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Property · Building · Design

Another large-section property sets a new benchmark: Do you believe Auckland house prices are cooling?

Yesterday, some media outlets cited a particular figure from the latest Real Estate Institute of New Zealand (REINZ) report to suggest Auckland house prices were cooling. This morning, an old three-bedroom house on a 1518-square-metre section in Parnell fetched 7,200,000 at auction, more than NZ$1,000,000 above its capital valuation (CV). Do you believe the housing market is slowing? Rather than drawing conclusions from a partial picture, let us look at the full report.

Commercial property vacancy rates rising? COVID-19 should not take all the blame

Although the absence of new community cases in Auckland over the past two days has eased people's anxiety somewhat, the sudden three-day move to Level 3 has brought the pandemic's potential economic impact back into focus. Colliers International's February commercial property report suggests that, whether the economy is doing well or poorly, markets are always influenced by a complex mix of factors—and we may have placed too much weight on the impact of COVID-19.

The last Level 3 before vaccination? What you need to know about building, buying and renting

Although vaccines are already being produced on a large scale, and New Zealand has announced its first vaccinations could begin as early as this coming Saturday, outbreaks around the world continue to reach new peaks. Victoria, home to Melbourne, entered another statewide lockdown on Lunar New Year's Day. A renewed outbreak in New Zealand felt like the other shoe waiting to drop: we hoped it would not happen, while knowing it eventually would.

Back at Alert Level 3: rules construction businesses need to know

At 7h last night, Prime Minister Jacinda Ardern announced at a press conference that, following 3 community cases in Auckland with no known source of infection, Auckland would return to Alert Level 3 from midnight that day (11:59pm), while the rest of New Zealand would move to Alert Level 2. With the Australian state of Victoria having gone back into lockdown on Lunar New Year’s Day, New Zealand’s renewed outbreak was both unexpected and, in some ways, anticipated. Fortunately, the open-air nature and particular characteristics of construction make it one of the few industries able to continue working as usual at Alert Level 3.

Rental market defies the quiet season: landlords benefit but must heed new rules

New Zealand’s rental market usually experiences its quietest period over Christmas and New Year, picking up again around February as universities resume and people change jobs. In 2021, however, a rental market expected to be subdued by border closures instead saw an unusual rise after New Year, alongside a booming sales market marked by soaring house prices and scarce listings. What exactly is happening in Auckland’s rental market?

Auckland’s average house price tops $1,200,000 as Reserve Bank announces LVR reinstatement timetable. Will it curb prices? Economists are doubtful

On the first working day after the long weekend, New Zealand property market news once again dominated media coverage. The latest house price report from Quotable Value (QV) shows prices running out of control like a derailed train. Meanwhile, the Reserve Bank’s long-awaited plan to reinstate LVR restrictions has finally been clarified, and the government says it will introduce measures to curb property speculation by the end of February. Will they work? Independent economist Tony Alexander’s analysis pours cold water on those hopes.

Instead of constantly blaming Asians for soaring house prices, why not look at how Asian countries tackle housing problems?

In New Zealand, a familiar assumption seems to persist: high house prices are all down to Asian property speculators and wealthy overseas buyers. Yet the latest Stats NZ figures show that in 2020, overseas owners bought 348 residential properties in Auckland but sold 720. Across New Zealand’s other major cities, the ratio of purchases to sales also remained broadly at 1:2.

Starting late is no barrier if you dare: what is it like to make the leap from programmer to architectural designer?

New Zealand’s construction industry has always been full of hidden talent and outstanding people. Today, the JH interview team has the pleasure of speaking to a young designer with an impressive career. He founded his own design studio in his early 20s and now leads a team of 12 designers, continually advancing work that has attracted widespread recognition and attention from both the industry and the market. He is Owen Xing, founder of X Studio Architects.