Property · Building · Design
Auckland's housing stock increased by 64,000 homes, a rise of 11.9%, while its population grew by just 5% over the same period
If there is a style that can be called distinctly New Zealand, black exterior cladding is surely one of its defining features. Understated black boards are key to setting the mood. Dark cladding brings out the beauty of New Zealand's natural surroundings, while carefully balanced touches of pale timber and white add a sense of quality and texture.
Under the coalition agreement between National and New Zealand First, the Government has committed to amending the Building Act and the resource consent system to make it easier to build granny flats or other small buildings under 60 square metres.
Rents rose just 3.8% in the year to May, the first time growth has fallen below 4% since June last year, and are moving closer to the long-term average of 3.3%.
The cherry trees are the estate's most striking feature, but the couple later planted nearly 15000 bluebells, creating a bluebell woodland that became another highlight.
Auckland's residential market has plenty of stock as more sellers list their properties, but sales remain challenging. The latest OneRoof-Valocity House Value Index report shows new listings have risen to a high level compared with a year ago.
The government-backed build-to-rent programme is attracting growing interest from investors.
Under these circumstances, mortgage rates could very well fall significantly before Christmas.
New Zealand’s latest net migration figures will also be released this week. Although migration has passed its peak, the April figures are likely to show a net gain of more than 100,000 people over the past 12 months, roughly three times the long-term average. In other words, new migrants are still having a substantial influence on supply and demand in the local property market.
Seymour said: ‘According to the OECD’s Foreign Direct Investment Regulatory Restrictiveness Index, New Zealand currently ranks as the OECD country with the most restrictive foreign direct investment policies…’
The non-performing loan ratio will continue to rise
The non-performing loan ratio is expected to continue climbing to around 0.7% by the end of this year