Aucklanders want out

Athird of Aucklanders have considered leaving the city to live elsewhere, according to a survey carried out for The Spinoff and Jennings Murphy by SSI. Citing home affordability issues, more than 32 per cent of the 760 people surveyed said they had considered leaving the SuperCity during the past two years. An additional 36 per cent thought leaving Auckland was a good idea.

In answer to the question, “do you think we have a housing crisis in Auckland?”, 84 per cent said “yes”.

When it comes to the blame game, of those surveyed, 55 per cent pointed the finger at foreign investors. And 19 per cent thought the Auckland unitary plan was a good idea.

Good job

The Property Council says the newly adopted Auckland Unitary Plan is a step- change for the city’s growth and urban rejuvenation.

The council’s Auckland branch president, Phil Eaton says it is “arguably its most defining moment since the opening of the Harbour Bridge, in terms of shaping the city”.

Among the highlights of the 7000- page plan is the provision for 422,000 new homes in the SuperCity over the next 30 years and more areas for intensive housing.

Land in rural towns such as Warkworth, Kumeu and Pukekohe will be freed up for urban development.

Purchase tax

In Vancouver, Canada, a 15 per cent tax on foreign buyers of real estate has seen property prices there drop by up to 20 per cent since July.

Though the change has left realtors upset, the slowdown has so far only hit the top end of the market. Commentators there think property prices could drop by up to 40 per cent before it starts to settle.

Market stalling

Industry players tell me Auckland home owners are hesitating to sell until they have found a property to buy.

It used to be, they tell me, that people would sell and then start looking for a new home.

With a shortage of available stock, this new behaviour is further stalling a market that’s already strangled by a lack of supply.

It means properties that do come on the market attract a lot of interest.

Home loans

The number of home loans made by banks has dipped, according to the Reserve Bank. In all, 5668 home loans were approved in the week ending August 12, that’s down from 6332 in the week ending July 15.

The amount borrowed also fell from $ 1.413 billion in the week before the announcement to $ 1.233 billion in the week ending August 12.