Auckland property financier James Kellow says many of the best commercial properties in and around Auckland are now selling well below the ‘standard’ seven percent capitalisation rate.
More than $15 billion worth of building work was carried out in 2014, Statistics New Zealand said today. The latest value was $2.8 billion higher than in 2013, a 23 percent rise.
Provisional residential data from New Zealand’s largest real estate group, Harcourts for the month of February shows that the average property price in Auckland/Northland is at a 12 month high of $767,254.
All 91 apartments in the residential development, Hopetoun Residences on Ponsonby’s doorstep have sold out six months ahead of completion.
The average asking price of homes for sale in New Zealand during February was $511,421 according to the latest monthly data from Realestate.co.nz, marking the first time that sellers’ expectations have pushed the asking price above the half million dollar threshold.
The only word to describe the latest building consent figures for Auckland is ‘tragic’, Labour’s Housing spokesperson Phil Twyford says. "Whatever the Government is doing to address the Auckland housing crisis, it is clearly not working.
The number of new dwellings consented was 3.6 percent higher in January 2015, compared with January 2014, Statistics New Zealand said today. Excluding apartments, this number was 6.8 percent lower.
Property Institute of New Zealand Chief Executive, Ashley Church, is calling for the Reserve Banks Loan-to-value mortgage restrictions to be scrapped in the regions claiming that they are having an ‘unreasonable and adverse impact’ on first home buyers in provincial towns and cities.
Lodge Real Estate’s managing director, Jeremy O’Rourke, said today that January house sales were extremely strong and a great indicator of a buoyant year ahead for Hamilton’s residential market.
Canterbury’s ethnic make-up is set to take on a distinctively Asian-feel - with a growing number of Chinese migrants and investors buying homes in the province.
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