Category Archives: New Zealand Property & Real Estate News

The new government should introduce a capital gains tax as a minimum

However, one economist believes Labour may not have the appetite for the bold economic change New Zealand First is signalling it wants.

During his coalition announcement yesterday evening, New Zealand First leader Winston Peters said he believed New Zealand was facing an imminent economic slowdown, and that current economic settings did not work for everyone.

“Far too many New Zealanders have come to view today’s capitalism not as their friend but as their foe – and they are not all wrong,” he said.

Photo: 123RF

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Does your house earn more than you?

Houses in many regions have taken a pay cut with stalling sales prices cutting into capital gains.

In the past few years, homes in areas including Auckland had earned more in soaring values than the average worker earned at their job.

But new figures crunched by the Herald show the trend has reversed as the housing market plateaus and quick profits dry up.

Stellar price growth has eased across much of the country, meaning people’s houses are now earning less than workers’ gross pay packets across most New Zealand regions.

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Capital gains lag behind median wages in most regions as sales prices stall after years of spectacular growth. Photo / Chris Loufte

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Yours for $8m-plus: Unfinished Takapuna home

A partly-built Auckland waterfront home once at the centre of litigation which stopped development work on the exclusive site facing Rangitoto is on the market for $8 million-plus.

The property on Takapuna’s leafy, upmarket, quiet cul-de-saq Minnehaha Ave is being marketed as either a buy-and-finish or buy-and-bowl, along with plans for a new home.

Building site in ruins at 27 Minnehaha Ave, Takapuna is now for sale. Photo/Greg Bowker

Building site in ruins at 27 Minnehaha Ave, Takapuna is now for sale. Photo/Greg Bowker

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Has Queenstown’s property market peaked?

Sales are down in the wider Queenstown property market after a price surge but there are still plenty of choices for high end real estate buyers.

One is the yet-to-be built penthouse in central Queenstown’s latest apartment venture going for $6.5 million.

The penthouse is part of developer Kevin Carlin’s $100 million five-star Queenstown Views apartment development on Brecon St leading up to the Skyline gondola.

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This 740sqm mansion at Dalefield in a park-like setting near Queenstown is on the market for $5.8m.

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Foreigner land sale ban could hurt economy: finance expert

Clamping down on property and farm sales to foreign buyers would hurt New Zealand’s economy, says one expert.

Labour and New Zealand First have agreed to restrict sales of residential land and farmland to citizens, permanent residents and companies that are majority NZ-owned.

Justin Ensor, a KPMG partner and deal advisory chief, questioned the effect of the new policy.

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DIY house sales drop in Auckland

Private house sales are taking a hit as prices flatten in the Auckland property market.

The proportion of Auckland homes listed for private sale on Trade Me dropped from 4.6 per cent in September 2015 to 3.3 per cent for the same month this year.

However, there are still a number of Aucklanders willing to bypass professional agents after being burnt in the past.

Auckland resident Christine Primrose has decided to sell her Titirangi home privately.

READ MORE:
Predictions real estate agents will drop out as house sales plummet
NZ’s real estate sales model needs a shakeup
Hamilton real estate agency fined $1 million for price fixing
Sales drop around New Zealand, Real Estate Institute data shows

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Private house sales are still an option in a changing real estate market.

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Gang pad frozen

Police have frozen hundreds of thousands of dollars worth of assets belonging to the Head Hunters in Christchurch, including the gang’s headquarters.

There was a large police presence at the gang pad in Vickerys Rd, Sockburn, on Friday morning. A man wearing the gang’s Bay of Plenty colours was led away, without handcuffs, to a police car.

Canterbury district commander Superintendent John Price said police had taken civil action against the Head Hunters – restraining motorcycles and property, including the Vickerys Rd property, under the Criminal Proceeds (Recovery) Act 2009.

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Armed police raided the Christchurch Head Hunters’ pad on Vickerys Rd early on Friday morning.

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