Blogs – NZ Property Investors Club – Create wealth through investment property. http://www.propertyclub.co.nz Mon, 24 Jun 2019 05:16:06 +0000 en-US hourly 1 https://wordpress.org/?v=4.7.13 Sudima Hotels opens a $40 million boutique hotel in Christchurch http://www.propertyclub.co.nz/sudima-hotels-opens-40-million-boutique-hotel-christchurch/ http://www.propertyclub.co.nz/sudima-hotels-opens-40-million-boutique-hotel-christchurch/#respond Mon, 24 Jun 2019 05:16:06 +0000 http://www.propertyclub.co.nz/?p=2379 Sudima Hotels has opened a new $40 million luxury boutique hotel in Christchurch, the first new-build hotel in Christchurch since the earthquakes. Sudima Chrischurch City is a five-star luxury hotel with 86 rooms that comprises of 45 king rooms, 33 twin rooms, six apartments and two executive apartments on the top floor. Located on the corner of Victoria and Salisbury […]

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Sudima Hotels has opened a new $40 million luxury boutique hotel in Christchurch, the first new-build hotel in Christchurch since the earthquakes.

Sudima Chrischurch City is a five-star luxury hotel with 86 rooms that comprises of 45 king rooms, 33 twin rooms, six apartments and two executive apartments on the top floor. Located on the corner of Victoria and Salisbury streets they offer high quality dining at its Vice & Virtues restaurant and bar and pampering at Moss Spa,

The new Sudima Christchurch City will add 28 full-time equivalent jobs in the city.

​Sudima Hotel is the first hotel chain in New Zealand to be carboNZero certified.

The certification means it has committed in various ways to reducing its carbon emissions and buying carbon credits to offset the remaining emissions so that it is effectively carbon neutral.

Sudima Christchurch City would be a single-use plastic free hotel and be the first hotel in New Zealand to have a plant-based bathroom range and biodegradable slippers.

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House prices being picked to surge next year http://www.propertyclub.co.nz/house-prices-picked-surge-next-year/ http://www.propertyclub.co.nz/house-prices-picked-surge-next-year/#respond Mon, 17 Jun 2019 05:21:48 +0000 http://www.propertyclub.co.nz/?p=2375 House prices are being picked to surge next year, underpinned by low mortgage interest rates and recent cancellation of capital gains tax plans. Westpac chief economist Dominick Stephens said he expected nationwide house price inflation to lift from the present 2% to 7% in 2020. While he expected “moderate” price growth in Auckland, there would […]

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House prices are being picked to surge next year, underpinned by low mortgage interest rates and recent cancellation of capital gains tax plans.

Westpac chief economist Dominick Stephens said he expected nationwide house price inflation to lift from the present 2% to 7% in 2020.

While he expected “moderate” price growth in Auckland, there would be more “rapid” increases elsewhere around the country.

The other big change has been the “very sharp drop” in mortgage rates over recent months; an almost 40 basis point drop in the average two-year fixed rate, which was now 60 points lower than a year ago, and five-year rates were now 120 basis points down on a year ago.

Later in the 2020s, Stephens expects “flat or falling house prices” prompted by rising mortgage rates; the inverse of low rates underpinning higher prices.

Rising rates would also be due in part to the Reserve Bank’s requirements for banks to hold more capital, which would push mortgage rates up, independent of the OCR. “This general rise in mortgage rates will push house prices down relative to rents in the mid-2020s,” Mr Stephens said.

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OneRoof Property Report out, property flipping in New Zealand not as popular as believed http://www.propertyclub.co.nz/oneroof-property-report-property-flipping-new-zealand-not-popular-believed/ http://www.propertyclub.co.nz/oneroof-property-report-property-flipping-new-zealand-not-popular-believed/#respond Wed, 05 Jun 2019 04:27:09 +0000 http://www.propertyclub.co.nz/?p=2370 More than 14,000 New Zealand homes were flipped within six months of purchase during the last property market boom. That represented less than 3% of total sales, new research by OneRoof shows. National and Labour politicians blamed “flippers” for pushing up house prices, and introduced legislation to crush property speculation. But data published in OneRoof […]

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More than 14,000 New Zealand homes were flipped within six months of purchase during the last property market boom.

That represented less than 3% of total sales, new research by OneRoof shows.

National and Labour politicians blamed “flippers” for pushing up house prices, and introduced legislation to crush property speculation.

But data published in OneRoof Property Report shows house-flipping in New Zealand was not as  as popular as once believed.

Of the 647,133 homes sold between 2013 and 2018, OneRoof and its data partner Valocity identified 14,588 that were bought and then resold within six months.

In Auckland, of the 193,698 properties sold between 2013 and 2018, 6631 (3.4%) were flipped within six months.

The research showed that, between 2013 and 2018, 25% of residential sales (165,098) were bought and then resold within five years. The median holding period for houses in New Zealand since the year 2000 is 3.45 years, and 9% of those resale properties were flipped with six months.

Housing and Urban Development Minister Phil Twyford said the Government needed responsible property investors who were committed to providing high quality, long-term service to tenants, rather than making a “quick buck”.

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Economists expect low official cash rate to give economy a boost http://www.propertyclub.co.nz/economists-expect-low-official-cash-rate-give-economy-boost/ http://www.propertyclub.co.nz/economists-expect-low-official-cash-rate-give-economy-boost/#respond Thu, 30 May 2019 05:29:10 +0000 http://www.propertyclub.co.nz/?p=2367 Economists expect a low official cash rate to give the economy a boost over the coming year. NZIER has released its latest quarterly predictions, in which economists said they expected another cash rate cut in September. The official cash rate (OCR) is currently at 1.5% – a historic low. Principal economist Christina Leung expected the next […]

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Economists expect a low official cash rate to give the economy a boost over the coming year.

NZIER has released its latest quarterly predictions, in which economists said they expected another cash rate cut in September.

The official cash rate (OCR) is currently at 1.5% – a historic low.

Principal economist Christina Leung expected the next rate cut to increase economic activity. NZIER expects annual gross domestic product (GDP) growth to average around 2.6% over the next five years.

It was 3.4% over the previous five.

Westpac chief economist Dominick Stephens said it was possible that the cash rate was already low enough to not require further easing.

He also expected GDP growth to pick up from the second half of this year, hitting a peak of 3.1% over 2020.

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OCR cut may not be needed- Westpac http://www.propertyclub.co.nz/ocr-cut-may-not-needed-westpac/ http://www.propertyclub.co.nz/ocr-cut-may-not-needed-westpac/#respond Thu, 23 May 2019 03:23:41 +0000 http://www.propertyclub.co.nz/?p=2360 House prices may get a shot in the arm from current low interest rates and the government’s decision to scrap any chance of a capital gains tax. Westpac’s chief economist Dominick Stephens says house price inflation could reach 7% over the coming year from 1.3%. Stephens said the dramatic decline in interest rates would be […]

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House prices may get a shot in the arm from current low interest rates and the government’s decision to scrap any chance of a capital gains tax.

Westpac’s chief economist Dominick Stephens says house price inflation could reach 7% over the coming year from 1.3%.

Stephens said the dramatic decline in interest rates would be a game changer for the economy, which had been slowing in line with the global economy over the past year.

Earlier this month the RBNZ cut the OCR to a record 1.5% after being on holdings for more than two months, a move it said was aimed at getting “ahead of the curve” and helping to give support to the domestic economy. The central bank was ambivalent about whether any further cuts might be needed.

Westpac was forecasting the economy to grow just above 2% this year before rising.

He said low inflation had been a feature of the economy for several years and was not going away.

 

However, he said the current economic environment was making it difficult for businesses to pass on cost increases.

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REINZ welcomes Privacy Commission’s guidelines but … http://www.propertyclub.co.nz/reinz-welcomes-privacy-commissions-guidelines/ http://www.propertyclub.co.nz/reinz-welcomes-privacy-commissions-guidelines/#respond Wed, 22 May 2019 05:20:31 +0000 http://www.propertyclub.co.nz/?p=2357 REINZ welcomes Privacy Commission’s guidelines but warns they may cause confusion When news of the ‘KFC test’ broke last year, the Real Estate Institute of New Zealand (REINZ) immediately called for some consistent standards to be put in place, therefore, broadly speaking, the Institute welcome the announcement from the Office of the Privacy Commissioner (OPC) […]

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REINZ welcomes Privacy Commission’s guidelines but warns they may cause confusion

When news of the ‘KFC test’ broke last year, the Real Estate Institute of New Zealand (REINZ) immediately called for some consistent standards to be put in place, therefore, broadly speaking, the Institute welcome the announcement from the Office of the Privacy Commissioner (OPC) that it has released some guidelines for landlords and property managers.

However, there are concerns around some of the discrepancies between what landlords may ask for under the Residential Tenancies Act (RTA) and what the Privacy Commission’s guidelines state. For example, Section 13A of the RTA requires a tenancy agreement to state whether a tenant is under the age of 18 – if landlords can’t ask a tenant’s age (almost never justified) or are unable to ask for a driver’s licence (almost never justified), then how will landlords ensure a tenant is over the age of 18?

REINZ is disappointed that the industry was not consulted on these guidelines as the Institute would have been able to provide some valuable feedback to the Commissioner as to how some of these recommendations would work in practice.

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The start of a new era for two Christchurch schools as principals are unveiled http://www.propertyclub.co.nz/start-new-era-two-christchurch-schools-principals-unveiled/ http://www.propertyclub.co.nz/start-new-era-two-christchurch-schools-principals-unveiled/#respond Tue, 21 May 2019 04:47:02 +0000 http://www.propertyclub.co.nz/?p=2353 Two Christchurch schools have new principals, both starting their roles in July. Christine O’Neill has been named head of Christchurch Girls’ High School, while Joe Eccleton will take the helm at Cashmere High School. O’Neill spent 10 years as head of St Thomas of Canterbury College before becoming an independent consultant for the Ministry of Education […]

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Two Christchurch schools have new principals, both starting their roles in July.

Christine O’Neill has been named head of Christchurch Girls’ High School, while Joe Eccleton will take the helm at Cashmere High School.

O’Neill spent 10 years as head of St Thomas of Canterbury College before becoming an independent consultant for the Ministry of Education in 2017. She said she was not looking for a new job until she saw the vacancy at Christchurch Girls’.

Eccleton is a father of two, and lives in Cashmere. He was assistant principal at Cashmere High School until 2016.  What attracted him to the new position was the chance to contribute to both the school and the wider community.

The school’s alumni includes several notable people in politics, sports and the arts. Eccleton said the successes were in part due to the school’s ethos.

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Westpac’s economists expect house price inflation to hit 7% next year. http://www.propertyclub.co.nz/westpacs-economists-expect-house-price-inflation-hit-7-next-year/ http://www.propertyclub.co.nz/westpacs-economists-expect-house-price-inflation-hit-7-next-year/#respond Tue, 14 May 2019 23:55:40 +0000 http://www.propertyclub.co.nz/?p=2343 Westpac’s economists have reconfirmed their forecast there will be no more Official Cash Rate (OCR) cuts by the Reserve Bank for the remainder of the year, but expect house price inflation to hit 7% next year. An update by Westpac’s chief economist Dominick Stephens said they believed the Reserve Bank would keep the OCR at […]

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Westpac’s economists have reconfirmed their forecast there will be no more Official Cash Rate (OCR) cuts by the Reserve Bank for the remainder of the year, but expect house price inflation to hit 7% next year.

An update by Westpac’s chief economist Dominick Stephens said they believed the Reserve Bank would keep the OCR at 1.5% for the rest of the year, but admitted it was a finely balanced call.

 

The update also said the bank’s economists had previously thought there would be another OCR next year, if a Capital Gains Tax was introduced.

But the Government’s announcement that it was dumping CGT, combined with low mortgage interest rates, meant they don’t see any further changes to the OCR until mid-2022.

They also believe those factors would see house prices rising.

 

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Healthy Homes standards officially signed off http://www.propertyclub.co.nz/healthy-homes-standards-officially-signed-off/ http://www.propertyclub.co.nz/healthy-homes-standards-officially-signed-off/#respond Mon, 13 May 2019 05:08:24 +0000 http://www.propertyclub.co.nz/?p=2341 The Government’s Healthy Homes standards have officially been signed off and will become law on July 1. The standards have now been drafted into regulations and approved by Cabinet. Private landlords have just over two years to ensure rental properties meet the standards, which some say could mean tenants will wind up paying more rent. On Monday, […]

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The Government’s Healthy Homes standards have officially been signed off and will become law on July 1.

The standards have now been drafted into regulations and approved by Cabinet.

Private landlords have just over two years to ensure rental properties meet the standards, which some say could mean tenants will wind up paying more rent.

On Monday, Deputy Prime Minister Winston Peters announced the exact standards had now been signed off and that standards would lift conditions for more than 600,000 New Zealanders, who live in rented homes.

 

From July 1, 2020, landlords will need to include detailed information in their new or renewed tenancy agreements about how their property meets the standards, so tenants and landlords will be aware of the standards before compliance is required from July 1, 2021.

Additional guidance information including an online tool for calculating the required heating for a living room, will be available on July 1, 2019.

All rental homes will be required to:

Have a heater that can heat the main living area to 18 degrees Celsius.

Have ceiling and underfloor insulation that either meets the 2008 Building Code insulation standard, or (for existing ceiling insulation) has a minimum thickness of 120 millimetres.

Kitchens and bathrooms will be required to have extraction fans or rangehoods.

Install a ground moisture barrier to stop moisture rising into the home where there is an enclosed subfloor space.

Have adequate drainage and guttering to prevent water entering the home.

Block draughts that make a home harder to heat.

 

Read the full source article

 

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Boost for housing market as OCR cut helps keep loan rates at historic lows http://www.propertyclub.co.nz/boost-housing-market-ocr-cut-helps-keep-loan-rates-historic-lows/ http://www.propertyclub.co.nz/boost-housing-market-ocr-cut-helps-keep-loan-rates-historic-lows/#respond Thu, 09 May 2019 01:31:05 +0000 http://www.propertyclub.co.nz/?p=2337 Interest rate cuts have left borrowers “sitting pretty” and that is likely to mean a boost for the housing market, economists say. ANZ and Kiwibank both moved quickly to introduce reductions on their home loan rates by up to 15 basis points.  Westpac cut its floating and one-year rate by 16 basis points. ANZ’s and […]

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Interest rate cuts have left borrowers “sitting pretty” and that is likely to mean a boost for the housing market, economists say.

ANZ and Kiwibank both moved quickly to introduce reductions on their home loan rates by up to 15 basis points.  Westpac cut its floating and one-year rate by 16 basis points.

ANZ’s and Westpac now have a one-year rate of  3.89 per cent. Westpac’s two-year rate dropped four basis points to 3.95 per cent.

Rates so low make higher prices easier to service and there are predictions it could give national property prices a second wind.

The bank expects annual house price growth of 3.9% this year, from 3.8% last year, and 5.5% next year for the country as a whole.

But while it’s good news for borrowers, it’s not so good for savers.

Kiwibank’s variable rate deposit products, Notice Saver and Online Call,  decreased by 15 basis points.

ANZ is also cutting what it pays on term deposits by between 15 basis points for the 90-day rate and 15 basis points for the 60- and 120-day terms.

Westpac reduced its 90-day and four-month rates by 15 basis points. Its five-month term will drop by 20 basis points and term deposits between six and nine months drop by 10 basis points.

Its savings accounts were also affected.

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