The country's median house price reached $425,000 in November - the highest point since records began. Median house price reaches new record median, house, price, Real Estate Institute, Auckland, Canterbury, Wellington, Waikato, Helen O'Sullivan
The country's median house price reached $425,000 in November - the highest point since records began. Median house price reaches new record median, house, price, Real Estate Institute, Auckland, Canterbury, Wellington, Waikato, Helen O'Sullivan
As the housing market heats up again following the slowdown of the past few years, many consumers will try to buy a home for the first time or upgrade a home with a mortgage that had previously been underwater. According to the Consumer Financial Protection Bureau, under the Ability-to-Repay rule, the lender generally must consider eight factors. These include your current income or assets, current employment status, credit history, the monthly payment for the mortgage (based on the highest interest rate if it's an adjustable rate mortgage, not an introductory teaser rate) and your monthly debt payments (including the mortgage) compared to your monthly pre-tax income, which is your debt-to-income ratio. Under the new rules, you'll generally need a debt-to-income ratio of less than 43 percent to obtain a qualified mortgage that's underwritten based on standards considered safe for consumers.
Christchurch City Council is inviting approved parties to submit proposals for the redevelopment of the Andrews Crescent social housing complex in Spreydon. Councillors unanimously approved the recommendation to issue a Request for Proposals (RFP) to 12 City Housing partners at today’s Council meeting. It is estimated that more than 100 new housing units could be built in Spreydon through improved use of the existing 36-unit Andrews Crescent site. Councillor Glenn Livingstone says the re-development will mark a significant step in improving service provision for residents.
Lodge Real Estate’s managing director, Jeremy O’Rourke, said as predicted Hamilton’s housing market continues to shows signs of strength and sustainable recovery. "It’s all good news for the Hamilton housing market at the moment. The median house price is up, sales are up and stocks are on the rise. "In August, Hamilton’s median house was $327,500.
Housing Minister Dr Nick Smith today officially opened 32 new two-bedroom Housing New Zealand homes in Johnsonville, Wellington. "The opening of this new housing complex is great news for the 32 families just prior to Christmas. This project illustrates the Government’s commitment to providing good quality, warm, dry and safe homes for families with high housing needs," Dr Smith says. "Tenants in these new units include applicants from the waiting list and some who were relocated from earthquake-prone state housing complexes in the Wellington region.
New Zealand's house sale numbers unexpected fell in November from a year earlier as the Reserve Bank's restrictions on low equity lending appear to have snuffled out some buyers seeking cheaper properties. That's the second month since the Reserve Bank imposed limits on how much banks can lend on housing with just a fifth or less down as a deposit, and carried on the trend of slowing sales from October.
The Government’s work with councils to improve housing affordability has been expanded beyond Auckland with Christchurch City, Wellington City, Hutt City, Upper Hutt City, Porirua, Kapiti, Tauranga and Western Bay of Plenty being added to the Housing Accords and Special Housing Areas Act. "New Zealand’s housing supply and affordability challenges extend beyond Auckland.
It is about to get easier for renters to choose safer and healthier homes on TradeMe. Tool to help renters choose safe, healthy homes TradeMe, ACC, rental, home
In the brave new world of macro-economic policy, the Reserve Bank has indicated that some types of overheating are more equal than others.
Builders say they will be much more able to meet targets for new home supply after the Reserve Bank exempted new homes from low-equity mortgage limits.
a) 1965: My aunt buys an apartment. b) 1991: My aunt deems me a joint tenant of her apartment. c) 2007: My aunt dies and I inherit the remaining half of the apartment. d) 2007: I convert the property to a rental property.
New Zealand’s number one home builder, G.J. Gardner Homes, welcomes Reserve Bank’s new relaxed policy on loan-to-value houses. It will also support first time buyers realise the Kiwi-dream of owning their own home," says Grant Porteous, Managing Director at the master franchise of G.J. Gardner Homes. "We’re extremely happy to hear of the changes and it is not something we had anticipated to happen - we had however heard building industry representatives were due to meet with the Finance Minister, Bill English, to put forward a case." Jeff de Leeuw, Franchise owner at G.J. Gardner Homes in Hamilton, says: "From a regional perspective, we’re thrilled to be able to offer our customers and first time buyers the opportunity to get their foot on the property ladder and build a home that’s made to their own specification.
The lifting of loan-to-value (LVR) restrictions on new builds is a tremendous early Christmas present for those who housing dreams seemed shattered a couple of months ago, Mike Pero Real Estate CEO Mike Pero says. The announcement will also likely mean a positive flow-on effect across other sectors of the housing market after a solid month of new listings across the country. "It's my guess that the Reserve Bank are satisfied that their changes on 1 October have gone some way towards cooling the housing market, overall. Previously high LVR lending on new homes was only a small percentage of the total residential borrowing but Pero believes now first homebuyers will see a new home as easier to achieve than an existing home.
Labour and the Greens are praising the Reserve Bank for exempting new homes from its mortgage lending "speed limits".
The Reserve Bank has exempted loans for new home building from its restrictions on low-equity mortgages, saying such lending finances a greater share of construction activity than it had initially thought. The exemption will apply as from Oct. 1, when the LVR restrictions were first introduced. "In response to feedback from banks and the building industry since LVR restrictions came into effect, the Reserve Bank sought additional information on high LVR construction lending," the central bank said in a statement. The bank said exempting low deposit lending on spec houses "would run a higher risk of generating distortions in the housing market, in the form of over-building or raising prices."
The Reserve Bank has bowed to the inevitable today by exempting new builds from its Loan to Value Ratio lending limits, Labour’s Housing spokesperson Phil Twyford says. "The Government’s housing policy is a shambles. Its chaotic management of the housing crisis has seen it effectively contract out housing policy to the Reserve Bank with no proper consideration of the effects on hardworking Kiwis trying to realise the dream of home ownership.
New Zealand’s continuing love affair with the property market is having a positive impact on the job market. Real estate and property jobs rose 29% over the last year, shows data released today by SEEK, New Zealand’s largest job source. Since January, over 1,500 jobs were advertised across the country and in the last month, over 160 real estate and property jobs were advertised, with over half of these in Auckland. "The property market is benefiting from the continued improvement in the wider New Zealand economy and remains buoyant as 2013 draws to a close," comments Janet Faulding, General Manager of SEEK New Zealand.
During the tech boom, rents and incomes rose together. After the tech bust, they came apart, with the median cost of rent (in orange) continuing its upward trajectory, even as the incomes of renters (in ...
What is hazard insurance? Is it the same as homeowners insurance? Strictly speaking, there is no such thing as hazard insurance. I should say, however, that I have seen the term "hazard insurance" used incorrectly on mortgage loan applications.
After an auspicious spring, farm sales through the summer should continue to rise, says a national rural real estate leader. PGG Wrightson Real Estate general manager Peter Newbold sees indications of a buoyant market, with further progression a good possibility. "With farmers, and their bankers, taking a lead from these encouraging indicators, rural real estate activity through September, October and November was strong, and signs leading up to Christmas are optimistic. "Some vendors have taken full benefit of the prevailing keen competition for the limited number of farms for sale.
Housing Minister Dr Nick Smith today welcomed the release of the Land Use Recovery Plan by Canterbury Earthquake Recovery Minister Gerry Brownlee. "Christchurch faces a unique set of housing challenges from the damage of tens of thousands of homes in the earthquakes, the demand for temporary accommodation while homes are fixed, and the influx of rebuild workers needing accommodation. These factors have put significant pressure on both Canterbury’s rental and home ownership markets," Dr Smith says.
Results of the Port Hills Zoning Review announced today will give property owners certainty and provide options for people to move on from areas posing a serious risk to life, Canterbury Earthquake Recovery Minister Gerry Brownlee says. The outcome of the review of all zoned properties in the Port Hills means a change of zoning for 270 properties - with 237 going from green zone to red zone, and 33 going from red to green. Zoning in the Port Hills is based on life risk from rock roll or cliff collapse. "I’m very conscious it has been a long and frustrating wait for Port Hills property owners to get this news, though some of the delay has been outside our control," Mr Brownlee says.
Key New Zealand tourism player Real Journeys has purchased the land and facilities that underpin its Walter Peak operations from its landlords Convelle Enterprises Ltd. The 155 hectare property situated at Beach Bay on Lake Wakatipu, 13km from Queenstown, includes the historic Colonels Homestead and surrounding buildings. For decades Real Journeys have used this location to operate dining and farm experiences serviced by the 101-year old steamship the TSS Earnslaw. Chief Executive Richard Lauder says the company is pleased to have had the opportunity to acquire what is a very special property. "Walter Peak and the Colonels Homestead mean a lot to Real Journeys from both a historical and business perspective.
Labour’s housing spokesperson Phil Twyford is promoting a Bill that would restrict the ability of offshore speculators to buy residential property. The Bill has been placed in today’s Members’ ballot. "The Bill is a response to current housing market woes which have seen Loan to Value Ratio (LVR) lending limits drive first home buyers out of the market, leaving a free hand to speculators both foreign and domestic. "It is part of a comprehensive housing affordability plan that will restore the Kiwi dream of home ownership that has slipped out of reach for tens of thousands of Kiwis.
Management and staff at hoamz Southland Ltd are thrilled to see a deal close on what could be one of the most valuable property sales in the city this year. hoamz property consultant, Anne Thomas, says the sale presented a wonderful opportunity to market an exclusive property and it was a privilege to be involved. Both the vendors and the buyers are delighted. Thomas says it was very encouraging to see serious buyers come into the market at the first open home, and confirms that the multiple offer situation has left the team with other buyers looking for homes of a similar prestigious quality.
New LED holiday lights use at least 75 percent less energy and last 25 times longer than older, incandescent lighting - which means you save. Always remember to unplug your holiday lights before going to bed or leaving the house. As with all appliances and electronics, your holiday lights will continue to draw power even when not in use. Save money and space by opting for a mini artificial Christmas tree.
There are signs that first home buyers outside Auckland are becoming unwitting sufferers of the Reserve Banks 20% deposit rule. The Auckland housing market has been overheated for some time, and this should be the target market for the Reserve Bank’s loan to value ratio (LVR) policy, suggests Auckland Chamber of Commerce head, Michael Barnett. First, the big housing problems are in Auckland, not across the rest of New Zealand. This is reinforced in the NZIER’s recent release showing Auckland’s real house prices are up 15% on 2007 while for the rest of NZ they are down by 25%.
Fewer Auckland houses are selling at auction, total sales were down 7.1 percent in November against October, and homes worth less than $500,000 are selling more slowly, says Auckland real estate agent Barfoot & Thompson. However, managing director Peter Thompson says these trends are not enough to say the Reserve Bank's lending restrictions on highly leveraged borrowers are having an impact yet. The average sale price for homes sold in Auckland rose by 3.2 percent from October's average, to $684,646, while the median price increased 5.3 percent to $621,400, in part reflecting the traditional tendency for higher priced homes to be listed for sale going into the summer months.
If the Reserve Bank restrictions on mortgage lending are to have an impact on the Auckland housing market, they are yet to show up in housing activity or sales prices. "November was yet another busy trading month with the average sales price achieved increasing by 3.2 percent over that for October to $684,646 while the median price increased by 5.3 percent to $621,400," said Peter Thompson, Managing Director of Barfoot & Thompson.
The impact of loan-to-value ratio restrictions is beginning to come a little clearer. Impact of loan-to-value ratio restrictions Loan-to-value Ratio, Home, House, Property, Real Estate
When Shannon Stell and her husband decided to sell their Yorktown, Va., home this summer, they ran the numbers and discovered that the small amount of equity they built up during two years of homeownership would be wiped out once they paid an agent's commission. Instead, they chose the "for sale by owner" route (or FSBO), and uploaded a listing and photos online with the help of a website called forsalebyowner.com. Both parties hired their own real estate attorneys to prepare closing documents, and Stell says the process went smoothly. Forsalebyowner.com is one of several websites that let consumers list their properties on the Multiple Listing Service, or mls.com, instead of paying a real estate professional to do it for them.
The average house price in the Northern Region has again increased, reaching an all-time high of $659,835. While the market took a slight pause at the introduction of the loan-to-value restrictions in October, first home buyers have since wised to the alternatives available without a 20% deposit and are buying in good numbers.
The Christchurch City Council has begun the process for eight new social housing units in Aranui. Steps underway for Aranui social housing units Christchurch City Council, Aranui, Social Housing
Christchurch City Council has begun the detailed design process for eight new units at the newly repaired Knightsbridge Lane City Housing complex in Aranui, with construction due to begin in April next year. The contract for the eight one-bedroom units, which will cater specifically for older people and those with disabilities, has been awarded to Stonewood Homes Limited. Construction will begin once the detailed design process is completed and consents are granted. The four blocks have been repaired and strengthened to at least 72 per cent of the New Building Standard (NBS).
It appears there's a burgeoning trend in converting some of Auckland's central city office buildings into apartments. Office buildings transformed into apartments Auckland, Apartment, Office, Bayleys
Now, many members of the younger generation question whether it is a good idea to buy real estate. To be clear, this is a question about purchasing real estate as a residence, not as an investment. When considering whether to buy, there are three major issues to consider: liquidity, return on investment and the personal use value. Buying or selling real estate is timely and costly.
Latest figures show first-home buyers are flocking to the west, where there are more new buyers than anywhere else in the country. West best for new home buyers in Auckland West, Auckland, Home, House, Property, Real Estate
Loan-to-value restrictions on home loans are yet to put a serious dent on first home buyers. LVRs yet to dampen first-home buyers loan to value ratio, mortgage
While some real estate outlets across New Zealand have decided to boycott TradeMe, Mike Pero Real Estate will continue to use the online site, chief executive Mike Pero says. Those boycotting TradeMe were "short changing their customers". "We're here to serve the public, and TradeMe has been New Zealand's single biggest online real estate website for a number of years." Pero said the figures showed Kiwis liked TradeMe, visited it most days, and wanted to use it when selling or buying a home.
The conversion of former central city commercial office blocks into apartment towers is gathering pace - with the latest offering on the Auckland market selling out more than three quarters of the dwellings within 6 weeks of launching on the market. However, also during that period has been the emergence of developers looking to convert dated office blocks and former warehousing space into apartments. Bayleys Auckland apartment sales specialist Trent Quinton said several dated commercial premises around the CBD’s hub had been identified for apartment refurbishment conversion - including former office and warehousing space in Nelson Street, Anzac Ave, Hobson Street, Wellesley Street, and Symonds Street. Mr Quinton said the latest commercial office block to begin undergoing a morphing into life as an apartment complex was 15 Hopetoun Street.
For the first time there is now a comprehensive and reliable way to measure exactly how many sales are by first home buyers. There are several ways that first home buyers are reacting to the changes.
Italy's Barilla family, founders of the world's largest pasta company, have paid $25 million to buy a South Island dairy farm from Federated Farmers dairy chairman Willy Leferink and his wife Jeanet. New Zealand's Overseas Investment Office approved the purchase in a decision released today, saying the buyers intend to make additional capital investment in the farm and develop significant indigenous biodiversity. Barilla pasta, sold in distinctive blue cardboard boxes, was established in 1877 as a bread and pasta shop in Parma, Italy.
Building intentions figures suggest the Reserve Bank's restrictions on low-deposit mortgage lending are already affecting housing supply.
The appetite for building new homes slowed in October, the first month the Reserve Bank's restrictions on low deposit mortgage lending kicked in. New dwelling consents, including apartments, fell to a seasonally adjusted 1,751 in October from 1,762 a month earlier, according to Statistics New Zealand. Unadjusted, residential building permits excluding apartments were up 20 percent to 1,758 in October from the same month a year earlier, and were up 25 percent on an annual basis to 18,323. Consents to build apartments were down 21 percent to 133 in October from a year earlier, and fell 1.2 percent annually to 1,714.
TradeMe has whacked up its prices for real estate listings - and it's about to experience a backlash by agents. Real estate agents to boycott TradeMe Real Estate, TradeMe
The Government must take responsibility for the impact LVRs are having on first home buyers, new house building and the regions now that the Reserve Bank has revealed the restrictions have more than halved low-deposit lending, says Labour’s Housing spokesperson Phil Twyford. "The Reserve Bank restrictions are starting to bite but from all the evidence we’ve seen they are not yet having an impact on the primary problem - skyrocketing house prices. "Bank surveys show LVR restrictions have shut the door on first home buyers with speculators filling the gap and keeping house price inflation high. "The Master Builders’ Federation has said that 5,000 fewer homes will be built because of LVRs - a blow to supply that will only see house prices increase more quickly.
It appears a greater expectation of higher seismic standards for commercial properties could see rental costs go up as a result. Higher seismic standards could impact commerical rents Seismic, Earthquake, Commercial Property
National must take heed of the Master Builders’ Federation’s warning that LVRs will jeopardise the construction of 5,000 new homes, say Labour’s Finance spokesperson David Parker and Housing spokesperson Phil Twyford. But LVRs are putting that in jeopardy and hitting first home buyers with a double-whammy," says Phil Twyford. "Not only have LVRs shut first home buyers out of the market they are preventing new homes being built which is critical to slow down house price inflation and allow first home buyers to get a foot in the door," says Phil Twyford. Anything that restricts new housing must be addressed," says David Parker.
The Christchurch City Council has been told Government policies are being shaped to oversee the ‘as is, where is’ real estate market in the city. MBIE investigating 'as is, where is' housing market MBIE, Christchurch City Council, housing, landlords, tenants, Andrew Turner, Nicole Randall, as is where is, substandard
Home loan affordability worsened again across most of New Zealand in October, as house prices continued to rise, despite the Reserve Bank imposing lending restrictions. Home loan affordability worsened again in October Home loan, October, Reserve Bank, Roost Home Loan Affordability report
Spain's Banco Popular said on Monday it would sell its property management unit to two U.S. investment firms in a deal which one source said was likely to be worth around 800 million euros ($1.1 billion). Weighed down by a collapse in the domestic real estate market, Spanish banks such as Popular have been making disposals as they strengthen their capital ahead of a Europe-wide review of their assets next year. Popular said it was selling the business to U.S. investment firms Kennedy Wilson and Varde Partners. It said it would retain a minority stake in the business, which services soured property loans and repossessed real estate, though the U.S. firms will take control.
China has reinforced a ban on selling property built by villages or farmers on rural land, state media reported on Monday, dashing hopes for a quick policy change after a top-level party meeting. The Ministry of Land and Resources and the Ministry of Housing and Urban-Rural Development have jointly issued an urgent circular ordering a halt to sales of "small-property-rights housing", which is built on rural land without going through state planning, the Economic Information Daily said. Expectations that the government may relax controls on sales of such property rose after the party meeting this month pledged to allow rural construction land to be traded in a unified urban-rural market, enjoying the same rights and prices as state-owned land. Chinese urban citizens have been prohibited from buying rural houses with limited property rights, with the government warning that such purchases do not enjoy legal protection.
A bargain for southern house hunters. Invercargill house going for $1 Invercargill, house
Auckland has stormed back to the top of the rankings of the latest Regional Economic Scoreboard, climbing back up from third place in the previous quarter.
Auckland's Special Housing Areas are moving forward, with the first resource consent application lodged with the council. First resource consent lodged under Housing Accord Special Housing Areas, resource consent, Auckland Council, Housing Accord
National’s housing policy has been shown up by the Bank for International Settlements which says housing taxes are the only way to slow house price rises and LVRs have less impact, say Labour’s Finance spokesperson David Parker and Housing spokesperson Phil Twyford. "LVRs won’t have a big impact on skyrocketing house prices because property speculators step into the gap left by first home buyers," says Phil Twyford. "Now the Bank for International Settlements has shown what Kiwis know to be the case. LVRs won’t slow house price increases.
New Zealand’s premier residential real estate company opens a new showroom and office in Nelson today (Monday 25 November), demonstrating continued expansion and investment in its business. New Zealand Sotheby’s International Realty, which has its head office in Queenstown and offices throughout the country, will open the Trafalgar Street office, making it the third to open in as many months. Independently New Zealand owned and operated, the company is the fastest growing privately-owned real estate business in the country, undergoing significant expansion and investment. Located in the heart of Nelson at the base of the iconic and highly-recognisable Cathedral Steps, the Nelson showroom is in one of the city’s highest foot traffic areas attracting a large number of local and international visitors.
More than 90% of home buyers believe that high levels of insulation and efficient heating and cooling justifies a home having a price premium. When it comes to specific home features such as double glazing, solar panels, efficient energy fixtures and water conservation systems, more than half of home buyers agree that these contribute to a price premium. The first such survey was conducted last year, with 1,725 respondents. We’re seeing a real appetite for good advice and information," says Leigh Featherstone of Homestar.
A U.S. housing regulator has been investigating the activities of a small California not-for-profit that bought hundreds of foreclosed homes through a federally backed program intended to help local communities hurt by the housing bust, according to government documents reviewed by Reuters. The U.S. Department of Housing and Urban Development's Office of the Inspector General late last year began probing San Diego-based Heartland Coalition's participation in the "First Look" program in Las Vegas and other U.S. cities, according to a redacted investigation report and a letter from the regulator in response to a Freedom of Information Act request. According to the documents and a review of local property records in Las Vegas, the charity flipped a significant number of the homes to investors, generating millions of dollars in profits for those financing Heartland's activities with relatively short-term loans. The First Look program, set up in the aftermath of the financial crisis, helps nonprofits and local communities buy foreclosed homes from U.S. banks at a discount, with the expectation that they would then renovate them and first try to sell the houses to low- and moderate-income families or to investors who would rent to such families.
Government schemes, including the "Help to Buy" programme, which guarantees up to 15 percent of applicable mortgages, helped push house prices to an 11-year high by one measure last month, fuelling concerns about a potential bubble that could burst when interest rates eventually rise. House prices will rise on average 4 percent this year and 5.5 percent next and even more in London, according to a Reuters poll of market watchers. The Chancellor of the Exchequer George Osborne has played down talk of overheating and asked the Bank of England for annual recommendations on the impact of the Help to Buy programme, starting in September 2014. Home ownership is widespread, and rising or falling house prices are a major factor in consumer confidence.
* Strong rally in UK housebuilders to slow next year LONDON, Nov 24 (Reuters) - UK housebuilders' shares have more than doubled in two years as home prices have recovered, but an uncertain interest rate outlook and rising costs mean gains look more modest - and more precarious - in 2014. Government schemes, including the "Help to Buy" programme, which guarantees up to 15 percent of applicable mortgages, helped push house prices to an 11-year high by one measure last month, fuelling concerns about a potential bubble that could burst when interest rates eventually rise. House prices will rise on average 4 percent this year and 5.5 percent next and even more in London, according to a Reuters poll of market watchers.
HIGHLAND PARK, Ill., Nov. 22, 2013 /PRNewswire/ -- Concierge Auctions has announced that the auction of Michael Jordan's residence in the Chicago suburb of Highland Park will now be conducted on December 16th. "The interest has been even stronger than we anticipated," stated Laura Brady, President of Concierge Auctions. See Auction Terms and Conditions for full details. About Concierge Auctions: Concierge Auctions is the preeminent luxury real estate auction firm serving high-net-worth sellers nationwide through an accelerated marketing process that obtains fair market value for unique, high-end properties in a 60-day timeframe.
HONOLULU, Nov. 22, 2013 /PRNewswire/ -- A&B Properties, Inc., a wholly owned subsidiary of Alexander & Baldwin, Inc. (ALEX) ("A&B"), announced today that it has agreed to sell Maui Mall to a partnership of Denver-based Alberta Development Partners and an affiliate of Chicago-based Walton Street Capital, LLC ("W-ADP"). "Maui Mall has been in our Hawaii retail portfolio for over 40 years," said Christopher J. Benjamin, A&B president and chief operating officer. "We were not actively seeking to sell the Mall. However, we like the fact that W-ADP brings a new source of investment to Maui, and based on W-ADP's extensive experience and relationships in retail properties, we are confident that the Mall will continue to thrive under their ownership." "A&B remains strongly committed to Maui.
Private equity and investment firms in recent...
MIAMI BEACH, Fla., Nov. 22, 2013 /PRNewswire/ -- Platinum Luxury Auctions, a nationally prominent auction firm specializing in the sale of distinguished properties and assets, has been retained by racecar champion and entrepreneur Chapman Ducote, CEO of Merchant Services, LTD and co-owner of Merchant Services Racing, an American Le Mans Series racing team, to manage the sale of his Miami waterfront property. Listing agent Tara West of Park Miami Realty is working with Platinum on the sale. The property occupies more than 10,200 interior square feet of waterfront space in Miami Beach's Sunset Harbour neighborhood, a community that has experienced rapid development within the past several years and is considered one of the city's hottest new markets.