Business South August 2020

56 | Volume 29 | Issue 4 businesssouth • Plumbing • Spaceheating • Solar Work • Spouting 24 hr emergency • Drainage • Renovating • New Houses • Roofing • Maintenance P. (03) 455 0505 M. 027 414 7783 - Dunedin Email. info@vicnicplumbers . co.nz phone us today: 022 154 8559 proud to support LJ Hooker Dunedin Exterior Property Maintenance 027 649 0677 | info@swiftwash.co.nz swiftwash.co.nz facebook.com/swiftwashdunedin • SOFT HOUSE WASHING • CONCRETE, BRICKS, PAVERS • GUTTER CLEANING • LANDLORD PACKAGES www.carpetcourt.co.nz PHONE: 03 477 2211 EMAIL: dunedin-info@carpetcourt.nz 115 CUMBERLAND ST, DUNEDIN 9016 Preferred supplier of LJ Hooker BROKEN WINDOW REPAIR SPECIALISTS • Mirrors/Shelving • Clear Tinted Safety Glass • Cat & Dog Doors • Frameless Glass Showers • Free Measure & Quote • Glass Blocks & Splashbacks • Direct Billing to Insurance Companies • Household & Commercial Glazing PH 477 4915 24 HOURS 18 OTAKI ST, DUNEDIN D O U B L E G A Z I NG C U T P R I C E G L A S S 24 HOUR EMERGENCY SERVICE 100 % LOCALLY OWNED & OPERATED “We started from a small operation; we are one of the biggest real estate firms in Dunedin/Mosgiel marketplace. We hold a significant market share, the business has grown significantly over that time as have prices in Dunedin.” Wayne recalls selling houses in Dunedin for $50,000 30 years ago compared to an average sale price now of around $500,000. “There’s been a significant growth in values.” A widely varied housing stock means L J Hooker’s sales agents could be listing anything from an 1800’s villa to an architecturally designed house with spectacular views of Otago Harbour or one of the city’s popular beaches. “There’s quite a diverse range of property which makes business interesting. Also Mosgiel’s a lot newer. In recent times most of the land develop- ment is on sections out there. It’s a different market again so you’ve got a good cross section of real estate which makes the job extremely interesting; no two houses are the same.” The Dunedin property market was extremely buoyant before the Covid-19 lockdown with prices increasing around 20% in the previous 12 months, Wayne says. While the situation appeared to be “quite scary” during the lockdown, the market picked up quickly and strongly. “In the Dunedin and Mosgiel marketplace we are seeing the market strengthen now with competition and multiple offers. Interest rates, of course, are low and demand is exceeding supply at the moment. “[Post lockdown] prices definitely haven’t come back. It’s early days yet but we’ve been very encouraged by the demand and we’ve sold a lot of property. “We’ve got strong demand from investors and first home buyers and people upgrading.” The present low interest rates are part of this equation. Because Dunedin city is surrounded by hills, there are no greenfield sections available in PROPERTY » LJ Hooker Dunedin Leading the way in Dunedin The LJ Hooker Dunedin rental team - demand for rental properties in Dunedin has been very strong. • from page 54 new developments, consequently new houses must be built on existing sites or existing houses must renovated. Wayne describes the sweet spot in the local mar- ket as being in the range of $450,000 to $600,000. LJ Hooker Dunedin’s property management arm has 500 to 600 properties in its portfolio. Demand for rental properties has also been very strong, with rent prices increasing prior to lockdown. While there were concerns about job losses and financial difficulties post-lockdown there has been no experience of this happening. “The first month out of lockdown we leased 28 new properties and last month we leased 26 properties and rents have remained relatively static so we haven’t seen a drop-off. “Ninety-eight percent of our business has been business as normal.”