House of the rising sum: Turning tidy profit in just five months
Friday 2 January 2004
Auckland house prices went through the roof in 2003. In a series starting today we look at some of the spectacularly high risers.
By The LandlordIt took only five months for a stylish, two-storeyed Meadowbank townhouse to jump $100,000 in price.
A Russian couple who live in Siberia bought it for their son for $605,000 last July, on the day it went on the market.
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It’s full steam ahead for the Stevenson Group’s $800 million, 361-hectare industrial and residential development in South Auckland – despite the uncertainties of the post-Covid-19 era.
Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
The Reserve Bank says the commercial property sector is vulnerable to the Covid-19 crisis. But PMG Funds' chief executive believes that while there’ll be short-term pain, the biggest long-term impact will be structural change.
Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.