First-home buyers should not be tempted by top-of-the-range homes and instead should buy the cheapest properties their egos will allow, says New Zealand Property Investors Federation president Andrew King.
Large homes in the central suburbs of Auckland are commanding high rental prices, the latest Crockers data shows.
People thinking about starting or expanding their property investment portfolio in 2013 should think about cashflow, says the president of the New Zealand Property Investors Federation.
The number of mortgagee sales continues to fall, Terralink data released yesterday reveals. There were 516 mortgagee sales in the three months from July to September this year, down 15 per cent from the June quarter.
Net migration as positive for the third month in a row in November, and Westpac says an upward trend appears to be establishing. “In particular, net departures to Australia are coming off the boil, with the net loss to Australia at its lowest since February 2011.”
Evidence of housing market activity spreading beyond Auckland is becoming more apparent, according to the latest ANZ property focus report.
Proposed changes will clear up issues with GST on holiday homes, the Institute of Chartered Accountants says. Some family baches have been inadvertently caught in the GST net since April 1, 2011.
Landlords are being asked to participate in regular surveys to determine how easy it is to get timely Tenancy Tribunal hearings.
There have been ongoing problems with getting timely Tenancy Mediation and Tribunal hearings around the country. The NZPIF have been having discussions with the Minister of Housing and officials to improve the situation but want to establish if they are having a positive effect.
Landlords planning to head overseas over the Christmas break are being warned to stay on the right side of the law.
The Ministry of Business, Innovation and Employment and the New Zealand Property Investors Federation are running seminars about practical property management for novice investors.
It seems more and more first-home buyers are choosing to purchase apartments, and that’s hardly surprising. Especially in Auckland, where a house in the inner-city suburbs would be likely cost about $1 million, the appeal of an apartment is obvious.
Harcourts real estate agents reported written sales of more than $1 billion nationwide in November. A range of areas around New Zealand experienced an increase in sales activity.
A second property developer has been handed a home detention sentence for his role in an elaborate fraud. Marcus Julian Friedlander was sentenced to seven months home detention in the Auckland High Court today.
The Government will try to simplify the rules relating to financial arrangements that are agreements for the sale and purchase of property or services, Revenue Minister Peter Dunne says.
Real estate agents are reporting a slight cooling in the residential market, according to the latest BNZ/REINZ survey.
The number of houses sold in Hamilton this year was a quarter more than sold in 2011, but prices aren’t yet picking up pace, a real estate agency says.
Australian investors are as strongly present in the Auckland market as their Chinese counterparts, says Auckland Property Investors Association president David Whitburn.
November recorded the strongest monthly residential property sales volume in five years, Real Estate statistics show. Sales were up 25% on the same time last year and the national median house price reached a new record of $383,250, which is 4.3% up on November last year.
Westpac says fixing interest rates is likely to prove better value than floating over the next couple of years.
Sale prices are inching closer to asking prices, particularly in Auckland, according to property commentator Alistair Helm. Over the past three years, REINZ statistics show that the sale price of properties was generally about 15% below the asking price, although there had been a slight rise over the past six months.
New Zealand should be careful not to relax its lending criteria too far, says the chief executive of RE/Max International. Vinnie Tracey is in New Zealand this week in the wake of the buyout of the local franchise of the real estate firm.
High-rise apartment buildings will have to be demolished within 15 years if they can’t be strengthened to meet earthquake standards, Government proposals say.
Home loan rates are likely to stay about the same after today’s OCR announcement, on economist says. Reserve Bank governor Graeme Wheeler announced this morning that the rate would remain at 2.5%.
Auckland’s average house price rose by $9000 in November, to a new record of $627,721.
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