Property · Building · Design
A new ASB housing confidence survey released last week showed that most New Zealanders still strongly expect house prices to keep rising, despite a slowdown in the market following the Government's measures to curb it this year.
The introduction of the Auckland Unitary Plan in 2016 brought complex planning provisions together and substantially increased the scope for using residential land. This was certainly good news for many Auckland landowners.
With New Zealand's housing market facing a supply shortage lasting several times 10 years, and housing affordability in Auckland deteriorating rapidly, the Government's solution is now clear: cracking down on investors and stepping up support for new home construction are powerful ways to tackle the current housing crisis.
On 23 March, the New Zealand Government announced a package of new housing policies, stating that the Reserve Bank would consider debt-to-income ratios (Debt to Income Ratio, DTI) and related policies and report back in May.
According to interest.co.nz's latest national residential rent report, average weekly rents in New Zealand in the first quarter of this year were NZ$30 higher than in the first quarter last year, an increase of 6.5%, reaching NZ$491 a week. Weekly rents for three-bedroom homes in Auckland exceeded NZ$600 for the first time, while Queenstown is currently the only area nationwide where residential rents have fallen.
On 6 August, the 2021 New Zealand International Building Expo and Summit (NZIBES) will open in style at Manukau Vodafone Event Center (Vodafone Events Centre). This year’s event is expected to attract nearly 10000 guests and more than a hundred renowned New Zealand and international exhibitors, on an unprecedented scale. Sponsorship and exhibitor recruitment is now fully under way, with an international industry showcase set to take Auckland by storm!
Immigration policy has recently become a hot topic, with even Immigration New Zealand seemingly unsure what to do. Today, we have invited Sonny, a former New Zealand immigration officer and now an immigration lawyer, to give an in-depth analysis of the deeper implications behind Immigration New Zealand’s announcement of a so-called “immigration reset”.
Older homes renovated and auctioned for sky-high prices are so common in Auckland’s property market that they barely qualify as “news” any more. Yet a 3-bedroom standalone house sold in late April caught our eye. Let’s take a look at this textbook example.
Construction has long been recognised as a pillar of New Zealand’s economy. According to a Deloitte report, before the pandemic, in 2019, construction output accounted for 6.9% of New Zealand’s gross national product, and the sector provided 10% of all full-time jobs.
Population figures released by Stats NZ in April show that Auckland’s population could rise from its current 1,700,000 to 2,000,000 by the start of the next decade. In other words, 300,000 people will flock to Auckland over the next 10 years. With such substantial population growth, we can expect Auckland house prices to climb ever higher.
Recent data show Auckland house prices joining the million-dollar club across the board, with only a handful of South Auckland areas still recording home values below a million dollars. Does this mean buyers seeking a home with a budget of $1,000,000–1,500,000 can only buy in outlying, distant areas? Today we analyse Mt Albert, an undervalued pocket tucked into the heart of central Auckland.
As a wave of interest rate rises sweeps the world, New Zealand mortgage rates have become a nationwide focus. Many economists predict that New Zealand is moving ever closer to rate rises. Unexpectedly, however, ASB announced early this morning that it would cut mortgage rates again, lowering its floating rate for new homes to 1.79% and causing a stir across the industry.