Tag Archives: stumbleupon
New Zealand sees highest volume of house sales for month of March since 2007
Residential property sales in New Zealand in March were up 27.6% in March and 20.3% compared to a year ago, according to the latest index from the Real Estate Institute of New Zealand. This the highest March sales volume since 2007 and prices are also going upwards with the national median price for March $475,000, an increase of $35,000 or 8% compared to March 2014 and an increase of $45,000 or 10.5% from February. However, it is clear that a strong market in Auckland is leading the growth. Excluding the impact of the Auckland region, the national median price was flat compared to February at $350,000 and $5,000 or 1.4% higher compared to March 2014. ‘March is the strongest sales month of the year, with almost 1,400 more sales than for any of the past 12 months. While the increase in the number of sales is more or less spread across the country, the movement in the national median price is almost entirely an Auckland effect,’ said REINZ chief executive Colleen Milne. ‘Auckland has posted a record number of auction sales in March, with almost one in two sales by auction. Our data shows that on a suburb by suburb basis auctions sell for a premium compared to other sales,’ she pointed out. ‘We also see in the data a noticeable spike in the number of sales over $1 million in Auckland. These two effects explain, at least in part, the jump in the national median and Auckland median prices for March, although the underlying demand pressures remain and supply continues to be restrained by low numbers of new listings,’ she explained. ‘Across the rest of the country, sales volumes and median prices are far better balanced, with a number of regions reporting good sales numbers, good listings and plenty of activity. The national median price, excluding Auckland, has remained at $350,000 for the past two months, indicating that supply and demand are far more balanced outside of Auckland,’ she added. All regions apart from Central Otago Lakes recorded an increase in sales volume compared to February, with Auckland recording the largest of 56%, followed by Taranaki with 50% and Southland with 39%. In comparison with March 2014, all regions recorded increases in sales volume, with Waikato/Bay of Plenty recording the largest, of 41%, followed by Central Otago Lakes with 27% and Hawkes Bay and Manawatu/Wanganui with 23% each. Central Otago Lakes recorded the largest percentage increase in median price compared to March 2014, at 21%, followed by Auckland at 13.0% and Taranaki at 11%. Compared to February, Central Otago Lakes recorded the largest percentage increase from February, at 13%, followed by Auckland at 7% and Canterbury/Westland at 3%. The REINZ Stratified Housing Price Index, which adjusts for some of the variations in the mix that can affect the median price, is 9.5% higher than in March 2014, at 4,340.9. The Auckland Index rose 20% compared to March 2014, the Christchurch Index 5% and… Continue reading
The dream British home is a farmhouse or cottage with an Aga, a new study shows
A quintessential farmhouse or cottage surrounded by quiet countryside is the dream home for many people in the UK, new research shows. But that home needs to be not too isolated, have three bedrooms or more, have good broadband, good insulation, be cosy and inviting and have an Aga in the kitchen, according to the latest Housing Futures survey from Strutt & Parker. Much has been written about the new urban living trend but the survey reveals that is not necessarily everyone’s dream. The top desire was a home in the South East of the country followed by a rural location. The third desire on the list is being less than a mile from shops, followed by a detached farmhouse or cottage with three bedrooms or more. Next is a home that has a traditional British interior and cosy ambiance and then sixth on the list is an Aga oven. The final four top wishes are for good broadband, a walled garden, an outstanding view of the countryside and good insulation for energy savings. ‘The survey results paint an interesting picture as the quintessential British farmhouse surrounded by quiet countryside clearly remains as an enduring ideal for many. Over the past decade, there has been a focus on urban resurgence, so we were interested to discover that while our respondents want to live near other people, they didn't want them on their doorstep,’ said Stephanie McMahon, head of research at Strutt & Parker. ‘Lifestyle change remained the dominant motivation for moving, but in light of pension challenges and parents seeking to help their children onto the housing ladder, we were surprised to see that so few respondents ranked release of equity, pension top up and financial support for relatives as their reasons for moving home,’ she explained. ‘It seems that we really are a nation of optimists. It certainly was encouraging to discover that 79.4% of respondents believe they can achieve their dream home within the next five years,’ she added. Focusing solely on those who intend to move within the next five years, the survey showed that the largest proportion of home buyers wished to settle in the South East at 26.1%, followed by the South West at 15.6% and the West Midlands at 9.6%. Rural areas, villages and market towns came out as the most desired living environments at 23.3%, 22.9% and 17% respectively. Walking distance to the shops of less than a mile was crucial to 49.2% of people. For the second year in a row, lifestyle change was the biggest motivation for moving for 49.3%, followed by access to shops and amenities cited by 39.3%. A new category for the survey this year was broadband connectivity, which has shot in as the third motivation at 35.8% and highlights the desire to be technologically connected. According to those who plan to move within five years, the ideal home will be a detached house for 65.7%, either a farmhouse or in a cottage… Continue reading
Major UK parties but housing at top of election agenda
Housing has become one of the major issues in the UK’s forthcoming general election with all the major parties making pledges to attract voters. The Conservative party said it will extend the Right to Buy scheme and the Liberal Democrats have announced plans to build 300,000 more homes a year and ensure everyone has a decent place to live. The Labour party says it will build at least 200,000 new homes a year by 2020 with first priority for local first time buyers and introduce three year housing tenancies with a ceiling on excessive rent rises. Prime Minister David Cameron said that the £18billion extension of Margaret Thatcher's Right to Buy scheme will be extended to 1.3million families living in housing association properties. It would be funded by requiring councils to sell off the most expensive social housing when it becomes vacant, replacing it on a one to one basis with more affordable property. The existing Right to Buy allows tenants living in council owned properties local authority tenants to buy houses and flats at a discount of as much as 70% up to a maximum of £102,700 in London and £77,000 across the rest of England. Around 500,000 housing association tenants currently have no purchase rights and 800,000 who qualify only for much less generous discounts of £16,000 or less. But the reaction has been mixed. The Conservative plans will not necessarily boost house building and could weaken the future capacity of the social renting sector to provide a safety net for those who cannot afford to house themselves via the private market, according to Peter Williams, executive director of the Intermediary Mortgage Lenders Association (IMLA). ‘The risk is that in this manifesto along with others we will get more short term initiatives and that politicians will continue to avoid owning up to the need for a fully formed housing strategy that balances support for people across all forms of housing tenure. Delaying the inevitable will only result in more difficulties in the long term,’ he explained. Adam Challis, head of residential research at JLL, described as good politics, but terrible policy. ‘This is exactly the kind of short termist thinking that the countries' 4.7 million households in social housing don’t need, not to mention the same number again of aspiring owners in private renting,’ he said. ‘Right to Buy benefits a select few while condemning the vast majority to longer waiting lists and fewer choices. At a time when we are building barely half the homes this country needs, we need a government that is interested in genuine solutions to the housing crisis rather than cheap vote winners,’ he added. Colleague Richard Petty, head of affordable housing at JLL, said that extending the Right to Buy to housing associations will seriously damage their ability to help the country build its way out of the housing crisis. ‘They rely on private finance to build now, not government grant. The… Continue reading
