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Thread: Property info thread - ctd.....

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    Default Property thread - ctd.....

    Thought I'd start a new thread as the other one is getting rather long-winded now.

    More Brits eyeing up NZ property market
    NZPA | Wednesday, 18 April 2007

    Healthy, funloving and affordable" New Zealand is drawing more British people into the property market here, according to a new survey by British currency transfer specialist HiFX.

    The company's latest monthly overseas property survey found 5 per cent of Britons looking to buy overseas were choosing New Zealand, making it the fifth most popular destination.

    France was in top spot at 27 per cent, ahead of Spain (25 per cent), Bulgaria (8 per cent) and Australia (6 per cent)

    Mark Bodega from HiFX said the number of British people wanting to move to New Zealand was rising, About Property reported.

    "With a typical three-bedroom detached property in New Zealand costing stg100,000 ($NZ273,448), no stamp duty or capital gains tax and year-on-year capital appreciation of between 10 to 15 per cent, it's easy to see why so many of us are upping sticks and moving out there for good.

    "A paradise for lovers of the great outdoors, the lifestyle on offer is healthy, fun, and affordable."

    New Zealand's national median property price was at a new high of $335,000 in February, having earlier eased from $330,000 in December to $327,000 in January.

    From here .
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    Maggie, hope this news will, at least, please you when you sell your place .

    House prices hit new record high
    2:22PM Thursday April 19, 2007

    New Zealand house prices hit a new record high last month, ignoring central bank attempts to take some heat out of the market, according to the Real Estate Institute of New Zealand (REINZ).

    On the back of rising house prices in Auckland, the national median price rose 2.5 per cent in March to $343,500, to be 13.7 per cent above a year ago.

    The median price in Auckland rose 3 per cent for the month, to $443,000.
    National sales rose 17.4 per cent from February to 10,989 houses sold, while days to sell fell to 27 days from 32 days.

    Last month, the Reserve Bank raised its benchmark Official Cash Rate (OCR) by 25 basis points to 7.50 per cent, to help put the brakes on inflationary pressures which have been driven in part by surging house prices.

    Retail banks, which have kept mortgage rates low because of stiff competition, have finally taken heed. Two-year fixed mortgage rates have risen around 50 basis points since the Reserve Bank's hike, to an average 8.79 per cent.

    More here .
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    House prices will force rate rise say economists
    5:00AM Friday April 20, 2007
    By Anne Gibson

    The late-summer surge in the super-heated housing market was yesterday greeted with resignation by economists who predicted another interest rate increase next week.

    Real Estate Institute sales figures showed a $13,000 jump in average Auckland sale prices in one month - rises of more than $400 a day.

    The Auckland median sale price of $430,000 in February climbed to $443,000 last month, although some individual suburban results were patchy.

    Prices fluctuate because of fewer sales or several lower-priced sales in one period. But overall, the national median climbed by $8500, from $335,000 to $343,500.

    The number of sales rose from 9357 deals in February to 10,989 last month.

    Goldman Sachs JBWere research director Shamubeel Eaqub said the extremely strong market was certain to prompt the Reserve Bank to raise its official cash rate next Thursday.

    ANZ's economic review said the latest jump might have been caused by people deciding to buy sooner, rather than later, and avoid any further interest rate rises.

    The bank said it was surprised by the continuing strength of the figures.

    More here .
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    'Even well-off face lifetime of renting'
    Updated 3:50PM Monday April 23, 2007
    By Anne Gibson

    Auckland is facing a housing crisis of massive proportions with more than 40 per cent of the population projected to be renting within the next nine years.

    Even the well-off are faced with a lifetime of renting, locked out of homeownership by escalating house prices, a report released by property consultants DTZ today shows.

    REPORT FINDINGS:
    * Working households cannot afford even lower-end housing
    * Renters including more families with children and older people
    * Renting a lifestyle choice for those cannot afford suburbs of choice
    * Homeownership down 8% between 1991 and 2001
    * Projected to decline a further 7% to 58% by 2016
    * An extra 50,000 rental properties required over 10 years

    Home ownership levels are plummeting, wealthy people cannot afford a house and the city will need at least another 50,600 houses and flats in the next decade to meet the rising tide of demand from those barred from become property owners, the report says.

    More here .

    Another article about housing in Auckland .

    And, on a slightly more optimistic note ??
    Mother Bear

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    The housing situation is one hot topic at the moment.

    'Don't buy coffee and cars if you want a house'
    7:00AM Tuesday April 24, 2007
    By Anne Gibson

    A leading property investor has questioned why people on above-average wages cannot afford to buy a home after a report predicted dramatically falling home-ownership rates.

    Property Investors Federation vice-president Andrew King said people on $70,000 a year had to look at their other spending - on things like coffee and cars - if they thought they could not afford a house.

    "It might not be the house that you want to live in long-term, but you could buy a $350,000 house in Te Atatu, Glenfield, Panmure or Pukekohe," he said.

    "People should spend less money on coffee and brand new cars and overseas trips.

    "It's up to them to save more. This is a culture of 'I want it now, I want everything and I deserve it'."

    Yesterday, the Government floated the idea of property developers being forced to build low-cost homes in new estates to ease Auckland's housing shortage.

    Housing Minister Chris Carter after two new reports revealed that New Zealand's most populous region faces a severe housing shortage and must accommodate growing numbers of people who may rent all their lives.

    More here .

    Don?t blame the housing market .

    Blame immigration .
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    At least they're aware there is a problem. We'll have to wait and see if they actually DO something about it.

    House prices leave rents behind
    5:00AM Wednesday April 25, 2007
    By Simon Collins

    Average rents have risen faster than wages in the past five years and are tipped to jump further in the next two years as the rental market catches up with Auckland's soaring house prices.

    Property Investors Association vice-president Andrew King predicted yesterday that Auckland rents could leap 20 per cent in the next two years.

    The head of the property department at Auckland University, Associate Professor Laurence Murphy, said a 20 per cent increase would be necessary to restore yields on rental properties to the rates prevailing in the early 1990s.

    But other experts consulted yesterday were more moderate. All expect more increases, but most do not expect them to reach 20 per cent.

    A consultants' report published on Monday forecast continued pressure on the rental market as a spinoff from rising house prices.

    Average rents registered with the Government's tenancy bond centre rose in the year to March by 3.3 per cent in Waitakere, 6.1 per cent in Auckland City, 6.9 per cent in Manukau and 8.8 per cent on the North Shore.

    More here.

    Developers sceptical about providing cheap housing.
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    Mortgage rates will rise but economy won't cool - BNZ
    Updated 3:20PM Thursday April 26, 2007
    By Adam Bennett

    The BNZ says the latest hike in the official cash rate will raise floating mortgage rates but is unlikely to slow down the economy.

    Reserve Bank governor Alan Bollard delivered a further crushing blow to the fortunes of prospective home buyers and exporters when he raised the Official Cash Rate (OCR) this morning by 25 basis points to a new high of 7.75 per cent.

    In announcing the raise, Bollard this morning cited inflationary pressure from the housing market, strong domestic demand and government spending.

    The BNZ said that while the New Zealand dollar is exceptionally high by historical standards, farmers are getting good prices for exports and more tourists are visiting the country.

    BNZ Chief Economist Tony Alexander said controlling the interest rate is the only tool at the Reserve Bank's disposal.

    Green Party co-leader Russel Norman also today said the OCR was too blunt a tool and was exacerbating imbalances in the economy by driving up the New Zealand dollar.

    More here .
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    Average family's finances to be hit hard
    By JAMES WEIR - The Dominion Post | Friday, 27 April 2007

    The average Kiwi family will soon be handing close to 15 per cent of their take-home pay to the bank, a massive jump from the 9 per cent just a few years ago, and it will hurt, economists say.

    The Reserve Bank raised official interest rates from 7.5 per cent to 7.75 per cent yesterday, with still a chance of another rate rise in June. Floating mortgage rates are expected to rise above 10 per cent soon.

    Fixed-term rates may rise closer to 9 per cent, but only slightly, because the central bank's interest rate rise has already been factored in.

    Economists say Reserve Bank governor Alan Bollard will eventually cool the housing market, as hundreds of millions of dollars more are sucked up by rising mortgage rates.

    Real estate agents remain confident the market will keep rising because of a strong job market and migration.

    National Bank economist Cameron Bagrie said the Reserve Bank would eventually win and slow down house price increases.

    Homeowners coming off fixed mortgage rates of about 7.8 per cent set a couple of years ago, will face rates now of at least 8.6 per cent. With about $33 billion of fixed home loans due to roll over in the next 12 months, that will drain hundreds of millions of dollars out of household budgets.

    More here .
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    Can't save enough for a home so let's go shopping
    5:00AM Saturday April 28, 2007

    Plummeting home ownership rates could be socially disastrous, according to the hard-hitting report on housing trends released this week.

    The Centre for Housing Research report released on Monday pointed to the potential fallout for society as well as individuals.

    "Decline in home ownership affects Government policy areas such as health, stable communities and education," said the report.

    Aucklanders could get much poorer as a group if the pattern continues. Young families and the elderly will be the worst affected groups if they remain barred from being able to buy a house.

    Poorer people condemned to rent will need more Government benefits.

    "Delayed home ownership will have implications for the level of debt households will carry through to later stages of their life cycle," said the rental report from a team led by Ian Mitchell of consultants DTZ in Wellington.

    Repaying a huge mortgage at rising interest rates later in life is almost
    impossible and could create financial, health, family and social problems. Home ownership levels will drop from 64 per cent in Auckland in 2001 to 58 per cent by 2016, the report said.

    More here .

    Aucklanders told Don't hope for too much .
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    Mortgagee sales double
    By RUTH LAUGESEN - Sunday Star Times | Sunday, 29 April 2007

    Real estate agents say mortgagee sales have doubled in the past year as a small but rising number of debt-laden property investors reach crisis point.

    Thursday's interest rate rises, pushing floating mortgage rates to a near decade high of 10.05% and one-year fixed rates as high as 9.05%, are expected to worsen the outlook for over-committed borrowers.

    "If mortgagee sales are going up, that can really only mean one thing - people are struggling," said Graham Viall, who oversees national mortgagee sales for Harcourts.

    He said Harcourts' mortgagee sales had doubled from about five per month a year ago to about 10 per month now. About one-third of mortgagee listings were now investment properties.

    Viall said some investors appeared to feel there would be less capital growth in the property market in future, meaning they were not fighting as hard to hang on to rental properties that were not covering interest and operating costs. Rising interest rates were "not helping".

    Luxury properties are also beginning to figure in distress sales. Viall said a property in Parnell, Auckland, recently went for $1 million in a Harcourts' mortgagee sale. In Taupo, a Two Mile Bay home worth $1.2m is up for mortgagee sale.

    Other agents reported similar trends. At LJ Hooker, auctioneer Keith Niederer said mortgagee sales in Auckland had more than doubled, from up to two per month a year ago to about five per month. At Ray White's in Auckland, salesman Damian Piggin said he handled two mortgagee sales in Auckland last month, the same as for the whole of last year.

    More here .
    Mother Bear

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