‘Limited English, unlimited bank accounts’: Chinese investors are snapping up 25% of all new properties on the market – and 20% are left EMPTY

  • Chinese investors are snapping up a quarter of new properties on the market as younger, cashed-up buyers arrive.

    They are part of a growing number of foreigners casting their eyes to Australia as a nearby source of wealth with an enviable lifestyle.

    ‘We say limited English, unlimited bank accounts,’ Melbourne real estate agent Tim Heavyside told Sunday Night of many buyers – even in the outer suburbs.

    READ MORE VIA DAILYMAIL

Real estate agent Monica Tu said she was selling the ‘Chinese Australian lifestyle’, which was the biggest appeal for any wealthy investor

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Ngai Tahu plans more than 400 homes for Hobsonville Point site

  • More than 400 houses are planned for one of the last undeveloped sites at Hobsonville Point, north of Auckland.

Ngai Tahu Property has announced it has entered into a development agreement for a 2ha site 20 minutes north of central Auckland, doubling the size of the planned development known as Kerepeti.

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More than 400 homes are planned for this site at Hobsonville Point, north of Auckland. Photo / Supplied

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Housing in the budget: ‘Not enough’ for Auckland house hunters

  • For one couple it seemed the chances of buying a house in Auckland were “one-in-a-million” and nothing they’ve seen in the Government’s Budget looks likely to change that.

Hannah Spanhake, 26, and her partner Iain Spanhake, 37, moved to Hamilton two months ago – driven in large part because they felt buying a house in Auckland was out of reach.

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Hannah Spanhake pictured in Hamilton today. She recently moved from Auckland to Hamilton because it offered the opportunity for her to buy her own house. Photo: NZH/Alan Gibson

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Stunning Auckland apartment sells for $8.7m

  • A Remuera property sold at auction yesterday is one of the most expensive apartments in New Zealand.

The three-bedroom 356 sq m apartment in the Kingsbridge complex on Remuera Rd was sold by Bayleys for $8.7 million. It boasts floor-to-ceiling windows with views across the Waitemata Harbour to Rangitoto.

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The property is among New Zealand’s most expensive apartments. Photo / Bayleys

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Sir Ngatata Love’s trial ‘unfair’

  • Disgraced Maori leader Sir Ngatata Love is fighting to clear his name on the grounds his “disabled state” made him unfit to plead and stand trial.

Love is appealing his conviction and sentence in Court of Appeal after he was found guilty in September of obtaining property by deception.

READ MORE:
* ​Sir Ngatata Love denied bail ahead of appeal of conviction and sentence
Sir Ngatata Love sent to prison after showing ‘no sign of remorse’
Sir Ngatata Love trial portrays him as criminal fraud, or duped friend
Sir Ngatata Love should lose knighthood – Tenths Trust beneficiary call
IRD struggle to find company tied to Sir Ngatata Love fraud, delaying liquidation

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ROSS GIBLIN/FAIRFAX NZ

Sir Ngatata Love is appealing his conviction and sentence for obtaining property by deception.

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CoreLogic Monthly Property & Economic Update for May 2017

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May 25, 2017 · 11:23 AM

West Auckland real estate agent Aaron Drever pleads for licence

  • A top real estate agent stripped of his licence last year is blaming attention-deficit hyperactivity disorder (ADHD) and stomach stapling surgery for his litany of offending.

West Auckland-based Aaron Drever was once a high-flying seller, earning over $1 million a year in commission.

But he is now making a last-ditch attempt to save the only career he has known since he was 18.

READ MORE VIA NZHERALD

West Auckland real estate agent Aaron Drever has appealed the cancellation of his licence. Photo / Brett Phibbs

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Grow up, Wellington

  • Wellington needs to grow up if it wants to solve its housing crisis, a report says.

At the heart of the problem is the lack of supply, and one way to solve it is raising height limits in the suburbs to match those in the city centre.

The advice comes from a recent Housing Forum, at which 70 stakeholders from the housing sector, community organisations and politicians came up with solutions to problems identified by the Mayor’s Housing Task Force.

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MAARTEN HOLL/ FAIRFAX NZ

Wellington’s housing density could change in suburban areas if the Housing Forum recommendations are adopted.

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Auckland boat shed selling for $700,000

  • Spending $700,000 in Auckland can get you a three-bedroom house in Sandringham zoned for Mt. Albert Grammar, a brick and tile house in a gated community in Papakura, a family home with a large garden in Waitakere, or a two-bedroom house in Takapuna.

And in central Auckland it can get you a boat shed.

The owner of a historic boat shed at Whakatakataka Bay has put it on the market for $700,000.

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PHILIP HART

The boathouses on Ngapipi Rd are well known to Auckland commuters.

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Stunning Christchurch houses

  • Canterbury is a region with a strong lineage of architect-designed houses, and Christchurch’s post-earthquake building boom has continued to bring out the best design.

Eight new houses have won Christchurch Architecture Awards this year, plus one renovation project.

And a spectacular mirror house, designed by Maurice Mahoney in 1987 took out one of two Enduring Architecture Awards.

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LISA GANE

Red rules in the Montreal Street House project by C Nott Architects, but there’s a bright blue around the courtyard.

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28 Stanley Point Road Devonport

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May 24, 2017 · 3:37 PM

Highest sales in Christchurch since quakes

  • Nearly a quarter-of-a-billion dollars in commercial property sales during the second half of last year, is the highest level for Christchurch since the global financial crisis and post-earthquakes, says a new research study.

CBRE’s first quarter 2017 Christchurch MarketView report reveals 41 per cent of the $242 million in sales volume was within the office market with an increase in levels of transactions over $5 million.

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Investors, syndicates and institutions are buying into the Christchurch market. Photo / Supplied

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Hutt’s infill housing dilemma

  • Real estate agent John Ross reckons the Hutt City Council’s move towards infill housing and apartments is wide of the mark.

The council is surveying residents on a range of changes to its District Plan that would radically alter its housing rules.

Apartments and terraced houses in ten areas near transport links, shopping, parks and schools could dramatically change what the city looks like.

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MAARTEN HOLL/FAIRFAX NZ

Real estate agent John Ross supports building apartments in suburban shopping centres, but believes the best way to get more houses in Lower Hutt is still through large greenfield developments.

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Schnapps founder and former real estate agent Ulf Fuhrer declared bankrupt

  • Former Wellington commercial real estate agent Ulf Michael Fuhrer has been declared bankrupt in the High Court in Wellington over debts owed to the ASB Bank.

Fuhrer first appeared in March, but his case was adjourned for two months to allow some commercial property deals to be settled and payment to be made.

When Fuhrer’s case was called on Tuesday, he did not appear, nor did his lawyer. Fuhrer’s debts were last reported to be about $27,000.

In March, Fuhrer said the debt with ASB related to a property settlement deal from his marriage.

READ MORE:
Schnapps founder and ex-Victoria University lecturer Ulf Fuhrer fighting bankruptcy bid
Hutt schnapps hailed at awards

CRAIG SIMCOX/FAIRFAX NZ

Ulf Fuhrer established Aotearoa Distillers, which produced Zumwohl schnapps, in 2008.

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Kiwis face new tax on house sale profits in latest Australian policy surprise

  • New Zealand expatriates who sell their family home in Australia could face a large tax on any capital gains.

The Australian Budget earlier this month removed an exemption from capital gains tax on a main residence for foreign and temporary tax residents.

New Zealanders who already own a home would not have to pay the tax if they sold the home before 2019.

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Agent on sex charges still selling houses

  • A North Island real estate agent facing serious sex charges including attempted rape has had his licence renewed and is currently selling homes.

The man is vowing to fight the charges in court and told the Herald the allegations had destroyed his life, costing him his wife and kids.

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Capital market cooling as winter, loan restrictions and election uncertainty bed in

  • Wellington’s housing bubble has deflated as lending restrictions and election jitters combine with the traditional winter sales slump to trigger a drop in buyer demand.

The figures come a week after investment bank Goldman Sachs said in a report there was a 40 per cent chance New Zealand would suffer a housing market “bust” in the next two years.

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ROBERT KITCHIN/FAIRFAX NZ

Buyer demand in Wellington city’s market has sagged to pre-property boom levels as winter and the general election looms.

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Budget 2017:What’s in store for housing and infrastructure

  • PROPERTY INVESTMENT – 2017 BUDGET MOVES ALREADY OUT

• Crown building project: $2.23b four-year plan for 34,000 new Auckland residences;

• Core crown infrastructure: $23b in next four Budgets, on top of $20b in last five years;

• Infrastructure budget includes State Highway One $812m rebuild after Kaikoura earthquake;

• Emergency and modular housing: $304m package;

• Government housing support to 310,000 NZ households: $2.3b in 2017

• Accommodation supplement: $1.1b spent in year to March, 2017 for 285,174 people.

Few surprises appear to be in store for the politically-charged housing sector in this year’s Budget, after last Tuesday’s $2.23 billion spoiler to build 34,000 new Auckland residences.

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Real estate agents censured for threatening to ‘extort’ thousands from rival

  • Two real estate agents unhappy at losing a sale threatened to “extort” thousands of dollars from a rival agent, a tribunal has found.

Former Century 21 agents Michael Black and Lawrence Wong originally demanded $24,000 plus GST from their competitor Ian Smith and threatened to lay a complaint against him with the industry watchdog if he refused to pay up, a Real Estate Agents Disciplinary Tribunal decision says.

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Former real estate agents charged over missing client money ‘helped themselves to $4m’, court told

Two former LJ Hooker real estate agents charged over trust fund rip-offs helped themselves to $4 million but repaid some of it, a court has heard.

Tri Duc (Joseph) Ngo and Truc Thanh (Judy) Nguyen are charged with misappropriating funds, after the final loss was calculated at $2.1 million.

Joseph Ngo has indicated he will plead guilty to about 300 charges, but his wife, Judy, may fight the charges.

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Judy Thanh Truc (also known as Judy Nguyen) has been named as the business development manager at a newly-created firm. Photo: Supplied

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