Tag Archives: Property

Queenstown house prices: Buyers from overseas New Zealand, Australia are raising prices from afar | Instant News


The average house price in Queenstown-Lakes was above the $ 1 million mark for the first time last month. Photo / Getty Images

Queenstown’s exorbitant property prices are driven by Australians and overseas Kiwis buying homes without setting foot in resorts.

In December, the median house price in Queenstown-Lakes hit $ 1 million for the first time, an 8.2 percent increase from the previous year, according to the New Zealand Real Estate Institute.

That means Queenstown remains one of the most expensive places in the country to buy a home – well above the $ 675,000 national average.

Local agents say expats have sent proxies to watch, because they want to go home earlier than planned or make a good investment in a world ravaged by the pandemic.

Colliers’ director of residential sales Fred Bramwell said demand from Auckland-based buyers was also up, about 10-12 percent compared with last year.

Some are looking for second homes, while others are first-time buyers or looking to move to resorts and away from urban life.

“I think there is a mix of people who now no longer have to work in offices … Covid has kept us going 10 years,” he said.

In recent weeks he has had conversations with New Zealanders in the United Kingdom, United States, Switzerland and Hong Kong about purchasing at resorts.

“Some of these people are buying without looking, getting friends and family to do due diligence.”

He said that many plots, such as in Kelvin Heights, proved popular with absent buyers.

But he doesn’t believe these are speculators looking to flip property – but rather long-term investments.

Both Bramwell and Bas Smith, from Ray White, say Australians are eager to buy property in Queenstown.

The latter said his company had struck some “impressive” deals with Australians with knowledge of the resort.

Smith said there was a general feeling that “the world’s eyes” were on New Zealand for investment opportunities.

“Obviously we have a ban on foreign buyers … but there is a feeling in Queenstown there will be an influx of Australian buyers once the border opens.”

He said about 50 percent of inquiries came from outside the city, but it was not limited to Auckland, as there were people from Christchurch and Dunedin also looking to invest in Queenstown.

“Kiwis are in love with their country and I think people who have money and vice versa will be traveling … looking at real estate.”

The median house price in Queenstown rose from $ 970,000 in December 2019 to $ 1,050,000 last month.  Photo / 123rf
The median house price in Queenstown rose from $ 970,000 in December 2019 to $ 1,050,000 last month. Photo / 123rf

Smith pointed to Fernhill to be the next up-and-coming suburb for the housing market, as some landlords leave the rental market due to tougher demands on housing quality.

“You kind of forget how, you could say, this place has some of the best views in the world, with a lake and The Remarkables.”

He said people could combine multiple units to create newer, bigger homes.

The Real Estate Institute of New Zealand reported that the median house price in Queenstown rose from $ 970,000 in December 2019 to $ 1,050,000 last month, as properties sold faster than before.

The average home price in Queenstown-Lakes is $ 10,000 higher than in Auckland, although some suburbs such as the CBD and North Shore are starting at $ 1.3 million.

Dunedin has seen a sharp rise in house prices, although the average holds nearly half of Queenstown’s values.

The institute’s regional commentator, Liz Nidd, said median prices had risen 18.8 percent from $ 492,000 to $ 585,000 in the past 12 months.

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Fashion Designer Tom Ford Finds Buyer for New Mexico Ranch Designed by Tadao Ando | Instant News


Fashion designer Tom Ford has found a buyer for his sprawling New Mexico ranch.

The property first hit the market in 2016 for $ 75 million, but the price tag was later cut to $ 48 million.

The deal for the property has been closed, according to an Instagram post by New York real estate agent Clayton Orrigo of Compass, who said he represented the buyer alongside local agent Neil Lyon of Sotheby’s International Realty. In New Mexico, property sales are not part of public records.

“It has been an honor to be working on this for the last 4 months, and I am delighted with the new owner who has shown me firsthand what it feels like to dream bigger,” wrote Orrigo. He declined to comment on the buyer’s identity.

Known as Cerro Pelon Ranch, this property is in the Galisteo Basin area near Santa Fe and covers 20,662 hectares. These include Silverado Movie Town, an Old West whistle stop that was built in the 1980s for the film “Silverado” and later used in films such as “All the Pretty Horses” and “Thor.” It also includes horse riding facilities as well as a tennis court, according to the list.

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My brother-in-law smoked marijuana, drank liquor, and played video games. My in-laws pay the mortgage. What happened after they left? | Instant News


My sister-in-law is over 40 years old, and she has health problems. She also suffers from largely undiagnosed mental health issues due to her refusal to see anyone, and she basically does nothing but smoke marijuana, drink booze, and play video games.

Right now his parents are paying his mortgage, which I believe is on their behalf, and I assume they pay all the bills. Her father looked after her home and helped with food and “necessities.” I’m assuming they either paid for his medical bills, or left him unpaid.

This year, my elderly father-in-law is experiencing health fears. My mother-in-law also has several health problems, although none of them are life threatening. I’m afraid my brother-in-law, with his quiet lifestyle, might also face additional health problems as he gets older.

I told my wife that they should discuss the plantation plans openly with us. He agreed, but the topic was always put aside with them. Her family didn’t like to talk about death or money at all. What we get the most from them is that they are all split in half.

I thought it was a good plan on paper, but I saw two big problems. First, there was a house that could not simply be divided in half without being sold, which my wife or brother did not want to do. It paid off.

The Moneyist:My wife and I have 3 children. I also have 3 children from a previous marriage. How are we supposed to divide our house among these 6 kids?

Maybe in a decade or so, my wife can pay for half of the house and potentially buy it, but that poses a second problem. Her sister couldn’t manage her own life now, and I knew what would happen if several hundred thousand dollars were dropped into her lap.

Neither my wife nor I wanted him to become homeless, but I was worried that I would be responsible for taking care of my brother-in-law. I am sure he will fall into poverty after his parents leave if nobody intervenes. At the same time, if they just left the money, he would throw it away or maybe be taken by the debt collector.

My wife and I are rich and can manage money well. Ideally, we could manage the trust for him to make sure the bills are paid so he doesn’t become homeless or starve. Obviously, this is a sensitive topic coming from son-in-law, especially with in-laws who are nervous about death and money.

I don’t want to reverse the bill for this guy when his parents are gone.

Any advice will be good.

Responsible Son-in-Law

Want to read more?Follow Quentin Fottrell on Indonesiaand read more of the column here.

Dear son-in-law,

Sounds like a combination of mental health problems and addiction. Sometimes, one can lead to another. Helping your brother-in-law may require family intervention rather than financial intervention. It would involve the whole family taking the baton and telling him one by one that they love him, and they want him to get back up, and receive the help he needs.

Depression has increased among middle-aged American men over the past decade. Baby boomers, born between 1946 and 1964, face a greater risk of depression, according to the 2015 Gallup-Healthways Well-Being Index survey. In the US, 14% of baby boomers are treated for depression. That’s much higher than the national average of 11%, double the millennial percentage.

It can also lead to more serious health problems. Research has shown that being overweight or obese is associated with a higher risk of premature death than a healthier body weight – and that risk increases with weight gain. More than a quarter of American adults define themselves as obese, but the obesity rate is actually closer to a third of the population.

The Moneyist: My friend’s dad buried $ 50K in the backyard for his grandson. My friend has 2 kids, but her extravagant brother doesn’t have any. Should they split it?

Your in-laws could look for options to ensure that your brother-in-law is taken care of after they’re gone, and someone with mental health problems and addictions who also lack life skills won’t be able to handle their own finances very well, especially at once. They can make provisions in their wish to include the proceeds from the sale of their home under a special needs trust with income.

This may require a second intervention, which forces your in-laws to face the fact that their son faces a long road to recovery and, if he is unwilling or unable to get better, they will have to adjust themselves. plantation plan accordingly. This could involve making appointments with your in-laws, and financial planners and real estate attorneys to discuss the matter.

There are many organizations that can help your parents, including the National Alliance On Mental Illness and the National Council for Behavioral Health. Your sister-in-law may also benefit from some type of rehabilitation or recovery program. Administration of Substance Abuse and Mental Health Services Helpline also offers crisis counseling for people affected by the pandemic.

You ultimately cannot force your brother-in-law or sister-in-law to seek the help they need and, perhaps through a moment of grace, admit that they need to face an unpleasant or difficult truth. You can do the best you can. But you are not ultimately responsible for other people’s lives, although it can be difficult to watch this situation worsen over time.

Hello, MarketWatchers. check Moneyist’s personal Facebook
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the group in which we seek answers to life’s most difficult money problems. Readers write to me with all kinds of dilemmas.

Quentin Fottrell is a Moneyist MarketWatch columnist. You can email The Moneyist with financial and ethical questions at [email protected]. By sending your inquiries via email, you agree to publish them anonymously on MarketWatch.

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Germany’s Moselle Region Is Ripe With Offers for Vineyards | Instant News


John and Pam Pfeiffer spent years exploring the magnificent vineyards of France, Italy and Argentina. But when it came time to buy their own, they chose a small winery in Lieser, a German town with half-timbered houses, a fairy-tale castle and green Riesling vines along the Moselle River.

In 2016, Mr. Pfeiffer, originally from Albany, NY and Mrs. Pfeiffer, from central Illinois, bought Weingut Gindorf, an eight-bedroom winery founded in 1756, a 3,300-square-foot home and 10 acres of wine for an estimated $ 1.2 million. They spent another $ 298,000 on improvements to the vineyard and home, which they lived in on the weekends. Their son and son-in-law, Matt and Brittany Braun, remain employed full-time, running the winery and small seven-room inn.

Along with steep, well-groomed views of rivers and vineyards, the Moselle region comes with more affordable real estate than in France or Italy. Increasingly, international and German buyers are buying wineries, historic homes and wine houses at lower prices than those in Europe’s more famous wine regions.

“From a real-estate perspective, Moselle and German vineyards are underpriced compared to their famous cousins ​​in Bordeaux and Burgundy,” said Mr Pfeiffer, 50, who, for a week, worked as a human resources consultant in Essen, 150 miles away.

In recent years Germany’s summers have gotten hotter and hotter, causing wines to ripen more quickly and more reliably, making vineyards a more attractive investment than ever before. Warmer weather has also allowed new varieties to emerge, such as the temperature sensitive Pinot Noir grape.

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‘We are building houses for the rich’ – Economists say NZ is building the wrong type of property 1 NEWS | Instant News


One economist said that while construction rates are increasing, New Zealand is not building the right type of housing to deal with its housing crisis effectively.

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Despite rising building prices, the country is not supplying the housing that is in high demand, said Shamubeel Eaqub. Source: Q + A


Speaking at the Q + A panel this morning, Shamubeel Eaqub said there are two main areas that need to change if the new Government is to make inroads on this issue.

The first is to stop lending money to investors. Eaqub said the Minister of Finance must signal to the Reserve Bank that access to credit must be fair.

He said it would not interfere with the independence of the Reserve Bank because the bank had a mandate to maintain financial stability, and controlling where credit went was part of that.

The second is to build more communities and rental housing, because it’s okay for New Zealand to build quickly if there isn’t a targeted effort to build where it’s needed most, Eaqub said.

“We are building houses for the rich. We have to build homes for New Zealand’s bottom half that is lagging behind. “

Eaqub said that in some suburbs, houses with more than five bedrooms are common.

“His requests are from the poor and households with one to two bedrooms.”

Read more

Judith Collins wants to put the brakes on loans that ‘keep raising house prices’

Property Board CEO Leonie Freeman, who joined Eaqub on the panel, said it was a common misconception that the country just needed to increase its “housing” stock, and took that as one thing.

Freeman said housing is a continuum, with transitional, emergency and social housing on the one hand, and market housing on the other.

He said an adequate supply should be available at all points of the continuum.

“A lot of that supply is in that housing market.”

Part of the problem is that those trying to solve the housing crisis are often operating behind closed doors, Freeman said.

He said that a “collective impact” approach was needed, which would bring together iwi, communities, private developers, and central and local governments to work towards a single target.

The target must then be mutually agreed upon, he said.

“The question for me with this target is not ‘Can we get there?’ It is ‘How do we get there because we have to?’ That’s the difference. “

But, there is no silver bullet solution, he added.

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Nick Goodall at CoreLogic said buyers took advantage of the low interest rates. Source: Breakfast


Eaqub said people can become “very violent with failure” when the government tries to set targets.

But he said he was happy the conversation had continued and there was now broad agreement that there was a housing crisis, rather than debating whether there was.

Should house prices come down?

Freeman says building more affordable housing doesn’t mean “saying crash the market”, because it’s about making different types of homes available to people.

He said he didn’t want to see house prices fall as it would be bad for the economy and homeowners.

Regarding the capital gains tax, which Labor has ruled out, Eaqub said: “The purpose of the capital gains tax – it will make it a fairer tax system. It will not solve our housing crisis. So, this is a different conversation. “

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Opposition parties faced the government, and even the former finance minister of Labor intervened. Source: 1 NEWS


He said it was better to focus on gaining policy advantages elsewhere that the Government did not rule out.

“We have to stop focusing on price and focus on the results we want to achieve.

“It’s about giving people safe and healthy shelter. We failed at that. This is a fundamental human right, and we lick it. “

This means the Government needs to focus on policies that help people’s homes, rather than looking at it from the lens of house prices, he said.

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