Property

House prices set for slump

House prices are expected to slump as much as 9 per cent in the worst-hit areas next year, knocked back by rising interest rates and fewer migrants, according to a new report.

Thursday, December 02nd 2004

The average price fall was expected to be about 4 per cent, according to a report issued yesterday by mortgage insurer PMI and Infometrics.

Wellington house prices may dip a little next year, but rise again in the following two years.

The report says Nelson and Marlborough were "first to the party" in the boom times and were one of the first to leave with 7.5 per cent falls in house prices likely next year.

Sales volumes there are already down 30 per cent on the same time two years ago.

After peaking at $286,000 in December 2003, median house prices are now fluctuating at between $248,500 and $275,000, the report says.

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Wednesday, April 17th 2024

Rate cuts needed to lift mood

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Monday, March 18th 2024

Support for regulation

REINZ has emphasised the need for property management regulation to Parliament’s Social Services and Community Committee.

Thursday, March 14th 2024

A better investment market

“Reinstatement of interest deductibility starting from the new tax year on 1 April brings property investors back in line with every other business in the country, where interest costs are a legitimate deductible expense," Tim Horsbrugh, New Zealand Property Investors Federation (NZPIF) executive committee member says.

Thursday, March 14th 2024

[OPINION] Recessionary times

It is not the best out there for many businesses and property sector people. Sales are down across the board, our clients’ confidence is falling, and there is a lot of uncertainty.

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