Humble three-bedroom Auckland home sells for $8m - $2.4m above CV

An Auckland luxury home has sold for $8 million, well above its council valuation and defying expectations of a housing market downturn in the face of the Covid-19 pandemic.It comes as a series of modest homes have been selling...

Source: nzherald.co.nz - Property | 28 May 2020 | 2:00 pm

Mortgage wars should spark boost to lending

Mortgage lending was slashed to about half of normal levels last month due to Covid-19 restrictions but economists say the latest round of 'rate wars' should spark some renewed buyer and seller enthusiasm. For those keen on picking...

Source: nzherald.co.nz - Property | 28 May 2020 | 10:40 am

Covid 19 coronavirus: KiwiBuild buyers now in financial strife risk losing deposits

By Eva Corlett of RNZ Property developers and sellers are being urged to find a fair solution if a buyer suddenly finds themselves in financial hardship because of Covid-19.Legally, the developer or vendor can keep the buyer's...

Source: nzherald.co.nz - Property | 28 May 2020 | 10:14 am

Revenue up but Goodman Property Trust net profit falls 18 per cent after lower revaluations

Listed industrial specialist Goodman Property Trust pushed up revenue 10.7 per cent to make $171 million but less spectacular revaluation gains pushed net profit after tax down 18 per cent from $319.5m to $261m.The business has...

Source: nzherald.co.nz - Property | 28 May 2020 | 8:18 am

Commercial property sector 'vulnerable', $40b bank exposure to sector: Reserve Bank warns

The commercial property sector is "vulnerable" to the Covid-19 crisis and banks have a $40 billion exposure, representing about 8 per cent of all lending. Reserve Bank Governor Adrian Orr today released the May Financial Stability...

Source: nzherald.co.nz - Property | 27 May 2020 | 10:26 am

$200m problem: Why is Wellington's central library closed?

Wellington's now closed central library did not suffer damage in the Kaikoura earthquake, it's not even technically earthquake prone, yet the city council is considering spending $200m to strengthen it . A powerful 5.8 magnitude...

Source: nzherald.co.nz - Property | 26 May 2020 | 5:30 pm

'Iconic' Wellington container home for sale

An "iconic" container home that was one of the first built in New Zealand is up for sale in Wellington.The three-storey home, built from refrigerator containers and fixed to the side of a rock face, has been listed for sale.Harcourts...

Source: nzherald.co.nz - Property | 26 May 2020 | 12:11 pm

Profits fall at $1.9b retirement giant Arvida, how pandemic affected it

Retirement village owner and operator Arvida Group made $42 million annual net profit after tax, 28 per cent down on last year, with the pandemic hitting just before the end of its financial year.The business, whose shareholders...

Source: nzherald.co.nz - Property | 26 May 2020 | 8:14 am

Covid 19 coronavirus: Kiwi Property suffers $186.7m net loss due to valuation drop

New Zealand's largest NZX-listed landlord suffered a big turnaround from last year's $138.1m net profit, slumping to a $186.7m loss due to write-downs.The business said its result for the full year to March 31, 2020 had been affected...

Source: nzherald.co.nz - Property | 25 May 2020 | 8:19 am

MP Tim Macindoe wades into tussle over land compensation at Peacocke

Landowners fighting a council trying to take part of their properties to build a road say they didn't object to the road designation because they were told they would be compensated.But Hamilton City Council is acquiring large chunks...

Source: nzherald.co.nz - Property | 23 May 2020 | 5:00 am