Westpac offers ‘special’ one-year mortgage rate at 3.99%.

Are you planning to apply for a Mortgage loan? This might be a good time. Read further to get information about the current happenings in the loan market.! Metro NZ Property Management would recommend you to first get a professional’s advice. Westpac has introduced one-year mortgage rate “special”. From 18thJan onwards Westpac is providing a one-year fixed term rate of 3.99%, reducing 16 points on its standard rate of 4.15%. The offer is only limited until February 1 and is only applicable for those who have more than 20% equity and have their salary going into a transactional account at the bank. 

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Parliament votes to pass the legislation for BANNING the letting fee.

The Parliament has voted to pass the legislation to ban the letting fee from 12th December onwards. The housing minister Phil Twyford said that letting fees are unfair for the tenants and banning it will be a good initiative in improvising the conditions for tenants, while in the long run, they are still reviewing the Residential Tenancies Act. He stated “Our tenancy laws are antiquated and don’t reflect the fact that renting is now a long-term reality for many of our families. Around half of New Zealanders now live in rented homes. This change could put up to $47 million

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Gluckman’s Meth Standard to be adopted by the Tribunal.

15 micrograms per 100cm2will be accepted by the Tenancy Tribunal as the minimum standard for meth contamination for rental properties. The Chief adjudicator of Tenancy Tribunal, Melissa Poole stated that it will use the 15mg level as recommended in the Gluckman report – as long as the meth was completed after the report was issued on 28thMay 2018. She further explained to the delegates at the NZ Property Investors Federation conference in Dunedin that the Tribunal worked a lot and spoke to numerous people about the standard, including the Housing Minister Phil Twyford. The Tribunal’s hand was pretty much forced

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Best opportunity for First Homebuyers..!!

First homebuyers of Auckland at an advantage by $87 per week compared to 18 months back. Are you planning to fulfill your wish of having a dream house? This would be the best time. Read further to get more information! Metro NZ Property Management would recommend you to get professional’s advices first. Decreasing mortgage interest rates, marginally low house prices and gently increasing wages all are assisting in the dream of Auckland’s first home buyers. According to the Home Loan Affordability Report of Interest.co.nz for the month of September, calculates that mortgage payments for a lower quartile priced home in

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New Rules about Overseas Property Buyer

REAA has sent through a news letter to each agency about New Overseas Investment Rules. Are you overseas investment buyer? Read further to get more information! Metro NZ Property Management would recommend you to get professional’s advices first before you process your property transaction. New overseas investment rules live on Monday   The new overseas investment regime comes into effect next Monday, 22 October. From Monday 22 October, overseas people generally won’t be able to buy residential land in New Zealand unless they have a residence class visa and intend to live here. Every residential land sale will require a

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Watch Our Latest Video on Youtube!

We are pleased to announce that, Metro NZ Tube is officially online now and you can now watch all the videos of Metro NZ from Youtube. You can also subscribe our Facebook account by searching ‘Metro NZ Property Management’ to get the latest updates in Metro NZ as well as in Property Industry! Being the finalist to Westpac Business Award in Excellence of Strategy and Planning, we have made a huge effort to be stand out from the whole management industry. See what our staff say about Metro NZ and our services! Frank Rangi, Managing Director of Metro NZ Property

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Relax, Foreign Buyers!

According to Henry from Stuff.co.nz, the proposed foreign property buyers ban has been relaxed for foreign investors looking to buy apartments. “The Government will accept changes suggested by the majority of the Finance and Expenditure Committee in their report on the bill. The major change concerns apartments. Originally the ban would allow foreign buyers to purchase apartments off the plans, but would force them to sell them on once the building was completed. Now the ban will allow foreign buyers to hang on to apartments bought off the plan, as long as they are part of a development that is 20

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Purchasing property in current market conditions, is it better to wait?

Purchasing property in current market conditions, is it better to wait? Recent research conducted by Goldman Sachs indicated that there is a 40% chance of the NZ housing market going bust. Further insights concluded that NZ’s housing market is over-valued the most amongst the G-10 economies. A housing bust can be described as house prices declining by 5% or more and is calculated through ratio calculations relative to house prices to rents, annual household incomes, and inflation impacting house prices. In Auckland alone, the average house price has increased 91% since 2007. With these escalating figures, the amount of people

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How to choose the right property manager

When choosing a property manager, there are a number of things you need to consider before selecting the person who will be caring for perhaps your most valuable asset. Will the property manager: Accurately appraise your rental property to quickly rent your property to quality tenants and keep your vacancy period to a minimum? Conduct appropriate background checks on potential tenants before offering your property to a tenant? Bad tenants can cost you a lot of money in the long run. Understand the importance of ensuring the presentation of the property is maximised to attract the right tenant, who in

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Why Trump win may make renting a better option

New Zealanders can expect higher home loan interest rates, and more pressure on house prices, thanks to Donald Trump’s victory in the US presidential election. Real estate listings website Realestate.co.nz was already reporting large numbers of United States visitors searching for New Zealand property before the result was announced. As it became clear that Trump will be the next president, and take over from Barack Obama within months, that increased further. Realestate.co.nz reported US-based traffic up 432 per cent after the result was revealed, compared to the same time last year. Of those visits, 78 per cent of people had never

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Auckland speculators flipping homes on same day of purchase

Auckland speculators flipping homes on same day of purchase Saturday Sep 10, 2016 – NZ Herald Data reveal instant resales as sharp investors ‘flip’ properties for quick riches. Auckland property speculators are on-selling homes on the same day of purchase for huge profits, sometimes without even setting foot inside. Incredibly, one Auckland house was sold three times in a single day with its value surging by nearly $80,000 in less than 24 hours. Other astute buyers have “flipped” their new purchases for instant profits worth tens of thousands of dollars, with one speculator pocketing $100,000 the same day they bought

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Home loan numbers fall ahead of lending restrictions

Home loan numbers fall ahead of lending restrictions The number of home loans and amount being borrowed has dipped ahead of further lending restrictions, but one mortgage broker says it could be six months before full effects are known. Weekly figures released by the Reserve Bank show 5668 home loans were approved in the week ending August 12 – down from 6332 in the week ending July 15 – the week before the latest plans to tighten lending were announced. The amount borrowed also fell from $1.413 billion in the week before the announcement to $1.233 billion in the week

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