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Loading ...SIGNS OF UNCERTAINTY IN THE PROPERTY MARKET
Published by Mitch | Filed under NZ Market
Property values have increased further according to the QV residential property indices for January released today. Nationally, values are 4.4 percent above the same time last year, and 4.3 percent below the peak of the market in late 2007.
The average sales price across New Zealand also increased to $409,807 in January, up from the $404,671 in December. However, the average sales price is a less reliable measure of value change than the QV index as the average can be skewed depending on which part of the market is active.
Glenda Whitehead of QV Valuations said “market activity in January appears to have been patchy. Overall, activity was lower than expected, although our valuers are seeing an increase in activity in some sectors of the market and a decrease in others. While it is normal for sales activity to be at its lowest over the Christmas period, there is usually an increase in listings activity in January leading into the busiest time of the year in February and March. This January the expected increase appears to be absent”.
Builders will fail to meet rising demand for houses: forecaster
Published by Mitch | Filed under NZ Market
The arrival of about 45,000 immigrants here over the next three years will lift the house-building sector, says business forecaster BIS Shrapnel.It predicts 17,000 to 18,600 houses will be finished annually. However, BIS says this won’t be enough to meet demand.
Official figures reported last week showed that 14,425 housing consents had been issued in the year to December, well down on the 31,423 houses at the peak during 2004.
Statistics NZ’s latest figures showed the house-building sector slipping into a decline after a big recovery in the past few months. The number of housing consents issued during December fell 2.4 per cent compared with November but annually the number fell 23 per cent.
Consents were up since March but still much lower than about mid-2007.
Adeline Wong, senior project manager at BIS, said: “We estimate dwelling completions to fall to between 17,300 and 18,600 units per annum over the two years to 2010-11.
“This in no way meets our estimated underlying demand for housing which will average 29,000 units per annum over the same period.”
This residential building cycle would peak at a lower level of activity than the last peak in 2004. The sector would be constrained by worsening home affordability because of rising mortgage rates and house prices. House prices would rise because of the tightening new housing supply over the short term, Wong said.
The North Island, led by Auckland, would drive the rebound in the next three years.
The REAA Hype – Tax changes and investors
Published by Mitch | Filed under PNZP News
The REAA (Real Estate Agents Act 2008) has come into full play as of November 2009 and has caused a lot of chat between investors. Well more property traders and property finders.
The Act being an good thing and about time to. Those agents have had it to sweet for to long. At least now they have to disclose all fees and costs to the buyers and sellers. No more little kickbacks and profits on advertising.
The trouble for property traders though, is that the act intensionally or not? No one is sure. Has got it’s claws around property traders as well. Basically stating to buy and sell a property you need to be registered as an agent. Which of course defeats the whole purpose of trading. Why?
Tauranga, Auckland among world’s most pricey places
Published by Mitch | Filed under NZ Market
11:00 AM Wednesday Jan 27, 2010
Tauranga is in the top 20 of the world’s overly-expensive places to live, and Auckland is not far behind, in an international survey of housing affordability, released today.
The survey ranked Vancouver, Canada, as the most unaffordable place to live, followed by a swag of Australian places – Sydney, Darwin, and the Gold and Sunshine Coasts.
It’s 2010
Published by Mitch | Filed under Latest News
Well that went quick,
Happy New Year from New Zealand. I wish everyone the best in 2010.
Here at Pure NZ property we will be making some improvements and also trying to boost things up a bit more. There have been a few changes to the real estate world to do with the new real estate act. But this is good news and we are working to find some new strategies to let us continue to good work we have been doing throughout 2009.
Wish you well. And all the best.
Mitch
Shania Twain South island land
Published by Mitch | Filed under Latest News
Singing superstar Shania Twain’s estranged husband has spent more millions buying blocks of prime South Island high country land.
Twain and music producer Mutt Lange paid $21.4 million buying Motatapu and Mt Soho Stations near Wanaka five years ago.
Since then, their marriage has collapsed – although it is not known how they have split their assets.