Is the property boom a house of cards?
Monday 26 January 2004
The knock-on effect of Government policy on immigration is clear in our daily lives.
By The LandlordA new study by the Organisation for Economic Co-operation and Development (OECD) shows that New Zealand had the second-highest level of immigration in the world per head of population in 2001, beating countries such as Britain, Germany, Canada and the United States, where immigration has also been a major political issue.
Only Luxembourg out of the developed countries had a higher level than New Zealand.
While some New Zealand politicians may take comfort from being near the top of an OECD statistic, when we appear to be sliding towards the bottom in many of the more important ones, the figures will add fuel to the flames for those who, like Winston Peters, ask how many new arrivals is too many?
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The Government announced its long awaited tenancy law reforms today and they mean that landlords will no longer be able to get rid of tenants without reason.
There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.
Vacancy rates in the commercial property sector are set to increase as changing economic conditions dampen demand.
LVR restrictions were never meant to be a permanent feature of New Zealand’s housing market and ANZ economists argue that some further relaxing of them could soon be on the cards.