Property · Building · Design
The latest report from New Zealand property research organisation CoreLogic says house prices rose across the country from month 1 through June this year. The strongest growth was outside Auckland, with increases reaching 50%.
The New Zealand Herald recently reported that all four of New Zealand's major banks had confirmed they would raise mortgage rates. ASB moved first, increasing its one-year fixed mortgage rate by 36 basis points, from 2.19% to 2.55%. Its two-year rate also rose by 36 basis points, from 2.59% to 2.95%.
This week, on 6–7 August, New Zealand's biggest annual construction industry event, the 2021 New Zealand International Building Expo, will open at Vodafone Events Centre. This year's expo brings together many well-known local and international brands. Established and emerging brands will feature side by side, with a wealth of new products offering visitors a fresh and exciting industry showcase!
Despite repeated government intervention and gloomy predictions from numerous experts, Auckland house prices have remained undeterred, rising relentlessly: in 2012, the average Auckland house price was just NZ$555,000; 10 years later, it had surpassed NZ$1,200,000.
A recent Colliers International property market survey ranked Remuera among New Zealand's top 3 most expensive luxury suburbs, thanks to its distinctive location and excellent school zoning. What makes this traditional enclave of wealthy, long-established European New Zealanders, where land is so precious, so appealing? Today, we take a closer look.
Because of the COVID pandemic, Auckland has gone a long time without a substantial building, construction materials and home exhibition. This is a major gap amid the growing public enthusiasm for property development in recent years and the unprecedented property market boom. Both the government and those involved in land development and new-home construction face many urgent issues. Alongside rapidly rising house prices, increasing costs and shortages of building materials and construction labour deserve attention and discussion from all stakeholders!
New Zealand's economic recovery is accelerating. GDP grew by 1.6% in the first quarter of this year, improving further on last year's fourth quarter, while demand for commercial property leasing and investment rose strongly. A recent research report shows that, a year after New Zealand's nationwide lockdown ended, commercial property markets—including office, retail and industrial—have all performed better than expected.
New Zealand's widespread property development boom has continued since 2020. With the Labour Government introducing further policies to support new home construction and sales, the construction and property sectors are enjoying unprecedented prosperity.
With the economic recovery looking strong, the battle to raise interest rates is now in full swing. Following repeated signals of monetary tightening from the central bank last week, all four of New Zealand's major commercial banks have now increased their mortgage rates.
If you work in property investment or construction, you will no doubt have heard plenty last year about pandemic-related construction delays — delays that continue even today. According to a Stats NZ survey, residential projects in the second quarter of 2020 took an average of almost 7 weeks longer to complete.
This year's two-day 2021 New Zealand International Building Expo and Summit (NZIBES) will open at Vodafone Events Center (Vodafone Events Centre) on 6–7 August.
2021 has been a turbulent year for New Zealand immigration policy. Following several major policy changes this year, Immigration New Zealand announced another significant series of changes to visa categories last Friday. Today, we have invited Sonny, a former immigration officer and practising immigration lawyer familiar to YIJU readers, to explain these changes in depth. Overall, there are both positives and negatives.