Looking back at 2015 - the big moments
2015 was a busy year. Check out some of the highlights and big moments.
- Herne Bay becomes the first $2 million dollar suburb, with the average home there now worth $2,003,300.
- The OCR is cut by 0.25. Banks follow suit with Westpac reducing its floating rate to 6.4% and BNZ dropping theirs to 6.34%.
- Auckland Council announces upcoming rate changes for Aucklanders. The average change for residential properties is an increase of 4.2%.
- The Northland property market experiences solid growth, with the average price rising 14% three months, and the average rent rising 5.3% over 12 months.
- Barfoot & Thompson are recognised with a trifecta of awards at the Asia Pacific Property Awards, including Best Real Estate Agency in New Zealand.
- The Reserve Bank announces Auckland rental property investors must have a deposit of at least 30%.
- The New Zealand dollar almost reaches parity with the Australian dollar, touching just under 99.7c.
- A huge earthquake strikes Nepal near the capital Kathmandu. Our staff raise $10,000 to help rebuild a school hostel in the Holembu Region.
- The auction process pays off for the three families in Our First Home, with all houses selling under the hammer, and the winning family making a 36% profit.
- The Reserve Bank begins consulting on proposals to impose restrictions on lending to property investors. The OCR holds at 3.5%.
- The Black Caps beat South Africa by four wickets in a dramatic and tense semi-final, reaching the Cricket World Cup final for the first time ever.
- Tropical cyclone Pam hits Vanuatu in the South Pacific and is described as the island's worst ever natural disaster.
- Realestate.co.nz reports that Auckland housing inventory dropped to lowest level in more than 8 years (in January).
- Meanwhile, QV reports that nationwide residential property values for February increased 6.4% over the past year and 3.1% over the past three months, pushing them 20.3% above the previous market peak of late 2007.
- TSB Bank offers New Zealand’s first 10-year fixed rate home loan at 5.89%.
- The average house price in Auckland sits at $757,319.
- Property financier James Kellow predicts interest rates could fall below 5%.
- Meanwhile, ratings agency Fitch Ratings predicts NZ housing market will cool in 2015 on the prospect of interest rate hikes.
- Here's what actually happened...
- Reserve bank cuts OCR to record low of 2.5%.
- Star Wars: The Force Awakens premieres around the world and sets a new box office record in New Zealand, earning $1.57 million in its opening day.
- New Zealand ranks as world's 9th best country in global UN report on living standards, income and health.
- Over the course of 2015, Barfoot & Thompson staff raise over $154,000 for the Starship Foundation.
- The All Blacks win the Rugby World Cup for the second time in a row.
- On the same day, Camille Buscomb wins the Barfoot & Thompson half marathon, just two weeks after having wisdom teeth and a part of her jaw removed.
- SBS Bank break the 4% barrier, offering a one-year fixed mortgage of 3.99%.
- The 'Bright-Line' test passes into law, requiring tax to be paid on any gains made from residential property bought after 1 October and sold within two years.
- The Auckland housing market sends mixed messages; the average sale price increases 0.5% to $840,402 and the median drops by 1.3% to $780,000.
- The Government posts its first budget surplus since 2008.
- The Auckland Diwali Festival of Light again finishes with a spectacular Barfoot & Thompson fireworks display on the Sunday evening.
- Milford, Epsom and Sandringham top the list of Auckland's 20 hottest spots in terms of median value growth.
- The OCR is cut to 2.75. Banks follow suit with lower floating rates.
- Tony Abbott is forced to step aside as Prime Minister of Australia after losing a leadership challenge to Malcolm Turnbull.
- The average house price in Auckland jumps 1.9% in one month, to $836,275.
- The average price for a home in Auckland is $821,079.
- BNZ offer a 4.69% one-year fixed mortgage rate.
- The NZ dollar hit its lowest level in six years, trading at 62.44 US cents.
- For the first time ever, one billion people - one out of seven people on Earth - logged into Facebook on a single day in August.
- Landlords face proposed new residential tenancy laws, including having to insulate their rental properties and install smoke alarms.
- Westpac and ASB announce they will not issue any more pre-approved mortgages for property investors in Auckland, where equity is less than 30%.
- Barfoot & Thompson win the 2015 REINZ Large Real Estate Agency of the Year for the second year running.