House prices now 10.5 times median disposable income, ANZ economists say

First-home buyers are continuing to pile into the housing market but analysis by ANZ bank shows how hard it is for those trying to save a deposit to keep up with rising house prices.

Kiwis borrowed $8.5 billion in mortgages in June, down from a high of $10.5b in March, but still well above pre-Covid levels, when people borrowed $5.4b in June 2019, according to latest Reserve Bank figures.

Housing boom in Christchurch as city gets most new homes on record

More than $1 billion worth of new housing has been approved in greater Christchurch so far this year, as the city gains homes at record rates.

New figures from the city council show nearly 2800 new homes have sprung up in the past 12 months – the most yet on record.

The figure was calculated by subtracting the number of demolished or removed homes from the number of new ones consented.

Here’s what you can buy in Auckland’s apartment market

City Sales apartment agent Scott Dunn says apartments used to be an investor staple, so there were few decent sized, owner-occupier suitable options around. That contributed to a distaste for them.

But as housing supply has become increasingly stretched, particularly at the affordable end of the market, there has been a big shift in perceptions around apartments.

Southland property market still hot

Southland’s property market continues to be hotter than anywhere else in the country, according to the Real Estate Institute of New Zealand’s (REIZ) June 2021 property report.

Housing prices have increased 23.2 per cent between June 2020 and June 2021 whilst available inventory and time on the market fell, the report said.

‘Dramatic separation’ between house prices and wages

The national median house price increased 5.1 per cent, or $40,000, over the February to May quarter, the university’s latest Home Affordability report showed.

This, combined with a drop in wages in many regions, had led to a decline in home affordability of 6.8 per cent nationwide.

Could this be 2021’s most controversial property sale?

The Laura Fergusson Trust property in Auckland is being sold, according to the entity which runs the rehabilitation facility that shut last year.

In what could be this year’s most controversial sale, a newsletter out this month, signed by all seven members of the Laura Fergusson Trust Incorporated in Auckland, says the property is for sale in a “controlled and refined manner”.

‘Out of her depth’ landlord ordered out of tenant’s garden

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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Property crowdfunding: Why isn’t it working?

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.