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.
NewsTuesday, Dec 10, 2013
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.
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.
A Queenstown property investor facing fraud charges will appear in court again on December 2. Kerry Christian had sought name suppression but dropped the application.
Claims of a boycott of Trade Me over an increase in fees for real estate agents are probably overstated, one commentator says. Harcourts says it will no longer promote Trade Me to clients, many say they will no longer offer free Trade Me listings, and several agencies have removed existing listings from the site.
Soaring residential investment statistics are indicative of growing confidence in the market, says the president of the Auckland Property Investors Association.
Builders say they have seen inquiries drop by more than a quarter since the introduction of loan-to-value restrictions.
Interest rates will need to rise quickly next year if the loan-to-value restrictions don’t make a big enough dent in Auckland’s house prices, the NZIER says.
Predictions that mortgage rates will start to rise significantly next year should serve as a wake-up call for property investors, the NZ Property Investors Federation says.
Curbing property investment is a Dominion Post reader’s solution to New Zealand’s current housing crisis. However, this solution demonstrates confusion between property speculators and property investors.
The Reserve Bank has predicted that floating mortgage rates will rise to 7 or 8 percent over the next two or three years. “This is a wake up call for rental property owners,” said Andrew King, Executive Officer of the NZ Property Investors’ Federation.
A sharp turnaround in migration is going to put a lot of pressure on the housing market. New Zealand had a seasonally adjusted net gain (more arrivals than departures) of 3000 migrants in October 2013.
Competition for properties may force landlords’ yields to all-time lows, Jones Lang LaSalle research analyst Sarah Dominey says.
New Zealand is at risk of a house price fall, the OECD says in its latest economic outlook forecast. Real house prices have risen 88% since the start of 2000, the biggest increase in the OECD.
Claims that the absence of first-home buyers in the property market is due to rising prices are not correct, says the chief economist of the BNZ, Tony Alexander.
Money paid in GST on new house builds should go back to local councils, The New Zealand Initiative’s latest housing report says.
The result of this survey supports the data from other sources that shows first home buyers are giving up hope of making a property purchase in the near future. However a net 6% or responding agents say that they are seeing a increase in investors looking to make a purchase.
Lifestyle blocks at the top of the country are proving popular, the latest Real Estate Institute figures show. Northland had the largest increase in year-on-year sales of lifestyle blocks in the three months to October, up by 73. Auckland followed, with 52 more sales this year than last.
Landlord returns are dropping as rent rises fail to keep pace with the increase in Auckland house prices, Barfoot and Thompson figures show.
Landlords say they are not to blame for rising rents.
“The impact of rent increases low income groups in Auckland is not good for anyone”, said Andrew King, Executive Officer of the NZ Property Investors’ Federation, in response to a Salvation Army’ report by social policy analyst Alan Johnson.
Rent increases are bad news for everyone, the New Zealand Property Investors Federation says. The Salvation Army has released a report which says that rent rises over the past five years have made all low-income groups in Auckland, except superannuitants, worse off in real terms.
Real estate agents say first-home buyers are deserting the market as the loan-to-value restrictions take effect. In the latest BNZ/REINZ survey of real estate agents, 78% said they were seeing fewer first-home buyers than in the previous month.
Marcus Lush talks to Andrew about the situation of a young woman living in a mould-ridden unit in Auckland
Buying in a slightly different suburb could save homeowners hundreds of thousands of dollars and carve up to 10 or more years off their mortgage, Westpac says.
“No tenant should have to live in a mould-ridden unit,” said Andrew King, Executive Officer of the NZ Property Investors’ Federation the national organisation representing landlords
Low-deposit loans for housing construction make up a very small part of the mortgage market, the Reserve Bank said today.
Sales volumes eased in October but prices continued to rise, the latest data from the Real Estate Institute shows. There were 6778 residential property sales in the month, up 2.1% on October last year and up 0.9% compared to September.
There are more people pleased that house prices are rising than worried about them, BNZ’s latest consumer confidence report shows.
Labour took the opportunity to unveil its Kiwibuild policy at their conference last weekend. The leader, David Cunliffe, announced that the party would build 10,000 homes in Canterbury over four years as part of this new policy.
Builders have a clear message for the Government: Hands off our industry.
The OECD has just released its latest Better life index, which shows that New Zealand is slightly below average for disposable incomes and the second highest country for housing expenditure as a percentage of gross disposable income.
Nine out of ten investors think the new loan-to-value restrictions will have no effecr on their buying behaviour over the next year, Crockers research shows.
Loan-to-value restrictions will be felt least in the cities with the hottest prices, QV said today as the organisation released its latest statistics.
More people may decide not to sell their properties by auction over the next couple of months as loan-to-value restrictions kick in, the Real Estate Institute says.
Wellington City Council is among four councils investigating a "warrant of fitness" for private rental homes, potentially beating the Government to the punch.
Buyers had more properties to choose from in October than they have had in quite a while, Barfoot and Thompson’s latest figures show.
New Zealand could learn something from Texans when it comes to policies relating to housing development, a report by the NZ Initiative says.
It will take a combination of a hike in interest rates and more houses being built to take the heat out of the Auckland housing market, ASB’s chief economist says.
New houses, which add to Auckland’s housing supply, should have been exempt from the LVR restrictions, a broker who specialises in construction finance says.
Asking prices have reached another all-time high and the loan-to-value restrictions have not slowed investors’ intentions of buying, two sets of data released today show.
City apartments are finding favour with investors again, and Auckland looks to be on the cusp of another building boom.
Landlords need to look after their customers and keep their rental properties warm and dry, says the president of the Independent Property Managers Association.
Young people are turning into investors rather than first-home buyers because of the loan-to-value restrictions, BNZ chief economist Tony Alexander says.
Capital gain is still overwhelming the main reason why people choose to buy an investment property, the latest Crockers Property Investment Index survey shows.
A capital gains tax has been recommended by Treasury, as a long-term measure to keep a lid on house prices. The recommendations were part of a series of documents about loan-to-value restrictions, released today.
A shortage of commercial real estate is looming as New Zealand businesses bounce back from the recession, real estate agency Knight Frank says.
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