Your Guide To NZ Property
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Landlord Suzanne Mitchell was found to be “out of her depth” as a landlord because nowhere in the tenancy agreement had she made it clear that some of the facilities were to be shared, according to a Tenancy Tribunal decision released this week.
The tenants, who have name suppression, told the tribunal they only learnt that Mitchell intended to share the laundry and garden with them after they moved in.
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When Auckland’s housing market was at the peak of its last cycle, property crowdfunding was touted as a solution for those who could not afford to buy a house on their own.
The idea was that investors would pool their money to raise funds to invest in real estate, which would allow people a stake in a property for much less than the thousands required for a house deposit.
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An Auckland developer expects to deliver most of its new houses on time despite vandals breaking into its construction site and using a digger to tear down a $675,000 home.
The vandals earlier sent the bucket from the 20-tonne digger smashing into the townhouse’s roof and walls in the early hours of last Friday morning.
It now needed rebuilding at a likely cost between $200,000 to $300,000.
Groundworks for University of Otago’s new $178 million Christchurch building are due to start next month after the project secured both funding approval and resource consent.
The six-storey building will be built in the city’s health precinct as part of the university’s Christchurch campus.
The Oxford Tce site, between Montreal and Antigua streets, housed the Tillman furniture building before the earthquakes.
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The average value of a house in Papatoetoe, Māngere, Ōtāhuhu and Manurewa are on the brink of tipping over into the $1million price bracket – up from between $540,000 and $610,000 in May 2016. Onehunga and Avondale have proven to be two of the hottest suburbs to buy in. Last month a house in these areas cost more than $1.3 million dollars and $1.13 million respectively.
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Clinton De Marcy Chelin put holes in every wall and some floors, ripped and cut the curtains, destroyed the stove and significantly damaged the plumbing and wiring, the Tenancy Tribunal found.
He has been ordered to pay $47,096.29 in damages to Barfoot & Thompson Ltd Whangaparaoa immediately after he was found to have deliberately vandalised the property, including ruining the bathroom and kitchen, leaving the landlords with a massive repair bill.
The Reserve Bank indicates it is seeking Government permission to impose debt-to-income lending limits to rein in house prices – if and when that’s required.
Bank Governor Adrian Orr has written to Finance Minister Grant Robertson with advice on the lending limits and interest-only mortgages. Robertson is to reply next week, at the earliest.
The Government’s $3.8 billion Housing Acceleration Fund may be used as a tool to help ensure councils meet their obligations to prepare and plan for growth, says Prime Minister Jacinda Ardern.
“We’re working on the criteria of who’s able to access what will be a contestable fund,” Ardern said on Thursday in Nelson. “We’ll have further detail on that quite shortly.”
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Mortgage broker and investment company Squirrel is offering home loans to those with deposits as low as 5 per cent.
From today, Squirrel will launch its new product, Launchpad, aimed at helping first home buyers who haven’t saved enough for a traditional 20 per cent deposit to get on the property ladder.
The costs for Argosy Property’s new 6-star green office building in Wellington to be leased by Statistics New Zealand have ballooned by $30 million to $140m.
The company revealed the extra costs at its annual result for the year to March 31, 2021, where the company’s profit more than doubled from the year before on the back of a $157.7m jump, 8.5 per cent, in the value of its portfolio of properties.