Category Archives: New Zealand Property & Real Estate News

Mitre 10 housing estate

  • Houses could one day sit on the site of the Petone Mitre 10.

Hutt City Council planners are looking at the future of a block of land that includes Petone Mitre 10, Fairfax’s printing press and Imperial Tobacco, tentatively called the North Park Village

City fathers have grappled with how to boost its population since the 1980s when major employers such as Ford and Gear Meat closed.

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NICHOLAS BOYACK

The council has its eye on Petone Mitre 10 as a potential site for housing.

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Hearings begin for $1.8bn Auckland road

  • Truckies, greenies and Nimbys get the chance to have a say on a major road through Auckland’s industrial belt when a board of inquiry starts tomorrow.

The east-west link, a new four-lane road connecting State Highway 1 at Sylvia Park to State Highway 16 at Onehunga, is costed at between $1.25 billion and $1.85b.

READ MORE VIA NZHERALD

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Death of the malls?

  • Suburban shopping malls aren’t dead but it’s not hard to kill them off, retail experts say.

Fears of ghost malls has been raised again with news that two more tenants, McDonald’s and OPSM, are joining the string of tenants to leave Wellington’s Johnsonville Mall.

Other malls around the Wellington region are also experiencing fluctuating fortunes, ranging from being a little tired to severe decline, in the case of Wainuiomata mall.

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MAARTEN HOLL/FAIRFAX NZ

Chris Wilkinson: ”When they talk about these malls closing in the States, this is exactly what we’re talking about here”

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What first home buyers need to know

  • With house prices finally plateauing and dropping in some areas, research company Canstar has outlined what would-be first home buyers should consider before putting a foot on the elusive property ladder.

The retail and business finance research company is urging first home buyers to make sure they are properly prepared before they try to enter the market.

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With house prices finally plateauing and dropping in some areas, research company Canstar has outlined what would-be first home buyers should be aware of. Photo / 123RF

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First-time house buyers worst hit as house sales fall by 30%

  • 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

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Don Ha Business Connect Show 14

Don Ha Business Connect – 14th TV Episode!

Don Ha presents Don Ha Business Connect – a show connecting people, property and business. Don discusses recent changes in the Auckland and New Zealand property market, property financing as an important factor in the market, and interviews special guests each episode.

Published on Jun 22, 2017

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Price rises hit soft spot

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

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Work harder to sell

  • Aucklanders expect their homes will sell fast. Often this is the case. But the market has slowed over the past few months and some properties do sit unsold for longer than their owners might like.

Auction clearance rates in May were 36 per cent for Barfoot & Thompson and 37 per cent for Bayleys, which means some houses aren’t selling. A proportion, of course, will sell by negotiation post auction.

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Some properties do sit unsold for longer than their owners might like. Photo / Supplied

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Maccas to quit Johnsonville Mall

  • The future of the Johnsonville Shopping Centre is looking more uncertain than ever with the exit of two major retailers.

Optometrist chain OPSM this week vacated the increasingly empty mall in the northern Wellington suburb, and McDonald’s has confirmed it will  close in less than three months.

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MIKE BLAKE/REUTERS

McDonald’s NZ has confirmed it will leave the Johnsonville Shopping Centre in September. (File photo)

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Two agents may not be better

  • 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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123RF

In theory, listing with more agents means the property will be seen by a larger number of potential buyers.

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CoreLogic Monthly Property & Economic Update for June 2017

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Masala-linked properties sell for millions at auction

  • 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

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Reserve Bank holds OCR at 1.75 per cent

  • Reserve Bank governor Graeme Wheeler kept the official cash rate at 1.75 per cent and will look through a recent pick-up in inflation which is seen as being a temporary spike in the tradables sector while complaining about the currency’s strength over the past month. The kiwi gained.

“The increase in headline inflation in the March quarter was mainly due to higher tradables inflation, particularly petrol and food prices,” Wheeler said in a statement. “These effects are temporary and may lead to some variability in headline inflation.”

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Reserve Bank Governor Graeme Wheeler. Photo / Mark Mitchell

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The best city to be a renter

  • 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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123RF

Tenants competing for properties are dealing with bigger increases in some parts of the country than in others.

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Door may open to 2800 houses near Queenstown

  • More than 2800 residential units could be built along Ladies Mile, near Queenstown, an indicative master plan for the area shows.

The council’s plan covers an area of 136ha on either side of State Highway 6 and includes the under-construction Queenstown Country Club (QCC) – the only Special Housing Area (SHA) approved on the Ladies Mile to date. It will be considered by the council at its meeting this Friday.

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More than 2800 residential units could be built along Ladies Mile, near Queenstown.

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$125 rent to live in an Auckland caravan patched up with masking tape

  • A dingy, half-painted caravan with masking tape holding the windows together is being advertised for rent on TradeMe as a “fully-furnished one-bedroom unit”.

It will cost the tenant $125 per week to live in the caravan, which sits in an overgrown property on Bollard Ave in New Windsor, Auckland.

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Renting this caravan will cost you $125 a week in Auckland. Photo/Trade Me

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New waterfront development planned on Site 9 – but land price withheld from ratepayers

  • A new commercial development on Wellington’s waterfront looks set to cause controversy before construction even begins.

Wellington City Council’s Site 9, alongside Customhouse Quay, has been earmarked by developer Willis Bond & Co for a new five-storey block – but it is being opposed by Waterfront Watch, and is expected to end up in the Environment Court.

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KEVIN STENT/ FAIRFAX NZ

Site 9 is behind the orange digger.

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Pricier loans could be on the cards

  • Homeowners with mortgages are being warned a credit rating downgrade for the big four banks could be bad news for their repayments.

Credit rating agency Moody’s has downgraded a dozen Australian banks, including the big four, citing increased risks in the nation’s increasingly indebted households.

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The big four Australian banks, which operate BNZ, ANZ, Westpac and ASB in New Zealand, have had their ratings downgraded by Moody’s.

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Department stores on way for Sylvia Park: but who?

  • Kiwi Property is advancing its $200 million-plus Sylvia Park expansion, revealing details in an NZX presentation this morning with at least one big new department store and 1500 extra car parks to cope with demand.

But which department stores is unspecified. Kiwi is only saying it will have “at least one” and that it will be upstairs as part of a vast 2-hectare floor space expansion.

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The Sylvia Park aerial view shows changes at the Auckland centre.

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