New Zealand

Re: New Zealand

Postby iam802 » Thu Apr 01, 2010 1:18 pm

Property glut creating 'buyers' market' (<<< 802: Buyer's market??? Got to depend on location location and location)

http://www.nzherald.co.nz/business/news ... d=10635819

New Zealand's housing market remains in negative territory with an escalation of new listings adding to a glut of homes already on the market.

More than 14,000 new listings were added to the New Zealand property market in March, bringing the number of unsold homes to 55,623.

Current estimates by realestate.co.nz are that it will take more than a year to clear the available stock based on current sales rates.

Realestate.co.nz chief executive Alistair Helm said vendors needed to have realistic expectations of what their property was worth in the current market.

"Sellers appear to be in denial as the asking price for new property listings in March rose slightly and is now only one per cent below the peak of the market back in October 2007."

Sellers needed to be flexible on the prices they were asking in what was clearly a "buyers' market", Helm said.

ASB economist Jane Turner said the listings data provided an early guide to the housing market sentiment in March.

"Although the number of listings remains low, the number of sales is likely to be even weaker," she said. "The rise in new listings remains muted, suggesting there is little sign yet of a rush to sell off investment properties in response to proposed tax changes."

Turner said the rise in total housing inventory pushed the balance in the housing market back towards a buyers' market, and as a result she expected prices to remain subdued.

The inventory level of unsold houses, as measured by the number of weeks of sales necessary to clear the market, had extended beyond the one year mark, to 53 weeks during March - 53 per cent up on December's figures.

The report also highlighted an urban-provincial divide, with the stock of unsold homes in provincial New Zealand rising to 70.1 weeks of inventory, against 39.8 per cent in the three major cities.

The number of new listings also rose in provincial New Zealand to 6719, against an 11 per cent decline in new listings across the major metropolitan areas, the report showed.

Seller's asking prices also continued to rise during March, and were edging closer to the market national peak of $429,033 recorded in October 2007.
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Re: New Zealand

Postby kennynah » Thu Apr 01, 2010 1:41 pm

802 : i know you are rather familiar with NZ property scene...

do you know how much it'd cost to buy such similar land and property?

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Re: New Zealand

Postby iam802 » Thu Apr 01, 2010 10:01 pm

kennynah wrote:802 : i know you are rather familiar with NZ property scene...

do you know how much it'd cost to buy such similar land and property?

Image

Image


Those kind of sizes... I think less than NZ$150k. But it depends on location.

And the challenge here is ...if the location is good with bay view, then there is a high chance someone have already build a big house there.

And it can cost anything from NZ$500k to NZ$X million
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Re: New Zealand

Postby winston » Thu Jun 10, 2010 7:41 am

RBNZ increased interest rates today.
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Re: New Zealand

Postby eauyong » Thu Jun 10, 2010 9:16 am

June 10, 2010, 6.40 am (Singapore time)

RBNZ raises rates after year at record low

* RBNZ hikes rate 25 bps to 2.75%
* RBNZ says outlook depends on economic, market developments
* RBNZ sees 3.5% growth in 2010/11, inflation spike
* NZ dollar jumps, debt falls after rate decision

WELLINGTON - New Zealand's central bank lifted interest rates from a record low on Thursday, its first move since the global crisis, but said its next move would depend on the economic and market outlook.

The rate hike to 2.75 per cent from 2.5 per cent, the first rise in three years, came as the domestic economy picked up steam after a long recession and the Reserve Bank of New Zealand (RBNZ) predicted particularly strong growth among key Asian trading partners.

'Further removal of stimulus will be reviewed in light of economic and financial market developments,' RBNZ governor Alan Bollard said.

He repeated that higher funding costs and higher long-term interest rates over short-term rates should reduce the extent of future rate rises relative to previous cycles.

The New Zealand dollar jumped around half a cent to around $0.6720 after the rate decision. Interest rate futures initially fell sharply but trimmed the losses to 8 basis points.

The yield on the two year interest rate swap rose 5 basis points to 4.34 per cent.

Fifteen of 18 analysts polled by Reuters had forecast a quarter percentage point hike and many had expected the central bank to refrain from flagging further sharp policy tightening given the uncertainty over the global economy.

Financial markets had priced in a 74 per cent chance of rate hike, but expectations of future rises were trimmed to 145 basis points over the next 12 months from 163 basis points seen before the rate review, according to a Credit Suisse index.

'I think they've got another couple of hikes up their sleeve and at some stage this year we'll have a pause to assess what's going on,' said ANZ-National chief economist Cameron Bagrie.

Last week, the Bank of Canada became the first central bank among G7 economies to raise rate after the global recession, but it said the European crisis made its next move unpredictable.

The Reserve Bank of Australia, which had raised rates six times in the past eight months, in its latest statement also voiced fears about contagion from the upheaval in markets.

'Currently, we expect the main impact on New Zealand to come through continuing upward pressure on the cost of funds to the banking system,' Mr Bollard said.

New Zealand's recovery has been gathering pace after emerging from its longest recession in 30 years in the second quarter of 2009 after five straight quarters of contraction.

Gross domestic product rose 0.8 per cent in the December quarter, its fastest pace in two years, and is expected to have maintained a similar pace of growth in first quarter. March quarter GDP will be released on June 24.

Consumer sentiment improved for the third straight month in May while businesses were most confident in their own trading outlook in 11 years in last month, suggesting a further recovery.

Annual inflation has been sitting comfortably within the central bank's 1-3 per cent target band but inflation expectations have been rising towards the upper end of that range.

But the recovery has been patchy. Retail sales have been tepid, house prices and sales mostly flat, and households are still cautious about taking on debt despite low borrowing rates.

The RBNZ cut rates by a total of 575 basis between July 2008 and April 2008 to support the recession-hit economy. -- REUTERS
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Re: New Zealand

Postby winston » Sat Sep 04, 2010 8:37 am

7.1 Earthquake hit Christchurch, South Island.

Details in the "Disaster Investing" thread, in the "Other Investment Ideas" section.
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Re: New Zealand

Postby iam802 » Mon Oct 04, 2010 11:33 am

NZ wool prices hit 14-year high

http://www.nzherald.co.nz/business/news ... d=10678128

New Zealand wool prices surged to a 14-year high amid renewed demand for the fibre in the Middle East and Europe, leading the price of the country's raw materials higher in September, according to the ANZ Commodity Price Index.

The index rose 2.9 per cent to 274 last month, its first gain in four months, and is now within 1 percentage point of its all-time high in May.

That was led by a 12 per cent gain in wool prices, as high prices for competing fibre cotton coincided with a global run-down of wool inventories. Dairy prices rallied 6 per cent in a month when Fonterra Cooperative Group's globalDairyTrade climbed after four straight declines.

That comes ahead of an online auction on Tuesday in the U.S, the first one since Fonterra held its forecast pay-out to farmers at $6.60 a kilogram of milk solids, though some pressures are likely to weigh on prices.

In New Zealand dollar terms, the index gained 1.2 per cent to 204.7, after a 1.5 per cent decline in August.

Other local commodities to increase in value last month were a 4 per cent gain in skins, seafood and butter prices, beef, lamb and aluminium was 3 per cent higher from the previous month, and cheese and casein were up 2 per cent.

Only four commodities tracked fell in value last month, led by an 11 per cent fall in apple prices. Wood pulp prices declined 5 per cent, while sawn timber dropped 4 per cent and log prices decreased 2 per cent.



Note
Is it just an increased demand or a combination of demand and weak US dollar?
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Re: New Zealand

Postby winston » Tue Feb 22, 2011 8:57 am

6.3 Earthquake striked Christchurch
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Re: New Zealand

Postby winston » Wed Feb 23, 2011 10:56 am

Nearly 400 Dead, Missing in New Zealand Quake

New Zealand rescuers worked frantically through the night to reach trapped survivors after a catastrophic earthquake left nearly 400 people dead or missing in Christchurch.

Source: AFP
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Re: New Zealand

Postby winston » Mon Jun 13, 2011 11:12 am

Two earthquakes in succession hit near Christchurch, N. Zealand, according to U.S. Geological Survey

Source: CNN International
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