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The property bubble in New Zealand is a major national economic and social issue. Since the early 1990s, house prices in New Zealand have risen considerably faster than incomes, [ 1 ] putting increasing pressure on public housing providers as fewer households have access to housing on the private market.
After the New Zealand sharemarket crash on 20 October 1987, the Chase Corp share price continued to drop and it effectively never recovered from that point, as the New Zealand property market collapsed. On 4 July 1989, the NZ Government appointed statutory managers to run the NZ property interests of Chase Corp.
Toitū Te Whenua Land Information New Zealand (LINZ) is the public service department of New Zealand charged with geographical information and surveying functions as well as handling land titles, and managing Crown land and property. The minister responsible is the Minister for Land Information, and was formerly the Minister of Survey and Land ...
This is the lowest rate of home ownership since 1951. This is partly due to the increase in New Zealand house prices which since 1990 have increased faster than any other OECD country. [56] Housing in New Zealand has been classified as 'severely unaffordable' with a score of 6.5 under the median measure housing affordability measure. [57]
The Overseas Investment Office is the New Zealand government agency responsible for regulating foreign direct investment into New Zealand.. The Office is responsible for high value investments (2006: NZD $100m+), investments in sensitive land and investments in fishing quota.
QV was originally established as a Crown-owned company on 1 July 1998 as Quotable Value New Zealand Limited. [1] [2] [3] It was formed out of a former government department, Valuation New Zealand. The original department's main role was the establishment of land values for local authority rating purposes. As part of reforms associated with its ...
Mainzeal Property and Construction Ltd was one of the largest New Zealand property and construction companies [1] until being placed into receivership on 6 February 2013 and then being placed into liquidation on 28 February 2013. [2] According to its website, Mainzeal was involved in delivering $7.5 billion of construction projects across New ...
The 2007–2008 financial crisis had a flow on effect in the New Zealand economy causing a downturn in the property market and precipitating a credit crunch. These macro-economic factors and subsequent "run on the funds" sparked the collapse of most of the finance companies; Credit began to tighten in the market and loan defaults became more ...