Property News | propertynoise.co.nz

Real estate agents are wasting their breath calling for a removal of Loan to Value Ratio restrictions. There is no chance they will be removed prior to the election, nor should they be.

Though the housing market has cooled there is a risk that it will bounce back post-election as spring takes hold. That would be a disaster for first home buyers.

We know that population pressure is still far stronger than the rate on new building.

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Demands are growing for first-home buyer house lending restrictions to be relaxed. Photo / Michael Craig

Demands are growing for first-home buyer house lending restrictions to be relaxed, with one real estate agency boss saying Aucklanders now needed an average $200,000-plus deposit to buy their first home.

Barfoot & Thompson’s Peter Thompson, the Real Estate Institute and Century 21 national manager Geoff Barnett want Reserve Bank lending limits scrapped for newbie buyers and TailRisk Economics principal Ian Harrison has released a new report on proposed debt to income limits.

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The median house price in Palmerston North has increased only a flicker in the last month, but competition for houses remains intense, with most selling well above the asking price.

Real Estate Institute of New Zealand figures show prices stalled at $360,000…

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The Real Estate Institute is calling for a review of loan-to-value restrictions as property market turnover drops to its lowest non-Christmas level since 2014.

The number of properties sold across New Zealand in July fell by a quarter when compared to the same time last year, and the number of properties sold in Auckland fell by 30.6 per cent, the institute’s latest data shows.

That is the lowest level of sales, apart from Christmas periods, since August 2014.

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A Wellington office tower, headquarters of one of New Zealand’s largest family-owned companies, is up for sale.

The Todd Building on the corner of Customhouse Quay and Hunter St has been put on the market by 678 Trustee, a company owned by Wellington property developer Ian Cassels.

The 16-storey property was built in 1988, and is leased to several well-known corporations including Todd Energy, Oracle and Kiwibank.

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Barfoot and Thompson’s July sales report showed the average sale price for an Auckland Eastern suburbs home was $1.117 million in July, compared to $1.193m in July last year.

In the North Shore the average price was down from $1.3m to $1.06m. In South Auckland, it was down from $824,069 to $708,069.

What exactly this all means is up for debate.

READ MORE:
* Rob Stock: Extraordinary strategies to cope with extraordinary mortgages
* Rob Stock: Lessons of home affordability report
* Rob Stock: Absurd financial pressure on parents

Is China’s crackdown on money leaving the People’s Republic causing the crunch?

Are anti-money laundering laws finally working?

Have the Reserve Bank’s high deposit-for-investor rules knocked them out of the game?

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The number of properties sold across New Zealand in July fell by a quarter (24.5%) when compared to the same time last year, and the number of properties sold in Auckland fell by 30.6% (for the same period) according to the latest data from the Real Institute of New Zealand (REINZ) – source of the most complete and accurate real estate data in New Zealand.

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House sales volumes have collapsed by a quarter in the last year, prompting the Real Estate Institute to make a desperate call for an end to the Reserve Bank’s stringent lending restrictions for first-time buyers.

The Real Estate Institute has this morning released July national house data, showing how national house sale volumes fell by 24.5 per cent last month compared to July last year.

“The LVR restrictions have done their job of slowing the market, but now it seems they are acting as a handbrake which is why REINZ is calling for LVRs to be reviewed for first time buyers,” said REINZ chief executive Bindi Norwell.

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REINZ has issued its data on July house sales, revealing volumes sold and prices. Photo/Chris Loufte

A former Auckland real estate agent has lost his appeal to revoke his license after he sent faeces, condoms and soiled sanitary pads in the mail to a former employer and its lawyer.

In 2015 Grant Tucker was fined and discharged without conviction at Auckland District Court over sending faeces in the mail to his former employer Custom Residential’s director, John Wills, and its lawyer David Beard.

The Real Estate Agents Disciplinary Tribunal found Mr Tucker guilty of acting “disgracefully” and he had his license cancelled earlier this year.

The year prior, he’d had a falling out with Custom Residential and left an offensive phone message on Mr Wills’ phone and sent derogatory emails to employees.

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Grant Tucker Photo: SUPPLIED

A central Auckland bowling club is on the market for a small fortune.

The Hillsboro Bowls Club, founded in 1925, is on the market, with management hoping to sell the section for $6 million to $8m.

The 7975sqm site, about the size of a rugby field, is located about half way between the CBD and Auckland International Airport, at 16 Hillsborough Rd.

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