House prices hold up bypass
Friday 20 February 2004
"Exorbitant" New Plymouth house prices are causing headaches for Transit New Zealand and the residents whose homes will be bulldozed to make way for the Bell Block bypass.
By The LandlordTenders for the $12.5 million bypass and Mangaone Hill project go out at the end of the year.
But Transit is yet to buy three of the 16 houses opposite the New Plymouth Golf Course.
Deals for the other 13 have already been settled by Transit after the owners found other properties.
Read More - Opens in a new window
Commenting is closed
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.