Home' Napier Mail : June 28th 2011 Contents 10 NAPIER MAIL, JUNE 29, 2011
Ups & downs of recovery
Monthly housing market activity reached
its highest level since May last year with
the number of house sales in Napier rising
sharply in May 2011 to 94, increasing over 90%
from April's dismal 49.
Prices in May gave up gains of the previous
month. This is also reflected in Quotable Value
reports which show that prices in Napier are
currently around 3.3% less than they were 12
With prices having eased back, many buyers
now consider values to be fairer and more
affordable. And as home affordability improves,
first home buyers are returning to the market,
many taking advantage of Housing New
Zealand's Welcome Home Loan facility.
Home affordability data released last week
shows that it now takes 47.3% of one median
income to pay the mortgage on a median priced
house in Napier. This index was 57.4% a year
ago and 67.9% five years ago. The affordability
index reached its highest point of 74.5% in
However, given that a figure higher than 40%
of the median income is considered unaffordable,
some commentators believe that prices need to
After a leap in the average length in time to
sell recorded in May (to 84 days) our investigation
has concluded that a large number of homes
sold during the month had been on the market
for a long time.
It seems sellers may have been hoping for
higher prices than buyers were prepared to pay.
Then they eventually relented, by adjusting
their unrealistic price expectations to sell, and
The up side of this is that these vendors are
likely to have been able to buy their next home
for less too. This means their changeover (that
is the difference between the selling price and
the buying price) is almost the same.
Even though consumer confidence remains
relatively low and migration inflows are weak, we
are optimistic that house sales will continue to
recover during 2011 as households become more
willing to spend, and interest rates remain low.
If you would like a more detailed report about
the Napier Real Estate Market this is available
at www.coxpartners.co.nz or
call Cox Partners Estate
Agents on 835-4321.
Malcolm Cox, 835-4321
Malcolm Cox on Property
For domestic and business security
enquiries contact falcon electrical.
Ph: 843 6383
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Sushi and other delicious treats
Spoilt for choice: Yokosushi managers Tim
and Junko Karauria with a selection of their
When it comes to fast food that s also
healthy, it s hard to go past good sushi.
It comes in so many delicious varieties
and, in the past few years, it seems that
Kiwis just can t get enough.
Napier s newest sushi bar is Yokosushi
in Ocean Boulevard Mall, where mana-
gers Junko and Tim Karauria are cre-
ating not just divine sushi, but harumaki
rolls, wakame salad, karaage chicken,
takoyaki and delicious Japanese curry.
Yokosushi is owned by Brent and Yoko
Rodgers, who opened their first
sushi bar in Gisborne in 2006.
Its success saw them looking
further afield and they decided
Having looked around at
what was available in the way of
sushi, we decided our product
had a strong point of difference
and a reasonable potential for
growth. Besides, we love a chal-
lenge. Brent smiles.
People these days are generally more
health-conscious and time-pressured but,
let s face it, if the taste isn t good, it
doesn t matter how healthy or convenient
it is. We are very fortunate with Junko,
as she came to us with a high level of
Making sushi is a little like making a
pavlova -- there are a few critical steps
that have to be done right or else it s
doomed. If you want to do anything fancy,
it s going to take a lot more than a bit of
trial and error.
Boutique theatre for Ahuriri
The Crown Hotel in
Ahuriri is preparing to
launch a boutique
theatre for guests and
locals to enjoy.
The new 39-seater
Globe Theatrette will
be a unique and opu-
lent theatre with a
vibrant and modern
interior to provide the
ultimate in private and
relaxed surroundings ,
says Crown Hotel man-
ager, Michelle Cole.
Our aim is to have
art house movies and
live performances. It
will also be available
for private hireage,
whether it be client
entertainment, a prod-
uct launch, present-
ations or a social cel-
ebration, Ms Cole
Theatre-goers will be
able to enjoy a meal at
the Milk and Honey
Restaurant or pizza at
Pizza Pazzi or relax
inside the theatre with
a gourmet platter and
glass of wine or beer.
The new theatre is
expected to open in
Huge shed adds
A huge storage shed to
be built at Ravens-
down s Awatoto ferti-
liser plant will be 22
metres high and 170
metres long, says Her-
senior project manager
The work, part of a
$14.5m upgrade that
began a fortnight ago,
will take several
months to complete.
The new shed will be
four metres higher than
the existing rock store,
Mr Connell says.
Two of four concrete
slabs have already been
poured and they will be
topped by pre-cast con-
crete walls 4.5 metres
high and 300mm thick.
because of the heavy
operates in the sheds.
ding, that would age
better than the existing
shed s cladding, would
has about 50 staff
contractors working on
the project. Almost
$10m is being spent
sdown s acid plant.
Other Hawke s Bay
firms involved include
Site Engineers, Eastern
Boiler Services, Pipe
Co, Patton Engineer-
ing, Falcon Electrical,
tion and DSK Engin-
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