Property · Building · Design
The latest Real Estate Institute of New Zealand (REINZ) figures show that Auckland property sales slumped last month, falling from a high of 4013 in March 2021 to 2367, a year-on-year decline of 41%.
For most New Zealand families, building a home is the biggest investment of their lives. It also involves more decisions than buying, from house design to material choices. This leaves many people with no experience or industry contacts struggling to take the plunge.
This afternoon, the Reserve Bank of New Zealand (RBNZ) officially announced an OCR increase of 50 basis points to 1.5%. Before the announcement, economists had widely debated whether the Reserve Bank should raise the official cash rate by 25 or 50 basis points at today’s review, without reaching a clear consensus. But even before today’s decision, one thing was beyond doubt: either outcome would leave banks’ fixed mortgage rates on their continuing upward path.
Reporting the company’s results for last month yesterday, Peter Thompson, managing director of Auckland’s largest real estate agency, Barfoot & Thompson, said house prices remained firm in March, while property sales revenue fell 36% compared with March 2021.
Are the 160,000 of you about to gain residency under the One-off policy getting ready to buy a home? What’s that? You have already chosen your preferred area and type of home, but haven’t quite assembled the funds? Still have plenty of questions about financing an owner-occupied home?
A Stuff news story attracted considerable attention on social media last night: creditors had forced Sunnynook Central, a development of 15 townhouses in Totara Vale on Auckland’s North Shore, onto the auction market.
Two full years have passed since New Zealand detected its first coronavirus case on 28 February 2020. During those surreal years, the country’s housing market also experienced an unprecedented boom.
‘It’s a small project that doesn’t need much money. We’ll start with our own funds and save ourselves the hassle of applying for a loan!’ This bare-bones approach to financing appeals to many established medium-sized developers because it is ‘easy’.
Since COVID spread worldwide at the end of 2019, many industries have urgently needed to change to meet new market demands. Digital transformation has long since become more than a buzzword. Many businesses have moved their traditional operations online, replacing conventional models with online marketing, sales and even auctions to meet consumer demand during the pandemic.
On 17 March, New Zealand’s Parliament passed a controversial bill abolishing the long-standing policy allowing interest deductions for rental properties.
In recent years, as the Auckland Unitary Plan has become established and the direction of the Medium Density Residential Standards (MDRS) has become clearer, more land has been developed at medium to high densities. Correspondingly, more New Zealanders are choosing townhouses over standalone houses.
Whether it is an obscure technical issue only specialists understand or a housing concern that affects everyone, if you care about it and ask, YIJU New Zealand will find professionals to give you clear, thorough answers! With the introduction of the Medium Density Residential Standards, MDRS, do you have plenty of questions?