As regulatory curbs continue to dent investor demand in Auckland, property value growth across the country slowed.
As regulatory curbs continue to dent investor demand in Auckland, property value growth across the country slowed.
The pattern of housing sales in the country's biggest city changed in January, with sales reaching an eight-month high, says
The Overseas Investment Office will not launch a prosecution over the sale of a Northland island in 2010.
Auckland-based listed property investor Augusta Capital says it will buy an industrial property in Brisbane for $A23 million.
Environment Minister Nick Smith says he and Housing NZ have joined legal proceedings over appeals lodged against the redevelopment of an Auckland quarry.
A NZ consultancy outfit has complained about getting paid by the Papua New Guinean government but building giant Fletcher Building says it has no problems.
Auckland homes are now out of reach for many Kiwis, with the median price now nearly 10 times that of the median income, a report says.
Data released today by the Real Estate Institute of NZ ("REINZ") shows there were 508 more lifestyle property sales (+28.7%) for the three months ended December 2015 than for the three months ended December 2014. Overall, there were 2,277 lifestyle property sales in the three months ended December 2015, compared to 2,200 lifestyle property sales for the three months ended November 2015 (+3.5%), and 1,769 lifestyle property sales for the three months ended December 2014. 8,142 lifestyle properties were sold in the year to December 2015, 26.8% more than were sold in the year to December 2014, the highest number of annual sales since December 2004.
The December 2015 Social Housing Register shows that better understanding applicant’s particular needs is housing more vulnerable people, Social Housing Minister Paula Bennett says. "The Government’s number one focus in social housing is getting those who most need our help into safe and warm homes," says Mrs Bennett. "We’re now working with people to find out what their roadblocks are to private rental or even home ownership, both at the time they apply to go on the Register and through the Tenancy Review Process." "I’m absolutely thrilled that 47 tenants have even purchased their own homes, and by working closely with them and making the option viable they are now proud homeowners, most of them for the first time" Mrs Bennett says.
Manufacturing activity in New Zealand rose to a 14-month high in December, underpinned by the construction industry and with new orders leading the way.
While property prices rose around the country in 2015, particularly in Auckland, rents didn’t keep pace according to Trade Me Property’s latest rental figures. Head of Trade Me Property Nigel Jeffries said that median asking rent across the country ended the year almost exactly where it began in January, at $420.
By Geoff Barnett, National Manager, Century 21 New Zealand The latest REINZ data supports Australia & New Zealand Century 21 owner and chairman Charles Tarbey’s recent observation that the property market is returning to 'true real estate’ after the last few years of strong growth and huge demand. In Auckland, in particular, we’re generally seeing new residential listings and sales volumes down, auction clearance numbers generally falling, average selling times lengthening out, and median house prices not rising as steeply.
There is more evidence of a slowing Auckland housing market in the latest data while other regions are showing strong growth.
Excluding Auckland, the number of sales compared to December 2014 increased by 17.5%, but fell 8.1% compared to November. The national median price was $465,000 for December, an increase of $15,000 or 3.3% on December 2014, and up 1.2% compared to November. Excluding the impact of the Auckland region, the national median price rose $28,000 to $379,000 compared to December 2014 to reach its fourth record high in a row, and rose 1.1% compared to November.
Celebrities are buying up property in Auckland but it's becoming unattainable for families, with apartments selling for more than $800,000.
Property Council reinforces its urgent call to action on the country’s desperate housing crisis as a new report names New Zealand "as the most expensive country in the world to buy property." Ratings agency Fitch has released its Global housing and mortgage outlook 2016 which puts New Zealand as the most expensive housing market in the world on a price to income basis. Property Council chief executive Connal Townsend says the 14% year-on-year growth in 2015 is a damning indictment of the country’s housing market when compared to other countries.
The National Government’s hands-off approach to the housing crisis over the past seven years has led to New Zealand becoming the most unaffordable place in the world to buy a house, the Green Party said today. A new report by global financial experts Fitch Ratings that includes house price to income ratios shows that New Zealanders aren’t earning enough relative to the sky-rocketing cost of housing, and that the construction sector isn’t building enough houses to meet demand. "This report shows New Zealanders are being priced out of the housing market, or they’re having to borrow up to their eyeballs just to buy their family a place to live," said Green Party Co-leader James Shaw.
The average asking price of houses in Auckland rose only 0.2 per cent while the rest of the country reduced by 0.4 per when compared to November. Head of Trade Me Property Nigel Jeffries said 2015 was one of the most heated years on record for the Auckland property market, and the cooldown at the close of the year was "unsurprising". House prices in Auckland often posted month-on-month growth rates over the year but as the year wound down, the focus shifted to the holiday season," he said.
The average value of a New Zealand home rose to $558,146 in December from $488,674 a year earlier, according to latest figures.
Overall the nationwide average shows residential property values increased 14.2% or $69,472 during 2015 from $488,674 in December 2014 to $558,146 in December 2015, according to the latest statistics from Quotable Value (QV) powered by CoreLogic. Home values in the Auckland region increased 22.5% or $171,406 from $761,858 at December 2014 to $933,264 at December 2015.
A company helping Chinese buy New Zealand properties has said the country has slipped in popularity, after measures were introduced to cool the market.
The affordability of New Zealand housing improved by 5.7 percent in the final three months of last year, helped in part by stalling Auckland house prices, according to the latest Massey University Home Affordability Report. It also notes that Auckland homes remain 59 percent less affordable than housing in the rest of the country, despite a 1.4 percent improvement in affordability in the Auckland market in the last three months of 2015.
Our ageing population and the demand for retirement village units was behind a rise in residential building consents in November.
The number of houses for sale in Auckland at the end of December, less than 2500, is at its lowest in 20 years, says a major real estate agency.
Owner and chairman of Century 21 Australasia, Charles Tarbey, believes the Trans-Tasman property market is returning to what could be defined as 'true real estate’. The comments by the Sydney-based Australasian company owner are supported by Auckland-based Geoff Barnett, National Manager of Century 21 New Zealand. "We’re seeing auction clearance numbers generally falling, average selling times lengthening out, and median house prices not rising as steeply particularly in Auckland.
In December the sales price of Auckland housing remained stable but there was a significant fall in the number of sales compared to those in November and December 2014. "Sales data for the final month of the year is sending mixed messages as to where the market will head in 2016," said Peter Thompson. "The average sales price for December at $869,492 was down only 0.8 percent on November’s record average price while the median price rose to an all-time high of $800,000, up 0.6 percent on that for November.
The average asking price of a house in Central Otago has topped $800,000 for the first time and only in Auckland are homes more expensive.
Central Otago joins Auckland as one of only two regions in the country where average asking prices of homes for sale now exceed $800,000, according to data from Realestate.co.nz, New Zealand’s largest website dedicated only to property. Vanessa Taylor, Spokesperson for Realestate.co.nz, says "in Central Otago, the average asking price in December broke the $800,000 mark for the first time, setting a new record of $824,394. The previous record in Central Otago was $782,684, set in July 2014." The Waikato also experienced a new record high in average asking price in December of $414,596, up slightly on November’s high of $413,067.
New Zealand's top export destination in November was China, with higher volumes of milk powder, butter and beef heading to Asia's biggest economy.
There was good and bad news for first home buyers in November with housing affordability worsening in some regions and improving in others, according to Interest.co.nz's Home Loan Affordability Report. Of the 12 regions monitored by the report, affordability for first home buyers improved in six regions and worsened in the other six. The report tracks how much of their weekly after-tax pay a typical working couple aged 24-29 would have to set aside to meet the mortgage payments on homes purchased at the REINZ's lower quartile selling price in each region.
Owners of 22 business units are joining a leaky homes lawsuit against James Hardie for negligence and breach of the Fair Trading Act.
Ngai Tahu and the NZ Super Fund are teaming up to bould 200 new homes at the Hobsonville Point development in Auckland.
Oyster Group’s latest proportionate ownership opportunity of the Home Straight Business Park at 19 Te Rapa Road in Hamilton has closed early, over-subscribed, within a week of its release to the public. The $23 million commercial property offering drew substantial interest from new investors in particular and achieved the quickest public equity raise for Oyster in many years, according to chief executive officer, Mark Schiele. "40% of the total number of investors who participated in the offer, were new to Oyster.
Building and Housing Minister Dr Nick Smith today welcomed the opening of the Hornby Project complex, an initiative being delivered by a consortium of community housing providers to provide a range of affordable housing solutions for low income Christchurch families. "The $12 million Hornby Project is a collaborative partnership between the Government, the Christchurch City Council, the New Zealand Housing Foundation, Abbeyfield, Housing Plus Charitable Trust, the Salvation Army and the Christchurch Methodist Mission.
Reasons for moving on vary widely Data insights from Auckland’s largest property management company show renters on average are living in a property for around two years, a situation which has held relatively steady over the past five years. "With so many more people now renting, and at a time of year when there is considerable turnover, security of tenure is a topical issue," says Kiri Barfoot. "While we’ve seen some minor fluctuations in the average tenancy length year-on-year across the nearly 13,000 properties we manage, it is consistently within a month or so of the two year mark." The current average is exactly 24 months for the year ending November 2015.
Precinct Properties will build a 39-storey office tower and retail centre on Auckland's waterfront in a development which will cost almost $700m.
Accessible Properties is delighted to have had a proposal to purchase more than 300 homes from Hamilton City Council accepted. New Zealand’s largest non-government social housing provider has a long history of providing good quality housing. "We are delighted to have had this proposal accepted," says Accessible Properties General Manager Andrew Wilson.
House sales in our biggest city fell to its lowest level since 2011, however, outside of Auckland there were signs of strong growth and rising prices.
News that the Reserve Bank has cut the Official Cash Rate will only further energise already strong apartment sales, says Dominique Dowding - chief executive of Alexandra Park. Earlier this year Alexandra Park launched its ambitious high-end urban village development and has since sold almost all of its freehold apartments in stage one, with stage two now also selling well. Ms Dowding says many of their buyers so far have been cashed-up empty-nesters and discerning baby-boomers.
Housing New Zealand has today announced plans to build five new purpose-built Community Group Housing properties at four different sites across the city. Housing New Zealand already operates more than 160 Community Group Housing homes. Community Group Housing are homes for government-funded organisations who have a contract to provide residential services for: - People who experience mental illness - People who have physical and intellectual disabilities, including children and elderly - Emergency Accommodation - Residential alcohol and drug services - Women who require refuge - Youth at risk - Supporting prisoner reintegration These homes are specifically designed for a broad variety of people with different life needs of all ages and lifestyles.
Five organisations will be contracted by the government to provide 500 extra social housing places in Auckland, Labour says it's a "woeful" increase.
Goodman Property Trust has sold three new buildings in Christchurch to a property fund managed by Mainland Capital for $38.9 million in another bumper deal for the city’s commercial property market. This comes hot on the heels of the sale of biggest industrial property sale in the South Island ($39.525 million) this year and the largest office sale ($33.2 million). Colliers International transacted all three deals.
With continued pressure on housing stock Aucklanders are increasingly turning to purchasing apartments ‘off the plans’, says the city’s largest real estate agent Barfoot & Thompson. The company’s projects division, which provides a specialised end-to-end sales service to quality residential developers, is reporting rapid growth in the popularity of buying properties ahead of completion. "Not only are there now more quality options available for sale than in the past, more people are showing interest in this method of securing a new home," explains Director Kiri Barfoot.
New Zealand commercial fund and property manager, Oyster Group, has launched another major syndicated investment offering - the $23 million Home Straight Business Park at 19 Te Rapa Road in Hamilton located approximately 5kms north of the Hamilton CBD. Structured as a proportionate ownership scheme, it is forecast to provide investors with a pre-tax cash return of 8.4% a year, paid monthly, and requires a minimum investment of $50,000 per interest. The property, (valued at $23,050,000), is located at the end of the Home Straight cul-de-sac extending from the eastern side of Te Rapa Road.
Waikato recorded the strongest lift in residential building activity in the third quarter, stoking speculation of a spillover effect from Auckland.
The average sale price for houses in Auckland has risen again in November taking it above $875,000 according to Barfoot & Thompson.
In November the Auckland housing market showed it is not yet ready to give up on price increases, with the average sales price increasing over that for October by 4.2 percent to $876,075 and the median price increasing by 1.9 percent to $795,000. "You have to go back 20 months to March 2014 to find a bigger monthly increase in the average price," said Barfoot & Thompson Director Kiri Barfoot. "While prices have ignored Government and Reserve Bank measures designed to cool prices, there has been a measurable decrease in market activity.
The biggest single sell-down of residential property in Wanaka for the past 11 years saw some 45 sections bought in the space of three hours over the weekend. The frenzied sell-down of sections within the Northlake subdivision on Wanaka’s northern town centre fringe saw land flying out the door for between $192,500 - $240,000 a site. Saturday’s frenetic three hour real estate bonanza was the biggest single sale of residential land in the area since the 2004 campaign which saw the Peninsula Bay subdivision snapped up.
There are signs in the latest QV home value monhtly report that the Auckland housing market is starting to cool.
Listed property investor and fund manager Augusta Capital buys two office and two industrial buildings worth almost $100m.
The national average asking price of homes for sale continues to plateau, remaining just below record highs achieved three months ago. In Waikato, the average asking price in November was $413,067 (up from $403,640 in August). "It is significant that the areas where asking prices are at record highs are all within striking distance of Auckland," says Brendon Skipper, CEO of Realestate.co.nz.
The Government has done virtually no policy work and no serious thinking about the threat of housing hardship faced by older New Zealanders revealed today in the Salvation Army’s latest report, Labour’s Housing spokesperson Phil Twyford says. "Labour asked the Minister for Senior Citizens Maggie Barry earlier this year what work the Government was doing in this area. "The Salvation Army has exposed a looming crisis: an aging population, falling rates of home-ownership and no increases in the building of state and social housing.
Approvals for apartments in Auckland more than doubled from September, with Waikato and the Bay of Plenty also seeing a surge in consents.
First home buyers are getting a real shot at owning their own Auckland home today... they just need to hope their name's drawn out of the hat. First home buyers eye bargain ballot
Life became slightly easier for first home buyers in many regions last month thanks to a small drop in the lower quartile selling price and the ongoing slide in mortgage interest rates, according to the Interest.co.nz Home Loan Affordability Report. The report said the REINZ's national lower quartile selling price dropped back from its all-time high of $309,000 in September to $305,000 in October, with falls occurring in Auckland, Waikato/Bay of Plenty, Taranaki, Canterbury/Westland Central Otago/Lakes and Southland. The biggest falls were in the two most expensive regions, with the lower quartile price in Auckland dropping back to $611,500 in October from its all-time high of $630,500 in September, and in Central Otago Lakes where it dropped back to $334,400 in October, compared to $368,700 in September and it's all-time high of $403,800 set in June.
The Minister Responsible for Housing New Zealand, Bill English, along with Social Housing Minister, Paula Bennett, are welcoming news that the massive programme to repair 5000 earthquake-damaged social housing stock in Christchurch has been reached ahead of schedule. The 2010 and 2011 earthquakes damaged 95 percent of Housing New Zealand’s properties, affecting about 20,000 tenants across greater Christchurch. Mr English says the completion of the 5000th repair, several weeks ahead of schedule, is a significant milestone in the city’s ongoing rebuild and recovery.
The Government today marked the 500th completed home at Hobsonville Point and the launch of a new precinct at the Auckland housing development with a visit by the Prime Minister and Building and Housing Minister Dr Nick Smith. "Hobsonville Point is New Zealand’s largest residential development and is at the forefront of building new supply, more intensive housing and integrated communities. It epitomises the scale and momentum the Government wants to achieve.
Nick Smith is clutching at straws as he desperately tries to talk up his failed housing policies, says Labour’s Housing spokesperson Phil Twyford. The average Auckland house last month went up more in the last month than the total HomeStart subsidy available for couples.
Nine new Special Housing Areas (SHAs) with a potential yield of 1100 new homes in Auckland were announced today by Building and Housing Minister Dr Nick Smith and Mayor Len Brown. "This newest tranche of Special Housing Areas will bring the total number of SHAs established in Auckland to 106, with a long-term capacity of more than 48,000 new homes. Today’s announcement is the latest step forward in the joint effort by both the Government and Auckland Council to improve the supply and affordability of Auckland’s housing, and illustrates the scale and momentum that is needed," Dr Smith says.
The number of KiwiSaver HomeStart grants for first home buyers has doubled in the second quarterly report published by Housing New Zealand, Building and Housing Minister Dr Nick Smith announced today. "HomeStart is surging ahead as young families realise the opportunity for significant grants from the Government for buying their first home. The 287 Welcome Home Loans issued for this latest quarter is also a record and shows how this programme, combined with HomeStart, is assisting families into home ownership," Dr Smith says.
The developer of a flagship residential project in the centre of earthquake-damaged Christchurch has failed to find funding.
Annual Perception Report. "The ratings are notably more positive among those who have bought or sold a property." Ms Milne says despite the positive ratings there is no room for complacency in the Industry, and no one is saying the real estate profession is at the level it wants to be. "Not surprisingly, with heightened interest in the property market, there is also keen interest in everything associated with the industry including levels of professional conduct and commissions.
The new boss of South Island-based Ngai Tahu Property has a lot of experience in Auckland.
A plan for an almost 10km-long gondola connecting the northern Queenstown suburb of Frankton with The Remarkables skifield is unveiled.
It is cheaper to rent a house than buy a house across New Zealand, but the disparity is most pronounced in Auckland according to Trade Me Property’s comparison of asking rents and asking prices in October. Head of Trade Me Property Nigel Jeffries said the latest Rental Index figures showed that paying off an 80 per cent interest-only mortgage- rather than the median weekly rent could see you paying up to $2,000 a year more outside Auckland, and significantly more in our largest city. "In Auckland you could be stumping up more than $12,000 per annum on your mortgage, so if you’re making a cold-hearted decision based purely on mathematics it is food for thought.
Data released today by the Real Estate Institute of NZ ("REINZ") shows there were 584 more lifestyle property sales (+37.9%) for the three months ended October 2015 than for the three months ended October 2014. Overall, there were 2,123 lifestyle property sales in the three months ended October 2015, compared to 2,075 lifestyle property sales for the three months ended September 2015 (+2.3%), and 1,539 lifestyle property sales for the three months ended October 2014. The median price for all lifestyle properties sold in the three months to October 2015 rose by $20,000 to $525,000 compared to $505,000 recorded for three months ended October 2014 (+4.0%).
New Zealand's largest listed property investor Kiwi Property Group has lifted interim earnings despite weaker rental income.