After red-hot growth in February for residential building consents March recorded a fall, with Otago recording the biggest drop.
After red-hot growth in February for residential building consents March recorded a fall, with Otago recording the biggest drop.
Previous homeowners who have fallen on hard times will now be able to access their KiwiSaver funds to help them get back on the property ladder.
The latest Reserve Bank data shows property investors are taking out far more mortgages than first-home buyers, the Greens say.
Prime Minister John Key is increasingly cautious about the need for a land tax on foreigners, he says Auckland has a supply issue.
An Auckland company has a unique solution to the housing crisis - it's offering shares in a company that will then buy a house, for as little as $500.
An agreement has been signed to build 400 affordable homes in Hobsonville, and the government says half of them will be sold to first home buyers.
Labour says forcing foreign property investors to build new homes, the way they have to in Australia, would be more effective than a land tax.
Property investor and fund manager Augusta Capital is paying $115.8m for NZME House in Auckland with plans to syndicate further investment.
Carter Holt Harvey is at the Supreme Court trying to throw out a claim that it is liable for the cost of fixing 890 leaky school buildings.
Regional markets right across the country continued to see rising real estate prices, with the median national price now just under $500,000.
Labour is citing the latest Statistics NZ estimates which show home ownership rates have fallen from 66 per cent in 2008 to 63 per cent this year.
Argosy Property will be paid $12 million from New Zealand Post after the state-owned enterprise amended the lease on it's tenancy.
Auckland's Epsom, Grey Lynn and Kinglsand are among the suburbs to home new fast-track consent homes in the latest expansion of a government plan.
Steel & Tube has become the third company to put its seismic reinforcing steel mesh supply on hold until it can guarantee it meets industry standards.
Despite a slowdown in the growth of property values in March, the average price Kiwi buyers were paying continued to climb in all the main centres.
The median house sale price in Auckland last month was $798,000, just $2,000 shy of the record.
The Construction Safety Council is running a scheme to accredit workers and a database is publicly available.
Increased building intentions in the country's largest city pushed residential building consents 11 per cent higher in February.
Auckland property developer Wilshire Group has had its offer for the failed Springpark housing development accepted for an undisclosed sum.
Housing Minister Nick Smith has opened the first homes in a Christchurch development aimed at delivering affordable housing.
The cooling Auckland property market stoked has demand in other regions, with the median sale price increasing by nearly five per cent from a year earlier.
The Commerce Commission is undertaking further testing on some steel mesh products amid concerns they don't meet standards.
Builders and tradies have been going at it hammer and tongs, data just out suggests, with total building activity at its highest since records began.
The median price for houses sold in Auckland fell in February compared to a month earlier but Barfoot & Thompson says autumn is looking busy.
Home values in all main centres increased with the exception of Auckland, as regions within commuting distance of our largest city experienced a boom.
A drop-off Canterbury and a lower-than-expected number in Auckland saw building consents fall in January by nearly 10 per cent.
The former home of embattled internet mogul Kim Dotcom is on the market for an undisclosed price.
Police are warning apartment residents about security issues after an incident in an Auckland apartment block in the early hours of Thursday morning.
New York-based private equity firm Blackstone has bought five retirement villages in NZ from Lendlease Group.
Auckland was the only region in the country to report a fall in house sales in January, as regulatory curbs continued to dent demand.
Upmarket Herne Bay is among the suburbs that could see some fast-tracked homes being built under the latest expansion of Auckland's special housing areas.
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.