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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.
US house price trend (1998–2008) as measured by the Case–Shiller index Ratio of Melbourne median house prices to Australian annual wages, 1965 to 2010. As with all types of economic bubbles, disagreement exists over whether or not a real estate bubble can be identified or predicted, then perhaps prevented.
Mark Stephen Hotchin (born 25 December 1958) [2] is a New Zealand former property developer and financier. He was a director of the failed Hanover Group which owned a number of finance companies including Hanover Finance, United Finance, Nationwide Finance and FAI Finance.
When records began in 1974, new homes in New Zealand had an average floor area of 120 m 2 (1,290 sq ft). Average new home sizes rose to peak at 200 m 2 (2,150 sq ft) in 2010, before falling to 158 m 2 (1,700 sq ft) in 2019. [17] In 1966 the New Zealand Encyclopedia recognised seven basic designs of New Zealand houses. [18]
British property bubble; Canadian property bubble - ongoing currently; Chinese property bubble – 2005–2011; Danish property bubble – 2001–2006; Irish property bubble – 1999–2006; Japanese asset price bubble – 1986–1991; Lebanese housing bubble; New Zealand property bubble – ongoing currently; Polish property bubble – 2002–2008
By 2013 foreign ownership in New Zealand had increased dramatically from $9.7 billion in 1989 to $101.4 billion – an increase of over 1,000%. [2] Between 1989 and 2007, foreign ownership of the New Zealand sharemarket went from 19% to 41% but has since dropped back to 33%.
At the time of its failure it was the largest finance company in New Zealand. The Hanover Group [1] also had interests in property and was responsible for developing Matarangi Beach Estates and golf course, and acquired completed lots at the Jacks Point property sub-division [2] in Queenstown. The Group also had property and finance interests ...