For only the third time in the country’s history, a National State of Emergency was recently declared, to help in the response to Cyclone Gabrielle. The declaration applies to Northland, Auckland, Tairāwhiti, Bay of Plenty, Waikato and Hawke’s Bay CDEM Group areas, and the Tararua District. “A National State of Emergency gives the National Controller…
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Property buyers are in an increasingly strong position, with vendors reacting to the cooling market by lowering their asking prices. Between January, when the market peaked, and September, the national average asking price fell 7.2%, from $992,659 to $921,187, according to realestate.co.nz. That shows a willingness by vendors to lower their expectations if they want…
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First home buyer market share has reached its highest level in recorded history, according to the most recent data from the Reserve Bank of New Zealand. First home buyers were responsible for 20.8% of the $5.4 billion in new residential mortgage lending activity that occurred in August. That is their biggest market share since the…
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Residential construction costs are accelerating at a record pace, according to the latest CoreLogic Cordell Construction Cost Index. Home building costs rose 3.4% in the September quarter and 9.6% in the year to September – both records. The Cordell index reflects the rate of change in the cost to build a 200sqm three-bedroom, two-bathroom, single-storey,…
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One of the big reasons to use mortgage advisers, rather than go direct-to-lender, is because they give you more choice. And one big way in which advisers offer more choice is by including non-bank lending institutions on their home loan panel. As the name suggests, non-bank lending institutions do offer loans but don’t have a…
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As interest rates rise, it’s possible New Zealand will experience an increase in ‘mortgagee sales’, which presents both opportunities and risks for buyers. A mortgage sale is when a borrower defaults on their mortgage, causing the lender (i.e. the mortgagee) to seize and sell the property. For buyers, the big upside to acquiring a home…
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Australia’s vacancy rate fell to a record-low 0.9% in July, according to Domain. So for every 100 rental properties, less than one was vacant in July – an incredibly low share. The vacancy rate is low in every capital city: Adelaide = 0.2% (record-low) Perth = 0.5% (record-low) Hobart = 0.5% Brisbane = 0.6% (record-low)…
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The dynamics of real estate feel like they’ve spun on a dime in a matter of weeks. Folks who were offering above-list-price have suddenly become wary. All markets go through economic cycles, and property is no different. For those seeking to sell or buy right now, you’ll find a much more accurate truth behind the…
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Record-low interest rates over the past two years have lured many Americans into thinking the Federal Reserve would always low-ball the cost of cash. But this has been an exceptional period, not the norm. Today, our interest rate is still lower than at the beginning of 2019. And since then, the average value of residential…
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A wooden floor is a major selling point of a home, it’s the foundation of a property’s aesthetic beauty and never fails to impress prospective buyers. Many sellers appreciate the impact of a wooden floor, and they will invest in having it stripped back, sealed and polished, often at the cost of several thousand dollars,…
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