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Thursday news in brief

Life is busy and it’s easy to miss some of the stories that hit the news. So here’s a brief rundown of some of the stories that might have slipped by you this week…

Thursday, May 18th 2017, 10:00AM

by The Landlord

Govt intervention needed to sort Auckland’s mess

There is no question that Auckland’s housing market is a “bubble” but it is not the fault of the construction industry, according to a new report by a professor of construction.

AUT professor John Tookey’s report suggests that the push to free-up more land for new housing is simply delivering large and expensive standalone homes – which are not what the market needs.

But the solution to the “huge mess” is a sticks and carrots governmental policy approach that compels market behaviour, he says. To this end, he recommends disincentivising property speculation and adopting incentives encouraging buy-to-let landlords to sell their properties

“We can’t leave matters to the free market and then continue to be stunned by the inconvenient fact that the market acts in its own best interests. Government policy to manipulate the housing commodity market will make the difference.”

Read more: Labour’s negative gearing policy regressive 

Super City market has “normalised”

Doom and gloom predictions about Auckland’s housing market have not been accurate – rather it is still trucking on solidly but as a buyers’ market, one real estate head has said.

Century 21 national manager Geoff Barnett said the city’s market has merely normalised with the market now showing more realism and genuine sustainability.

"There have been a myriad of policies, plans, and players involved that have collectively ensured the delivery of a well-managed soft landing. This will help with underlying confidence going forward."

The days of quick sales and crazy prices have gone, Barnett said. “But real estate will remain strong in 2017, although the third and fourth quarter might get a little tighter with a general election and the likelihood of rising interest rates.”

Read more: Past the peak? 

Property now NZ's largest industry

The property industry is the largest industry in New Zealand with a direct contribution to total GDP of $29.8 billion or 13%, which is higher than manufacturing, agriculture, and health, a new report for the Property Council reveals.

The property industry also grew by $11.7b over the 2007-2016 period. This accounted for 16% of GDP growth over that period, more than double the growth of any other industry.

The wider economic impact of the property industry is also significant, with a total contribution of $83.4b to the New Zealand economy.

Property Council chief executive Connal Townsend said the report confirmed that property is the backbone of New Zealand and that the industry creates prosperity, jobs and a strong economy.

Read more: NZ commercial market global star 

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.14 6.75 6.39
ANZ 8.64 ▼7.45 ▼7.09 ▼6.95
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - ▼6.85 ▼6.49 ▼6.35
ASB Bank 8.64 7.14 6.75 6.39
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.14 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.74 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 6.79 - -
Co-operative Bank - Owner Occ 8.40 6.99 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.49 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.89 6.55 6.35
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.69 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.74 7.35 6.99
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.65 7.25 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 8.74 7.74 7.09 6.95
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 7.14 6.49 6.35
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.14 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 7.79 7.55 7.45
TSB Special 8.64 6.99 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - 6.55 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Lender Flt 1yr 2yr 3yr
Westpac 8.64 ▼7.49 7.35 6.99
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - ▼6.89 6.75 6.39
Median 8.64 7.14 6.82 6.65

Last updated: 18 July 2024 10:19am

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