A two level, freehold building sold at auction has returned the lowest yield on record for an investment sale by Colliers International of 2.96%.
Changes to New Zealand’s tenancy laws requiring all tenanted properties to have smoke alarms and to be insulated passed unanimously through the committee stages of Parliament today.
"The Metropolitan Urban Limit and the Rural Urban Boundary are barriers that were introduced to prevent sprawl. Unfortunately, manipulating market behaviour through highly interventionist policies has resulted in the perverse effect of land supply being starved over the years."
Data released today by the Real Estate Institute of NZ ("REINZ") shows there were 436 more lifestyle property sales (+22.5%) for the three months ended April 2016 than for the three months ended April 2015.
Kiwi Property advises that its offer to acquire 100% of The Base shopping centre at Te Rapa, Hamilton, has not been accepted and that its investment in The Base will therefore proceed by way of a 50:50 joint venture with Waikato-Tainui.
The first homes in the Ormiston Town Centre development are now complete.
A Government Bill to make homes warmer, drier and safer for New Zealanders who live in rental properties has passed its second reading in Parliament by 107 to 14.
A Bill passed by Parliament today by 120 to 1 requiring the upgrade of older buildings will save hundreds of lives in future earthquakes, Building and Housing Minister Dr Nick Smith says.
The Government’s emergency housing announcement is the inevitable consequence of National’s failure to address the housing crisis and its stubborn determination to sell-off state houses instead of building more, Labour’s Housing spokesperson Phil Twyford says.
The Auckland Property Investors Association (APIA)says that rental property owners are being unfairly singled out by Labour’s Healthy Homes Guarantee Bill, which has passed its first reading in the House.