Latest news with #GavinLloyd
Otago Daily Times
16-05-2025
- Business
- Otago Daily Times
Frankton units meet pent-up demand
An unparalleled number of planned housing complexes in and around Queenstown's Frankton Flats is meeting a range of market demand, including even sub-$700,000 units. About to get under way is Safari Group's first local post-Covid development, Mountain Oak. It's a 141-unit residential complex in Remarkables Park that has a starting price of $639,000 — "the lowest entry point in the market", Bayleys projects GM Gavin Lloyd says. Gibbons Co has also launched The Crest Chalets above Country Lane, featuring 86 one-bedroom chalets from $669,000 and 14 one-bedroom cabins from $689,000. The developer's also finishing off the 226-unit two-bedroom Five Mile Villas, priced from $869,000. About 250 people turned out for its first showhome opening early this month. Local Bayleys managing director David Gubb says that sends a clear signal. "Queenstown's market is hungry for quality, attainable housing, and Five Mile Villas is meeting that demand head-on." The showhome was "a litmus test for pent-up demand in a market constrained by land supply, planning challenges and construction costs". "What's encouraging is this isn't speculative demand, it's grounded in need. First-home buyers, key workers and investors are responding to fundamentals — location, design efficiency and long-term rental viability — not hype." A third Gibbons Co complex, the premium Lakehouse Villas, off Frankton Rd, comprises 63 architecturally designed, freehold homes overlooking Frankton Arm. Ninety percent sold within six months of release. "Flexibility to use these homes for personal and visitor accommodation is a game-changer," Suzie Wingglesworth, Bayleys' national director projects says. She notes Redwood Group also has year-round visitor accommodation consent for the 180 residences in its three-stage Kawarau Villas project near Remarkables Park Town Centre. Bayleys' local CEO Stacy Coburn notes council has also helped by rezoning land resulting from its spatial plan. An example, he says, is the 27-hectare Frankton North area, opposite Five Mile, where Latitude 45's developing Waipuna Rise — a boutique collection of apartments and terrace homes with self-contained studios. Development's also about to start on a huge worker housing complex on the corner of the state highway and Hansen Rd — initially on top of a car storage building. Coburn says Frankton lends itself to medium-density apartments. "And when you see a growth rate annually between 8% and 9% for Queenstown, we've got to allow for this growing population — as long as the infrastructure tries to align." He also notes the investor market's back, spurred in part by the return of tax deductability. Short A-frame timeframe The developer of The Crest Chalets — 100 proposed one-bedroom residential units above Queenstown's Country Lane precinct — hopes to start work on-site in October with a completion date 12 months later. Mountain Scene revealed this month Kurt Gibbons' Gibbons Co has applied for resource consent for 86 A-frame chalets, and 14 elevated single-level cabins off Hansen Rd, having bought the 3.1396ha block last October. He's also applied for six business units on just over 11,000sqm of flat land at the bottom of the site. Gibbon says his aim is to provide freehold product below $1million "and that doesn't have body corporate fees and anything else associated with it". "The theme of this stunning project is the mountains, and each property comes with the most spectacular view," local Bayleys salesperson Sarena Glass says. "The high-end design is similar to what you would find in the European alps, there's nothing else quite like this in Queenstown." The architect's Designgroup Stapleton Elliott in partnership with Gibbons Co.
1News
07-05-2025
- Business
- 1News
Property: National average asking price drops in April
The average asking price for a property fell in April, the second monthly drop this year, according to new figures from Trade Me. According to Trade Me's Property Pulse Report, the average asking price for a property in April was $855,150, down 0.8% compared with March and 2.6% year-on-year. Auckland fell 1% compared with March - the biggest month-on-month decline in eight months. The average asking price was $1,046,900. Year-on-year, prices in Auckland are down 3.2%. 1News' Simon Mercep asked Trade Me Property customer director Gavin Lloyd what drove the dip. (Source: 1News) Trade Me Property customer director Gavin Lloyd said the drop was "somewhat typical" for this time of year and attributed it to seasonal fluctuations. 'Historically, as we move into the colder months of the year we see a dip in buyer activity, and this is reflected in the most recent data," he said. "House hunting is a lot more appealing when the sun is shining and properties look and feel their best." He described Auckland's prices as "consistently inconsistent", with prices experiencing a 10-month high in March, followed by the largest fall since August 2024 in April. 'After dipping below the million-dollar average last August, many will be keeping a watchful eye on the city of sails as to how things play out as we move closer to winter.' Lloyd said a level of "uncertainty" hovering over the market had also impacted prices. "It's just having that lingering impact on the confidence of people to come into the market." The number of days properties spent listed on Trade Me increased to 62 days in April from 56 in March. This still remained lower than Trade Me's previous average of 85 days in January. Lloyd said this likely had an impact on average asking prices. 'The rule of thumb is that the longer properties spend on the market, the more sellers need to adjust their expectations, particularly when it comes to price. This is especially true in a market where there's plenty of supply to choose from." The number of properties listed on Trade Me experienced a 4% drop between March and April. Demand also dropped 13% month-on-month. The biggest drops were on the West Coast (down 7%), Nelson/Tasman (down 7%), Canterbury (down 6%), Gisborne (down 6%), and Taranaki (down 6%). Lloyd said that while listings were down, buyers still had plenty of choice with "several thousand" more listings in April 2024 compared to April 2025. "That means buyers continue to have plenty of leverage and to secure a sale, vendors are going to need to meet the market, particularly in regards to realistic price expectations.'
Scoop
06-05-2025
- Business
- Scoop
Property Prices Cool Across The Motu
Press Release – Trade Me Property Property prices have fallen for the second time this year, according to Trade Me's Property Pulse Report. The average asking price for a property in April was $855,150, down 0.8 per cent on March and 2.6 per cent year-on-year. Trade Me Property Customer Director, Gavin Lloyd says house prices dipping at this stage of the year is somewhat typical and can largely be attributed to seasonal fluctuations. 'Historically, as we move into the colder months of the year we see a dip in buyer activity, and this is reflected in the most recent data. House hunting is a lot more appealing when the sun is shining and properties look and feel their best,' says Mr Lloyd. The number of days properties spent onsite also increased from an average of 56 days in March to 62 days in April, but remains well down on the average 85 days in January. 'The rule of thumb is that the longer properties spend on the market, the more sellers need to adjust their expectations, particularly when it comes to price. This is especially true in a market where there's plenty of supply to choose from,' says Mr Lloyd. Auckland records largest decline this year Tāmaki Makaurau property prices fell -1.0 per cent on March and represent the biggest month-on-month decline in eight months. Year-on-year prices in the country's largest city are down -3.2 per cent. 'Property prices in Auckland have been consistently inconsistent in recent months. In March we saw the average asking price reach a 10-month high, and for April prices recorded the largest fall since August 2024. 'After dipping below the million dollar average last August, many will be keeping a watchful eye on the city of sails as to how things play out as we move closer to winter.' Drop in supply, and demand The number of listings on Trade Me Property, which hit a decade high in March, fell four per cent between March and April. Demand was also down 13 per cent month-on-month. 'Of the 15 regions we monitor at Trade Me Property, each one recorded a decline in supply from the month prior with the biggest drops recorded on the West Coast (-7%), Nelson/Tasman (-7%), Canterbury, Gisborne and Taranaki all down six per cent respectively.' Lloyd says while the number of listings on Trade Me Property fell between March and April there remains plenty of choice for house-hunters. 'To give some perspective, we had several thousand more properties listed onsite in April of this year compared to April 2024. That means buyers continue to have plenty of leverage and to secure a sale, vendors are going to need to meet the market, particularly in regards to realistic price expectations.' About the Trade Me Property Pulse Report: The Trade Me Property Pulse Report measures trends in the expectations of selling prices for residential property listings added to Trade Me Property by real estate agents and private sellers over the past three months. It provides buyers, sellers and realtors with insights into 'for sale' price trends by property type and property size. The report is produced from data on properties listed on Trade Me Property in the three months leading up to the last day of each period. Each period's value is a truncated mean of the complete three months' worth of listings. This is to better reflect trends in property prices rather than month-to-month fluctuations in housing stock. The report uses an '80 per cent truncated mean' of the expected sale price to calculate the average asking price. This excludes the upper and lower 10 per cent of listings by price, and averages the expected sale prices of the remaining properties. It provides an insight into 'for sale' price trends by type and size of property. Other reports aggregate property price data across these various properties.
Scoop
06-05-2025
- Business
- Scoop
Property Prices Cool Across The Motu
Press Release – Trade Me Property Historically, as we move into the colder months of the year we see a dip in buyer activity, and this is reflected in the most recent data. House hunting is a lot more appealing when the sun is shining and properties look and feel their best, says … Property prices have fallen for the second time this year, according to Trade Me's Property Pulse Report. The average asking price for a property in April was $855,150, down 0.8 per cent on March and 2.6 per cent year-on-year. Trade Me Property Customer Director, Gavin Lloyd says house prices dipping at this stage of the year is somewhat typical and can largely be attributed to seasonal fluctuations. 'Historically, as we move into the colder months of the year we see a dip in buyer activity, and this is reflected in the most recent data. House hunting is a lot more appealing when the sun is shining and properties look and feel their best,' says Mr Lloyd. The number of days properties spent onsite also increased from an average of 56 days in March to 62 days in April, but remains well down on the average 85 days in January. 'The rule of thumb is that the longer properties spend on the market, the more sellers need to adjust their expectations, particularly when it comes to price. This is especially true in a market where there's plenty of supply to choose from,' says Mr Lloyd. Auckland records largest decline this year Tāmaki Makaurau property prices fell -1.0 per cent on March and represent the biggest month-on-month decline in eight months. Year-on-year prices in the country's largest city are down -3.2 per cent. 'Property prices in Auckland have been consistently inconsistent in recent months. In March we saw the average asking price reach a 10-month high, and for April prices recorded the largest fall since August 2024. 'After dipping below the million dollar average last August, many will be keeping a watchful eye on the city of sails as to how things play out as we move closer to winter.' Drop in supply, and demand The number of listings on Trade Me Property, which hit a decade high in March, fell four per cent between March and April. Demand was also down 13 per cent month-on-month. 'Of the 15 regions we monitor at Trade Me Property, each one recorded a decline in supply from the month prior with the biggest drops recorded on the West Coast (-7%), Nelson/Tasman (-7%), Canterbury, Gisborne and Taranaki all down six per cent respectively.' Lloyd says while the number of listings on Trade Me Property fell between March and April there remains plenty of choice for house-hunters. 'To give some perspective, we had several thousand more properties listed onsite in April of this year compared to April 2024. That means buyers continue to have plenty of leverage and to secure a sale, vendors are going to need to meet the market, particularly in regards to realistic price expectations.' About the Trade Me Property Pulse Report: The Trade Me Property Pulse Report measures trends in the expectations of selling prices for residential property listings added to Trade Me Property by real estate agents and private sellers over the past three months. It provides buyers, sellers and realtors with insights into 'for sale' price trends by property type and property size. The report is produced from data on properties listed on Trade Me Property in the three months leading up to the last day of each period. Each period's value is a truncated mean of the complete three months' worth of listings. This is to better reflect trends in property prices rather than month-to-month fluctuations in housing stock. The report uses an '80 per cent truncated mean' of the expected sale price to calculate the average asking price. This excludes the upper and lower 10 per cent of listings by price, and averages the expected sale prices of the remaining properties. It provides an insight into 'for sale' price trends by type and size of property. Other reports aggregate property price data across these various properties. Some of the numbers in this release have been rounded
Scoop
06-05-2025
- Business
- Scoop
Property Prices Cool Across The Motu
Property prices have fallen for the second time this year, according to Trade Me's Property Pulse Report. The average asking price for a property in April was $855,150, down 0.8 per cent on March and 2.6 per cent year-on-year. Trade Me Property Customer Director, Gavin Lloyd says house prices dipping at this stage of the year is somewhat typical and can largely be attributed to seasonal fluctuations. 'Historically, as we move into the colder months of the year we see a dip in buyer activity, and this is reflected in the most recent data. House hunting is a lot more appealing when the sun is shining and properties look and feel their best,' says Mr Lloyd. The number of days properties spent onsite also increased from an average of 56 days in March to 62 days in April, but remains well down on the average 85 days in January. 'The rule of thumb is that the longer properties spend on the market, the more sellers need to adjust their expectations, particularly when it comes to price. This is especially true in a market where there's plenty of supply to choose from,' says Mr Lloyd. Auckland records largest decline this year Tāmaki Makaurau property prices fell -1.0 per cent on March and represent the biggest month-on-month decline in eight months. Year-on-year prices in the country's largest city are down -3.2 per cent. Advertisement - scroll to continue reading 'Property prices in Auckland have been consistently inconsistent in recent months. In March we saw the average asking price reach a 10-month high, and for April prices recorded the largest fall since August 2024. 'After dipping below the million dollar average last August, many will be keeping a watchful eye on the city of sails as to how things play out as we move closer to winter.' Drop in supply, and demand The number of listings on Trade Me Property, which hit a decade high in March, fell four per cent between March and April. Demand was also down 13 per cent month-on-month. 'Of the 15 regions we monitor at Trade Me Property, each one recorded a decline in supply from the month prior with the biggest drops recorded on the West Coast (-7%), Nelson/Tasman (-7%), Canterbury, Gisborne and Taranaki all down six per cent respectively.' Lloyd says while the number of listings on Trade Me Property fell between March and April there remains plenty of choice for house-hunters. 'To give some perspective, we had several thousand more properties listed onsite in April of this year compared to April 2024. That means buyers continue to have plenty of leverage and to secure a sale, vendors are going to need to meet the market, particularly in regards to realistic price expectations.' About the Trade Me Property Pulse Report: The Trade Me Property Pulse Report measures trends in the expectations of selling prices for residential property listings added to Trade Me Property by real estate agents and private sellers over the past three months. It provides buyers, sellers and realtors with insights into 'for sale' price trends by property type and property size. The report is produced from data on properties listed on Trade Me Property in the three months leading up to the last day of each period. Each period's value is a truncated mean of the complete three months' worth of listings. This is to better reflect trends in property prices rather than month-to-month fluctuations in housing stock. The report uses an '80 per cent truncated mean' of the expected sale price to calculate the average asking price. This excludes the upper and lower 10 per cent of listings by price, and averages the expected sale prices of the remaining properties. It provides an insight into 'for sale' price trends by type and size of property. Other reports aggregate property price data across these various properties.
