First home buyers need LVRs to stay

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

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Aucklanders need $200k deposits

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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New Zealanders collectively have $237.79 billion in housing debt

One in three people strongly believe they deserve to have money to spend because they work hard, yet many are worried about their debt.

The Commission for Financial Capability has surveyed more than 1000 people about their attitudes towards debt for Money Week which starts today.

New Zealanders collectively had $237.79 billion in housing debt and $15.39 billion in personal consumer debt as of June – a record level.

But it appears many are worried about it with half of the people surveyed disagreeing with the statement “I have debt but I don’t really think about it that much.”

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Retirement Commissioner Diane Maxwell is worried about how easy it is for people to get into debt. Photo/Supplied

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At my place: Beauty blogger Annalee Muggeridge’s chic home

Beauty vlogger Annalee Muggeridge lives in a “fresh, contemporary and chic” home in New Plymouth, Taranaki with her fiance, Trent, a flatmate and her beloved dog, Peters.

The Taranaki-based makeup artist, who started her career by accident, rose to fame by posting makeup tutorials online and has now amassed a following of over 112,000 subscribers on YouTube and more than 35,000 followers on Facebook and Instagram.

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Hope you guys enjoyed the tour through our home.
Some of you may have noticed I only took you through 3/4 bedrooms, out of respect for our flatmate I didn’t take you through his room.

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Australia: Latest data puts Harcourts third in market share

Harcourts Group (Australia) has increased its market share such that it is now the third largest in both the number of sales made and dollar value achieved for the quarter to March 2017, according to new data.

CoreLogic has found that the network increased its sales by 0.4 per cent and value by 0.3 per cent, respectively. In addition, it noted that Harcourts is the only national group in the top five to have increased market value in the reported quarter.

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The Most Expensive Homes In America 2017

32 Properties over 75 million….. Check them out!

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PHOTO SOURCE: FORBES

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Buyers struggle to find a house in Palmerston North

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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Warwick Smith/STUFF

Houses are selling for well above their asking price in Palmerston North.

 

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REINZ wants loan-to-value restrictions lifted for first-home buyers

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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Real Estate Institute chief executive Bindi Norwell says LVR rules are stopping young people buying houses.

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Modular homes are on the rise

Modular homes are on the rise as homeowners priced out of the market see it as a cheaper and more adaptable new build.

Thanks to the growing popularity of modular building,  a factory in Upper Hutt is churning them out at near capacity.

Matrix Homes is working on 22 homes for a residential “village” in the Wellington suburb of Tawa that will go up in late September. The company ships homes all over New Zealand on the back of a truck for homeowners looking for a quick and easy way to build.

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Construction manager Scott Jones oversees the build of six homes a month at the Tretham factory.

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16-storey office tower, leased to Todd family, for sale in Wellington

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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ROSS GIBLIN\STUFF

Ian Cassels’ company owns the building, which sits on land owned by the Wellington City Council.

 

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Has the crash started?

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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NEVILLE MARRINER/STUFF

Some people who bought recently now own homes worth less than they paid for them.

 

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Quake-prone flats spared

The derelict and quake-prone Gordon Wilson flats in Wellington have been saved from the wrecking ball by one of the groups that succeeded in scuppering the Basin Reserve flyover.

The Environment Court has upheld an appeal against removing the heritage building status of the graffiti-covered flats in The Terrace, which have been unoccupied since being hastily evacuated five years ago.

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The Gordon Wilson flats in central Wellington have been around since 1959.

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REINZ CALLS FOR LVR REVIEW AS NUMBER OF SALES ACROSS NZ FALLS SIGNIFICANTLY

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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Plummeting house sales

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

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Jesse Sergent goes from professional cyclist to real estate agent

Aside from dealing with a lengthy winter, life as a retired sportsman is looking good for Jesse Sergent.

The two-time Olympic bronze medallist has successfully made the transition from professional cyclist to real estate agent.

One year on from announcing his retirement, Sergent said he had no regrets about how his cycling career turned out, nor his decision to move on.

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Bryn Lennon

Jesse Sergent retired from professional cycling in 2016.

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Real estate agent who sent faeces in post loses appeal

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

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Christchurch’s $240 million convention centre set to be complete by early 2020

Christchurch’s $240 million convention centre will be complete by the first quarter of 2020, the Government has announced.

CPB Contractors, owned by Australian company CIMIC Group, will build the centre. The business was also part of the Christchurch Hospital redevelopment and Transmission Gully roading project in Wellington.

Greater Christchurch Regeneration Minister Nicky Wagner said construction would begin on the Colombo and Armagh streets site “soon”. Ground work had already been carried out.

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An artist’s impression of the Christchurch Convention Centre in the central city.

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Bowls club wants $8m

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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The bowls club was founded in 1925.

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What would the property market look like under Labour?

No-one could deny that Jacinda Ardern’s appointment as Labour leader has shaken up the 2017 New Zealand general election.

What could this mean for the property market?

National may not have foreseen last week’s landslide. There’s no telling how the next seven weeks will play out – international experiences of Brexit and Donald Trump have taught us that nothing in politics is predictable anymore

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How would an Ardern administration impact the property market?

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New Zealand’s Reserve Bank leaves official cash rate unchanged

The Reserve Bank has left the official cash rate at 1.75 per cent, a move widely expected by financial markets.

The New Zealand dollar jumped, however, with the Reserve Bank still indicating it expects to begin raising the benchmark OCR from next year.

Governor Graeme Wheeler said in a statement that economic growth was expected to pick up in the coming months, supported by strong net migration, low interest rates and spending outlined in the May Budget.

​But Wheeler, who leaves the job next month, said headline inflation was likely to decline and the outlook for tradables inflation was weak.

READ MORE:
OCR may stay at 1.75pc until 2020, but mortgage rates could be trumped by Trump
Thinking about fixing your home loan? Here are five questions to ask

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MAARTEN HOLL/FAIRFAX MEDIA

The Reserve Bank’s indication it’s still considering rate rises next year gave the NZ dollar a boost.

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