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Friday 14th May
Hi
Some numbers from Treasury this week show how important housing is to our overall wealth, and why it would be foolish for the government to make too many changes to property investment tax rules next week.
Treasury released its estimates of household assets and liabilities. It showed that houses make up nearly three quarters (74%) of our total gross assets. The actual number is $603 billion verses the $212 billion we have in financial assets (shares, KiwiSaver, deposits etc).
Yes there should be some encouragement to shift the balance so more of our wealth is held in financial assets, but it should be done on a softly, softly basis rather than by using shock tactics. Continue reading here>>
Happy investing,
The Landlord
Latest News
Student accommodation drives Dunedin market
Student accommodation in Dunedin continues to underpin residential property values in the city, according to new research. View More
Labour pushes for changes to rules around residential tenants
Labour says the government has watered down a bill which regulates residential tenancies and wants some changes before it is passed by Parliament. View More
Banks repay $0.8m in overcharged break fees
Two banks have had a rap on the knuckles and repaid $0.8 million in overcharged break fees on fixed-term loans following complaints after the sharp drop in interest rates in late 2008 and early 2009. View More
Also in the news this week:
- Home sales decline in April: REINZ
- REINZ residential highlights - April 2010
- Property investors procrastinate ahead of Budget: QV
- QV main urban areas commentary: April 2010
- Property round-up
Mortgage Rates
In a surprise move today ASB Bank, BankDirect, Sovereign and NZ Home Loans have cut their six-month fixed rates by 15 basis points in a week that has seen other lenders increasing the same rate by anywhere between 10 and 30 points.
The other changes these four lenders have made today comprise a 10 point increase to their one-year rates, 25 point increase to 18-months and their two-year rates rose 20 basis points.
ASB Bank is now in-line with BNZ in having the lowest six-month and one-year rates offered by a major bank at 5.85% and 6.35% respectively.
View the rates table here >>
The past week has seen the majority of our major banks hike one-year fixed interest rates. Find out who's leading the pack here.
L A T E S T H O T P R O P E R T Y L I S T I N G
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