Auckland rents still NZ’s most expensive, rising slower than national figure

  • Auckland rents for all residential properties are not rising as fast as the national figure and are well below Wellington’s rises, according to a Trade Me index.

But one category of Auckland property is proving extremely popular, rising at just over 13 per cent annually.

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Trade Me has released national property rental data

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Ponsonby real estate agent guilty of more crimes after admitting drug charges

  • A Ponsonby real estate agent has admitted three more charges, including deception, after earlier pleading guilty to methamphetamine-related crimes.

Samuel James Clough, 28, pleaded guilty in the Auckland District Court today to obtaining by deception, driving while disqualified and breaching his bail.

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Samuel Clough pleaded guilty in the Auckland District Court today to three further charges. Photo / Supplied

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Who’s made NZ’s Rich List?

  • Graeme Hart remains at the top of the Rich List and has this year boosted his wealth to $7.5 billion.

The National Business Review‘s rich list was revealed this morning in a live broadcast.

There are 19 newcomers to the exclusive club that make up the NBR rich list, adding $7b to its collective worth – a total $80b, up from $73b last year.

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Graeme Hart remains New Zealand’s richest man with $7.5 billion. Photo / Martin Sykes

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Real estate agent faces trial over Auckland property deals

  • A real estate agent who faces up to seven years in jail if convicted over two property deals in which investigators say he personally benefited by more than $850,000 will go on trial today.

Former Barfoot & Thompson agent Aaron Hughes denies the charges.

Charges laid against Hughes last year allege he obtained a valuation showing a property he was selling in Mt Wellington, Auckland, was worth at least $1.2 million.

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Former Barfoot & Thompson real estate agent Aaron Hughes. Photo / Supplied

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We’ve bought a house at last!

  • We bought a house last week. We bought because our rental will be sold and we want stability for our family.

But the price for that stability is very high.

In our book, Generation Rent, Selena and I were careful to point out that we chose to rent both for lifestyle reasons and for financial reasons.

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A yearning for family stability is one driver of home ownership.

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Property news: CRASH predicted by experts would see house prices drop to £70,000

PROPERTY market crash predicted by experts this month could see house prices sink to £70,000 in some regions. A crash could take nearly eight years to recover.

A property market crash could see house prices fall to £70,000 in Northern Ireland, and would take seven years and seven months to recover across the country, experts are claiming.

Property news: Property market crash predicted by experts could see house prices drop £70,000

Last time the market crashed, in 2007, it took nearly seven years for the average UK house price to return to its previous peak of £190,000.

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Tauranga’s 10-level tower

  • Plans have been unveiled for a 10-level commercial and residential development that will tower over downtown Tauranga – and comprise two levels of retail space, five levels of office space, and three top levels of high-end apartments.

The property at 2 Devonport Rd (previously the Westpac Building) is currently the headquarters of Tauranga City Council.

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Craigs House is a planned major 10 level commercial building for downtown Tauranga – artist’s impression

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Innovation boosts property market

  • Innovation and digital disruption are bringing challenges and opportunities to a rapidly changing commercial property market, says a top Auckland property expert.

Charles Cooper, Auckland managing director for Colliers International, says the key property trends of the last few years have been largely driven by new ways of thinking and innovative new digital tools.

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The Colliers 360 platform provides property information. Photo / Supplied

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11 Roslyn Terrace, Devonport – Linda Simmons Heartstring Real Estate

EASY LIVING VILLA WITH OPPORTUNITY
Are you keen to find an affordable villa that offers comfortable family living, but is brimming with opportunity for future enhancements, as and when you fancy making them?

Linda Simmons

Residential Sales

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No prison for billionaire father of Gigi and Bella Hadid – he gets ‘slap on the wrist’ after pleading ‘no contest’ to criminally violating building regulations on his ‘Starship Enterprise’ mansion

  • Mohamed Hadid, 68, was given a period of three years to reduce the size his infamous ‘Starship Enterprise’ mansion
  • He was ordered to pay a fine of $3,000, $14,000 in fees, and to serve 200 hours of community service
  • In May the real-estate mogul pleaded ‘no contest’ to three charges of criminally violating regulations

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Bye-bye mega mansion: Billionaire real estate mogul Mohamed Hadid has been ordered to reduce the size and complete his controversial mega-mansion and bring it up to code

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Is it safe to have an open home?

  • There seem to have been a lot of burglaries in my neighbourhood lately and I’m nervous about strangers coming to the house for open homes when we put it on the market. What can we do to make sure it’s safe?

It’s completely natural to feel a little anxious before viewings or open homes – you want your property to look attractive to potential buyers, but not so appealing that they start helping themselves to your belongings.

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Unconventional design for $7m Lake Hawea property

  • The wealthy British-born owner of Mt Isthmus Station on the western shores of Lake Hawea plans to build a house with an unconventional design on the property.

Singapore-based former hedge fund manager Richard Magides bought the 2945ha station in 2014 from the Burdon family for a reported $7 million.

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Lake Hawea, north of Wanaka. The international owner of the land plans to spend $5m developing the Lake Hawea property. Photo / Christine Cornege

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Ngauranga tunnel plan

  • A tunnel under the Ngauranga Gorge would reduce the effects of extreme weather events such as those that closed State Highway 1 last week, Ohariu MP Peter Dunne says.

The United Future leader said the closure highlighted the need for bold thinking and solutions about Wellington’s northern approaches, and he was proposing a region-wide discussion on the idea.

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The landslip in Ngauranga Gorge that closed State Highway 1 last week. Dunne says a tunnel would provide an alternative route in such events.

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Police win order to sell Ngatata Love’s $1.75m home ‘tainted by the proceeds of crime’

  • A heavily mortgaged $1.75m home shared by convicted fraudster Sir Ngatata Love and his former partner Lorraine Skiffington is to be sold after a sale order sought by police was upheld.

Police are now able to sell the house, in Plimmerton, under the Criminal Proceeds (Recovery) Act.

Love, 79, former head of the Maori landowning Wellington Tenths Trust, is currently serving a 2½-year jail sentence for obtaining by deception. His appeal against conviction and sentence was dismissed in June.

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12 Moana Rd, Plimmerton, is to be sold under proceeds of crime legislation. The property is valued at $1.75 million.

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Real estate agent’s livelihood and citizenship now at risk

  • No-quarter has been given to a pair of real estate agents by a High Court judge after they illegally turned a house into three flats.

In 2016, Auckland Council charged Qianli Ma (also known as Charlie Ma) and Yao Lu (also known as Elaine Lu) who converted a single family home into three separate flats to rent without building consent.

Ma and Lu plead guilty at Auckland District Court to three charges each of carrying out building work without the required building consent, each paying $7500 in fines.

But ahead of their annual real estate agent license renewal the pair went to the High Court hoping it would overturn the convictions.

READ MORE:
Poo mailing realtor wants license back
Realtor fined $5k for failing to reveal defects
Lotto winner wins $4k fine against realtor

LAWRENCE SMITH/STUFF

Ahead of their annual real estate agent license renewal Charlie Ma and Elaine Lu appealed to Auckland High Court to discharge them without conviction.

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Britain’s most expensive beach hut goes on sale

BRITAIN’S most expensive beach hut has gone on the market for £280,000 despite having no running water, mains electricity or a toilet.

The wooden cabin, on the exclusive Mudeford Spit in Christchurch, Dorset, comfortably sleeps four, with a double bed on the mezzanine level.

For £280,000 you could buy a four-bedroom detached house in Huddersfield or two three-bed cottages with an acre of land in the village of Maerdy, South Wales.

The sandbank can only be accessed by a 20 minute walk, a ride on a novelty land train or by ferry but its isolated position is what gives it its exclusivity and value.

READ MORE VIA THE SUN

This £280,000 beach hut hos no running water, electricity or toilet

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Home affordability down 10 per cent

  • House affordability across the country has fallen by nearly 10 per cent in the three months to June and plummeted in some regions over 12 months, according to a report used by the government to defend its housing policy last year.

Massey University’s latest Home Affordability Report shows most regions have decreased in affordability in the June quarter, down an average of 9.6 per cent across the country.

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The new report shows most regions have decreased in affordability in the June quarter. Photo / Greg Bowker

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Real estate agent fires a woman because she was pregnant – but told her she was getting the sack for being ‘unreliable’ for turning up 10 minutes late

  • A young woman was fired by a real estate firm just one day before her six-month probation was up ‘because she was pregnant’.

Burgess Rawson, who hired Tiffany Mahajan as an administrative assistant, said she was sacked because she was ‘unreliable’, the Melbourne Federal Circuit Court heard.

But Judge Heather Riley said this was a ‘preposterous’ excuse, noting Ms Mahajan’s pregnancy as the reason for her dismissal.

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Tiffany Mahajan was fired by a real estate firm just one day before her six-month probation was up ‘because she was pregnant’ (Ms Mahajan is pictured pregnant)

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Average asking prices take a dive

  • The Reserve Bank’s lending restrictions appear to be having the desired impact on the New Zealand property market with average asking prices taking a dive on a month ago, according to the latest Trade Me Property Price Index.

Head of Trade Me Property Nigel Jeffries said the average asking price of the typical New Zealand property dropped 1.2 per cent in June to $632,850. “The Loan to Value Restrictions (LVRs) seem to be doing the trick, with the average asking price down for the second month in a row and it’s not looking like it’s heading up any time soon, and certainly not at the pace we’ve got used to.

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SOURCE: Trade Me Property

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Fletcher Building chief executive resigns, profit downgraded

  • Fletcher Building has issued a profit warning and announced chief executive Mark Adamson will resign.

The company said its operating profit for the year to the end of last month would be $525 million, about $100m below its previous guidance of $610m to $650m.

Fletcher’s problems stem from cost blow-outs on two construction projects.

These are understood to be the Justice and Emergency Precinct in Christchurch and the Auckland’s Sky City International Convention Centre, however Fletcher would not confirm them by name because of “client confidentiality”.

READ MORE:
Fletcher Building a ‘serial underperformer’
Fletcher Building snaps up roofing firm, may enter joint venture
If Fletcher Building is struggling, others will be too

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Fletcher Building chief executive Mark Adamson said he was disappointed to be leaving the firm amidst bad news.

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