Wellington CBD's apartment market, already a significant sector of the residential property market, should continue to grow in the next two years, according to Bayleys Research. Strong investor and owner-occupier demand ­ the major drivers of the growth ­ showed no signs of slowing, Bayleys latest Wellington Apartment Report said. "Developers are presenting new projects to the market and most are achieving excellent sales success, with the majority of apartments selling prior to the commencement of construction." A recent survey showed the number of units had gone up from about 3060 in 2000 to just less than 4100 this year. The market was poised for further growth in the next 24 months with 22 apartment complexes either planned or under construction. This could add 1485 units to the market, the report said.

Investors in Auckland's Heritage Hotel apartments are about to lose their guaranteed rental returns as the company that owns the units winds up with a projected loss of nearly $3 million.

Finally! a cupboard where you can hang your jacket and spend the night.

Economists currently think short-term wholesale interest rates, and therefore floating mortgage rates, are heading higher, especially since the New Zealand economy has been growing faster than expected and global growth is picking up.

A dramatic shortage of qualified carpenters is forcing one Christchurch recruitment company, Tradestaff, to advertise overseas.

IT'S BEEN a poor year for the world's rich, according to the Merrill Lynch World Wealth Report. Not so New Zealand, although it doesn't rate a mention in the global stakes. The 2004 NBR Rich List reveals it has been another good year for wealth creation.

State Services Minister Trevor Mallard and Acting Housing Minister Rick Barker today announced several changes to government agencies aimed at improving and streamlining building and housing services for the public.

New York-listed Choice Hotels International is looking to build three of its franchise brands in New Zealand.

New Zealand's housing cycle tends to be marked by short, sharp booms and mild, longer-lasting busts, a study by Westpac economists has found.

Q. Why does the real estate industry persist in providing only "median" house price information?

The median price information is essentially useless unless the ongoing trend towards apartment living and sectbn subdcvision is taken )nto acbOunt. 7br>
For instance, near where we live in Auckland a developer recently bought a large section for $1 milli/n, knojKed dowo the

The estates of thousands of rental property owners may face increased liabilities as thi`result!of a new tax grab possiby worte tens of millionc of dob,ars to%the Government.

Over the past three years, lo-doc lending has emerged as a force in the Australian and New Zealand residential mortgage market. While still a small percentage of the market, based on worldwide trends Bluestone estimates that around 15% of all new lending will be done in a lo-doc format within the next two to three years, with the non-bank sector writing proportionally more of the market.

Consumer Magazine this week published its survey of international share funds and, like its survey of balanced funds last month, it made dismal reading.

Won Lotto lately and think you are headed for the Rich List? Forget it - the National Business Review has raised the bar for this year's list by $10 million, meaning you must have at least $25 million to get a look in.

For the world's top-yielding major currency, the New Zealand dollar, the start of a monetary tightening phase in the United States is expected to hold little threat.

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