Auckland recorded more than 50% more house sales in March than February, and 11.4% more than in March 2010, according to the latest Real Estate Institute of New Zealand (REINZ) figures.
Property values remain relatively stable at a national level, though variability continues to be seen between areas and only Nelson has values at same level as 2010, according to the latest QV report for March.
Inflation is the "Gorilla in the room" increasingly making its presence felt, and as interest rates rise, now is the time to fix your mortgage rate, according to Tower Investments CEO Sam Stubbs.
The man behind a property scheme that promised home ownership to vulnerable Kiwi's has been sentenced at the Auckland District Court of breaching the Fair Trading Act, fined $237,048 plus $42,764 in repatriation.
The Government is prepared to pump up to $500 million of equity into AMI Insurance after it reportedly had $1 billion of capital and reinsurance cover wiped out by the two Canterbury earthquakes.
Rents in Auckland reached their highest recorded level in March, increasing by $32 on February to $434, according to the latest Barfoot & Thompson sales data.
Despite media coverage of increased competition among Auckland renters – and corresponding reports of rising rents – average rental inflation across the Auckland region was just 3% in February, according to Crockers Market Research.
New listing rose 9% in March with 12,247 properties brought to the market, however volumes are still 15% below the March 2010 level, according to the Realestate.co.nz March report.
The half a percentage point reduction in the Official Cash rate will be good for the economy and a welcome relieve for rental property owners. The timing of the interest rate cuts is excellent, coming just as building depreciation allowances are being removed for residential rental properties. However the interest rate cuts will not fully compensate for the tax changes that came into place on the first of April. In addition, rental prices only increased by an average 3% last year while general inflation was at 4%. Combined with an increase in demand and weak supply, almost everything is pointing to higher rental prices.
An inquiry into housing affordability will be among the first tasks for the Government's Productivity Commission, Finance Minister Bill English announced today.
The seasonally adjusted number of new houses authorised in February, excluding apartments, has fallen 7.8% from January, the lowest level for two years, according to Statistics New Zealand.
Christchurch property investors could see boom times ahead – if the Government follows up on comments of a 10,000 home buy-out for residents and sells on the properties, according to Bayleys.
Signs of improving housing market activity have been thoroughly quashed by uncertainty surrounding a local natural disaster and now a foreign one, according to the latest ANZ Property Focus.
Mortgage holders are questioning why their banks are making them wait between two and three-and-a-half weeks to pass on Reserve Bank governor Alan Bollard's cut in official interest rates to their floating home loan rates.
February proved to be a mixed month for the housing market with volumes and the average median price up, but the average time to sell also increasing, according to the latest REINZ report.
The REINZ February 2011 regional commentaries.
Major banks have lowered their floating rates this morning following the OCR cut. We explain who has made what changes here.
Auckland faces a rent shock as the Christchurch earthquake diaspora, rising insurance premiums and the loss of a landlords' tax break all affect demand on already scarce stock.
Hopes rents are set to increase have been given a boost by the latest figures from Statistics New Zealand (SNZ) on building consents.
Auckland City is the only place in the country to see property values above this time last year, according to the QV indices for February.
Despite press reports of skyrocketing rental demand in Auckland, rental prices appear to be holding steady according to the January Crockers Market Research.
Auckland's average weekly rent fell by $14 in February from the all-time high of $416 in January, according to the latest Barfoot & Thompson housing market report.
What little momentum was being seen in the housing market is in danger of being entirely snuffed out in the wake of the devastating Christchurch earthquake, according to the latest ANZ Property Focus.
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