The RBNZ wants to see the sales data for February and March before assessing the effectiveness of their new measures that included the 70% LVR restriction for Auckland investment properties. New lending was at an all time high at $1.679 Billion for the week ending 4 March and the average size of loan set a new record. February property sales were up on the previous three months.
Property asking prices in the provinces grew by a higher percentage than properties in Auckland. According to Trade Me Sales Price Index for October 2015 asking prices in Auckland increased by 2 percent compared to 3.8 percent in the provinces.
Investors are making their own luck in the regions and in the least popular suburbs of Auckland. Property values have sky-rocketed pretty much everywhere in Auckland however there are investors still buying properties under market value. They are just not in the popular suburbs and the properties need a bit of work.
Renting is a choice for many people who just don’t want the hassles of homeownership and their lifestyle doesn’t suit it. There is a rise in single households too, so owning the kiwi dream of a typical three bed standalone in suburbia is not on their radar now nor any time in the future.
There are professions that require extensive travel and with today’s global economy people are a lot more transient, moving cities, countries at very short notice.
It’s official the Taxation (Land Information and Offshore Persons Information) Bill has been introduced into Parliament. The new law will see Land Information and Inland Revenue share the data collected on offshore residents. It may prove very useful in determining to what degree NZ real estate is used to launder money acquired from criminal activity.
More New Zealanders are renting today than ever before and they will remain in rented accommodation longer than desired. Their first taste of home ownership is likely to be an investment property which they’ll rent out while they too remain as tenants in another landlord’s property.
Landlords may come off badly if Auckland Council go ahead with their proposed bylaw to charge homeowners with rubbish in their front and back yards. To be clear here they’re not talking grass that hasn’t been cut for a couple of months complaints.
Let’s start out with the differences between a mentor and a teacher then we can apply what we know to property investment.
Understandably a mentor and a teacher are easily confused as one in the same when in reality they are quite different and achieve quite different outcomes.
In the last five years the average weekly rent has gone up $70 a week from $340 – to $410. It has also climbed 6.5% from February 2014 to February this year according to Trade Me’s Rent Price Index. While you’d expect larger weekly rent rate increases in the Auckland region they were rather modest at just 5.6% with Wellington at 5% and Canterbury at 7.1%.
Over the last few years, we’ve had the pleasure of selling a number of properties in Te Atatu Peninsula and Te Atatu South. We’ve always had a bit of a soft spot for this part of Auckland and we reckon, if you’re searching for a family home, Te Atatu should definitely be on your list of suburbs to consider.
Auckland’s rampant house price inflation is due to a historical net supply problem says Matthew Gilligan of Gilligan Rowe & Associates.
In a recent article on the GRA website Matthew suggests a lot more work needs to be done to improve the consenting process and lower the cost of building materials so the supply of new housing can be sped up.
The Government is fully focused on selling 8000 existing state homes over the next three years and anyone can buy them. The homes must remain as stock for social housing and managed by registered community housing providers.
