The team at Myland Partners are thrilled to announce that Titles for Stage 5 have now issued!
Settlement will commence on 10 July 2024.
Stage 5 marks the final phase of Cardinal West’s development. With many beautiful homes already built and sold, Cardinal West has flourished into a vibrant and diverse community. We are proud of the progress made and look forward to welcoming the new homeowners of Stage 5.
Following settlement, our project coordinator, Hugh Crawford, will contact you with essential information regarding the building process at Cardinal WestFor assistance, please email info@mylandpartners.com.
Market Update
The Real Estate Institute of New Zealand (REINZ) recently released its May 2024 data, highlighting a national and regional increase in listings and sales counts, while median sales prices have stabilized. REINZ Chief Executive Jen Baird noted a general trend of increased activity, with higher sales counts and faster sales compared to a year ago.
Regulation and rule changes continue to shape New Zealand’s property market, with the introduction of the Debt-to-Income (DTI) ratio being a significant development. Fortunately, construction loans are exempt from the DTI regulation if you are building a new home, purchasing a newly built home within six months of completion, or buying through the KiwiBuild programme.
First home buyers (FHBs) maintain a 25% share of the market, benefiting from lower house prices, reduced competition, KiwiSaver for deposits, and access to low-deposit finance from banks. Meanwhile, relocating owner-occupiers, or ‘movers,’ make up approximately 26% of the market. They have held a stable market share for the past 18 months and are showing signs of a slight resurgence, possibly due to pent-up demand.
In Auckland, the median price rose by 3.0% year-on-year, reaching $1,025,000. First-home buyers and owner-occupiers were the most active buyer groups, with a noticeable increase in investor inquiries in South Auckland. Nationally, the Housing Price Index (HPI) shows a 2.3% rise in housing market value year-on-year, with Auckland experiencing a 1.4% increase.
