Property · Building · Design
Recent data show that nearly 80% of New Zealand landlords own just one rental property. However, the new housing policies have already prompted many investors to list their rental homes for sale. With stringent tenancy laws and new tax policies, life for landlords seems less “easy” than before.
How will immigration policy develop amid the global pandemic? When will New Zealand reopen skilled migration? Will salary thresholds keep rising? These are just some of the questions being asked.
Rapid growth in construction in recent years has kept quantity surveyors, or QSs, in short supply. According to relevant data, nationwide demand for quantity surveyors is expected to reach around ten thousand or more, far beyond what the current workforce can meet.
Since housing market controls were introduced in March this year, have house prices risen or fallen? What is happening to sales volumes? These questions have attracted widespread attention. According to the New Zealand House Price Index released by CoreLogic this week, residential sales volumes are slowing noticeably, while prices have risen slightly.
The pandemic's impact over the past year has driven heavy borrowing by the New Zealand Government. By February this year, government debt had passed NZ$100,000,000,000. In today's speech on the economic recovery plan, the Finance Minister said addressing housing affordability remained the government's top priority.
The residential property market has faced its toughest crackdown ever under this year's latest regulatory measures. As the global economy gradually recovers, a new investment shift is quietly taking place. Data from several sources show that enthusiasm for traditional residential investment is waning, while commercial properties, including mixed residential and commercial properties, are attracting strong investor interest.
On 24 April, the ‘2021 New Zealand Property Market Seminar · Queenstown Property Investment Seminar’, hosted by the New Zealand Chinese Building Industry Association (NZCBIA), concluded successfully at the Hilton Queenstown. The event brought together the Queenstown mayor, prominent political and business figures, and more than a hundred industry guests to discuss key industry issues.
Yesterday, prominent financial weekly contributor Diana said the new tax measures announced by the New Zealand Government last month were ‘riddled with loopholes’ and lacked crucial details. She also criticised the Government for still failing to say clearly how long it would take to resolve these issues.
Two years ago, a three- or four-bedroom house in South Auckland could be bought for around NZ$700,000–800,000. Following the latest reshuffle of the housing market, both prices and sales volumes have risen in the south. Recent auction results repeatedly show three-bedroom homes there reaching more than a million New Zealand dollars. Manukau in particular is gathering momentum, having been named Auckland's most promising area by OneRoof last year.
House prices rose broadly around the world last year, with New Zealand recording the fastest growth in 2020 at 19%. Following last year's surging prices, a wave of interest rate rises is spreading across countries this year. After Brazil, Turkey and Russia raised rates, the Canadian government recently made clear that it would bring forward its guidance for rate rises to 2022. US economists likewise expect the Federal Reserve to begin raising rates in 2022.
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“New Zealand's population continues to grow, and the number of people renting nationwide has reached around 2,000,000. That means about 40% of New Zealanders choose to rent, yet a series of measures introduced since Labour took office amount to a direct declaration of ‘war’ on landlords.