News and Publications

Property News: 9 September 2019

Lakes blaze was burnoff

It looked ominous from a distance, but a fire on a hillside near Lake Rotoiti on Saturday has been confirmed as a controlled burnoff.

Photos on social media showed a thick plume of smoke and flames covering a section of land in the Wairau Valley, near the turnoff to Rainbow Ski Area. However, Fire & Emergency NZ southern communications shift supervisor Lyn Crosson said it had been advised of a controlled burnoff in the area around 11am.

While calls had been received from the public about the fire, there had not been any reason to take preventive action, she said, although a fire crew from St Arnaud had been at the scene about midday. ‘‘It’s open season at the moment, so everyone’s having little burnoffs.’’

(The Nelson Mail, Monday 2 September 2019)

House values across region still increasing

Nelson house prices have reached an average of $627,629.

The latest QV figures reveal that Nelson residential property values rose 6.7 per cent in the year to August, and 0.5 per cent over the past quarter, with listings starting to increase coming into spring.

Values in Tasman district also continued to rise, up 4.1 per cent year-on-year and 1 per cent over the past three months, with the average value now $608,974.

Nelson house prices first cracked the $600,000 mark in January, according to QV figures, with the average value in Tasman still just under $600,000 five months ago.

Nelson is the fourth most expensive region to own a home, behind Queenstown Lakes, Auckland Area, Tauranga and Wellington Area, but values are still below the national average of $688,760.

Auckland, Rotorua, Napier and Christchurch were the only regions to see a quarterly decline in the average value, all of less than 1 per cent.

(The Nelson Mail, Wednesday 4 September 2019)

Plea for funding to help fix burnt land

The large fire that raged across a swathe of Tasman district in February burnt more than just a home, a shed and pine plantations.

It also damaged important native bush and wetland areas.

Within about 2450ha of land affected by the blaze, which started in Pigeon Valley on February 5, were remnants of important native vegetation, including five sites recorded as Significant Natural Areas on a Tasman District Council register.

They are areas identified as having natural ecosystem values that are representative, rare and diverse, and provide important corridor connections or habitats for rare indigenous species.

Two of those sites were large, at 54ha and 10ha respectively. The others were no more than 1ha, and the damage varied from site to site.

A report by Peter Lawless, who was employed by Nelson Tasman Civil Defence to co-ordinate the environmental pou (element) of the post-fire recovery effort, says the total cost of replanting and remediation is estimated at more than $6.7 million.

(The Nelson Mail, Saturday 7 September 2019)

NZ economy experiencing 'growth stall'

Interest rates could be set for further falls with ANZ bank revising its forecasts and saying it expected the official cash rate to fall to just 0.25 per cent by May.

That meant there was some chance house prices could ‘‘take off again’’, it said.

The bank said in an update that the outlook for economic growth and inflation were continuing to deteriorate and it now expected the Reserve Bank to make 25-basis-point cuts to the OCR in November, February and May.

The Reserve Bank surprised analysts by lopping a half-per cent off the OCR last month, bringing the rate down to 1 per cent.

(The Nelson Mail, Saturday 7 September 2019)

Thought for the Week

Thought for the week