Otago Property Investors Association Inc
Phone: 03 477 6220
The number of new homes authorised in September fell a seasonally adjusted 17% - though the trend continues to rise after dropping to some of the lowest levels since records began.
The Financial Markets Authority (FMA) is warning potential property investors with no income – currently being targeted by newspaper adverts from Property Tutors Ltd – to seek legal and financial advice.
Reserve Bank governor Alan Bollard spooked financial markets slightly into thinking he may raise interest rates sooner than they had anticipated although, as expected, he's left rates unchanged for now.
The departure of almost 10,000 people from Christchurch City has proved to be a boon for landlords and property managers on the outskirts of the city.
Just over half of First National’s property managers believe a good balance exists between supply and demand, while 41% believe there is a shortage of rental properties.
The average median rent for a one-bedroom property in Birkenhead has soared 42% in the year to September 2011, while the same size property in Epsom has seen rents fall 24% over the same period.
Property investors are back in the auction rooms, according to Barfoot & Thompson auction manager Tim Carter.
The New Zealand real estate market is climbing out of the doldrums, with September written sales up 19.8% on the year earlier, according to Harcourts.
Property values in Auckland are above the market peak of late 2007 and are leading national values on a gradual rise, according to the latest QV residential property index.
Auckland remains on the up, while Wellington values level off after a sustained period of price and sales falls.
This September saw a 21.1% rise in sales on the year earlier, but just 43 extra sales than August 2011, “a modest result given the lift usually expected during spring.”
Investor demand is strong in the Hutt Valley and Wellington but nationwide investors are “sitting on their hands.”
Earthquake Commission (EQC) levies will triple from next year as the Commission seeks to rebuild its Natural Disaster Fund (NDF).
The price of the average home in Auckland has hit a six month high of $547,883, up 3.2% on August and just under 5% above last year.
House prices are just 5% below the November 2007 peak and are set to rise 3% this and next year, according to JPMorgan economist Helen Kevans.
The total value of Auckland’s real estate is $354 billion, according to the first Auckland Council revaluation of 516,000 properties – the largest revaluation project ever undertaken in New Zealand.
New listings surged in September and the mean asking price rose $10,000 to 3.4% above last year and just 1% below the peak asking price in April this year.
In this issue we reveal the best places to invest in property. Bob Jones gives us his views on the rebuild of Christchurch CBD, and we also profile Chris Gray - an Australian based property investor who has a property portfolio in excess of $10 million and still chooses to rent a house to live in.
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