New Zealand Property News – New Zealand Real Estate News

• A dingy, half-painted caravan with masking tape holding the windows together is being advertised for rent on TradeMe as a “fully-furnished one-bedroom unit”.

It will cost the tenant $125 per week to live in the caravan, which sits in an overgrown property on Bollard Ave in New Windsor, Auckland.

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Renting this caravan will cost you $125 a week in Auckland. Photo/Trade Me

• A new commercial development on Wellington’s waterfront looks set to cause controversy before construction even begins.

Wellington City Council’s Site 9, alongside Customhouse Quay, has been earmarked by developer Willis Bond & Co for a new five-storey block – but it is being opposed by Waterfront Watch, and is expected to end up in the Environment Court.

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• Kiwi Property is advancing its $200 million-plus Sylvia Park expansion, revealing details in an NZX presentation this morning with at least one big new department store and 1500 extra car parks to cope with demand.

But which department stores is unspecified. Kiwi is only saying it will have “at least one” and that it will be upstairs as part of a vast 2-hectare floor space expansion.

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The Sylvia Park aerial view shows changes at the Auckland centre.

• A $29 million development featuring 27 luxury inner city apartments is expected to provide a further boost to Tauranga’s CBD.

The new six-storey Latitude Residences apartment complex in Park St is the latest in a series of apartment buildings underway in the city centre which will create almost 100 new apartments.

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An impression of the six-storey Latitude Residences apartment complex on Park St. Photo/Supplied

• Taxpayers have spent more than $350,000 on upgrades to a rental property for New Zealand’s ambassador to Ethiopia and the African Union in Addis Ababa.

A further $695,000 was spent over three years on the operating cost of renting and running the Official Residence of Ambassador Bruce Shepherd, which include utilities, taxes, maintenance and security.

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• The Reserve Bank has a persuasive case for being given the power to impose debt-to-income (DTI) curbs on residential mortgage lending.

It is certainly more compelling than the stock arguments raised against such a move: that it is too hard on would-be first-home buyers and is regulatory over-reach – nanny state stuff.

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