The rent is too damn high! There are ways to save. We tell you in this week's Money Minute.
More than $4 billion worth of building work was put in place in the June quarter pushing it to a 50-year high.
Auckland's biggest realtor Barfoot & Thompson says it sold the most number of houses in August for 15 years while prices eased slightly.
After five months of setting ever increasing record prices, Auckland house prices eased back in August. "In August, the average price for homes sold was $821,079, a decline of nearly one percent on July’s average price and also below the average prices for June and May," said Peter Thompson, Managing Director of Barfoot & Thompson. "The same trend is there in the median price.
Housing New Zealand’s Chief Executive, Glen Sowry, today used the unveiling of 11 new social homes in the Auckland suburb of Glen Innes to underline his organisation’s commitment to providing warm, dry healthy homes for families in need both locally and throughout the country. All homes have a six star level New Zealand Green Building Council Homestar rating, which reflects a range of sustainable design considerations.
Westgate mall, which is due to open in March, has been bought by Kiwi Property Group in an $82.5m deal.
New figures released by the Reserve Bank show there’s been an explosion in mortgage lending with most of the growth going to property investors, Labour’s Housing spokesperson Phil Twyford says. Reserve Bank data shows mortgage lending was up 6 per cent from a year ago - the fastest annual growth rate since October 2008 - and new mortgage lending to landlords rose $146 million to $2.002 billion in the month from June to July.
Bay of Plenty kiwifruit property continues to break records and has helped ensure the local rural real estate market is currently around the strongest in the country. A Paengaroa bare land block capable of development for kiwifruit, which sold for $90,000 per hectare, is just one example of why the region topped nationwide revenue for national rural real estate leader, PGG Wrightson Real Estate, in 2014/15. Sales manager for the company’s Bay of Plenty/Central Plateau region, Mike McCullough, said the strength of the horticulture sector was a crucial part of an all-round effort by his team to secure the title of top region across PGG Wrightson’s national network.
Rapid on-selling of Auckland homes may be a sign some speculators believe the market is reaching its peak, says Quotable Value.
The Community Housing Trust is now in full swing with civil works at its 44 lot site in Shotover Country. The roads and services are expected to be completed by Christmas - with this part of the project costing $2m and supported by a loan from Community Trust of Southland. Executive Officer, Julie Scott, said "we’re currently in negotiations with three building companies and expect to be in a position to announce these soon." The Trust is focusing on smaller homes and targeting a lower price range.
The seasonally adjusted average asking price for homes for sale in New Zealand in August was $568,215. This reflects an increase of 5.5% in just one month, since the previous record high national asking price of $538,484 set in July. Data analysis by Realestate.co.nz, New Zealand’s largest property listing website, reveals that the surge in property prices is not limited to Auckland, where a new record asking price of $832,613 was reached (up from the previous record $820,016 in June 2015).
Local investors are happy with moves to tax offshore buyers who sell houses within two years of purchasing them. Local investors welcome move to tax offshore buyers
Auckland accounted for about 40 per cent of all new residential building consents issued in July, leading to a national turnaround in building intentions.
A new nationwide survey has found 62% of Kiwis say it will be difficult to buy a house without financial support from family or friends. The drive behind the HRV State of Home survey, conducted by independent research company Buzz Channel, was to gain an insight into what issues New Zealanders face when it comes to their homes and to increase awareness about the importance of having a dry and warm home. Respondents were also asked about home ownership, what priorities are key in their lives, and what they thought of their neighbours and the area they live in.
Property Institute of New Zealand Chief Executive, Ashley Church, has welcomed a recent policy change, by the Reserve Bank calling it ‘a game changer’ and ‘a massive step in the right direction’. Up until recently, an exemption from the Reserve Bank’s policy of requiring a minimum 20% deposit on a property purchase was available where the purpose of the loan was to build a new home - but the exemption was only available to those who were purchasing the property as their own home. The move is in line with an address, made by Reserve Bank Deputy Governor Grant Spencer, earlier this week where he acknowledged the need for ‘rapid progress’ in the construction of new housing in Auckland - a point on which Mr Church agrees.
Property Institute of New Zealand Chief Executive, Ashley Church, has welcomed statements, by the Reserve Bank, acknowledging that more rapid progress in producing new housing is needed in order to get on top of the Auckland housing issue - but says that the measures being implemented by the Bank, to address the issue, continue to be misguided. Earlier this week Reserve Bank Deputy Governor Grant Spencer addressed the Northern Club in Auckland and acknowledged the need for ‘rapid progress’ in the construction of new housing in Auckland - something Mr Church believes represents a change in policy by the Reserve Bank.
Goodman Property Trust is selling five Christchurch sites as part of its asset recycling to fund further development.
Goodman Property Trust is selling five of its blue chip properties in Christchurch as part of its continuing programme of releasing capital for reinvestment. The properties being marketed by Colliers International are three new buildings in the Goodman-owned Glassworks Industry Park, Hornby and another two in the premium Show Place Office Park at Addington. General manager Mark Macauley described it as one of the most significant portfolios to come to the market in Canterbury since the earthquakes.
Auckland needs more rental properties, not less investor activity. We're not to blame for house prices, investors claim
It is exciting times for Wanaka’s real estate landscape with the announcement that Harcourts Wanaka’s has expanded to include the local office of Professionals. The joining of the two teams means Harcourts Wanaka is now the largest real estate business in town, with a further seven highly-regarded, local sales consultants taking the total agent force to 20. Add to that the property management and administration support team and the company is well positioned for Wanaka’s growing marketplace.
Investors now account for 41 per cent of Auckland house purchases, with smaller investors and those reliant on credit showing the biggest gain.
Argosy Properties' diversification away from malls and retail buildings continues with the $42 million purchase of an Auckland office building.
A Mamaku resident now has free home insulation thanks to Bay of Plenty Regional Council and WISE Better Homes. The two organisations had a stand at last month’s Home and Leisure Show in Rotorua that gave away free home insulation to one lucky winner. Mamaku local Lorraine Olding won and gifted the prize to a neighbour.
The number of first home buyers accessing Government support for making a deposit on a house has doubled since the Government’s new KiwiSaver HomeStart package took effect on 1 April this year, Building and Housing Minister Dr Nick Smith said in releasing the first quarterly report today. "KiwiSaver HomeStart is off to a strong start with 6788 applications in the first quarter to June, of which 2011 have been approved, 1740 pre-approved and another 2016 are in the process. The HomeStart scheme came into effect 1 April and replaced the KiwiSaver First Home Deposit Subsidy.
MBIE said it's disappointed by the extent of shoddy repair work carried out as part of the Canterbury Home Repair Programme. Report reveals shoddy Christchurch home repairs Christchurch Earthquake, MBIE
The Ministry of Business, Innovation and Employment (MBIE) has released a report into the Building Code compliance of earthquake repairs to Canterbury homes. The organisations were asked for addresses of homes with completed structural repairs that were exempt from a building consent under Schedule 1 (repairs and maintenance) of the Building Act. Exempt repair work was considered to have a greater risk of non-compliance as it’s not subject to a council inspection and because, unlike cosmetic repairs, defects in structural repairs may be hidden from view and therefore harder for homeowners to identify.
Westpac estimates 10,800 new homes will be needed each year for the next eight years to meet the population growth of the country's biggest city.
he country's four biggest banks have had their stand-alone credit profiles dropped a notch by Standard & Poor's.
Auckland's median house price fell by 2.6 per cent to $735,000 in July as sales increased in the city and across New Zealand.
James Hardie says it will vigorously defend any allegations against its products, after a claim against its Harditex cladding was filed in the High Court.
A claim has been filed in the High Court alleging James Hardie was negligent in its design, manufacture and supply of the Harditex cladding system.
Theere are signs of a slowdown in the rapid rate of price growth in Auckland's housing market with average prices rising by just $885 last month.
Labour's Phil Twyford says the Auckland housing market is racing away from ordinary Kiwi families and the average price is set to hit $1 million.
There's been a blip lower in the listing prices of Auckland property and realestate.co.nz can't find any evidence of foreign buyers driving the market.
South Island iwi Ngai Tahu are looking for a new boss of their significant property holdings as Tony Sewell is leaving.
Canterbury's home rebuild is tapering off and activity is shifting to Auckland, the government expects the trend to continue for the next two years.
A new report is tipping a building boom over the coming six years with it peaking at $36.5 billion next year.
"The annual increase in the consumer price index (CPI) would have been negative 0.4 percent instead of going up 0.3 percent if it hadn’t been for the 2.5 percent increase in housing, energy and property costs," says CTU Economist Bill Rosenberg. Housing costs went up 3.4 percent in Auckland and 3.0 percent in Canterbury during the year.
Unnecessary safety standards are costing homeowners an extra $100 million each year, says a market-orientated think tank.
Property development firm Goodman Property Trust will build a $27 million coolstore at a business park site in Auckland.
While Auckland's median house price has rocketed to $755,000 over the past year, the median price for the rest of the country is steady at $340,000.
National property values have accelerated 9.3 per cent over the past year to an average $520,585, with Aucklanders casting their net wider for a house.
Sale of an office block in Auckland's Albany for $15.2 million will take DNZ's asset sales programme to $46.7m.
Canterbury dwelling consents more than tripled between 2011 and 2014, but have been decreasing since then, says Statistics New Zealand.
Auckland-based property trust Vital Healthcare has announced an expansion to its Melbourne private hospital and a land purchase in Newcastle.
South Island iwi Ngai Tahu is to expand into the Auckland property market, having head-hunted Eden Park Trust board boss David Kennedy.
Auckland is still driving national property prices higher but the Real Estate Institute reports investors are looking elsewhere ahead of new restrictions.
The Reserve Bank says house price growth will slow down in the coming years as construction kicks in and measures take effect.
National property values have risen nine per cent in the past 12 months, while Auckland values have jumped 16.1 per cent, according to Quotable Value.
Goodman Property Trust announces four new projects worth almost $46m at its business parks.
Heartland House in Newmarket has been bought by DNZ Property Fund for $17 million.
Residential building work expanded 2.6 per cent in the first quarter, offsetting a 1.2 per cent decline in non-residential work.
Moves to quell the Auckland housing market appear to have had little immediate impact with average house prices hitting a new record in May.
New Reserve Bank measures are expected to cut Auckland house sales by eight per cent in the first year, and reduce price growth by two-four per cent.
Precinct Properties will use the proceeds from its sale of 80 The Terrace to repay bank debt.
Apartment building consents are at a seven-year high, surging 106 per cent to 467 in April, with almost all of the apartments in Auckland.
Acquistions have helped Argosy Property lift rental income but a tax bill, higher interest payments and a loss on derivatives impacted its bottom line.
What people are saying about the newly-unveiled designs for Auckland's much-delayed international convention centre.
SkyCity's convention centre has been a long time coming - and hasn't been without controversy.
Property investor NPT has reported a 16 per cent lower net profit a 16 per cent higher trading profit.
Annual earnings for Goodman Property Trust rise by $5m on the back of higher rents and a reduction in costs.
The sale of Goldridge Resort Queenstown leaves Dorchester Property Trust with Christchurch apartments and a Gisborne hotel as its remaining properties.
Foreign speculators are treating Auckland's housing market like a restaurant buffet and the government refuses to do anything about it, the Greens say.
Dorchester Property Trust says a trading halt on its units, which are listed on the Unlisted platform, has been put in place pending a property sale.
An institution that has missed out on the Auckland property boom thinks retirement accommodation is just as distinctive an investment as Auckland.
LET Securities is seeking enough votes at a special meeting to be appointed as the manager of Dorchester Property Trust.
Property investors in Auckland will have to have a deposit of 30 per cent in future under new rules being brought in by the RBNZ.
The median price of an Auckland house has risen nearly 18 per cent in the past year, although it hasn't changed over the past month.