Otago Property Investors Association Inc
Phone: 03 477 6220
The country's major banks have announced a number of assistance package measures for home loan customers affected by the Christchurch earthquake.
To all Otago property investors. After the Feb 22 earthquake, there are people fleeing the Christchurch area and heading to Dunedin who may require the need for temporary free accommodation. There has been a web-site set up by volunteers, with support from the Otago Property Investors Association and the Red Cross to co-ordinate people offering accommodation with people seeking accommodation. http://otagoquakehelp.com/
The housing market is set to remain subdued for the next couple of years and further declines in house prices are expected in early 2011, according to the latest ASB Housing Confidence Survey.
The Real Estate Institute says only 3,252 houses changed hands in January, beating the previous record low of 3,666 in January last year.
Landlords.co.nz looks at the residential house price highlights for January 2011.
People desperate to rent property in central Auckland should treat their dealings with estate agents like a job interview, estate agencies warn.
The rental market – particularly in Auckland – has been bucking the trend of falling prices and low sales as “a whole new generation of renters have left home ownership behind.”
North v South: Which island offers the best investment locations
Christchurch and Nelson are the only places to have seen residential property values increase on last year, according to the latest QV Residential Property update.
Demand for rental property in Auckland is at crisis point, with some houses now attracting as many as 200 would-be tenants.
Despite falling house prices and sales, Kiwi’s love affair with rental property remains intact as it is rated the second best bet for investment returns behind term deposits.
The black clouds of widening house affordability look like having a silver lining for landlords as a whole new demographic, priced out of home ownership, moves into private rental accommodation.
A low level of sales activity in the Auckland housing market was bucked by an active rental sector, according to Barfoot & Thompson.
There is a particular risk that has showed up recently and that is building a property portfolio in a single area. The recent events such as the Christchurch earthquake and the Queensland floods have caused huge problems for the local populations and even loss of life. These natural disasters have also caused many problems for property investors and their tenants in both areas. These problems will have been especially bad for investors who had all their properties in the one area.
Tax changes are "essential" to remove the distortions that favour housing as an investment over basic savings products, according to the Savings Working Group report.
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