Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZ property values rose 10% in 2013, QV says

NZ property values rose 10% in 2013; RBNZ loan limits likely to bite this year, QV says

Jan. 14 (BusinessDesk) - New Zealand property values climbed 10 percent last year due to the shortage of housing in Auckland and Christchurch, though Reserve Bank restrictions on low equity mortgage lending will probably start biting though the first half of this year, according to state-owned valuer Quotable Value.

National property values rose 3 percent in the final three months of 2013, and are now 12.5 percent above the previous market peak in late 2007, QV said in a statement. Auckland property values climbed 15 percent and Christchurch values rose 13 percent in the year, pacing the national gain.

Research director Jonno Ingerson said sales volumes grew month on month until October, when the Reserve Bank’s restrictions on low loan-to-value ratio lending came into force, but that the activity was still less than the boom between 2003 and 2007.

Ingerson expects the loan restrictions will have an impact on the market “for at least the first half of 2014” and have already led to a decline in the number of new listings.

The Reserve Bank imposed the restrictions as bubbling housing markets in Auckland and Christchurch, which typically account for half the nation’s property turnover, raised fears about the nation’s financial stability if there was a sharp correction.

QV’s Ingerson said the other factor likely to weigh on property market will be the expected interest rate increase, which will push up the cost of servicing mortgages.

“Nationwide values are likely to increase only modestly this year, but that will probably be as a result of everywhere outside of Auckland slowing, while the Auckland market itself will continue to increase,” he said.

Property values in Wellington increased at an annual pace of 3.1 percent in 2013 and Dunedin was up 3.8 percent.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Our Fresh Water: Monitoring Report Confirms Serious Challenges For Rivers

• nitrogen levels are getting worse at 55 percent and getting better at 28 percent of monitored river sites across New Zealand • phosphorus levels are getting better at 42 percent and getting worse at 25 percent of monitored river sites across New Zealand More>>

ALSO:

Stats: Wind And Geothermal Emerge As Significant Sources Of Energy

Geothermal’s contribution to New Zealand’s total renewable energy generation increased from 11.5 percent in 2007 to 21 percent in 2015.... The value of wind jumped from $238 million (2 percent of total renewable energy generation) in 2007 to $884 million (6 percent) in 2015. More>>

Errors Found: Electricity Authority Dumps Transmission Pricing Modelling

The Electricity Authority is ditching the cost-benefit analysis at the heart of its controversial attempt to find a new way to divide up costs for the national grid after finding an expanding range of serious computational errors in the work by Australian consultancy Oakley Greenwood. More>>

ALSO:

New Record: Migrant Arrivals At 129,500 A Year

Annual net migration has been steadily increasing since 2012. "This was mainly due to the rising number of migrant arrivals to New Zealand," population statistics senior manager Peter Dolan said. "Fewer migrant departures also contributed to the increase in net migration." More>>

ALSO:

Launched: NASA's Super Pressure Balloon Takes Flight From NZ

NASA successfully launched its football-stadium-sized, heavy-lift super pressure balloon (SPB) from Wanaka, New Zealand, at10:50 a.m. Tuesday, April 25 (6:50 p.m. April 24 in U.S. Eastern Time), on a mission designed to run 100 or more days floating at 110,000 feet (33.5 km) about the globe in the southern hemisphere's mid-latitude band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news