Squeeze on Bay housing market
Monday 16 August 2004
Hawke's Bay has turned into a renters' nightmare as a housing boom and an influx of professionals and families put a tight clamp on the property market.
By The Landlord
Prices of rental homes and units are skyrocketing as a result of higher property values and Hawke's Bay's growing popularity as a place to live.Hawke's Bay Realties Napier property manager Katrina Mortensen said there had been an influx of families and executives shifting to the region from areas such as Wellington, Auckland, Taupo, Nelson and overseas.
"There is definitely more demand, and that is the underlying problem. We need more rental housing to become available."
People were looking for good family homes with garages, but there was a scarcity of long-term rental properties. A typical three-bedroom home with a garage in Taradale was fetching $250 to $280 a week.
Read More - Opens in a new window
Commenting is closed
House Prices
Is the market resurgence coming to an end?
Steady declines in value growth are becoming evident – as QV’s latest data reveals – and that suggests the housing market’s resurgence could be coming to an end.
Commercial
Augusta Capital takeover bid now unconditional
ASX-listed Centuria Capital has declared that its takeover of New Zealand property funds manager Augusta Capital is now unconditional, as it has secured nearly 66% of Augusta’s shares.
Mortgages
ANZ eases servicing test
ANZ has become the latest bank to ease its servicing test criteria for borrowers, reflecting the lower interest rate environment.
