Category Archives: Uncategorized

Eminem set to lose $4 million

Eminem bought the mansion in 2003 but is now selling the property for just $2.3 million. The huge property boasts a whopping eight bathrooms, five bedrooms, three garages and an array of swimming pools.

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Eminem performs at Lollapalooza in 2014. Picture: Theo Wargo/Getty Images

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Mortgage broker says bridging finance ‘impossible’ to get

An Auckland mortgage broker says lending restrictions are making it “impossible” to get bridging finance through banks, making it harder for people to move houses.

Bridging finance is typically used to fund a higher amount of debt for a short time when someone buys a house before selling their own home.

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John Bolton, chief executive of Squirrel Mortgages, says it is impossible to get bridging finance at the moment. Photo/Supplied

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Rental WoFs for capital

Wellington City Council will today become the first local authority to introduce a voluntary warrant of fitness for rental properties.

Mayor Justin Lester is set to announce the scheme this morning, in conjunction with the University of Otago, Wellington.

“We want to lift rental standards in our city and make better accommodation available for people. Every Wellingtonian deserves a warm, dry home,” Lester said.

READ MORE VIA THE DOMINION POST

MAARTEN HOLL/STUFF

Wellington City Council is in the middle of a $400 million upgrade programme to bring all of its buildings up to modern standards.

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Property magnates Chow brothers selling brothel in Wellington

A building housing a Wellington brothel owned by the Chow brothers is up for grabs in the city’s “traditional red light district”.

The two-storey property became New Zealand’s first purpose-built gentlemen’s club since the prostitution law came in to effect 14 years ago.

Michael and John Chow, whose assets include commercial property, hotels and strip clubs, built their $200 million portfolio from the ground up, starting with the adult entertainment industry.

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MONIQUE FORD/STUFF

Michael Chow, left, and John Chow are selling a building which houses their Il-Bordello brothel.

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Ngatata Love to be released from jail

Former Treaty of Waitangi claims negotiator Ngatata Love will be released on parole in October, having served less than half of his jail term for taking a secret payment of $1.5 million while chairman of the Wellington Tenths Trust.

Love was sentenced to two years and six months imprisonment last October for the fraud. The guilty verdict followed an investigation into a $1.5m payment from a land developer into a trust controlled by Love’s partner, Lorraine Skiffington, which was then used to repay a property loan on a Plimmerton house he and Skiffington co-owned.

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Ngatata Love Picture / NZPA

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Bill English just lit the fuse for another housing boom

Bernard Hickey surveys the real estate and political landscape and finds Bill English just lit the fuse for another boom if the Government is re-elected in its current form and a rudderless Reserve Bank loses its nerve

It’s like déjà vu all over again for the Auckland housing market and the conditions are now in place for another post-election surge.

This election campaign carries many echoes of the 2014 campaign.

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Fireworks go off from Auckland’s Sky Tower at midnight on New Year’s Day of 2015. By then, a fresh boom was well underway after the 2014 election result. Photo: Getty Images.

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Explore: The real cost of renting

Want to know the best suburb to spend your rental dollar without forking out more in travel and adding hours to your weekly commute? A new interactive app allows those hunting for a rental property to load income, workplace and living requirements then hover over different suburbs to find the perfect match.

Through the website affordability.org.nz creator Alex Raichev has used current rental data from MBIE, travel information from Google maps and costs from AA and Auckland Transport to create costings for each suburb in Auckland, Wellington and Canterbury.

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Top 10 MOST EXPENSIVE Youtuber Homes

Top 10 MOST EXPENSIVE Youtuber Homes

Here are 10 of the most expensive houses owned by YouTubers! You will be shocked by how much some of these houses actually cost!

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Long live the mall – Bayleys Real Estate

Long live the mall

Malls are in decline around the world, but they could be reborn as thriving town centres. Total Property looks at how New Zealand can bring new life to its shopping centres.

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Chinese billionaire, 29, plans ‘mega estate’ by combining two mansions

A 29-year-old Chinese man is about to transform two luxurious Sydney mansions, making it one of the greatest estates in Australia.

Shangjin ‘Jin’ Lin, heir to a billion-dollar Chinese property empire, bought two neighbouring properties in Sydney’s exclusive eastern suburb of Vaucluse and is planning to create one mega property.

The two luxurious mansions on Queens Avenue were bought for a combined $52 million on New Year’s Eve in 2015.

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The two properties with harbour views on Queens Avenue were bought on New Years Eve in 2015

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Former Mahia campground once embroiled in controversy now in mortgagee sale

More than a decade after they were made, the lonely streets of Blue Bay at Mahia could at last have homes for company.

Real estate agent Bayleys is offering 35 sections across a 2.9ha area of the waterfront Blue Bay subdivision as part of a mortgagee sale, with instructions that the sections must be sold.

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The planned waterfront holiday home subdivision, on land previously operated as a classic Kiwi campground at Mahia Peninsula. Photo / Supplied

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PM’s mortgage move

Prime Minister Bill English has ruled out allowing the Reserve Bank to introduce further curbs to home lending, and has signalled it should have a plan to remove a key lending restriction already in place.

​The central bank has come under fire recently from real estate agents saying its loan to value ratio rules (LVRs) are squeezing buyers out of the housing market even as prices flatten and in some case fall.

The Real Estate Institute of New Zealand (REINZ) has called for a review of LVRs for first-home buyers, who must have a 20 per cent deposit.

Real Estate Institute chief executive Bindi Norwell has said tightening lending criteria from cautious banks and the LVR restrictions were impeding the market.

READ MORE:
Reserve Bank property lending restrictions explained
Mortgage rationing bites make it harder to get a loan

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Prime Minister Bill English has told the Reserve Bank it should plan for an end to mortgage lending restrictions.

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Homeowners are being warned not to panic

House price inflation has vanished in Auckland and is slowing in other main centres as loan-to-value restrictions, tighter bank lending criteria and a pre-election slowdown deter buyers.

In its latest Economic Overview report, Westpac economists said prices had fallen 4 per cent since January in Auckland and more weakness was likely to come.

“Combined with last year’s tightening in lending restrictions and uncertainty ahead of September’s election, rising borrowing rates have seen annual house price inflation slow to just 1 per cent,” they said.

READ MORE: Rob Stock: The nightmare of negative equity

FIONA GOODALL/GETTY IMAGES

Investors might see less opportunity for capital gains over the next few years, Westpac economists said.

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Sydney home worth $3.7million with ocean views, a pool, spa and wine cellar could be yours for just $5… but you’d better be quick

Don’t give up on that smashed avocado on toast just yet – a spectacular $3.7 million home in Sydney with incredible ocean views could be yours for just $5.

A $3.7 million, six-bedroom house in North Curl Curl on Sydney’s northern beaches is being offered up as a lottery prize by the RSL Art Union with entries costing just $5, realestate.com.au reported.

Photos of the 455sq m property show incredible ocean-front views at the Austin Avenue address, which will be fully kitted out with furniture and appliances ready for the lucky winner to move straight in.

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The $3.7 million ocean-front property has its own heated swimming pool and spa

 

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Westpac sees ‘muted’ house-price rises in coming years

Economists at one of New Zealand’s largest mortgage lenders have predicted a flat to muted housing market for the next few years.

A new Westpac report out today has a gloomy national outlook for the housing sector.

The report, signed by the bank’s chief economist Dominick Stephens and others, said: “We expect that house prices will be flat over 2017 as a whole and that we’ll see only muted rises over the next few years.”

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Dominick Stephens – Chief Economist

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From dropout to homeowner

At 17 Ben Booth worried about how he would fund his retirement. At 24 he had just $1 left in his bank account and a house he could call his own.

Not many teenagers have a clear idea about where they want to be in five years time, let alone 30, but Cantabrian Booth was the exception to the rule.

As he stared down his final years of high school, Booth decided his time would be better served by getting a job and preparing for the future, rather than graduating high school.

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JOHN KIRK-ANDERSON/HOMED

“I have no qualifications, I have never worked a high paying job and I currently earn $38,000 a year,” yet seven years of hard work and perseverance resulted in him purchasing his first home.

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Rent Elvis’ former LA home

The Los Angeles property that Elvis Presley called home in the late 1960s with his then wife, Priscilla Presley, and their daughter, Lisa Marie Presley, is now available to rent for NZ$5458 a night.

Located in the Beverly Hills’ celebrity enclave Trousdale Estates, the cliff-side mansion has four bedrooms and six bathrooms spread over 498 square metres.

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Presley shared the home with his then wife, Priscilla, and their daughter, Lisa Marie, in the late 1960’s.

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Model Cindy Crawford, 51, opens the doors to her family’s sprawling Malibu home

Cindy Crawford has opened the doors to the stunning Malibu mansion she shares with her husband Rande and their two children, allowing cameras to capture some very intimate elements of the property – including several naked images of herself that decorate the walls.

The 51-year-old model welcomed interviewer Joe Sabia into her California home to record the latest installment of Vogue’s 73 Questions series, released on Monday.

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Q&A: Cindy Crawford opened the doors of her sprawling Malibu home to Vogue’s cameras to star in the latest installment of the magazine’s 73 Questions series (pictured)

 

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Australia: Couple’s homeowning horror

A couple’s dream of buying a home turned into a nightmare when it was abruptly taken away from them two years after paying for it.

Jade and Edward Roberts bought a home in Croydon, in Melbourne’s east, in 2015. They bought it off the plan – committing to buy a property that hasn’t yet been built – for $399,000 ($429,922) but received a discount of $15,000.

“We had decided it was time we wanted to buy a house and we started looking at already established houses,” Jade Roberts told news.com.au.

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Jade and Edward Roberts are fighting to change the legalities of the sunset clause. Photo / Facebook

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Why Auckland housing market stalled

The new property speculators’ tax, lending restrictions and the general election are all hitting the Auckland house sales market hard, according to the boss of the country’s largest real estate chains.

Chris Kennedy, chief executive of Harcourts, has cited these factors as reasons for a 43.5 per cent annual increase in the volume of unsold Auckland properties listed with his business.

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There’s been a 43.5 per cent increase in the volume of unsold Auckland properties. Photo / Doug Sherring

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