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News

Title: Homes selling up to 60 per cent more than RV in Lower Hutt property boom

Date: 2016-07-07

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Homes selling up to 60 per cent more than RV in Lower Hutt property boom
Lower Hutt property buyers are being priced out of the market as the boom reaches levels not seen since the 1980s.
A modern home in Avalon with a rateable value of $565,000 sold at auction for $784,000 last week while a villa with an RV of $510,000 went for $704,000 in Alicetown.
Hutt City Professionals managing director John Ross said a "once-in-35-year phenomenon" in market confidence had followed the lows of the recent economic downturn, similar to that seen after a slow-down in the 1970s.
With the wider Wellington market flat since 2008 the...

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Title: Brexit means August OCR cut likely

Date: 2016-07-01

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Brexit means August OCR cut likely
It’s early days yet but economists agree that Brexit has upped the odds for the Reserve Bank to cut the OCR in August.
News that the UK has voted for Brexit has shocked commentators and rocked financial markets globally.
Investors and KiwiSavers are being urged not to panic, but what could Brexit mean for New Zealand’s interest rates?
While economists warn it is far too soon to tell what the broader financial impacts might be, most are united in the view that an OCR cut in August is now much more likely.
ASB economist Daniel Snowden said the US Federal Reserve may now pause for thought on its...

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Title: Why a capital gains tax won’t stop the housing bubble?

Date: 2016-06-24

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Why a capital gains tax won’t stop the housing bubble?
Capital gains tax is often put forward as a potential solution to the housing crisis. However, recent evidence shows that our de facto capital gains tax – the ‘bright line test’ – is not quenching the market. This accord with overseas evidence that capital gains taxes has little impact on housing speculation, and can even be economically damaging. This is particularly the case when owner-occupied housing is exempt from a capital gains tax. For these reasons the Morgan Foundation has proposed a comprehensive capital income tax (CCIT) instead. A CCIT would be...

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