Author Curreen

Property Trends
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The Reserve Bank of New Zealand (RBNZ) leaving the official cash rate (OCR) unchanged at 5.5% will have surprised very few people, but it has hinted at when interest rates might start to fall, CoreLogic Chief Economist Kelvin Davidson observes The decision itself and the associated forecasts as part of its full Monetary Policy Statement had a distinct sense of ‘we’ve been here before’ – with the anticipated tracks for GDP growth (subdued), unemployment (edging upwards), and inflation (slowly falling) largely unchanged from last time the RBNZ published their full forecasts on 24th May. Continue →
Property Trends
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More competitive prices and a ‘get in now’ attitude is bringing more buyers out ahead of this year’s election, but a potential change in Government and ongoing tighter economic conditions are seeing sellers holding back, REINZ Chief Executive Jen Baird says The Real Estate Institute of New Zealand’s (REINZ) July 2023 figures show more activity emerging while listing numbers remain low seeing total stock numbers fall and some regions have seen little movement in median prices. Continue →
Commercial
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The Farmers building, a prominent fixture of Queen Street in the heart of central Auckland, is being presented to the market for sale by Colliers Unit A, 210 Queen Street, Auckland is a five-level retail premises that has approximately 3,700sq m of floor area, of which 78 per cent is occupied by anchor tenant Farmers. Continue →
Construction
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The Ministry of Business, Innovation and Employment (MBIE) says it wants to modernise the building consent system to provide assurance to building owners and users that building work will be done right the first time and that buildings are healthy, safe and durable The review is an end-to-end review of the building consent system – from the building design phase through to the issuing of a code compliance certificate. Continue →
Luxury
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The growing influence of offshore buyers in recent years is seeing our top-end properties become more extravagant, says Caleb Paterson of Paterson Luxury, which specialises in multi-million dollar residential estate sales New Zealand’s most expensive residential homes are increasingly becoming more opulent as buyers install internationally inspired ‘showpiece’ features and technology, ranging from solid gold bath taps to state-of-the-art wardrobe security systems for million-dollar-plus designer handbag collections. Continue →
Property Trends
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Relocating owner-occupiers, or ‘movers’, have been relatively inactive over the past year or so, with upsizing, downsizing, and ‘new to area’ moves all drifting lower, CoreLogic Chief Economist Kelvin Davidson observes The CoreLogic Buyer Classification figures suggest there’s perhaps been less of a COVID-driven hunt for extra space going on than might have been perceived. Continue →
Construction
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Despite shrink-wrap being the most convenient solution to keep the weather out, Auckland Council’s Senior Waste Planning Specialist Mark Roberts was adamant it would not be used for remedial work on the Waiōrea Community Recycling Centre The 1930s Western Springs building will open in August this year after extensive remedial work on the roof and parapet. Continue →
Materials
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New Zealand-based manufacturers, importers, retailers and distributers will be hit with new obligations to provide building product users with information about how building products contribute to compliance with the Building Code The regulations will commence on 11 December 2023 by which time manufactures and importers must meet their obligations. Continue →
Property Trends
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Compared to this time last year, there has been a noticeable increase in sales in the residential property market, though the number of new listings is lagging, new REINZ figures show The Real Estate Institute of New Zealand’s (REINZ) June 2023 figures show a renewed level of activity emerging.  Continue →
Construction
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In the face of a myriad of challenges, including the cost of goods and a shortage of staff, medium sized businesses in the construction sector have not been afraid to invest in innovation, an MYOB survey finds The effects of inflation are weighing heavily on many in the sector and with business leaders anticipating more headwinds over the coming months, attention now turns to investing in innovation to strengthen performance and drive growth. Continue →
Property Trends
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Declining home values continue to soften in many parts of New Zealand, yet QV says we are likely to see that rate of reduction both leap and fall in the coming months as a result of reduced sales activity The QV House Price Index for June 2023 shows the average home decreased in value by 1.8% nationally this quarter, a smaller rate of decline from the 3.4% decrease in quarterly value change experienced back in May. Continue →
Construction
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A decline in dwelling consents has alleviated pressure on New Zealand’s residential construction sector, leading to a slowdown in building activities and price growth, CoreLogic Chief Property Economist Kelvin Davidson says The latest Cordell Construction Cost Index (CCCI) shows construction costs rose 0.6% in the June quarter, in line with the March figures but well below the average quarterly increases of 2% recorded in 2021 and 2022. Continue →
Construction
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In today’s volatile economic climate, Benchmark Estimating Software Australia Chief Executive Frank Prestipino asks why so many construction companies still rely on spreadsheets to estimate costs On 23 March the Sydney Morning Herald reported that Lloyd Group, a large construction firm specialising in building schools and other government infrastructure had gone into administration. Continue →
Housing
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Kāinga Ora could take control of the planning and development for several suburbs along the yet-to-be-built Auckland Light Rail corridor, undermining Auckland Council’s local authority Senior Labour ministers have directed Kāinga Ora – Homes and Communities to assess the potential establishment of the Auckland Light Rail project as a Specified Development Project (SDP). Continue →
Commercial
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JLL provides insights into how the retail, office and industrial and logistics markets have performed in Q1 2023 in the country’s biggest cities Retail Snapshot Following the shift to more online platforms due to the pandemic, many small-scale retailers have moved away from expanding in physical retail spaces to grow their businesses. Continue →
Property Trends
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Property transaction volumes have turned a corner, after consecutive interest rate hikes and tighter lending rules triggered New Zealand’s largest sales slump since 1983, CoreLogic Chief Economist Kelvin Davidson says CoreLogic NZ’s Monthly Housing Chart Pack shows a 7.5% increase in residential sales numbers (via estate agents and private transactions) occurred in May compared to the same time last year. Continue →
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