Property · Building · Design
The latest data from New Zealand property website Realestate.co.nz shows that, across last year, owners of nearly 40% of listed properties reluctantly reduced their asking prices to secure a quicker sale.
Following several OCR increases by the Reserve Bank of New Zealand, major banks have raised their mortgage rates. This could be a difficult year for mortgage holders.
After three years of restrictions, China has officially lifted its border restrictions. International arrivals no longer need to quarantine or take a PCR test after landing
Over recent times, we have all witnessed New Zealand’s construction boom. Stats NZ figures released in February show that the number of new homes consented in the year to December 2021 rose by 24%, surpassing the record set in 1974.
Tax issues cause headaches for many people developing land in New Zealand. Recently, many have found that frequent GST reviews by Inland Revenue during the development process have caused a range of difficulties.
People tend to think of Auckland house prices as having risen steadily in recent years. In the year to February 2021, Auckland’s median house price jumped from NZ$885,000 to NZ$1,100,000, an astonishing annual rise of +24.3% that set a new record.
Last week, the latest survey of real estate agents by economist Tony Alexander and the Real Estate Institute of New Zealand (REINZ) indicated that another wave of house price falls was on the way.
Design project: Sistema Plastics headquarters Architect: Woodhams Meikle Zhan Architects Client/developer: Sistema Plastics Limited Project name/address: 15 Te Tiki Rd, Māngere, Auckland Awa
Recent ongoing increases in mortgage rates have caused widespread anxiety among home buyers.
The Reserve Bank of New Zealand held its latest monetary policy meeting and released its new policy on 23 November. In line with market expectations, it raised rates by 75 basis points (0.75%), taking the Official Cash Rate (OCR) to 4.25%.
Two weeks ago, the Reserve Bank of New Zealand raised the Official Cash Rate (OCR) by an unprecedented +75 basis points in a single move and expressed concern about New Zealand's economic outlook for 2023. Major commercial banks then began raising their retail interest rates.
In just two weeks, all of New Zealand’s major banks have announced interest rate rises. ANZ, ASB, Kiwibank, Westpac and BNZ have successively announced increases to a range of mortgage rates, with floating mortgage rates at almost all banks now approaching 8%.