Property · Building · Design
Following the close of the initial public consultation period, the new Medium Density Residential Standards (MDRS) officially took effect on day 18 of month 8.
The Reserve Bank of New Zealand raised the Official Cash Rate (OCR) to 3% last week and reiterated its forecast of a peak of around 4% in this cycle. The Bank also forecast further falls in New Zealand house prices over the next 9–12 months, bringing them back to “sustainable levels”. Given the challenging market conditions, it is difficult to see house price declines ending by the close of this year. Mortgage rates have already risen substantially, leaving borrowers facing an even tougher situation. Properties are already being listed for mortgagee sale across the country, and some real estate agents warn that some borrowers will feel pressure to meet their repayments,
The Reserve Bank of New Zealand raised the Official Cash Rate (OCR) to 3% last week and reiterated its forecast of a peak of around 4% in this cycle. The Bank also forecast further falls in New Zealand house prices over the next 9–12 months, bringing them back to “sustainable levels”. Given the challenging market conditions, it is difficult to see house price declines ending by the close of this year. Mortgage rates have already risen substantially, leaving borrowers facing an even tougher situation. Properties are already being listed for mortgagee sale across the country, and some real estate agents warn that some borrowers will feel pressure to meet their repayments,
Hospitality operators have recently complained to the media that the new Accredited Employer Work Visa system is hindering their recruitment of new staff.
Hospitality operators have recently complained to the media that the new Accredited Employer Work Visa system is hindering their recruitment of new staff.
After nearly three years of market disruption caused by the pandemic, New Zealand’s construction industry has inevitably entered a stormy period.
As people’s expectations of kitchens evolve, technological upgrades are becoming increasingly important.
In her novel Kitchen, contemporary Japanese author Banana Yoshimoto describes the kitchen as more than a place for everyday cooking: it is also a spiritual space where people feel the warmth of family, heal their pain and grow emotionally. The warmth of the kitchen sets the warmth of the home. The aroma of fresh sauce in a pot, the smell of freshly baked biscuits and even washing the dishes together after a meal are all bonds passed down through generations of a family.
The Reserve Bank of New Zealand now expects the Official Cash Rate to peak at 4.1% as it tackles inflationary pressures, up from its previous forecast of 3.95%.
The July House Price Index (HPI), released last week by leading property industry body the Real Estate Institute of New Zealand (REINZ), shows that New Zealand property prices have fallen 10.9% from their peak in November last year, returning to levels seen a year ago. Within the industry, the REINZ HPI is regarded as the most accurate measure of property price movements because it adjusts for changes in the mix of properties sold unconditionally each month. It is less affected by changes in conditions in smaller markets and provides an overall view of market sales activity.
81 Carlton Gore Road was once the headquarters of New Zealand insurer Fidelity Life and was widely known as “Fidelity House”. Recently, celebrated local developer Lamont & Co, winner of numerous awards, decided on a bold transformation of this highly valuable site: turning the once-grand commercial building into high-quality residential apartments offering an exceptional lifestyle, named “The Domain Collection”.
Over the past two years, New Zealand's difficult economic climate has seen many excellent teachers move to Australia or to smaller cities to reduce their living costs. Yet as a teacher shortage began to emerge nationwide, one New Zealand school received a letter of thanks from a student.