Auckland house prices were steady through May, Barfoot and Thompson says. The city’s biggest real estate agency reported that the average sales price in the month was $644,737, an increase of less than $2000 on the April price and $1500 below March’s record. The median sales price was $570,000, $4000 up on April and $10,000 down on March.
Building work increased by its biggest margin in 10 years in the March quarter, data from Statistics NZ shows. Residential construction activity increased 12% in the quarter.
Reserve Bank governor Graeme Wheeler is so worried about what a house price correction could do to the stability of the banking system that loan-to-value restrictions may be only days away, BNZ says.
Buyers are as keen as ever to purchase properties, the latest Realestate.co.nz report says, but there still aren’t enough listings available to satisfy demand. And that is pushing asking prices to record highs.
Government funds may be fuelling the increase in house prices, via the country’s KiwiSaver accounts. BNZ’s head of research said New Zealanders using their KiwiSaver accounts to purchase a first home were a concern.
New Zealand’s property market gained further momentum last month on the bank of low interest rates, ANZ says. Its latest Property Focus report shows increasing numbers of factors pushing prices up, including migration and the availability of mortgage funding.
The number of building consents issued in April rose across most parts of the country last month, compared to the year before, Statistics New Zealand said.
New Zealand's economy is likely to grow by 2.5% over the next few years but high house prices are a risk, the New Zealand Institute of Economic Research says.
Property commentator Alistair Helm has called for an end to CVs on residential property.
It is banks’ perceptions of the stability of the New Zealand housing market that advantages residential property investors, not any preferential tax treatment, the Auckland Property Investors Association says.
Auckland has the lowest rate of outright home ownership in the country, Roy Morgan statistics reveal.
Property investors are in the Inland Revenue Department’s sights – it has been given an extra $6.65 million to make sure they are paying their bills.
Rental property is still New Zealanders’ top pick for investment returns, the latest ASB survey of investor confidence shows.
Warrants of fitness for rental properties will be trialled in New Zealand homes, the Government has announced.
New Zealand houses are overvalued by as much as 25%, the International Monetary Fund has said in its annual economic assessment of the country.
More houses were sold last month than in any April for six years, the Real Estate Institute says.
Buyers are despairing of ever being able to find a property, according to the latest BNZ/REINZ survey of real estate agents.
Developers will be able to push through subdivisions in less than a quarter of the time under a housing accord signed between the Housing Minister and Auckland’s mayor.
New Zealand’s house price increases are now being driven by all the main centres, not just Auckland and Canterbury, QV says.
QV’s latest data reveals some of the huge disparity in the property market in New Zealand at the moment.
Almost two-thirds of people expect house prices to continue to rise over the next year, according to the latest ASB Housing Confidence Survey.
Reserve Bank policies may have increased the gap between average rents and average house prices over recent years, an analyst says.
Property investors will soon have to put a dollar value on the cost of replacing their entire portfolios.
Auckland Council wants to be able to take a slice of any increase in value of properties that have their zoning changing from low density to high density housing, or rural properties that are rezoned urban.
Auckland’s average house price dipped slightly in April, Barfoot and Thompson reports.
Momentum in the housing market may not be sustainable, ANZ says in its latest Property Focus report.
Sellers’ house price expectations have shown no sign of slowing in the latest report from Realestate.co.nz
Building consent figures dropped last month – but one economist says that shouldn’t be seen as a sign of residential construction slowing.
Housing New Zealand should stump up with more rent if it wants to win over landlords. That’s the message from Auckland Property Investors Association president David Whitburn after the department launched a campaign to turn around negative perceptions of HNZ leases.
BNZ chief economist Tony Alexander has renewed his calls for New Zealand to implement a policy regarding foreign purchasers buying Kiwi properties.
More than 650 small-scale property investors were forced to sell properties last year, new data reveals.
Reserve Bank Governor Graeme Wheeler is in a tough position trying to tackle the strength of the Auckland housing market, one economist says.
A proposal to require new commercial buildings to be constructed to Five Green Star environmental standards has been slammed by the Property Council.
The Green Party has pointed to a report on perceptions of housing quality, released by Statistics New Zealand today, as proof that more should be done to improve the quality of the country’s rental stock.
BNZ’s chief economist has rejected suggestions from the Finance Minister that the country’s house price inflation has become a bubble.
Those worried about New Zealanders’ preference for property investment need to change their approach to the problem, says Auckland Property Investors Association president David Whitburn.
Buying property is not a sure bet and would-be landlords should exercise caution, one property commentator says.
Prime Minister John Key has rejected suggestions that a delay in approving Auckland’s unitary plan is driving up house prices.
Property for Industry and Direct Property Fund’s boards have agreed on terms to proceed with a merger.
Property availability is worsening, putting pressure on rising house prices, the latest BNZ/REINZ survey of real estate agents shows.
There were more rental properties available in the first quarter of this year, and fewer tenants looking for them, according to Trade Me. But the problem seems to be confined to Auckland.
March recorded the highest number of sales in a single month since May 2007, the Real Estate Institute says.
Concern about foreign buyers snapping up properties is purely an Auckland issue, says BNZ chief economist Tony Alexander, but it needs to be acted on now.
Limited information is available about a fund that will allow investors to purchase a slice of an Auckland residential property portfolio. It is understood investors will be required to hold their shares for a minimum of 11 years.
Things won’t get any easier for first-home buyers in Auckland for a while yet, according to Quotable Value’s local expert, Kerry Stewart.
A solution to Auckland’s housing affordability crisis could lie just outside the city’s boundaries, a business lobby group says.
If you don’t like the sound of what’s contained in the draft Auckland plan, the council wants you to have a go at doing better.
New Zealand’s rising house prices are a risk to the economy, the Reserve Bank’s deputy governor says.
Property investment guru Olly Newland has pointed to Pokeno as a possible boom area.
Houses selling for more than $1 million have pushed Auckland’s average sales price to a record $645,928 for March, Barfoot and Thompson reports.
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