Posted on February 13, 2014 by Colin Wong Areinz (Waitakere Real Estate Mreinz REAA 2008)
Time to secure that property, as the experts predict interest rate increases on the horizon. Westpac predict increases in the OCR (Official Cash Rate) in April, June, September and December reaching 3.75%. BNZ and ASB predict that in March the Reserve Bank will move in to rebalance the OCR. The OCR has an immediate influence on our home mortgage and borrowing, therefore watch an expected increase in interest rates over this period of time as well. Tony Alexander (Chief BNZ Economist) expects floating rates to rise by 1.25% in March.
Filed under: REAL ESTATE | | No Comments »
Posted on January 28, 2014 by Colin Wong Areinz (Waitakere Real Estate Mreinz REAA 2008)
- Customers who have been members of KiwiSaver for three years or more and who are buying their first home (or if they qualify as a second chance home buyer), may be eligible to withdraw all, or part, of their own and their employer’s contributions to put towards a home purchase (as long as it’s going to be their main home).
-
- KiwiSaver members may be eligible for a first home purchase subsidy of up to $5,000 after three years of contributing to KiwiSaver at the minimum contribution rate.
- •If the customer qualifies, they can get $1,000 for each year they’ve been
- contributing, up to a maximum of $5,000. Couples qualify individually, so together they could be eligible for a subsidy of up to $10,000. This subsidy is available through Housing New Zealand (subject to eligibility criteria, including income level caps and the property price caps that apply to Welcome Home Loans).
- Note: The information above is subject to change to government policy and law.
Filed under: REAL ESTATE | | No Comments »
Posted on January 28, 2014 by Colin Wong Areinz (Waitakere Real Estate Mreinz REAA 2008)
December : Asking prices eased across many regions of the country to levels not seen since June 2013, down 6% for the month to $451,448. This ease will be welcome news to buyers looking for a home at the start of 2014. Although, year-on-year asking prices are continuing an upward trend.
These findings follow record high asking prices recorded in October.
In some region, however, we saw record high asking prices in contrast to the rest of the country, both Taranaki and Canterbury up 5.1% and 1.6% respectively.
Auckland’s average house price hits a record high as more properties are selling in the top end of the market. A huge number of million dollar properties have been sold over the last months. There has also been a slowdown in the lower end of the market with LVR restrictions pushing the average price up to a record $700K.
Filed under: REAL ESTATE | | No Comments »
Posted on January 20, 2014 by Colin Wong Areinz (Waitakere Real Estate Mreinz REAA 2008)
Posted on January 20, 2014 by Colin Wong Areinz (Waitakere Real Estate Mreinz REAA 2008)
The New Year has started with a housing stock shortage, as the New Zealand property market registered the lowest number of new listings in December 2013.
Real estate data has found that the number of new property listings is 6% down on the same time last year. With just 8,010 new properties, it is the lowest number of new listings on record since surveying began in 2006. The previous low was recorded in January 2011.
Record low listing numbers were driven by record lows in Auckland, Wellington, Hawkes Bay and Otago. Auckland experienced a significant 57% decrease in new listings compared to the prior month and an 8% decrease compared to the same time last year. December 2013 saw just 1,897 new listings in the Auckland market, compared to 4,432 new listings in November 2013. Overall for 2013, there was a drop of 0.4% of new properties coming onto the market compared to 2012. There were 131,474 properties listed nationwide in 2013.
Once again the market is favouring a seller’s market across the majority of New Zealand.
Filed under: REAL ESTATE | | Comments Off on New house listings at a seven year low
Posted on December 17, 2013 by Colin Wong Areinz (Waitakere Real Estate Mreinz REAA 2008)
Since the REAA was formed in November 2009, close to 3000 complaints have been lodged against agents. The REAA regulates Real Estate agents, branch managers and salespeople, under the REAA Act 2008. Incompetency, negligence and misleading behaviour make up the highest number of complaints followed by failing to disclose information and trading without a license. But a large number of the complaints were either withdrawn, resolved or the REAA decided not to take the matter further. A Northland agent had 2 complaints filed against him but both were dismissed. It is easier for the public to lay complaints against the agent, but it could take 18mths for it to be resolved and then it can be appealed. Complaints are first lodged with the REAA and the more serious are referred to the Real Estate Agents Disciplinary Tribunal.
Filed under: REAL ESTATE | Tagged under Real Estate | No Comments »
Posted on December 16, 2013 by Colin Wong Areinz (Waitakere Real Estate Mreinz REAA 2008)
Lower priced properties are being targeted by investors not first home buyer, who are prepared to spend a little more for a quality, but a modest home. The investor is more prepared for a property that has maintenance issues and may only need a little spent on it to make it presentable for the rental market. Enquiry is still high for a bargain buy that will be suitable as a rental, obviously the lower the price, the better the return.
Filed under: REAL ESTATE | Tagged under Real Estate | No Comments »
Posted on December 9, 2013 by Colin Wong Areinz (Waitakere Real Estate Mreinz REAA 2008)
New LVR rule cools the market with just a third of 150 home sold over a 3 day period via Auction, when 80% were selling just 2 months ago. The new LVR rules mean less first home buyers and vendors high expectations has meant more homes on the market. Only 36% sold with the other 94% failing to reach reserve or not receiving a bid at all. Now with a lot of buyers out of the market, Auctions may not be the way to go with selling a home presently, so marketing with price has come back into favour. Buyers are hesitating because of the uncertainty of obtaining finance. There is also uncertainty how this will effect house prices in the short term.
Filed under: REAL ESTATE | Tagged under Real Estate | No Comments »
Posted on December 6, 2013 by Colin Wong Areinz (Waitakere Real Estate Mreinz REAA 2008)
Annual REINZ figures show inflation of house prices are 10% nationally and in Auckland they are 16%. The Reserve Bank’s LVR is not achieving what they want, first home buyers have simply left the market, making way for property investors.
Banks had less high LVR lending, but there was no evidence of it slowing house price inflation.
The Reserve Bank would like the house price inflation be closer to CPI, which is just a little higher than 1%, but aiming for 2%.
If the present LVR policy fails to rein in inflation, will the Reserve Bank raise interest rates to “burst the bubble”. A comment from the deputy RB governor, that the RB might just lean on the bubble and not burst it. We will have to wait and see what “lean” entails.
Filed under: REAL ESTATE | Tagged under Real Estate | No Comments »
Posted on November 28, 2013 by Colin Wong Areinz (Waitakere Real Estate Mreinz REAA 2008)
REINZ House Sales – Up: Sales lifted 2.6% in September after a 3.3% drop in August
Interest Rates – Up: Short term rates are cheap but anything longer than 3 years is becoming more expensive.
OCR – Up: No sign of a OCR increase yet. It’s widely predicted for March 2014.
Immigration – Up: The strongest inflow in a decade has been recorded.
Building Consents – Up: Consents numbers rose 1.4% in August but it will take a long time for construction to catch up after several very slow years.
Mortgage Approvals: -Down: Approval rates have slowed in October and the average value of approvals ia also easing.
Rents – Down: Rent growth is at a 16 months low of 3.1%
Filed under: REAL ESTATE | Tagged under Real Estate | No Comments »