Auckland stories
Auckland’s housing market has held up, with prices little changed after lockdown despite sales volumes halving in May.
Domestic travel spending could help cushion the sector as international arrivals slump and businesses await the effect of a new campaign.
Experts say the $50 billion COVID-19 recovery plan will lift jobs and infrastructure, but warn it leaves big tax and housing gaps.
New Zealand house prices climbed to a record high in April even as lockdown froze the market and sales volumes plunged 78.5%.
Better freight services and more reliable trains are set to follow, as the funding also covers new ferries and ageing locomotives.
Buyers in Auckland’s Belmont are being offered sustainably built terraced homes with electric bikes as New Zealand eases property viewing restrictions.
Queenstown looks most exposed, with tourism reliance and Airbnb saturation making its property market vulnerable to a COVID-19 downturn.
A slump in private development could let ministers add 9,400 state houses, easing a record waiting list and propping up builders.
Easing loan-to-value rules is only part of the fix, with commercial landlords warning wider support is needed to prevent a deeper downturn.
Access to cheaper medicinal cannabis for thousands of patients is expected to grow as licence applications are now under way.
Construction jobs and council investment could restart quickly, as Auckland submits 73 infrastructure projects for the Government’s stimulus list.
Transaction volumes are expected to fall sharply after lockdown, with weaker demand and limited listings likely to push prices lower.
Commercial landlords could face rent relief claims as lockdowns trigger emergency no access clauses in many New Zealand leases.
Auckland’s southern land values could rise as the transport package unlocks new homes, jobs and development, Colliers says.
Statistics NZ said smaller standalone houses and more multi-unit builds have pushed the average floor area of new homes down 21% in a decade.
Border curbs are set to reduce the risk of imported infections, but officials warn New Zealand must still bolster testing, tracing and isolation.
Economic worries are deepening as COVID-19 threatens recession, job losses and delayed launches across New Zealand's fintech sector.
Auckland's housing crisis could deepen if the Drury project fails to deliver affordable homes despite NZD $2.4 billion in transport spending.
A worker's death has led to a GBP £195,000 fine and GBP £65,000 in reparations after unsafe log-handling practices breached safety rules.
Buyers could face stronger competition and higher prices this month as warm weather and tight stock tempt more vendors to list.
