New Zealand’s new coalition government restricts overseas property buyers

New Zealand’s new coalition government has new restrictions on immigration and overseas property buyers. New Zealand prime minister-elect Jacinda Arden made the announcement recently. Under the new rules, foreign buyers will no longer be able to purchase existing houses but can still buy new properties, a policy similar to the one introduced in Australia.

Australia's Ray White Chairman Brian White, says that New Zealand’s recent decision to halt foreign investment in housing could benefit Australia. White said the move could push overseas buyers into Australian property.

Arden was officially sworn in as PM on Thursday and leads a three-party coalition government consisting of Labour, New Zealand First and the Greens.

File Picture: Jacinda Ardern at the University of Auckland

Positive annual growth for houses in Regional NSW

Most of regional NSW areas had positive annual growth for houses in 2017, with an exception in Dubbo and Wingecarribee. In Dubbo and Wingecarribee, prices fell year on year.

Affordable regional NSW centres where first home buyers can get their foot on the property ladder include Albury, Richmond Valley, Wagga Wagga, Dubbo and Tamworth regional. (Data Source: Domain)

$227 million office tower in Parramatta

Developer and investor Coombes Property Group along with partner Drivas Property Group will develop a $227 million office tower in Sydney’s 'second CBD', Parramatta.

Located at 48-50 Macquarie Street and 220-230 Church Street in Parramatta, the companies’ application seeks approval to take the two sites and amalgamate them; redistributing their floor space and creating two brand new building programs.

The development will comprise a low-rise, four-storey commercial office on 220-230 Church Street and a 24-story commercial office tower on 48-50 Macquarie Street, with 39,061 square metres of commercial office floor space across 23 levels.

The Church Street and Macquarie Street buildings will be joined by an arcade designed to provide a connection through activating the adjacent lane ways with alfresco dining and retail opportunities.