Property Market stories
Offshore demand is lifting Auckland CBD prices, with three major commercial deals to overseas buyers completed in a month.
Confidence has climbed past pre-election levels, with survey respondents expecting house prices to rise in every market over the next year.
New Zealand’s housing market set a fresh record after the national median house price rose 5.0% to NZD $562,000, REINZ said.
Rising land and building costs are threatening to curb Auckland’s future housing pipeline, with developers struggling to make projects stack up.
Severe housing shortages in Queenstown are set to ease as 230 freehold apartments in Remarkables Park go on sale from NZD $495,000.
Foreign capital now dominates New Zealand’s biggest commercial property deals, as domestic investment fell 77% to GBP £400 million in 2017.
Housing prices are likely to stay firm for some time unless the government finds new ways to unlock supply and affordability.
Tight vacancy and rising rents are keeping Auckland industrial yields near record lows, despite signs of slower growth later this year.
Sales growth was strongest in 23 months as New Zealand’s property market posted its biggest annual rise since May 2016, REINZ said.
New government backing is aimed at unlocking stalled private housing projects and speeding delivery of affordable KiwiBuild homes across New Zealand.
Investor confidence has recovered to September 2017 levels, even as online retail growth and flexible offices reshape New Zealand property demand.
The 25-year-old Porirua mall will keep its on-site staff after a AUD $100 million sale, easing concern for retailers and shoppers.
Prices outside Auckland climbed to record levels in March, even as the city’s median house price fell 2.2% year-on-year.
Auckland’s city fringe is bucking the downturn as higher-quality apartments there now command an average asking price of NZD $1.35 million.
Generation X buyers are drawn to Point Ridge in Albany because its shared pools, gym and common areas foster a stronger sense of community.
Retailers are holding out for the right spaces in Auckland and Wellington, keeping prime CBD strip rents unchanged despite tight vacancies.
Lower December-quarter activity masked a 40% annual rise in the value of construction starts to GBP £13.1 billion, CoreLogic said.
Nationwide prices climbed 1.2 per cent to NZD $525,000, even as sales fell to a six-year September low and lending tightened.
Auckland’s self-storage operators are benefiting as apartment living lifts demand, with average occupancy holding at 90.46 per cent and fees rising 4.18 per cent.
A Kiev apartment sale paid for in cryptocurrency signals blockchain could simplify cross-border property deals and attract foreign investors.
