Property Market stories
The franchise's headquarters will move to Manawatu after Tim Kearins bought Derryn Mayne's 25% stake in Century 21 New Zealand.
The sector now employs nearly 200,000 people and accounts for 15% of New Zealand’s GDP, according to new industry analysis.
New records in prices and sales show demand is still outpacing supply, despite efforts to cool New Zealand's property market.
Stronger-than-expected demand is tightening yields and lifting values, with industrial and large-format retail assets in New Zealand most resilient.
Values are already falling in Gisborne, New Plymouth and Napier as nationwide house-price growth cools and rate rises loom.
Australia will need about 500,000sq m of extra industrial space a year as e-commerce pushes vacancy rates tighter and lifts rents.
Developers in NSW face a new levy on land value uplift as the state seeks to fund infrastructure and future housing growth.
Cheaper provincial suburbs have driven New Zealand's property boom, with Manunui up 51.8% and Hargest selling in just six days.
Rising lending restrictions and tax changes are already cooling demand, though some agents say Treasury’s flatlining forecast may be too gloomy.
Government help may be needed as first-time purchasers’ share of the market falls to its lowest level since 2018, CoreLogic says.
Sales fell by more than 2,500 from March as investors and first-time buyers took a wait-and-see approach to tighter lending rules.
Signs of cooling are emerging as quieter open homes and more auctions passing in are expected to slow gains after a red-hot year.
Investor borrowing has already been curbed, as new housing rules begin to slow sales and cool the market further in 2021.
Investors in Manawatu/Wanganui saw 25.3% capital gains and 4.0% yields, making it the country’s standout residential market.
Landlords may avoid selling despite new tax rules, as CoreLogic says capital gains and Brightline liabilities outweigh the extra borrowing costs.
Investor demand is set to ease as tax changes and tighter lending curbs threaten to cool the market, though prices are still rising fast.
Vacancy has risen across Auckland and Wellington, while retailers and landlords wait to see whether city centres can recover from lockdown losses.
Vacancy rose across Auckland and Wellington offices, shops and warehouses in 2020, but low rates and investor demand kept yields firm.
LVR curbs and tighter investor lending are expected to cool New Zealand house prices, after Tauranga posted a monthly fall.
Resource consent has been granted for a planned Auckland office development that could retain 1.8 million kg of concrete and preserve heritage features.
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