New Zealand Property Investors' Federation, (NZPIF) is the umbrella body for 20 local Property Investors' Associations throughout New Zealand.
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Commercial property investor confidence rose in the December quarter and is now higher than it has ever been, Colliers International says.
Property prices are likely to continue to rise in Auckland but will have to come off the boil a bit, says commentator Alistair Helm.
Auckland Property Investors Association president David Whitburn says he would like to see longer due diligence periods for buyers, after a High Court decision last week that overturned an agent’s charge of negligence.
New Zealand’s property market is stuck in a hiatus, trapped between strong migration and price expectations on one hand and the introduction of LVR restrictions and an impending hike in the official cash rate on the other, ANZ’s economists say.
Noise about the prospect of increasing interest rates is unlikely to dampen the property market much next year, says commentator Olly Newland. He said it would be “business as usual” no matter what noises were made by politicians.
Rental property warrants of fitness aren’t necessary, the New Zealand Property Investors Federation says. It was yesterday revealed that a trial of WOFs for rental properties – both private and council-owned – will start across the country in January. Councils said there were concerns that the housing stock was substandard and contributing to poor health.
Private rental properties will come under the spotlight in new council “warrant of fitness” testing. From January, 25 rental properties in Auckland, Tauranga, Wellington, Christchurch and Dunedin will be tested against 31 criteria, including things such as warmth, dryness, mould, dampness, injury risk, sanitation, and living needs.
First-home buyers are still noticeably absent from the market, the latest REINZ/BNZ survey of real estate agents shows. A net 77% of agents are seeing fewer of them in the market.
A University of Otago study by medical students looked at 106 children admitted to Wellington hospital over winter. It found that the main cause for admission, 38%, was due to the effects of inhalation of second hand smoke.Other reasons were dampness (30%), mould (24%) and overcrowding (21%) in the home. The authors say that these findings support the need for a warrant of fitness on rental properties.
Last month the latest edition of “The Block” television program ended with the houses that the four contestants renovated being auctioned on the open market.
Housing Accords work expanded to Christchurch, Wellington and Tauranga The Government’s work with councils to improve housing affordability has been expanded beyond Auckland with Christchurch City, Wellington City, Hutt City, Upper Hutt City, Porirua, Kapiti, Tauranga and Western Bay of Plenty being added to the Housing Accords and Special Housing Areas Act.
The Reserve Bank today left the Official Cash Rate unchanged at 2.5 percent. Reserve Bank Governor Graeme Wheeler said: “Growth remains moderate but mixed for New Zealand’s main trading partners. Nevertheless, export prices for New Zealand’s main commodities, and especially dairy produce, have continued to increase.
Sales turnover in November was weaker than expected, the latest Real Estate Institute figures show. There were 6691 residential sales last month, 6.6% fewer than the same time last year and up just 2.7% on October.
Children’s Commissioner, Dr Wills, reports today that, over the last 12 years, the biggest increases in child hospitalisations with poverty-related illnesses have been in asthma and bronchiolitis. He has said that living in crowded, cold and damp houses is what matters.
Mortgage brokers say low deposit borrowers will take another hit, after Westpac introduced a two-tier lending system that will further shut them out of the housing market.
New residential construction loans will now be exempt from the loan-to-value (LVR) restrictions introduced from 1 October, Reserve Bank Deputy Governor Grant Spencer said today.
A Reserve Bank decision to exempt new construction from the loan-to-value restrictions will be a double benefit, says a broker who has been campaigning for the change.
It may not be until March that there are any clear signs of where the real estate market is heading under the new loan-to-value restrictions, QV says. It has released its statistics for November, which show that nationwide values have risen 9.2% over the past year and 2.5% over the past three months.
Home loan approvals have reached a new post-LVR restriction high, but BNZ chief economist Tony Alexander says it’s too soon to conclude that the rules have not slowed lending growth.
It would stop anyone who was not a citizen from buying any existing residential property. The bill still must be drawn from the ballot before it will be given a reading in Parliament.
Low interest rates may be prompting an increase in the number of rental properties in Auckland, the latest Department of Building and Housing quarterly report says.
Loan-to-value restrictions appear to be slowing the rate of sales under the hammer, Barfoot and Thompson says. The real estate agency says there has been a reduction in the number of homes sold at auction but sales had been occurring later after negotiations between the buyer and seller.
Asking prices eased slightly in November and the number of new listings entering the market dropped, the latest report from realestate.co.nz shows.
Twenty per cent of properties nationwide have been sold to first-home buyers since 2012, data from PropertyIQ shows.
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