Property News for New Zealand

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Will Rate Rise Slow Property Price Growth in New Zealand?

Will Rate Rise Slow Property Price Growth in New Zealand?

So, the Reserve Bank of New Zealand have gone and done it, they’ve hiked the official cash rate (OCR) up to 7.5% and in so doing they have lost a great deal of support from everyone from exporters to senior government ministers. 

The rate rise risks harming New Zealand’s primary industries, it has upset or confused The Council of Trade Unions, the Auckland Chamber of Commerce and even economic analysts at Infometrics…but will the rate rise slow property price growth in New Zealand as is hoped by the Reserve Bank Governor Dr Alan Bollard?

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New Zealand Property Market Will Continue to Simmer in 2007

This time last year everyone was in agreement; the New Zealand residential property market was overheated and due a negative correction…and yet one year on and property prices have risen by an average of 9.4% across the country with locations such as Palmerston North and Invercargill recording in excess of 15% growth in just 12 short months. 

The same thing’s happening again this December – the word is that the New Zealand property market has reached the end of the line and 2007 will be a bad year for price growth.  However we disagree with this viewpoint…there are several factors that suggest that the New Zealand property market will continue to simmer in 2007 and that 2007 will be another excellent year for an investor to hunt down some quality real estate and profit from price growth and/or strong rental yields over the medium term.

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New Zealand Property Law Bill

In order to clarify, simplify, streamline and make the laws relating to real estate transactions more transparent, a fully rewritten and revised New Zealand Property Law Bill has been presented to the New Zealand parliament for ratification.

The new bill has been a long time coming and if approved by parliament it will reduce the amount of litigation currently required in cases of dispute relating to the leasing of commercial property in New Zealand and it will clarify fully the rights and obligations of those who take out mortgages to fund the purchase of their own homes for example.  Possibly of even more interest to our readers, the passing of the bill will also make the overall property laws in New Zealand even more transparent for overseas investors looking for simple market entry.

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New Zealand’s Property Market Expansion

Apparently the Reserve Bank of New Zealand wants to see a slow down of activity in the domestic residential property market to rebalance the local economy…they will be decidedly displeased to learn about New Zealand’s property market expansion as witnessed in September 2006 then!  In September the number of new housing permissions granted reached an eighteen month high and QV announced that house prices in New Zealand had risen consistently by over 10% in the year to date! 

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New Zealand Investment Property

In a market where interest rates have risen, house prices are stagnant and domestic and international property investor interest in residential real estate is flagging, what does the future hold for New Zealand investment property?  According to the Chief Economist from a leading Australasia based bank, the New Zealand commercial property sector is the place to invest for strong yields, long term gains and maximum security.

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New Zealand Investment Property Activity

March 2006 saw New Zealand investment property activity heating up according to the latest statistics from the Real Estate Institute of New Zealand and Harcourts, which is the country’s largest real estate company.

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Kahikatea: South Island New Zealand

The stunning Kahikatea colonial homestead - situated on Banks Peninsula on New Zealand’s South Island, is currently up for sale offering an investor or private buyer a once in a lifetime opportunity to own one of New Zealand’s premier properties.

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