New Zealand Property News – New Zealand Real Estate News

• New figures reveal scale of slump in the property market.

House sales in Auckland have slumped by almost 30 per cent over the past year as tighter lending conditions take their toll on both first-home hunters and cash-starved investors.

The latest round of loan-to-value ratio (LVR) restrictions from the Reserve Bank are affecting investors, but banks have also tightened lending criteria – making it harder for all borrowers to get finance.

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The Reserve Bank said its loan-to-value ratio restrictions are helping to cool the Auckland housing market. Photo / Michael Craig

You may be surprised to hear that house prices are still rising across New Zealand.

According to the Real Estate Institute – a member organisation for real estate agents – national median house prices increased 6.7 per cent to $540,000 in the year to May 2017. Seasonally adjusted, this increase is 6.2 per cent.

The institute’s CEO, Bindi Norwell, says: “May’s housing activity clearly shows continued buoyant activity across a number of regions which contrasts with the continuing stability of the Auckland region.”

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According to the Real Estate Institute, national median house prices increased 6.7 per cent to $540,000 in the year to May 2017. Photo / 123RF

• Q: We’re planning to put our house on the market in spring. Is it best to use one agency to sell the property, or will we get a better result with multiple agency representation?

A: “Many hands make light work”. “The more the merrier”. “Two heads are better than one”. There are many old adages that support the idea of using more than one real estate agent or agency to market and sell a property.

It has become less common to see properties festooned with a variety of “for sale” signs, but whether you choose to work with one agency or several is all a matter of personal choice. Either way, there are a few important things to bear in mind.

Both options require the signing of a legal contract between you and the agency involved.

READ MORE:
* Kevin Lampen-Smith: What you need to know about agents
* Kevin Lampen-Smith: What you need to know before bidding at auction
* Kevin Lampen-Smith: Don’t rely only on supplied building reports

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• Three properties linked to the embattled Masala restaurant group have been sold for a combined $7.88 million.

The properties were among 34 sites with links to Auckland’s Masala Indian restaurant chain that were frozen by police during an investigation for alleged tax evasion and immigration-related offending.

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A property in Stanmore Bay was one of three linked to Masala which sold at auction today. Photo / Supplied

• West Auckland mother-of-two Amy Connolly’s $20-per-week rent increase last month has sparked a search for a new place to live.

She works full-time as a client administrator and pays $530 a week for a three-bedroom house. “I simply cannot afford it anymore. I would not be able to pay my rent if it was to go up any more.”

She said it was tough to find another place because many houses were let before they were even advertised.

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