New Zealand house sales rose 6.6 percent in April, the biggest year-on-year increase in 23 months, as ongoing demand coupled with tighter inventory saw prices increase in 14 of 16 regions. Prices outside of Auckland have risen almost 50 percent in the last two and a half years.
In today's email we look into the latest figures on the property markets around the country.
The reality of the significant quake damage done to some of Wellington's largest commercial buildings is now dawning on the capital.
Wellington real estate agents report that house sales have frozen mid-settlement since Monday because insurers are refusing to roll over cover on properties from vendor to buyer, as they did in the immediate aftermath of the Canterbury earthquakes.
It's still early days, but the new 40% deposit rule for landlords nationwide that formally kicked in from Saturday (but has been in effect since late July) does seem to be having a dampening effect on the housing market, particularly in Auckland.
The news flow was relatively light yesterday so I've focused most of my efforts on building a chunky set of Weekend Reads (below), which I know are popular and which might be useful for a wet weekend across the country.
It should have been a moment of clarity, but the arrival yesterday of Land Information New Zealand (LINZ) data on foreign buyers simply raised more questions and further muddied an already cloudy debate.
Responding to the fallout from the Panama Papers and concerns it may hit New Zealand's reputation, the Government has decided to accelerate the previously stalled introduction of a second round of Anti-Money Laundering (AML) reforms, which would pull trust lawyers, solicitors and real estate agents into a tough and expensive regime designed to identify the source and legitimacy of funds.
Good morning all.
Good morning all.