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Mortgagee sales close out 2009 at record levels
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Total mortgagee sales for 2009 reached a new record level with 3,024 registered sale transactions where the sale was a mortgagee sale. This annual total was more than 3 times the number of sales in 2008 and more than double the highest prior year (2002).
If for ease of assessment these sales were all of properties then they would represent 4.3% of all sales of residential properties sold in the year.
In terms of trends the monthly figures for 2009 show in the chart below a 3 month decline from the peak month of September which attained a level of 343 sales.
The early months of 2010 will be interesting to observe as the level of listings of mortgagee properties as tracked on realestate.co.nz has been falling for the latter quarter of 2009 and whilst picking up in the January again seems to indicate that the peak certainly in terms of new listings may well be behind us.
Tags: mortgagee
Mortgagee sales slip slightly in October
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Whilst the number of recorded mortgagee sales slipped in October from the high of 343 in September they still remain historically high. A total of 298 sales were recorded in October taking the year to date figure to 2,465 - for the month this represents a 71% increase on the same month last year.
The chart above clearly shows not only the significant levels of sales in each of the months of 2009, but also the fact that this time last year marked the beginning of the steep rise in sales of mortgagee properties. This will provide the opportunity in the coming quarter to assess the year on year comparison more accurately.
The first 10 months of 2009 has seen 2,465 sales - this compares to 964 in the same period of 2008 and just 370 in the first 10 months of 2007 clearly highlighting the significant fall out of the recessionary impact of unemployment and tighter monetary policy and the consequential effect on heavily leveraged investors.
The scale of the rise in mortgagee sales can be best seen in this chart below showing the full history by month since from 2006 when a monthly total of 50 would have seemed high.
The make up of the sales in October comprise a mix of single family homes as multiple property portfolios (more than 5 properties owned by a single entity). The impact of the recession is certainly forecasted by Terralink to continue to see high levels of mortgagee sales into 2010.
Whilst sales levels have continued to rise the number of listings of mortgagee properties on the market has begun to stabilise in the current year with the level of interest as measured by the keyword search of mortgagee showing signs of falling in the last 3 months - these statistics are presented in recent posts on the Unconditional blog on the realestate.co.nz website.
Tags: mortgagee
Want to know more about that house?
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When it comes to search - the limits of possibility are nowadays limited only by our imagination. This is all thanks to Google who seem to be accelerating the pace of search based tools and applications.
For the real estate industry, map based search has been launched by Google and has created some waves in certain markets internationally.
For property seekers and interested investors - there are emerging tools to look forward to, which should help in the coming year (certainly feasible given technological pace of change!).
Firstly there is Augmented Reality - the ability through mobile applications to create a “heads up display” when you “photograph” a property. The concept is simple in that it stitches together GPS location with compass orientation and then matches it to property data. The company Layer is already seeing their application deployed in Holland on the property website Funda.
Added to this technology is the announcement today by Google of another application from their frenetically paced Google Labs. This is the area of Google responsible for over 200 applications over the past decade as they have deployed their veritable army of technologically advanced engineers to come up with game changing applications.
The latest app is called Google Goggles and using the new Google Android smart phone allows a seamless photo search capability for books, products, places and people (business cards only at this stage, although photo recognition software for people must be just around the corner)!
The key application for property search could emerge through a combination of Google Goggles and / or Augmented Reality as a capability which Zoodle has ambition to offer whereby wherever you are in the country you can point your smart phone at any property and immediately on your screen receive valuable property information.
This information will naturally show basic property information augmented by a suite of information covering CV, valuation, sales history, local sales history, local amenities, some free and some charged for depending on content licenses. To this could naturally be added any details of the property if it is currently being marketed by an agent. As ever the scope is only ever limited by our imagination and the source data.
Tags: augmented reality, google, GPS
Mortgagee sales in September grow to set new record high
Filed under: Blog, Terralink Mortgagee Sales Report Responses: 3 Comments
Total mortgagee sales in September as reported by Terralink International surpassed the high of 321 set in July of this year to reach 343 in September. This takes the total of mortgagee sales of property to 2,167 for the 9 months of 2009, compared to a total of 790 for the same period in 2008.
As can be seen from the chart above on a year on year comparison the scale of mortgagee sales surpasses prior years by a significant margin. The sales for September 2009 represented a 130% increase over September 2008 - a time when mortgagee sales were already on the rise.
Total sales for the 9 months of 2009 at 2,167as shown in the graph dwarf the same 9 month period in any of the preceding years.
The key change in the structure of sales is the shift from the sales being predominantly in the major centers to provisional NZ. The chart below shows this with Auckland as a % of sales in September 2009 falling to just over a third of sales as compared to 44% of all sales a year ago.
The key regions which have witnessed the largest increase in sales were Northland going from 3 sales in Sep 2008 to 33 in Sep 2009 and the Hawkes Bay going from 3 sales in Sep 2008 to 24 sales in Sep 2009.
Tags: mortgagee
Farnsworth House in 3D
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The Farnsworth Houseis one of Mies van der Rohe’s finest works. In these 3D renderings Peter Guthrie blurs the line between computer graphics and the real world.
At what point will this technology filter down to the average kitchen designer? Imagine having photo realistic renderings of any work you are planning to do down to the finest detail.
August mortgagee sales slip back from record highs
Filed under: Blog, Terralink Mortgagee Sales Report Responses: 1 Comment
A total of 241 mortgagee sales were recorded in the month of August as reported by Terralink - down from the peak of 321 reported in July. This takes the year-to-date figure to 1,824.
When compared to this time last year the m
onthly total shows an increase of 141% whilst the year-to-date shows a 285% - the year-to-date figure of Jan to August in 2008 was just 641 sales.
The decline from the peak was in someways expected as the lead indicator of mortgagee listings as tracked on realestate.co.nz had been witnessing a stabilising in the stock level of mortgagee listings by real estate agents for a number of months. The number of listings of mortgagee residential properties peaked at just over 400 in the first few months of this year and currently stands at somewhere over 300. It should be noted that the mortgagee sales reported by Terralink do include non-residential sales and this accounts for the overlap of sales to listings as shown in the chart below.
The mortgagee property sales not only show large actual numbers but also have risen to levels over the past 18 months that represent a small but significant component of all residential sales. The chart below track the past 14 years and shows the actual sales in each year for the first 8 months of each year represented as the proportion of all residential sales in those periods.
Tags: mortgagee
Address verification service will assist in emergencies
Filed under: Blog, News Responses: 4 Comments
Terralink - partners in the Zoodle website, have launched a new free website which will be invaluable for the emergency services and ultimately all NZ’ers.
The New Zealand Address Register which is hosted at www.myaddress.co.nz is a simple tool to allow any home owner to verify their property address against the database Terralink holds for all properties across the country, currently amounting to close to 2 million.
Terralink provide the database services to the emergency services which ensure that when call outs occur the relevant services can locate the property speedily and thereby provide support as required. This is fine if your house is 45 North Street - a street that is clearly marked with a road name and the house has clear single dwellings on single sections. However say you live in a subdivided section or on the corner of 2 roads or out in a rural area, these scenarios may result in you having a different street address than is registered or even different for mail delivery.
Terralink’s new service allows you to locate your property and then ‘report’ the added information which you feel will help the emergency services find your property with ease - especially if you normally call your address one name and the postal service calls it another.
Clearly the database update is going to be a great benefit - not only for the emergency services, but also naturally for Zoodle as our service of property information relies on an accurate and comprehensive database of property addresses, something that myaddress.co.nz will greatly enhance.
Tags: addresses, emergency services, terralink
July mortgagee sales exceed 300 for the first time
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Total mortgagee sales for the month of July amounted to a staggering 194% increase over the same month last year. A total of 321 registered mortgagee sales were reported by Terralink in a report issued today for the month of July 2009.
That total for the month takes the year to date figure for 2009 to 1,583. That figure exceeds the total year in the preceding highest year - that being 2001 when in 12 months a total of 1,539 sales were registered.
Each month this year the total has outstripped the prior year by more than 100% and completely dwarfs the 2007 year figures.
Within the total of 321 sales there are a diversity of properties encompassing property development units as well as private residential and investment residential. The traditional view of mortgagee properties being single family homes where the property is family owned and represents the only owned property only represents around 20% of all the sales of mortgagee properties over recent months, although the rate of sale of these properties have equally been rising over recent months.
In terms of regional variation the majority of sales still are represented in the Auckland region. In July 144 of the 321 sales were in Auckland, 26 in Wellington and just 24 sales were reported in Canterbury. The Canterbury region has seen a decline over recent months with the biggest fall in the Christchurch city area where sales have dropped by half since a the June figures. The map below details the sales by region comparing the totals as against July 2008.
Tags: mortgagee
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