Author: Deborah Farmer

New Zealand's housing market has a 40 per cent chance of going bust in the next two years, according to global investment bank Goldman Sachs. In a research note published this week Goldman says the New Zealand's housing market is the most over-valued amongst the G-10 group of developed economies, Bloomberg reports. Goldman, Bloomberg said, defines bust as house prices falling five percent or more after adjustment for inflation. Bloomberg reports that Goldman looked at housing markets in the G-10 countries -those with the 10 most-traded currencies in the world - and finds they are most elevated in small, open economies such as New Zealand, where house prices have rocketed in recent years. http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11857022

A graphic image of how Auckland streetscapes are changing under the new Unitary plan is provided by one big proposal on the North Shore. In a quiet Takapuna street, filled with single and double-storey homes on full sites, plans have been proposed for two big five-level apartment blocks filling two sites side-by-side. Auckland Council has notified the application to build the blocks at 32 and 34 Tennyson Ave, meaning the public has a chance to voice their opinions. http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11853621 (more…)

Step aside Herne Bay, says a valuer and real estate agent who has named a perhaps surprising area as Auckland's top-priced suburb. Jason Smale of Premium Real Estate says he has analysed Auckland sales and found that the Coatesville area on Auckland's northern outskirts is by far the city's most expensive area. The green, rolling pastoral area dotted with mansions has an average sale price of $3,319,083, calculated Smale, who says he has sold properties worth $320m. "There are 611 residential properties officially in Coatesville; genuine, true, Coatesville, not Lucas Heights, Riverhead, Albany, Paremoremo or Dairy Flat," Smale said. (more…)

Work is due to start later this year on 75 apartments in the second stage of Auckland's SKHY on the fringe of the CBD.  The project is near the intersection of Symonds St and Khyber Pass Rd and its acronym takes its name from the area.  Apartments are being marketed from $595,000 for one-bedroom apartment with a car park up to $1.6 million for a three-bedroom unit with two car parks.  The project was designed by Pip Cheshire of Cheshire Architects, according to a company statement. (more…)

House values dropped in parts of Auckland and Christchurch in the past three months, remained static nationally but rose in Wellington.  Data from Quotable Value out today showed Auckland values down -0.4 per cent in the past three months and -2.6 per cent in Christchurch's Banks Peninsula area. Nationally, there was a 0.0 per cent change in house values, QV said.  North Shore coastal values fell -1.3 per cent, North Shore Onewa down -2.3 per cent and Manukau Central down -0.7 per cent.  But the average value across the Wellington region has now topped $600,000, data showed. (more…)