Recent high profile prosecutions of real estate agents for publishing misleading advertisements have created an impression of relatively widespread illegality within the industry but the facts suggest the opposite, says Real Estate Institute president Rex Hadley.

The Law Society will seek final leave of the Court of Appeal next week to take rebel non-lawyer conveyancer Lester Dempster to the Privy Council, even those it still hasn’t decided on whether it will actually take this course.

Mortgage bankers Cairns Lockie has been annoyed to discover the banks are slowing its business down by insisting on treating bank cheques the same way they treat any old cheque, requiring a five-day clearing period before releasing the funds.

A perception that prices are favourable and the drop in interest rates this year has helped keep housing confidence strong, although it dipped slightly from three months ago, the ASB Bank’s latest survey shows.

The latest building consent figures suggest the recovery in building activity stuttered in July, but Statistics New Zealand says its series often shows large fluctuations from month to month so one shouldn’t read too much into an individual month’s figures.

While mortgage brokers are debating the need for formal regulation of their industry, banking ombudsman Liz Brown’s experience suggests it may not be necessary.

Property syndicator St Lawrence will decide within the next couple of weeks whether demand is sufficient to launch an alternative structure to the traditional syndicate unit trust or special purpose company structures.

The latest Real Estate Institute housing sales figures and prices show the market weakened slightly in July from June but again showed an improvement in activity compared with the same month last year.

New Zealanders are paying about $50 a month more on a standard $100,000 20-year mortgage than Australians are for no good economic reason, says WestpacTrust.

As expected, Reserve Bank governor Don Brash left the official cash rate (OCR) unchanged at 5.75%, acknowledging both the strength of the domestic economy and the worsening outlook for the global economy.

As expected, Reserve Bank governor Don Brash left the official cash rate (OCR) unchanged at 5.75%, acknowledging both the strength of the domestic economy and the worsening outlook for the global economy.

Key Law, a cut rate conveyancing joint venture between ANZ Bank, the Public Trust and Key Law principal Philip Alexander-Crawford, is being wound up after just a year.

While mortgage brokers debate the merits or otherwise of formal regulation of their industry, the major mortgage lending banks say they are increasingly acting as regulators by being choosey as to which brokers they deal with.

Mortgagenet principal Kieran Trass has branched out into the mortgage refinancing segment of the market with the attention-grabbing brand name Banxrobber.

House building activity is increasing, but off a low base, the latest building consent figures from Statistics New Zealand show.