House price jump start of a new trend?
CoreLogic data shows New Zealand’s property growth rate experienced a mini-bounce in October, but can we expect this to continue into summer? Continue →
Author Curreen
Digital solutions to the financial complexities of construction
In the past year, several high-profile payment disputes in the construction industry have made headlines for all the wrong reasons, and a new Bill threatens to make things worse, says Payapps Chief Operating Officer Tony Simonsen
In 2020, 58% of unreasonable contract disputes cost up to $99,000, 18% cost between $200,000-$999,999, and 6% cost more than $2 million, the 2021 BDO Construction Sector Report found. Continue →
‘Certain property slowdown’ data confirms
CoreLogic research indicates the market has peaked, with both sales activity and price growth set to ease further over the coming months, Chief Property Economist Kelvin Davidson says
Despite a ‘strange and distorted period for the NZ economy and property market’, the latest CoreLogic Property Market and Economic Update for Q3 2021 confirms a cooling property market. Continue →
Lawyers and multi-nationals set to profit off struggling tenants and landlords
Against the advice of property experts, the Government will be proceeding with the planned changes to the Property Law Act – inserting a no-access clause into commercial leases
By Leonie Freeman – Property Council New Zealand Chief Executive
This move completely undermines the sanctity of commercial contracts by inserting a clause into every commercial lease in the country that neither tenant nor landlord has agreed to. Continue →
Red tape cut for high density housing
A new bill has passed which is expected to deliver as many as 105,500 new houses in the next five to eight years by overruling district council plans
New building intensification rules will mean up to three homes of up to three storeys can be built on most sites without the need for a resource consent. Continue →
Housing market momentum continues to wane
CoreLogic figures show property values increased nationally by 1.4% during September, a reduction on August’s monthly growth rate of 1.6% and the fifth consecutive month of easing growth rates, says Head of Research Nick Goodall
With most of the country, aside from Auckland, at alert level 2 for the majority of September, market activity has started to return. Continue →
OCR rise won’t deter first home buyers as rent increases continue
The Reserve Bank’s decision to lift the Official Cash Rate to 0.50% could see interest rates go up, but as long as servicing a mortgage remains comparable or cheaper than paying rent, prospective buyers will not be put off, says Century 21 New Zealand owner Tim Kearins
We’re not expecting to see a sudden and significant change in rates, as banks have already been subtly raising mortgage rates in anticipation of future hikes. Continue →
New technology set to reduce construction incidents
A five-company alliance in North America are bringing together best-in-class technologies and risk knowledge to provide construction managers with a 360-degree view of construction sites and real-time alerts regarding workers’ adherence to safety regulations
Zyter, a leading digital health and IoT-enablement platform, has announced it is collaborating with Zurich, Qualcomm Technologies, Everguard and Rudolph Libbe Group (RLG) to advance the use of AI-based Internet of Things (IoT) technologies to enhance construction safety. Continue →
Landlords to be forced to provide rent relief
The property industry has spoken out against proposed changes to commercial leases, saying it fails to target struggling tenants most in need
The government has proposed to amend the Property Law Act 2007 by inserting a clause into commercial leases. Continue →
Concerns rental market will worsen following tax changes
Interest deductibility changes kick in for landlords on 1 October, the Government has announced, going against Inland Revenue’s advice and ignoring recommendations from property industry leaders
The Government has confirmed its proposal to limit the availability of deductions for interest expenses incurred by residential property investors from 1 October, phasing them out over the four years. Continue →
Housing crisis could be to blame for spike in Covid cases
Many of the cases this week have been in large households, and people in emergency or transitional housing, health officials report
A gradual declining trend in community Covid case numbers has been interrupted, with 45 new infections reported today. Continue →
Latest lockdown puts ongoing strain on construction
Dan Pollard, founder of trades software company Fergus, gives a breakdown of the current challenges facing the industry, and considerations to help get through the months ahead
August’s lockdowns and tight restrictions coupled with border closures and broken supply chains had a noticeable impact on the construction industry. Continue →
Most profitable suburbs revealed
Despite COVID, snap lockdowns and border closures, all major centres across New Zealand achieved price gains, with some suburbs increasing in value by more than $500,000 since August 2021, CoreLogic Chief Property Economist Kelvin Davidson says
CoreLogic NZ’s quarterly Mapping the Market Report highlights the extraordinary price gains achieved nationally in the past year. Continue →
Best Design Awards 2021 – Schneider Electric trifecta
Schneider Electric’s PDL Wiser, Pro Series and Iconic 2AX products have all been named finalists in the awards’ Consumer category
The Best Design Awards (from the Designers Institute of New Zealand) is an annual showcase of excellence in graphic, spatial, product, digital and motion design that includes three special awards – Value of Design, Public Good and Toitanga. Continue →
Build-to-rent finally gaining traction in New Zealand
Countries overseas have already adopted build-to-rent as a way to tackle housing issues – New Zealand may finally be catching up as Kiwi Property plans to construct the country’s first large-scale build-to-rent development
Located at Sylvia Park, Auckland, the 295-unit apartment complex is set to change what it means to rent in New Zealand. Continue →
Protocols key to keep construction working during pandemic
The return to work under Alert Level 3 saw thousands of construction businesses breathe a sigh of relief, made possible by assurance to the government that the industry was able to do so safely by following the Covid-19 construction protocols
The first lockdown last year saw vertical and commercial businesses in the construction industry combine to form a steering group, with Site Safe playing a key role, to develop the Covid-19 construction protocols. Continue →
‘No jab no job’ brings out riot police – shuts down construction
The Victorian government has announced a two-week shutdown of the construction industry after a protest against mandatory vaccines for workers in the sector became violent
The Guardian newspaper says the closure across metropolitan Melbourne, Geelong, the Surf Coast, Ballarat and Mitchell Shire was decided on Monday night after the Construction, Forestry, Mining and Energy Union (CFMEU) building was damaged and riot police deployed in chaotic scenes in central Melbourne. Continue →
The booming success of Auckland residential developments
Auckland’s record number of new dwelling consents and unprecedented construction activity is giving the city’s largest non-bank lender the confidence to scale up its available funding to an all-time high
While many finance companies are having to restrict new lending due to capital shortages, New Zealand Mortgages & Securities (NZMS) say its market position continues to strengthen. Continue →
Home construction costs surge by 2.2%
Residential construction costs rose by 2.2% in the June quarter according to CoreLogic’s Cordell Housing Index Price (CHIP), the largest increase ever recorded – Chief Property Economist Kelvin Davidson explains why
The construction sector has been running at full capacity and pressures have been emerging for several months now. Continue →
Australian construction industry cries out for reform
Infrastructure reform is “desperately” needed to roll-out Australia’s massive $110-billion infrastructure program, industry experts say, The Urban Developer reports
Infrastructure Australia has released its 648-page infrastructure plan for 2021, responding directly to the 180 infrastructure “challenges and opportunities” identified in its 2019 Australian Infrastructure Audit. Continue →