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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.

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.

 

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.

 

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.

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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A real estate agent has been accused of ‘taking advantage’ of an elderly couple after he struck a deal with them to earn $35,000 in commission on their $520,000 suburban home.

Rohulla Naim told Thomas and Nital O’Neill – both aged in their 80s – that for every dollar over $450,000 their southeast Melbourne house fetched, he would receive half.

Rohulla Naim (pictured) said his commission was just a reflection of his selling prowess

 

A real estate agent who frequently unzipped his fly, made lewd jokes and commented on a junior staff member’s breasts and underwear has been found guilty of sexual harassment and bullying.

The female complainant came to a confidential settlement with the agency where the pair worked and reached a settlement with the agent after making a complaint to the Human Rights Commission.

The defendant would casually undo his fly zip, the tribunal heard. Photo / 123rf

 

A woman swindled $15,000 from her deaf uncle and blew the cash gambling at pubs, hotels and a casino.

Serena Jayne Adamson’s uncle asked her for help in letting his Christchurch home when he decided to move to Australia in 2012.

He gave Adamson, 35, access and authority to his bank account, according to a new court judgment released last week.

Serena Adamson stole $15,000 from an uncle who trusted her to organise a bank loan for him.

 

 

A house modelled on a hay barn and a house in a vineyard were two of the standout housing winners in the NZIA Wellington Architecture Awards announced on Wednesday, May 17.

And a house designed in 1965 by architect Reginald Uren for his brother Ron, picked up an Enduring Architecture Award.

Wairarapa Hay Barn was one of two projects by First Light Studio that received awards in the Wellington Architecture Awards.

 

KEY POINTS

  • Ponsonby real estate agent caught with meth and pipe
  • Told police pipe was for “aromatherapy”
  • Refused blood sample, saying it was “against spiritual religion”
  • Pleaded guilty to three charges and was sacked from job the same day &bull: Employer found about charges from the Herald

A Ponsonby real estate agent has admitted methamphetamine-related charges, but may not face a conviction.

Samuel Clough pleaded guilty in the Auckland District Court yesterday to methamphetamine charges. Photo/Supplied

 

New Zealand’s housing market has a 40 per cent chance of going bust in the next two years, according to global investment bank Goldman Sachs.

In a research note published this week Goldman says the New Zealand’s housing market is the most over-valued amongst the G-10 group of developed economies, Bloomberg reports.

Auckland’s property market has been running hot. Picture / Doug Sherring.

 

Labour leader Andrew Little used his first house to highlight how housing had become unaffordable under the National-led Government.

However, analysis shows the value of his “starter home” in Wellington rose at a greater rate under a Labour Government than under National.

Labour Party leader Andrew Little’s “starter home” in Brooklyn, Wellington. Photo / Mark Mitchell

 

Sugar Mamma – Financial Advice

New Zealand’s biggest real estate agency says the Auckland market is “cooling slightly” after listing volumes ballooned 42 per cent in the last year and its boss has offered advice to people keen to sell here.

Chris Kennedy, Harcourts chief executive, said the market had changed.

“There are more properties available to buy, up 42 per cent,” the business said, comparing Auckland listings in April last year with last month’s listings. “However, prices are not yet in line with the new market.” Last April, the average Auckland Harcourts’ price was $916,726 but last month it was $1,024,317.

 

We have been saying for some time that the residential real estate market is due for a correction… Well we are in it, here is why:

 

A YOUNG rich lister who made his fortune off the back of Australia’s capital city property boom says his generation needs to stop buying $4 coffees and travelling if they want to own a home.

Developer Tim Gurner, 35, is worth nearly half a billion dollars but has delivered a brutal smackdown to some would-be first home buyers struggling to get a toehold in the market.

Property developer Tim Gurner made his fortune riding the property boom.Source:News Corp Australia

 

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The prospect of rising house prices and higher interest rates seems to be causing some people to rethink whether this is a good time to buy a house.

The ASB Housing Confidence Survey, released this morning, said housing market
activity had continued to a slow in New Zealand as a result of tighter lending standards imposed by the Reserve Bank.

Rising house prices and higher interest rates are making people rethink buying property. Photo / Michael Craig

 

THERE are plenty of hard luck stories around these days detailing young people’s struggle to get a grip on the property ladder.

Lucas Laxale’s story is not one of those, but the happy ending hasn’t come easily.

The 30-year-old started his entrepreneurial career at the tender age of just eight when he wanted a puppy.

30-year-old Lucas Laxale started saving at eight years old and didn’t complete his school certificate, today he owns a $3 million property. Pic; Adam Yip/ Manly Daily

 

After record national median prices in March, prices are stable and sales volumes fell across New Zealand during April as the market moved past the traditional March peak and into a typical cyclical April, according to the latest figures released today by REINZ, source of the most recent, complete and accurate real estate data in New Zealand. On a seasonally adjusted basis the national median price rose 1% indicating that the decline in the national median price for April was less than expected for this time of year.

SOURCE: REINZ

A firm jointly owned by former All Black Christian Cullen has sold its property in Lower Hutt to an investment group for $8.4 million.

Caniwi Capital said it had purchased the one hectare site in Petone from Tilley Properties, making the company the largest property holders in the Hutt Valley.

Tilley Properties, which is owned by Cullen and David Monnery, who has acted as Cullen’s manager, bought it in March 2015 for $6.3m.

MARK TANTRUM/GETTY IMAGES

All Black great Christian Cullen grew up in Paekakariki, and attended Kapiti College.

 

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For millennials reluctant to sacrifice their smashed avocado on toast to get on the property ladder, this may be the answer. A number of townhouses in Brisbane are being offered for sale to young professionals – and will allow you to enjoy the luxury dish for free for a year. Ray White Sherwood has listed several brand new two or three bedroom properties in Bute Street in the blue-ribbon suburb of Sherwood starting from $595,000. While the price is steep for many young people, the real estate agency is offering to help with the budget by including the cost of avocado on toast once a weekend at your favourite café in the area.

Townhouses in Brisbane are being offered for sale – with free avocado on toast for a year

 

Auckland average residential property asking prices rose 9.6 per cent in the past year to hit $925,300, slightly below the national average $644,600 which was up 10.2 per cent, according to Trade Me Property.

Christchurch asking prices dropped 0.8 per cent to an average of $471,150 but Wellington outstripped other areas with a 13.2 per cent asking price rise from April last year to last month. Wellington’s average is now $541,900.

New house asking price data has been released. Photo/Doug Sherring

 

The NZ dollar dropped by about three quarters of a US cent and fell sharply against the Aussie after the Reserve Bank gave a far more dovish than expected message at it latest review of the official cash rate.

Soon after the 9am release of the Reserve Bank’s statement, the currency was at US68.50, down from US$69.25 just before.

Reserve Bank Governor Graeme Wheeler holds the line on the official cash rate. Photo/Mark Mitchell

 

Price caps for first-home buyer grants could be lifted yet again in Auckland if house prices remain stubbornly high, the Government says.

The potential review of the KiwiSaver HomeStart grant comes as a new Government measure lays bare the high proportion of renters being shut out of the housing market.

Building and Construction Minister Nick Smith says he is confident house prices in Auckland will flatten out once efforts to lift supply have kicked in. Photo / Supplied

 

Renters are finding housing more affordable but the plight of first-home buyers in Auckland has worsened, new government figures show.

Five years after it was commissioned, a quarterly housing affordability measure was revealed today by the Ministry of Business, Innovation and Employment.

 

The REB Top 100 Agents ranking, partnered exclusively by Open Agent, is the pre-eminent ranking of agents in Australia and the benchmark for success in residential real estate sales.

The ranking has set the bar for professional excellence for six years, identifying the best salespeople in the industry. REB Top 100 Agents is the standard agents strive for.

 

 

 

 

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