Real Estate New Zealand - PropertyOnly.co.nz

Real Estate News

@ 23/05/2017

Housing boom is over.

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@ 20/05/2017

Australia has become the walking dead of debt due for a financial reckoning that could shock the housing market bubble within months.

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@ 18/05/2017

Prime Minister Bill English says a five per cent drop in house prices is sensible and a reasonable adjustment not a bust.

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@ 16/05/2017

New Zealand's housing market has a 40 per cent chance of going bust in the next two years, according to global investment bank Goldman Sachs

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@ 03/03/2016

Auckland house prices are set to "take off" again as Inland Revenue clears a backlog of IRD number applications from cashed up overseas buyers, the Property Institute says.

About 300 foreigners a month are being issued IRD numbers for the purpose of buying or selling property, figures released by Inland Revenue show.

Under legislation introduced in October, overseas, non-resident individuals buying or selling property in New Zealand must provide their IRD number and have a New Zealand bank account.

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@ 03/03/2016

House prices are continuing to drop across Auckland according to the latest figures from QV, it reports they are down 0.7 per cent over the past three months, but the regions are picking up. Nevertheless, the average price of a home in Auckland City suburbs is $1.088 million, and is $925,656 across the wider Super City.

QV's Andrea Rush says: "There continues to be strong growth in home values in Whangarei, Tauranga, Hamilton, Napier, Wellington and Queenstown. Values in Christchurch and Dunedin are also rising at a more moderate pace."

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@ 02/03/2016

March 2 (BusinessDesk) - New Zealand property value growth continued to slow in February, with a cooling Auckland housing market offsetting gains in other main centres.

The average value of a New Zealand home rose 11.6 percent to $556,306 in February from a year earlier, slowing from a 12.6 percent annual increase in January, according to state-owned valuer Quotable Value. Values were up 0.1 percent in the three months through February, slowing from a 0.7 percent pace in the three months ended Jan. 31.

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@ 02/03/2016

Auckland house values dropped nearly 1 per cent in the latest quarter due to Government and Reserve Bank measures but are picked to shoot away again.

Figures from Quotable Value out at midday showed a 0.7 per cent decrease in Auckland values in the three months till the end of February, when the average value of a residential property stood at $925,656.

Andrea Rush, national spokesperson, attributed the turnaround to regulatory measures.

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@ 01/03/2016

A three-bedroom home on Auckland's North Shore has sold for double its council valuation despite a slowdown in the Auckland property market.

The renovated single-level house in Holland Rd, Hillcrest sold at auction for $1.5 million, after it was recently valued by the council at $760,000.

Real estate agent Sam Yeung said he was not surprised by the price tag on the house.

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@ 01/03/2016

Sunny Gisborne has been revealed has the best place in the country for would-be landlords looking for a good return.

Industry website realestate.co.nz analysed the returns on residential housing in every region and found Gisborne came tops in January, with a 5.78 per cent return.

It was technically topped by the Coromandel at an unusually high 9.88 per cent but the website said that was skewed by short-term holiday rental properties.

Gisborne was followed by Otago and Manawatu/Wanganui, which returned 5.54 per cent and 5.12 per cent respectively.

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@ 24/02/2016

Q: My query is one you've talked about many times -- investing in property versus shares.

We are mortgage-free and looking at saving more aggressively towards our retirement. We've read your column over the years and have come to realise that property is perhaps a lot more trouble than it's worth, and we like the concept of not having our eggs all in one basket. So we set up a managed fund with the long term in mind, and all is well.

The trouble is that everyone we talk to tells us we are absolutely crazy not to be buying property, with mortgage rates at such a historic low.

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@ 14/02/2016

For the first time in more than a year Auckland property values have dropped in price - to an average $928,921.

Property valuation firm QV, part-owned by the government, says its House Price Index shows the cost of home in the Super City went down half of one per cent during January, and that average values for residential homes across the country dropped 0.3 per cent. Prices similarly dipped in January 2015.

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@ 14/02/2016

The 2016 property market is kicking off with a high, specifically the highest record median house price for the region.

Figures from the Real Estate Institute of New Zealand revealed the median price rose $33,500, 12 per cent compared with January 2015, with the median house price for the region $317,000 compared with January 2015's $283,500.

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@ 11/02/2016

The Palmerston North housing market may be able to break its "steady as she goes" reputation, with signs the city is about to become hot property once again.

The latest QV House Price Index put the average value of a residential property in Palmerston North in January at $302,848 - a 4.1 per cent increase from the year prior.

That growth was mirrored across wider Manawatu, with values increasing 6 per cent in Manawatu, 2.5 per cent in Tararua, 5.9 per cent in Horowhenua and 3.1 per cent in Rangitikei.

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@ 11/02/2016

The heated property for sale market of 2015 cooled as quickly as a southerly in January, with most regions seeing average asking prices slip back according to the latest Trade Me Property Price Index.

The Index measures trends in the expectations of selling prices for residential property listings over the previous three months. Head of Trade Me Property Nigel Jeffries said the average asking price of a property in New Zealand fell to $541,900 between December and January.

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@ 09/02/2016

A Chinese capital control crackdown is likely to have contributed to the cooling of Auckland's housing market, Quotable Value says.

The latest figures from QV show property values in the Auckland region had fallen 0.5 per cent since December, with values in central Auckland suburbs - as well as the North Shore, Manukau and Waitakere - falling for the first time in more than a year.

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@ 09/02/2016

A cooling Auckland housing market helped slow the pace of property value growth across New Zealand as regulatory curbs imposed last year continue to dent investor demand in the country's biggest city.

The average value of a New Zealand home rose almost 13 percent to $556,206 in January from a year earlier, slowing from a 14 percent annual increase in December, according to state-owned valuer Quotable Value. Values were up 0.7 percent in the three months through January, slowing from a 2.9 percent pace in the three months ended December 31.

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@ 05/02/2016

Lawyers are objecting to a planned tax law reform, saying it could stop overseas land and apartment developers working in the housing-starved Auckland market.

The Auckland District Law Society's property law commission has made a hard-hitting submission against the Government's planned tax change which applies a potentially punitive resident withholding tax to overseas-based traders who buy then sell within two years.

The new law is due to come into effect on July 1.

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@ 03/02/2016

The scale of our property obsession has been quantified: Auckland's biggest real estate agency has revealed how just under a third of Aucklanders searched constantly for places on the market, even if they were not actively buying.

Stephen Barfoot, Barfoot & Thompson chief technology officer, said a sample of 955 Auckland home owners were questioned and the results showed 31 per cent searching constantly, whether they were in the market to buy or not.

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@ 03/02/2016

The latest Reserve Bank bulletin contained few surprises for those who watch the real estate market.

The well-informed sages at the RBNZ say house prices in New Zealand have "risen significantly over the past five decades". And that in real terms, house prices have more than tripled.

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@ 02/02/2016

An Auckland property specialist with close links to the Chinese investment community predicts a huge inflow of capital into Auckland's property market this year, despite China's financial crackdown.

Auckland landlord Ron Hoy Fong, who has 30 properties and runs coaching business Ronovationz from Mt Roskill, said although people based in China now found it harder to buy since the October 1 changes in New Zealand, he thinks that will soon turn around, particularly about May when he expects far more investors to seek to buy.

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@ 28/01/2016

There's a fundamental shortage of new listings in Auckland, says BNZ economist Tony Alexander. A situation that makes it difficult for those looking for a home, and potentially puts off people from listing their property for sale.

Alexander says: "Auckland has paused for now, though the fundamental shortage of property continues to get worse."

 

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@ 27/01/2016

The latest Research Report by Colliers International says less than 84,000 sq m of office space is available for lease in the Auckland CBD - the lowest level since Colliers' records began in the mid 1990s.

Chris Dibble, the agency's director of research and consulting, says leasing in Auckland has been strong for prime office space in premium and A-grade buildings but this has been eclipsed by activity in the secondary sector for B-grade and lower rated buildings.

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@ 27/01/2016

Members say that tenants are often not using their heaters and are inadvertently making their properties harder to heat. Examples of why this can occur are not opening curtains during the day to let sunlight heat their home, drying clothes inside and using unflued portable gas heaters.

"Insulation is a great first step, but heating and ventilation are just as important in creating a warm, dry and healthy home" says King. "Solutions need to be cost effective, otherwise rents will rise higher than they need to, making it even harder for tenants to turn on their heaters."

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@ 26/01/2016

Auckland housing, and many other parts of the country to a lesser degree, is grossly overvalued, it's as simple as that.

One of the most foolish comments I hear is the one about house prices not being too high, but wages in New Zealand being too low. We'd all like average incomes to be higher, but this is quite a ridiculous explanation for why housing is unaffordable.

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@ 25/01/2016

A Chinese crackdown on capital flight has the potential to bring the Auckland housing market's bull run to a grinding halt.

The effect of the crackdown on Chinese investor appetite - and ability to invest in the Auckland market - is yet to make itself clear.

But Chinese banks, which include the three banks already represented in New Zealand - Bank of China, China Construction Bank and the Industrial and Commercial Bank of China (ICBC) - have already been quietly pulling back on the size of foreign exchange transactions they approve after Beijing decided to tighten up on obvious capital flight.

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@ 25/01/2016

The Property Institute's boss says reducing Auckland home values would be devastating for the economy, which could collapse "like a house of cards".

Instead, Ashley Church proposed a broad range of measures to slow the rate of house price growth while growing wages.

Church was responding to a survey which found Auckland now has the fifth least affordable houses in the world.

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@ 25/01/2016

Auckland's housing affordability has worsened, with the city climbing from the world's ninth most expensive city to fifth in a year.

The annual Demographia survey, released today, compares prices to incomes in 367 cities. Auckland is one of the worst in the world due to extremely high house prices coupled with moderate wages.

With a median price of $748,700, and a $77,500 median income, Auckland has a house price-wage multiple of of 9.7. Any more than 3 is classified as unaffordable by the report's authors.

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@ 20/01/2016

Auckland house sale prices barely moved last month and sales volumes fell almost 12 per cent.

Real Estate Institute data just out showed the city's December's median sale prices only rose 0.7 per cent from November and sales volumes fell 11.5 per cent.

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@ 20/01/2016

New Zealand's housing market continued to strengthen in December, with several regions hitting new record prices, while Auckland lagged behind following restrictions to curb activity in the country's largest city.

The country's median dwelling price for December was $465,000, 1.2 percent ahead of November and 3.3 percent up on December 2014, the Real Estate Institute of New Zealand said in its monthly release of home sales data. Excluding Auckland, the median price hit a new record of $379,000.

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@ 19/01/2016

It has been suggested that landlords are responsible for rental property overcrowding and even hot-bedding, but this is unlikely to be the case.

There doesn't appear to be any adverts for hot bedding on Trade Me or in newspapers, which indicates that it is a tenant driven initiative to save money rather than a landlord initiative to increase profits.

According to Barfoot and Thompson, over the past year three bedroom rental properties in Auckland have increased by 5.6% (from $477 to $504), compared to house prices over the same period increasing 11.1%. House prices increased by an even higher 14.5% in the year to December 2014.

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@ 19/01/2016

Proposed zoning changes in Auckland to allow for more intensive housing will push property prices up, experts say.

Auckland Council has unveiled controversial plans to rezone chunks of the city's leafy central suburbs for more townhouse and apartment developments.

This will make some properties more valuable, chairman of the Home Owners and Buyers Association John Gray says.

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@ 18/01/2016

New Zealand's cheapest home could have been snapped up 2000 times over for the price of our most expensive.

The Herne Bay, Auckland house on its own peninsula that sold for $24 million this year is plusher than the do-it-upper that sold for $12,000 in Ohai, Southland, but both sold significantly over their commercial valuations.

Core Logic, a property analytics and valuation company, has released its list of most and least expensive house sales around New Zealand in the year to November 1, 2015.

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@ 18/01/2016

In no particular order, Colliers International New Zealand have provided their top 10 predictions of what will be the major trends and moves across the property sector this year.

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@ 17/01/2016

When it comes to baches, some like a ramshackle hut in the bush with few creature comforts, while others opt for the modern home with the million-dollar sea view.

But price-wise, it's sun and sand that draws the crowds.

Data from QV and from real estate agency Bayleys has revealed those seeking out the sunny shores of the east coast will pay about twice the price of a similarly sized piece of black sand terrain on the west coast.

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@ 17/01/2016

The Property Council has waded into the debate about the unaffordability of housing in Auckland, saying apartments are pre-selling in the city for more than $800,000 each.

Council chief executive Connal Townsend says such apartments are out of financial reach for many Kiwis.

The council highlighted the issue of the unaffordability of housing in New Zealand's largest city as it emerged singer Lorde paid $2.84 million for her first home last year, a 182sq m villa on a 447sq m section in inner Auckland.

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@ 15/01/2016

Jan. 13 (BusinessDesk) - New Zealand property values rose 14 percent in 2015, with the annual pace slowing from a peak in November, as regulatory curbs imposed by the government and central bank took the steam out of the Auckland market, according to state-owned valuer Quotable Value.

The average value of a New Zealand home rose to $558,146 in December from $488,674 a year earlier, accelerating from the 4.9 percent increase in 2014, QV said. Values rose 2.9 percent in the three months through December, slowing from the 4 percent pace in the three months through November.

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@ 15/01/2016

Is 2016 the year you'll find your perfect home?

Many Kiwis vowed that now is the time to get serious about finding their next home. This hunt for the perfect four walls can be made easier by following some logical rules. 

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@ 15/01/2016

Auckland house prices are expected to rise at more modest levels in 2016 as lending curbs for investors in New Zealand's biggest city offset likely declines in mortgage rates, according to rating agency Fitch Ratings.

The global ratings agency anticipates the continuing supply shortage in Auckland will underpin house price growth "to be maintained at modest levels" in the city, it said in its global housing and mortgage outlook for 2016.

At the same time it expects mortgage rates will fall in the year with the official cash rate sitting at a record-low 2.5 percent, while a cooling housing market will limit property lending growth.

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@ 14/01/2016

It looks like Auckland real estate is facing a stalemate, with potential sellers reluctant to list their property because there's little on the market to buy. It's the ultimate chicken and egg situation that's a repeat of this time last year.

And given the recent escalation of prices, home owners have not been inclined to sell before they've bought in case they are left out in the cold.

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@ 14/01/2016

The head of a company that helps Chinese buy properties overseas says New Zealand's popularity ranking has slipped a notch since the government and Reserve Bank introduced new buyer restrictions last October.

Juwai co-founder Simon Henry said New Zealand shifted to fifth from fourth most popular country in the world with potential property buyers in China between the third and fourth quarters of 2015.

But Henry, whose Chinese language website has 2.6 million unique users monthly, predicts Chinese buyers' interest in New Zealand will return in force by mid-year once they've fully digested the new requirements.

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@ 09/12/2015

The concept of "spare equity" is a new one. In the old days Kiwis aimed to pay down their homes and clear the mortgage. Now they see their equity as a tool to be used.

Consequently homeowners sitting on a $1.5m home that is largely paid off have investment options. They could sell and buy both a smaller house/apartment to live in and a renter to bring in income.

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@ 09/12/2015

People keen to get ahead of the Auckland property market have been jumping in to buy apartments off the plans, frequently before the ground has been broken.

Barfoot & Thompson director Kiri Barfoot says her firm typically sells between 20 and 28 per cent of all the yet-to-be-built developments it markets within the first month of them being advertised for sale.

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@ 09/12/2015

According to our analysis at CoreLogic, buyer demand for Auckland property began to go backwards from mid-August.

This was in response to several measures introduced by the Reserve Bank and the Government to try and slow down the rapid increase in Auckland property values. Meanwhile, the rest of the country saw the usual spring surge in activity, especially Waikato and Tauranga.

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@ 07/12/2015

A friend sold her Takapuna town house and used the money to buy two houses, one on Waiheke Island and a winter pad in Ohakune. She has freed up cash, allowing a slower lifestyle for retirement.

With the average house in a middle class suburb such as Blockhouse Bay now valued at more than $900,000, Auckland homes are 'worth' three times as much as those in regional centres, twice as much as in Hamilton or regional Wellington, and five times as much as leafy Wanganui.

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@ 07/12/2015

Auckland house prices continue to rise - but figures indicate a slight stalling or plateauing of an otherwise rampant escalation in prices.

ANZ's senior economist Sharon Zollner says changes to the loan to value ratios (LVR) and the requirement of an IRD number for purchasers have clouded the market.

"It's made the data all but impossible to interpret because basically those new measures gave some people an incentive to sell very fast and some people an incentive to buy very fast," Zollner says.

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@ 06/12/2015

"When the kids leave home I'm going to downsize." So think many Kiwis. But it's not as easy as most think, says Jeff Cate, projects manager at Barfoot & Thompson.

It's often said that there aren't sufficient homes of the right type for all of the Baby Boomers to downsize to. A big part of that problem is that few townhouses or suitable units were built from the mid-1980s until 2000, says Jeff, despite the infill activity.

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@ 05/12/2015

A new website which aims to break through barriers to getting free property data is being tested in Wellington.

Homes.co.nz, a website with backing from Trade Me, will provide free access to recent and historic property sales on all properties, listed or not, plus current listings and council data.

It will also give a free market estimate on every home, in similar to overseas sites like Zillow.com or Zoopla in Britain.

John Holt, Homes.co.nz chief executive, said it had taken two years to get councils to come on board with their data.

"Both central and local government have been committed to this idea of open data, actually freeing up this information and getting it out in front of consumers and that has taken a bit of time to get well understood."

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@ 02/12/2015

The QV House Price index jumped 15 percent in November when compared with a year ago, the fastest rate of growth since February 2006. The national average value is $555,729.

Auckland property values rose 24 percent over the year, with the average now $931,807.

QV national spokesperson Andrea Rush said values in Auckland were rising at a slower rate than the month before.

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@ 02/12/2015

Wellington homeowners selling their property are cashing in on a hot market with a Strathmore Park home recently auctioned for $255,000 more than its rateable value.

Real estate agents say the "exceptional" result highlights the fact there is "no better time" to sell in the capital.

Harcourts Team Wellington agent Ben Cartwright said the market was seeing very low supply against very high demand.

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