Christchurch developers sell out of inner city homes

The Christchurch City Council has a target of 20,000 central city residents by 2028. An estimated 7000 to 8000 people live in the area now.

The Crown-led east frame housing development, an anchor rebuild project, has so far delivered just a fifth of its intended homes.

Housing affordability at worst point in ‘at least 17 years’

The latest CoreLogic Housing Affordability report puts the average house price-to-average household income ratio in the last quarter of 2020 at 6.8 nationally. That’s the highest level since late 2016 and in 2004, when it was also 6.8.

It climbed from 6.5 in the third quarter of 2020, reflecting a dramatic upturn in the housing market in the last part of last year.

Heritage building to become NZ’s largest construction reuse project

The 12,900 sqm building at 35 Graham Street set on an elevated acre of land in the Victoria Quarter of the CBD was the Auckland City Council service centre for over 20 years.

In what is believed to be the country’s largest construction reuse project, 1.8 million kg of reinforced concrete will be retained within the building’s new design, with the projected CO₂ savings being the equivalent of planting 52 hectares of trees, or 13,000 flights between Auckland and Queenstown.

Investors buy record share of homes as first-home buyers squeezed

National median house prices jumped to $730,300 last month, up from $612,000 last January, the Real Estate Institute revealed yesterday.

Auckland prices jumped 15 per cent to $1 million, up from $870,000 in January 2020.

ASB senior economist Mike Jones described the numbers as “jaw-dropping”.

“That is a high not seen since 2004, a boom year for the New Zealand economy [when] GDP growth exceeded 6 per cent,” he said.

Bell Gully confirmed as anchor tenant for Wellington waterfront development

Law firm Bell Gully has been confirmed as the anchor tenant for one of the last major commercial development sites on Wellington’s waterfront.

An event was held at Site 9 on Customhouse Quay this afternoon to mark construction getting underway for the $40 million development.

The four-level 3,900 square metre premium office building will be base isolated to withstand a one-in-1000-year earthquake.

Russian billionaire investing in Kiwibuild to help housing crisis

Alexander Abramov, who built a $50 million luxury lodge complex on an estate at Helena Bay, north of Whangarei, is investing in New Zealand property development through a vehicle called Targa Capital.

The company partners with property developers and has Overseas Investment Office (OIO) consent to invest in seven residential property developments throughout New Zealand over three years.

Wairarapa home RVs rise again

Homes throughout Carterton, Masterton, and South Wairarapa districts have seen another giant leap in rateable values, after jumps in 2017 and 2014.

The ratings were expected late last year but delayed due to changes in the auditing process.

The average value of a home in Masterton rose by 47.3 per cent, to $498,291.

Post-lockdown building rush swamps Waipā

Waipā was known as a growth district but even the council there admitted the volume of resource consents it had to process for the final quarter of 2020 was “beyond the capacity of staff”.

To deal with the problem, Waipā District Council invoked its right to double time extensions to process resource consents, if needed, as well as expanding its use of outside consultants.