Welcome to the propertydirectory.co.nz weekly round up for the week ending 7th June 2020.
Each week we aim to give you a roundup summary of the top New Zealand property news. If you have an item you think is worth sharing with propertydrectory.co.nz readers, let us know.
Official sales figures for May are not due out from the Real Estate Institute of New Zealand (REINZ) until next week but real estate agents are reporting an unexpected high level of activity and strong prices.Stuff.co.nz
On 4 June 2020, the Government announced further temporary measures to be enacted to specifically support small New Zealand businesses through the effects of the COVID-19 epidemic. Parties to many smaller-scale commercial leases will be required to negotiate the payment obligations to ensure a fair rent is agreed. Negotiations can be conducted in any way agreed by the parties, such as through mediation.Justice.govt.nz
The new building will be situated at 40 Bowen Street and will be the first of a pair of buildings planned for the site. The building will total 10,049 square metres and consist of 1,200 – 1,700 square metre office floorplates across 6 levels…. The development project has an expected total project cost of $90.2 million and is expected to generate a yield on cost of 6.6%, once fully leased. Completion of the project is scheduled for late 2022.precinct.co.nz
Landlords have been given an extra five months to meet this year’s Healthy Homes requirements.Stuff.co.nz
NZX-listed Foley Wines plans to build a two-level multimillion-dollar development in Martinborough where more than 20 people will work in a Californian-style venture backed by American billionaire Bill Foleynzherald.co.nz
From today, banks now have no restrictions on the amount of money that they can lend to high-loan-to-value-ratio borrowers. This was a strategic move by the Reserve Bank to stop any potential issues if house prices dropped and is also designed to bolster the economy and boost demand for property as New Zealand comes out of lockdown. The Reserve has stated, though, that it will review the current decision in 12 months.oneroof.co.nz