eagerly anticipated lift in vendor requests for appraisals and subsequent listings shown in our survey this month is usual for this time of the year,” Stewart says.  “However, in most areas, buyers are frustrated by the limited numbers of good listings and they are regularly ‘fighting’ over the better properties, disregarding those less appealing or priced on the high side. “Many people who sought appraisals in November consequently indicated they are not yet sure now is the right time to sell, reflecting again a general lack of confidence in the economy at large,” Stewart says. “We know that if you sell and buy on the same market, there’s little if any effect. Nonetheless, seller equity is eroded at times like this and we certainly hear that concern often, as no doubt do the banks when considering subsequent loan applications.” The survey, which measures listing levels, sales, market trends and overall activity across First National’s nationwide network, found price norms were generally lower in November compared with a year earlier across almost half of the country, a marked deterioration from October when a similar proportion reported prices were consistent with a year earlier. As has been the case for some time, parts of the Auckland market are bucking that trend, with First National offices in Glendene, Manukau and Papatoetoe reporting prices have increased across all sized properties. Christchurch, Timaru and Ashburton First National offices share that view across medium to large sized homes particularly, as do Gore and Papakura. Over 40% of offices report the price drops to be most noted in the two and smaller three bedroom properties, this November compared with last. “Interestingly, while appraisal and listing requests are markedly up over the month, the numbers at open homes and those contacting through email and at our offices seemed to slip back compared with recent months,” Stewart says. This was not the case for First National offices in Manukau and Papakura in the north and Wanaka in the south, which experienced strong increases in all forms of enquiry along with resilience shown in Papatoetoe, Blenheim, Te Kuiti and Tauranga. National sales volumes for November were similar to October. There was notable interest from investors in Howick, Manukau, Alexandra, Blenheim, Motueka, Johnsonville, New Plymouth, Taumarunui and Taupo, but overall that part of the market is still subdued.

Real estate sales increased in October, but buyer enquiry was negatively affected by the Rugby World Cup, school holidays and confidence issues, according to First National’s monthly residential property survey. First National Group general manager John Stewart says, “While confirmed sales rose 17% in October from September, member offices certainly report a drop-off in enquiry in the latter part of the month, mostly in areas directly impacted by the Rugby World Cup. “This trend is exacerbated by the traditional downturn in enquiry due to school holidays and people’s reticence during periods of pessimistic financial news, which in this case is the Greek crisis and its influence on the world economy,” he says. The situation is exemplified by First National Motueka Principal Bob Brereton. “The combination of the Rugby World Cup and school holidays was a perfect storm. We had nine open homes over Labour Weekend and a zero attendance,” Brereton says. Stewart adds, “In the days subsequent to the Rugby World Cup and the school holidays, 37% of First National offices reported a notable lift in enquiry, including Motueka. “However, the increase in confirmed sales over the previous month really reflects business which was well advanced prior to any of these limiting effects,” Stewart says. Mostly, house prices are steady across the market, he says, but smaller homes seem to be under price pressure. The survey, which measures listing levels, sales, market trends and overall activity across First National’s nationwide network, found house prices were consistent in October compared with a year earlier across 46% of the country, which is an improvement from September when 44% of offices reported prices were lower from a year earlier. When commenting specifically about movement in prices for two-bedroom properties, 46% of First National respondents say they are lower than October 2010. Kaitaia, Mangonui, Motueka, Blenheim, Otaki, Greytown, Riverton, Cromwell, Wanaka, Te Awamutu, New Plymouth, Stratford, Hawera and Whangamata say prices are lower across all sized properties. Bucking the trend, Glendene, Ilam (Christchurch) and New Brighton (Christchurch) say prices have increased across all sized properties. According to 54.5% of First National respondents, website enquiry from buyers through the web was lower. This was not the case for First National offices in Howick, Manakau, Golden Bay, Cromwell, Wanaka, Ilam (Christchurch) and New Brighton (Christchurch), which all say enquiry is up across all the avenues of open homes, the web, phone calls and walk-ins. The survey shows 41% of First National respondents had an increase in appraisal requests in October compared with the previous month. Of the appraisals which did not convert to a listing, 68% of First National respondents believe vendors are waiting for a better time to sell. This was predominant in Northland and central North Island offices. 

There’s a nationwide shortage for high-end and mid-priced properties, but rental prices are stable and vacancy rates are consistent with the previous quarter and a year ago, First National’s quarterly property management survey shows. The survey, for the three months to mid-October, 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. According to 51% of First National survey respondents, there is a good balance between supply and demand. For 41% of respondents, there are not enough available rental properties to meet tenant demand, while 8% of property managers report an oversupply. The survey shows 45% of respondents nationally say there is a shortage of high-end properties of all sizes, 50% report a shortage of all mid-priced properties, and 29% note a shortage of all lower end properties. For the same categories, only 4%, 5% and 13% of respondents, respectively, say there is an oversupply of properties. Two offices report shortages across all properties and price ranges: Ashburton and Waiheke Island. Alexandra, Cromwell, New Brighton (Christchurch), Glendene, Papakura, Hawera and Motueka report a lack of rental properties across the majority of price ranges and number of bedrooms. The survey shows a good balance between supply and demand across the majority of price ranges and number of bedrooms in Ilam (Christchurch), Epsom, Johnsonville, Palmerston North, Mangawhai, Whangarei, Nelson, Blenheim and Te Puke. First National Group General Manager John Stewart says, “As a generalisation, there is real pressure on good property no matter where and or what size. Quality is in demand and in the main not prevalent enough.” While pressure in southern centres is, to a noted degree, driven by displaced or moving Christchurch families, the pressure in Auckland seems to reflect the movement of job seekers from regional and rural centres more than, say, the Rugby World Cup, Stewart says. “Our offices in rural centres alongside burgeoning farming areas noted fewer vacancies, while areas where vacancies are high were typically regional centres where employment prospects are low and the towns service extensive pastoralism, which doesn’t require a large workforce.” The national average vacancy rate for First National properties under management is 7%, the same as the rate in mid-July 2011 and also consistent with 7% in mid-October 2010, the survey shows. The lowest vacancy rates are in Papakura, Howick, Palmerston North, Motueka, Nelson and Ilam (Christchurch), which all report 2% or lower. The highest vacancy rates are in Cromwell (17%), Mangawhai (13%), Taumaranui (13%), and Waihi Beach (49%). The high level vacancy rate in Waihi Beach can be attributed to a large proportion of properties under management being holiday lets and it is currently the off season for holiday rentals. For the majority of First National offices, the survey shows rental prices are stable compared with a year earlier for two, three and four-bedroom properties. However, many rents have increased, particularly for three-bedroom homes. For 47% of First National respondents, two-bedroom rental rates are the same as a year earlier, while 44% say prices are up and 9% report they are down. The survey shows 47% of respondents say three-bedroom rental rates are the same as a year ago and another 47% say prices are higher, while 6% report they are down. Considering four-bedroom houses, 52% of respondents say rental rates are the same when comparing July-September with the same period last year, while 42% note they are up and 6.5% say they are down. Rental rates are up across the board in Ashburton, Ilam (Christchurch), Epsom, Glendene, Waiheke Island, Palmerston North, Nelson, Taupo, Bethlehem and Whangamata, the First National offices report. In the Central Otago region, Cromwell and Alexandra First National offices report that three-bedroom property prices are down, while much further north Cambridge and Waihi Beach both say two-bedroom rent rates are down.

It’s springtime and the traditional surge in the number of homeowners looking to put their homes on the market is upon us if the increase in appraisal requests noted by First National offices across the country is anything to go by. According to First National’s monthly residential property survey, the level of appraisal requests increased for 60% of First National offices in September compared with August and was higher for 55% of respondents compared with a year earlier. First National Group chairman Jill Quaid says, "We always expect appraisal requests to rise in springtime and the significant increase shown this year is an indication that people are more confident in the economic outlook. “As soon as the first springtime flowers appear, it’s traditional for the real estate market to perk up,” she says. “Vendors are preparing for when more buyers enter the market.” First National offices in the upper South Island, New Plymouth, Glendene, Howick, Papatoetoe, Tauranga, Cromwell, Churton Park, Otaki, Mangonui, almost all Canterbury branches and almost all offices in the central North Island say appraisal levels rose from August 2011 and September 2010. “The Canterbury response is indicative of the very slow market in September 2010 after Christchurch was hit by its first large earthquake at the beginning of that month,” Quaid says. Plus September of 2010 had floods, snow and blustery weather in various parts of the country affecting the real estate market. Despite the overall positive increase in appraisal activity in September, property owners in some parts of New Zealand are still holding back from the current market. The survey shows 15% of First National branches experienced a lower number of appraisal requests in September compared with August and 24% report there were fewer requests than a year ago. Also, 25.5% of respondents note that appraisal requests in September are the same as August and 21% report they are on a par with September 2010. Sometimes, a real estate appraisal does not eventuate in a listing. A majority of First National offices, 73%, report that people who do not list their home as a result of an appraisal are holding back for a better time to sell, rather than listing with another agent or being dissatisfied with the valuation price. The survey, which measures listing levels, sales, market trends and overall activity across First National’s nationwide network, found house prices fell in September compared with a year earlier across 44% of the country, which is consistent with August’s 43% annual change figure. The survey found 41% of the sales force say house prices are the same compared with a year earlier, while 15% replied prices are higher. Canterbury branches say prices are higher for nearly all properties compared with September 2010, while Nelson and Glendene buck the trend in their region by reporting rises too. Prices are lower across the board for Albany, Waihi Beach, Te Puke, Whangamata, Te Kuiti, Cambridge, Te Awamutu, Cromwell, Churton Park, Greytown, Dargaville, Whangarei, Mangonui, Blenheim, Golden Bay, Stratford, and New Plymouth. In the September survey, 51% of nationwide First National branches say two-bedroom property prices are lower than September 2010, while 43% say three-bedroom home prices have fallen. The majority of replies for four-bedroom homes, 45%, indicate prices are the same. In terms of enquiry levels, 40% of First National’s sales force say open home attendance levels are higher than September 2010, while 26% report attendance has dropped. For website enquiries, 49% of offices note they are lower, while 38% report that walk-in and phone enquiries are similar to a year earlier. First National branches indicating enquiry levels are up across all avenues are Howick, Tauranga, over half of Canterbury offices, Te Kuiti, Mangonui, Blenheim and Golden Bay. In September, national listings were down 1.6% from August and had fallen 5.6% from September 2010. A majority of respondents, 38%, have noted little investor activity in the rental property market in September, while 28% say investor activity is improving. The majority of offices in the Bay of Plenty and the lower North Island say there is little to no investor activity in the area, while over half of the branches in Northland and 50% of Central region offices report there is some investor activity and improving. Te Kuiti, Alexandra and Gore note investor activity has improved. Looking ahead, Quaid believes the high agricultural returns being achieved by farmers will buoy the rural economy and real estate market in provincial centres, First National’s traditional strength.

Despite total listings falling off nationwide, lifestyle properties are being snapped up by city buyers looking for an escape to the country, according to First National’s quarterly rural property survey.  First National Group general manager John Stewart says, “City dwellers now regard lifestyle properties as being competitively priced so increasing numbers seem to be opting to give country life a go. “After several years of relative inactivity in the lifestyle market, there appears to be some pent-up demand. Perhaps people have now pushed through their concerns about higher petrol prices as interest rates look like being at this lower level for a longer period of time.” The survey, which measures listing levels, sales, market trends and overall activity across First National’s nationwide network of rural realtors, shows sales in the last three months are up dramatically in the lifestyle sector from the previous two quarters. Areas which particularly note increasing enquiry in lifestyle blocks are Motueka, Lake Taupo, Blenheim, Papatoetoe and New Plymouth. “The unsettling situation in Christchurch has also prompted many Cantabrians to seek lifestyle properties in North Canterbury,” Stewart says. Contrarily, First National offices which report a slowdown in lifestyle block enquiry and/or sales are Taumarunui, Golden Bay and Greytown. Rural realtors say sales rose substantially in the finishing sector in the last three months and they note good sales in the bareland sector. “Anecdotally we know that farmers are using spare cash to purchase additional finishing land to bolster stock and safeguard themselves against overstressing their main property,” Stewart says. The survey shows sales are lower in the dairy sector and sales of grazing land are down. Despite Fonterra this month confirming its forecast payout for 2011/12 of $7.15-$7.25 per kilogramme of milk solids before retentions, Stewart counselled against an over-enthusiastic response. He notes that like meat and wool, dairy prices on the world market eased in the past month. “We do note that while many in the market have been expressing concern at the Crafar Farms group being sold to Chinese interests, German investors have purchased almost an equivalent dairy landholding in recent months,” Stewart says. “So, one might surmise that this international confirmation of the value of our primary product sector is an indicator that New Zealand is seen as a stable investment going forward.” The majority of First National offices indicate it is a buyers’ market for rural properties but, say that like residential markets, there is a lack of selection. However, several First National branches report a good selection of quality properties available for buyers – Richmond, Golden Bay and Rotorua. Areas with a noted lack of listings are Te Awamutu, Hawera, Cambridge and Otaki. “Analysing these two groups poses a challenge,” Stewart says. “Is it a case of Tasman Bays and Rotorua being out of favour, so they have more stock on hand? Or do those areas have educated sellers who are listing early? In the other areas, we wonder whether people are more conservative and therefore they are more reluctant to list their properties yet?” Listings this month are 18% lower than figures recorded in June. Finishing land is the only sector to show an average increase in listings across the country. Listings for dairy farms, arable land, horticultural properties, grazing, lifestyle blocks and bareland are all quite scarce. “As noted earlier, this is a similar situation to that of the residential property market currently,” Stewart says. “While always difficult to predict, we wonder whether rural property owners who are holding back on listing may have cost themselves money now that many primary products are recording price drops on international markets with possible farm values similarly affected.” First National offices report that Rabobank, Westpac and BNZ are equally the three banks doing the majority of lending in the rural sector, followed by National Bank. Uncertainty in the market, price of land/vendor expectation and banks lending criteria were listed as the main factors influencing the rural property market at present. “Banks are displaying caution about who they lend to and as export prices drop they may become even more circumspect,” Stewart warns. First National branches to suggest uncertainty as a factor having an effect on the market are Taumaranui, Rotorua, Blenheim, Dargaville and Otaki. In the Bay of Plenty, the kiwifruit virus P.S.A. has had a devastating effect on the rural property market. Not only has demand dramatically declined – First National’s Te Puke office, in the heart of kiwifruit country, reports that the few offers received are for brutally low prices. Areas which suggest property prices, particularly vendor expectations, as a factor having an effect on the market are Cambridge, Te Awamutu and Hawera. Generally respondents say vendors need to be more realistic when pricing their property to meet the market. Alternatively, vendors who do not need to sell could sit tight and wait for the market to change or for the right buyer to come along.  Areas particularly noting this market trend are Cromwell, Te Awamutu, Waiteke, Hawera, Golden Bay, Dargaville and Rotorua. Branches which are bucking this trend and say the market is strong for quality properties include Christchurch and Otaki.

Vendors are confused about whether it is a good time or not to sell their house at the moment so listings figures remain weak, according to First National’s monthly residential property survey.  First National Group general manager John Stewart says, "The lack of listings right across the market is a continuation of a trend since late last year. “Vendors are uncertain about whether now is the right time to list their house for sale so they are holding back,” he says. “However, for those people with properties on the market this is good news as well presented and well priced properties are being contested across all forms of selling, in fact they are being snapped up by vigorous buyers.” Listings are down 0.8% from July 2011 and down 8.0% compared with August 2010. As part of its survey, First National asked its office owners across the country whether their buyers are favouring brokers or banks for their mortgage finance. “Similar to financial media reports recently showing investors are favouring the safety of bank deposits, most people are arranging mortgages with banks too,” Stewart says. On average, 75% of First National respondents say their clients are finalising contracts with banks and 25% are utilising mortgage brokers. For most clients, their decision is based on who they have an established relationship with and who can offer the best deal.  “This is no surprise in view of banks’ renewed focus on promoting their own mortgage services, incentive offers and dedication of frontline staff to support this strategy,” Stewart says. “It reflects banks’ desire to provide hands-on service and gain a better knowledge of their customers’ situation. In general, their customers are seeking the security of banks’ support for their mortgage borrowing rather casting a wider net,” he says. Offices which found clients favouring brokers over banks are Papatoetoe, Blenheim and Alexandra, who state clients in their region find brokers are able to offer more deals. The survey, which measures listing levels, sales, market trends and overall activity across First National’s nationwide network, found house prices have fallen in August compared with a year earlier across 43% of the country, which is an improvement from July’s 51% annual change figure. The survey also found 43% of agencies across the country say house prices are the same, while 14% replied prices are higher. In the August 2011 survey, 45% of offices say two-bedroom property prices are lower than August 2010, while 48% say three-bedroom home prices have fallen. The largest proportion of responses, 48%, say four-bedroom homes are priced the same. The lower North Island and the upper South Island in general note prices are down on last year for all property types. However, First National Motueka and Waihi Beach note price increases on three- and four-bedroom homes. First National Glendene has price increases on all homes when comparing results from a year earlier. A number of First National respondents suggest investor activity is on the rise including Dargaville, Albany, Howick, Taupo, Johnsonville, Timaru and Riverton. Offices recording a significant annual increase in general enquiry, including open home visitors, emails, and face-to-face and telephone enquiries, are Te Puke, Alexandra, the central North Island region, Christchurch, Taupo, Papatoetoe, Wanaka, Tauranga, Blenheim, Bethlehem, Gore, Motueka, Howick and Ashburton. Notably, 43% of First National respondents say open home visitor numbers are up compared with a year earlier.

A significant proportion of real estate sales are falling through presently because of buyers’ concerns over building reports and finance criteria, according to First National’s monthly residential property survey.  The survey shows 43% of the nationwide network's offices reporting conditional agreements falling through and the majority of these blame negative building reports, followed by problems with arranging finance. First National Group General Manager John Stewart says, "For some time now, seemingly over-zealous building inspection reports have been causing buyers concern, frightening them away in many cases. “The focus on ‘leaky home syndrome’ and what many would call normal wear and tear has in many cases been unreasonable,” he says. “While one can sympathise with the need for conservative approaches, particularly in view of the inspection companies' own exposure to liability should they miss or understate an issue, I know of far too many instances where reports are, quite frankly, over the top and cause needless buyer concern," Stewart says. In the Bay of Plenty, a number of First National's offices report contracts subject to the buyers’ own home selling remain the major cause of failure, while some in the lower North Island and Canterbury note the influence of the New Unit Title Act on some buyers’ decisions. This mainly relates to apartments and other shared title situations. However, in Canterbury, the insurance stand down is noted as the main reason for contracts falling through, an obvious repercussion of the current environment in Christchurch and a factor that will remain a major issue for some time to come. The survey, which measures listing levels, sales, market trends and overall activity across First National’s nationwide network, found house prices have fallen in July compared with a year earlier across 51% of the country, which is a slight improvement from June’s 57% annual change figure. The survey found 40% of agencies across the country say house prices are the same, while 9% replied prices are higher. In the July 2011 survey, 60% of offices say two-bedroom property prices are lower than July 2010, while 51% say three-bedroom home prices have fallen. Once again, four-bedroom homes are becoming a notable sector in the market after a quiet year, Stewart says. On a regional basis, First National's sales force generally reports house prices are the same or lower.  In the western region of the North Island, prices are lower for two-, three- and four-bedroom properties, the only region to record across-the-board price falls. In Canterbury, house prices are consistent with a year ago except for four-bedroom properties in Christchurch, which are experiencing a more positive trend. The Howick First National office has doubled its sales from a year earlier, as investors and first-home buyers made decisions on houses and sections. Listings are up 1.3% from June 2011, but down 8.9% compared with July 2010.  Most First National offices report a shortage of properties.  "The buyers are there in numbers noticeably above last year, almost right across the country and in most markets, but vendors just seem afraid to go to market," Stewart commented. "This is resulting in some fierce competition through multi offers, tenders or at auction, with reports of properties realising above expectation. Vendors' devotion to spring and summer selling remains, to the cost of many this year I fear." The number of contracts exchanged in July is consistent with June and a year earlier. Notably, Howick, Stratford, Dargaville, Rotorua, Waikanae and Timaru appear to be bucking this trend and reporting substantial sales growth. Looking ahead, Stewart believes that, given buyer pressure, well presented and market-priced properties will continue to sell well. “While the likely slow increase in mortgage interest rates may deter some, well-funded buyers will remain in the market,” he says. "Presently though, for those sellers who present their homes best in their sector and area, buyer competition is proving to be a rewarding experience. Whether this continues as the likely increase in listings flows in during spring will be an interesting feature of the recovering New Zealand economy."

There’s a national shortage of four-bedroom homes for rent as tenants seek long-term rentals priced in the mid to high-end range, First National’s quarterly property management survey shows. The survey, for the three months to mid-July, measures property management vacancy rates, rent movement and demand/supply experienced by property managers in the First National network, which covers the length and breadth of New Zealand. According to 47% of First National survey respondents, there are not enough available rental properties to meet tenant demands.  For 31% of respondents, there is a good balance between supply and demand, while 22% of property managers report an oversupply. While two- and three-bedroom homes are in demand, the most noticeable shortage reported by First National property managers is for four- plus bedroom homes priced in the mid to high-end range. First National Group General Manager John Stewart says the Government’s support programme for home insulation and heating has had a major effect on tenants’ aspirations. “As First National has said in the past, tenants are cherry-picking and choosing more modern, insulated and warmer homes.  Homes without good heating will languish on the rental market, particularly at this time of year,” Stewart says. “Tenants are seeking more permanent or long-term homes as they put off purchasing their own homes.  The residential sales market is wide open for cashed-up buyers at the moment, but people are waiting in anticipation of lower prices, a change which First National believes is unlikely,” he says. The national average vacancy rate for First National properties under management is 7% compared with 4.8% in mid-April 2011 and 8.4% in mid-July 2010, the survey showed. The highest vacancy rates are in Central Otago (11%), Northland (10%) and Bay of Plenty (10%), while the lowest vacancy rates are in Canterbury (3%), Blenheim and Nelson in the Upper South Island (4%), and Taranaki and the lower North Island (4%). “Central Otago has a concentration of holiday and short-term rentals and the late start to the ski season has affected that market,” Stewart says. “Our property managers in Christchurch have noted a surprising shift in turnover trends. “Instead of waiting for 12-month leases, landlords in Christchurch are happy to sign up short-term tenants in the belief that the market will continue to be strong.  They expect residents to continue to seek rental properties as they cope with changes in their circumstances in the wake of Canterbury’s earthquakes and extensive property repairs in the coming months,” he says. “Anecdotally, in central Auckland and Wellington, landlords are also content to take short-term tenants presently so their properties are vacant again for high-priced bookings for the World Cup in a few months’ time,” Stewart says. The survey showed 44% of respondents indicating prices are up from anywhere between $5 and $100 per week depending on the region, but on average the increase is $10 to $15 per week. Nearly all of Auckland and the Bay of Plenty regions noticed rental prices had increased since last year, with the biggest increases in Waitakere and Waihi Beach. A total of 41% of respondents report rental prices are the same as mid-July 2010, while 14% of property managers say rental prices are down. For more information please contact: John StewartGeneral Manager – First National Group Phone (027) 222 2756  Prepared by:Janine OgierConvergence Communications and MarketingPhone 03 943 0587 or (027) 753 460

First National Group (NZ)’s top three agents this year have also outperformed most of their compatriots across the Tasman. At an award ceremony in Coolum, Australia recently, Kiwi real estate salespeople Gillian Cross (of First National Guardian in Churton Park), Gillian Quantrill (First National Rutherford in Howick) and Andrea Church (First National Mark Stevenson in Blenheim) were named in the top 10 of the First National network’s 3000 salespeople across Australasia. First National Group (NZ) General Manager, John Stewart, said the three Kiwi women had not only performed admirably in New Zealand’s turbulent real estate industry but their achievement was doubly gratifying given that Australia was still enjoying a buoyant housing market. “Gillian C, Gillian Q and Andrea have resilience, determination and a wide set of personal skills and talents that they put to work for customers," Stewart says. “Gillian Cross has taken out the top spot in New Zealand for the 13th year in a row and also won top residential property salesperson.  For someone based in a small northern Wellington suburb, that is a fantastic achievement and one that reflects her professionalism, negotiation skills and consistent results. “Gillian Quantrill has moved up to second from number four last year, and Andrea has been in the top six for three years running despite only being in real estate for six years. “All the award winners are real power houses when it comes to real estate and are a credit to the First National network," he said. The awards were a time for realtors to inspire each other to greater heights and personal development, Stewart said. First National is continuing to strengthen as a network and has 450 offices across Australia, New Zealand and the Pacific Islands. First National Group (NZ)’s top awards were: Top 20 salespeople: 1. Gillian Cross (Churton Park) Gillian Quantrill (Howick) Andrea Church (Blenheim) Yolanda Atkins (Waitakere) John Bellerby (Rotorua) Margaret McKeefry (Johnsonville) Grant Robertson (Otaki) Arthur Subritzky (Auckland) Lee Girvan (New Plymouth) Owen Mills (Stratford) Anne Goodyer (Blenheim) Bob Brereton (Motueka) Penny Schultz (Howick) Brendon Heenan (Otaki) Kim Fraser (Taupo) Peter Oswell (Nelson) Jenny Wilson (Riverton) Alec Darling (Timaru) Mark McLeod (Timaru) Wayne McCrorie (Nelson) Top office Group 1 (1 - 5 salespeople) First National Guardian, Churton Park Top office Group 2 (6 – 10 salespeople) First National Rotorua 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 Manawatu, Palmerston North Top Rural Office – First National Otaki Top Commercial Office – First National Reid & Wilson, Timaru Top Auction Office – First National Rotorua Rookie of the Year – Brendon Heenan, First National Otaki For more information, please contact:John StewartGeneral Manager First National Group (027) 222 2756 For a full list of the awards please contact:Janine Ogier Convergence Communications & Marketing (027) 753 4360  

Houses at the lower end of the market are currently selling the quickest across New Zealand as buyers take advantage of attractive interest rates, according to First National’s monthly residential property survey. Cheap do-ups, houses targeted at first-home buyers and entry-level family homes rank as the fastest sellers for the majority of First National agencies. Low mortgage rates presently offered by lenders are regarded by 50% of respondents as the catalyst for the sales and First National offices reported bargain hunters in the market. First National Group General Manager, John Stewart, says this month’s survey is a continuation of a trend, first noted late in 2010, for first-home buyers to be demonstrating increasing confidence that now is a good time to buy. “First-home buyers realise this is their chance. In most regions, prices have bottomed out and there are more and more multi-offers.  The best homes – those that are well presented and well priced – are being cherry-picked,” Stewart says. In tandem with the sales at the cheaper end of the market, another significant proportion of people are upgrading to their second home, so houses in that sector are also selling quickly, the survey shows.  High-end properties are top sellers in just 5% of regions. The survey, which measures listing levels, sales, market trends and overall activity across the network’s 70 offices, found house prices had deteriorated further during June compared with May and were also lower compared with June 2010 in 57% of areas where respondents worked. In June 2010 65% of respondents said prices were lower compared with June 2009, so the June 2011 result of 57% is an improvement. In the June 2011 survey, three-bedroom homes in particular recorded lower prices compared with a year earlier, excluding the Canterbury region which has seen an increase in three-bedroom house prices. While half of the First National respondents have reported increased buyer interest and optimism, customers are being particularly choosy as the lower house prices and stimulative lending conditions are not translating into significantly increased real estate sales. Agents report that buyers are being selective due to a lack of new listings coming on the market and vendors’ unattainable expectations. “A number of homes have been for sale a long time due to vendors retaining unrealistic expectations so the market is stalled,” Stewart says. Listing figures are down 2.4% since May 2011 and down 10% compared with June 2010. Many First National offices report a shortage of properties. “Many Kiwis mistakenly believe spring is the best time to list their house for sale. Unfortunately, I think these people may miss the opportunity the current market offers,” Stewart says.  The number of contracts exchanged in June has fallen from the previous month and a year earlier. Notably, Howick, Blenheim, Hawera appear to be bucking this trend. Investor activity continues to be low across most of the country, except for the upper South Island, where agents have noted an increase in inquiry for cheaper accommodation. Looking ahead, Stewart believes the interest shown in the cheaper end of the market now will lead to more sales in the three-bedroom and four-bedroom sector in forthcoming months as buyers upgrade their homes when their present house sells. “Also, the strength in the rural economy will trickle back to provincial centres and this will influence sales of retirement-style homes in popular centres such as Mount Maunganui, Whakatane, Alexandra, Nelson, the Kapiti Coast and Geraldine. “These centres are the litmus test as they are likely to be the last market to recover from the recession,” Stewart says.    For more information please contact: John StewartGeneral Manager – First National Group Phone (027) 222 2756