Your Guide To NZ Property
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Today Justice Brewer issued an order stating residents of Hum Hospitality can stay living at the Grafton heritage building while they appeal a previous court judgment enforcing Hum to pay GST on top of monthly rent.
But they must front with overdue April rent, outstanding water rates and a rates bill by April 21.
Waipā recorded a 21.4 per cent increase in its median price range, moving from $660,000 in March 2020, to $801,000 in March 2021.
Hamilton also had a record month for median prices, moving from $620,000 to $780,000, a 25.8 per cent increase for the same period.
The overall median property price for the Waikato region was $730,000, a 22.7 per cent annual increase.
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Just look at the Russell Noticeboard and there are so many pleas for rentals. And people aren’t talking about the spillover effects of this kind of massive wastage – the fact that whānau (family) that want to come home to live and work can’t. Kororāreka is trapped in a weird place where people wash in and out during holiday times but the permanent population is too small to sustain mahi (employment) and businesses all year round so it is effectively locked in a zero growth cycle.
Millennium & Copthorne managing director BK Chiu said the tourism and accommodation landscape had “changed beyond measure” since it had entered into a conditional agreement to buy land in the Whangarei CBD from the Whangarei District Council.
“We continue to expect high levels of home building activity over the coming year. Importantly, with the continued closure of the borders, home building is now well above what’s needed to keep up with population growth.”
This would go a long way to reducing the shortages of housing that had developed in recent years, especially as home building was likely to outpace population growth for some time, even when the borders reopened, Ranchhod said.
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Australian and Middle Eastern interests have agreed to sell the management contracts of one of New Zealand’s biggest listed real estate vehicles for $215 million.
Sydney-headquartered AMP Capital Investors and a subsidiary of the Abu Dhabi Investment Authority will terminate their management deal with Precinct Properties.
Kiwi announced today on the NZX that the value of its portfolio of retail, office and mix-used properties had risen by $100 million, 3.1 per cent in the six months to March 31, 2021, in a draft valuation done for the company ahead of the release of its annual result in May.
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Home buyers are offering too much money on houses without realising the true amount it will cost to carry out renovations, a consultant says.
The result is disappointment all round – for the other buyers who missed out on getting a house, and the ones who spent the majority of their budget on one, only to realise the price to bring it up to scratch was well above what they could afford.
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February was the last month before loan to value restrictions on bank lending were officially back in place although most of the major banks had already bought them back.
From March 1 banks were restricted to a 5 per cent cap on new lending to investors with a deposit under 30 per cent and up to 20 per cent of new lending to owner-occupiers with a deposit under 20 per cent.
As of March 1, the Reserve Bank’s reintroduced loan-to-value ratios (LVRs) officially came into effect, and investors now need to have a 30 per cent minimum deposit to get a mortgage from a bank.
From April 1, investors would need to have a 40 per cent minimum deposit and the Government is soon expected to announce further measures to address the runaway market.