Lifestyle block sales at 12-year high at start of 2016
Source: stuff.co.nz Lifestyle blocks are in hot-demand after a record-breaking start to the year. More than 2,370 lifestyle properties were sold during the first three months of the year - the highest number of sales in 12 years, the latest figures from the Real Estate Institute of New Zealand (REINZ) show. A total of 8,719 lifestyle properties have changed hands for the year ending April, up 31.1 per cent year-on-year - the highest number of annual sales...
Fri 20th May 2016Full post
Income-based lending restrictions possible
Source: NZ Herald.co.nz New lending restrictions to prevent people borrowing too much relative to their income are on the cards, the Reserve Bank of New Zealand's two most senior officials say. Governor Graeme Wheeler and deputy governor Grant Spencer made the comments at a media conference after the release of the bank's six-monthly financial stability report, which highlighted concern about the resumption of unsustainably high house price inflation nationwide, and especially in...
Wed 11th May 2016Full post
Request for car charging station
Source: odt.co.nz Balclutha could get an electric vehicle charging station if the Clutha District Council takes into consideration a verbal submission at a hearing on its draft 2016-17 annual plan held yesterday. Roy Johnstone, of Balclutha, made a verbal submission yesterday asking the council to approve the use of land for a high-power, fast-charging station for electric vehicles. He said electric cars were the future and there were three already in the Clutha district. "We are...
Fri 6th May 2016Full post
Reserve Bank of NZ to pause on interest rates
Source: stuff.co.nz The run of recent rate cuts may be over. On Thursday the Reserve Bank will review the official cash rate (OCR) for the first time since Governor Graeme Wheeler cut the benchmark rate to a record low 2.25 per cent. It was the fifth interest rate cut in the last seven OCR reviews. While no consumers borrow at the rate of the OCR, it has a strong influence on mortgage and savings rates across the economy, which are now at the lowest level in decades. The...
Mon 25th Apr 2016Full post
OCR cut to 2% tipped, cautiously
Source: scene.co.nz BNZ economists are making a "dangerous assumption'' the Reserve Bank will next week cut the official cash rate to 2% and cut it further in June. BNZ markets economist Stephen Toplis said the assumption was based on the Reserve Bank holding a consistent line from one rate-set meeting to the next. "If it does so, then we believe it has little option but to lower the official cash rate at its April review.'' At the same time, consistency would suggest a further reduction,...
Mon 18th Apr 2016Full post
More lending restrictions?
Source: scene.co.nz The aggressive rebound in Auckland and South Island house prices during March has prompted Westpac to almost double its 2016 house price inflation forecast from 6% to 11.5%. In March, Auckland prices rose $70,000 to hit a record median $820,000, Central Otago Lakes rose more than 25% to $702,000 and Dunedin's total March sales of 277 houses was a more than eight-year high. Following the release of the most recent Quotable Value and Real Estate Institute of New Zealand...
Mon 18th Apr 2016Full post
South Otago property prices rise 45%
Source: odt.co.nz South Otago looks to be experiencing a mini property boom, with the latest REINZ monthly property sales figures showing a 45% rise in median sales prices in the district last month, compared with March a year ago. Clutha Mayor Bryan Cadogan said the rise was evidence of positive growth in South Otago and reflected a renewed vibrancy in the district. The median sale price in South Otago last month was $196,250, compared with $135,000 a year ago. The number of sales in...
Wed 13th Apr 2016Full post