Geraden Cann05:00, May 26 2021
STUFF
Reserve Bank deputy governor Geoff Bascand highlights some of the risks associated with the current housing market conditions.
With house prices up 24 per cent in a year and nearly a third of all mortgage debt now carried by highly-leveraged buyers who took out loans in the last two years, key players are concerned any interest rate rises could damage the housing market and have flow-on effects to the whole economy. Among those voicing concerns are ex-Prime Minister and ANZ non-executive director John Key and Real Estate Federation president Andrew King. The Reserve Bank has flagged concerns of its own, stating in its May Financial Stability Report (FSR) that “risks associated with the housing market are accumulating” despite the country’s financial system coping well with the pandemic.
Auckland property prices: Homeowners to get bombshell valuations: new date out
18 May, 2021 05:00 PM
5 minutes to read
House sells for double its valuation with 24 offers. Made with funding from NZ On Air.
House sells for double its valuation with 24 offers. Made with funding from NZ On Air.
NZ Herald
Auckland homeowners can expect a bombshell rise in their council valuations when city-wide revaluations are released later this year, a property lawyer says.
City house prices have soared 35 per cent since the last valuations in 2017, with Auckland Council revealing it now expects to issue new valuations – officially known as capital values or CVs – this October.
Auckland homeowners to get bombshell property valuations
(Photo / NZ Herald) Wed, 19 May 2021, 9:17AM
Auckland homeowners can expect a bombshell rise in their council valuations when city-wide revaluations are released later this year, a property lawyer says.
City house prices have soared 35 per cent since the last valuations in 2017, with Auckland Council revealing it now expects to issue new valuations – officially known as capital values or CVs – this October.
Mum-and-dad homeowners, retirees and property investors will all be keeping a close eye on the new valuations as it can affect how much they pay in council rates, and how much they can borrow from banks.
The Government s being told to rethink proposed housing investment changes
The Government s being told to rethink proposed housing investment changes 13 May 2021
Under new laws, those who sell properties within 10 years must pay tax on any gains, and can t claim mortgage interest as an expense.
The First Home Buyers Club, Tenants Protection Canterbury and the Property Investors Federation have written to the Government, saying the move will disproportionately affect renters.
First Home Buyers Club Director Lesley Harris says it ll hold back renters trying to save up for their first home.
She says the Government should instead lighten the load for first home buyers - by making it easier for to get mortgage funds for a home.
Auckland rental property bond lodgements plummet 30% in February: 4 possible reasons
4 May, 2021 02:00 AM
7 minutes to read
Auckland bond lodgments dropped 30 per cent in February compared to last year. Photo / Peter Meecham
Auckland bond lodgments dropped 30 per cent in February compared to last year. Photo / Peter Meecham
The number of new Auckland residential bonds lodged with the state service for rental properties plummeted 30 per cent in February this year compared to last February, official statistics show. Bonds lodged is the best new tenancy indication but what would have usually been the busiest month of the year became a four-year slump.
The reasons for the change are not yet clear and nor is it clear if that pattern will continue.