Latest news with #AucklandRegion
RNZ News
5 days ago
- RNZ News
Teen missing from Auckland's North Shore found safe
Photo: RNZ / REECE BAKER Police is seeking information on the whereabouts of 17-year-old Mya. Photo: Supplied/NZ Police Police say a teenager missing from the North Shore area in Auckland has been found safe. Mya, 17, was missing from the Takapuna area. "We appreciate the community's assistance in sharing our appeal today," police say.
RNZ News
11-06-2025
- Business
- RNZ News
What you need to know if your CV is less than you owe on your property
Many Auckland property owners have seen the capital value of their properties drop in the past week. Photo: RNZ Many Auckland property owners have seen the capital value, or CV, of their properties drop in the past week . Valuations have been updated for the first time since 2021, when New Zealand's property market was hitting post-Covid heights. The new CVs are dated to mid-last year, and typically dropped 9 percent, on average. For some buyers, particularly those who purchased recently, that's been uncomfortable reading. But mortgage advisers say, in general, the CV of a property doesn't matter a lot to lenders. While a drop in value would decrease an owner's equity in a property on paper, they say lenders rely on other methods to determine a property's value and the owner's stake in it. "It's yesterday's news," said David Cunningham, chief executive of Squirrel. He said while people might look at a property's CV because it was public information, it was no longer used in calculations for a mortgage. "In the old days it was but you know now you've got all these models from Cotality and Valocity and so on - and you can go on to or One Roof and find a pretty damn good valuation. They've got the benefit of being pretty much real time." He said people did not need to worry even if their CV showed they now owed more than their home was worth. He said banks talked about home loan customers being "delinquency managed" which meant that it was only if they stopped paying their home loans that the bank would investigate. Borrowers who were facing trouble with repayments should talk to the bank before that happened, he said. Some borrowers are paying low-equity premiums because they took out loans with less than 20 percent deposit. These margins can be removed once the loan is paid down, or the value of the property increases to the point where the owner has 20 percent equity. But Cunningham said the new CVs would not affect that process either. People who had built up enough equity to have the margin removed would typically be using banks' desktop valuation data to do so. "Registered valuations might come into play if it's an unusual property or in an area where there aren't a lot of property sales. So some of the more provincial locations and properties … but for major centres the valuation models, called AVMs, automated valuation models, are what the bank uses." Glen McLeod, head of Link Advisory, agreed banks would usually use desktop valuations to get an idea of the value of a property, or a registered valuation in situations where it was necessary to be precise about a value. "If you have a sale and purchase agreement for $850,000 and the registered valuation comes in at $850,000 that's what it's worth even if the CV is $750,000." Loan Market mortgage adviser Karen Tatterson agreed CVs were rarely used by banks to assess loan-to-value ratios, if ever. She said the problem was that CVs were quickly out of date. "The Auckland Council CVs that were released yesterday are based on a value ascertained approximately a year ago so they are already out of date and do no reflect the true 'market' value of the home." Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
29-05-2025
- Business
- RNZ News
Auckland gets full fleet of parking enforcement vehicles
Auckland Region 4:36 pm today Auckland motorists who park without paying may want to think twice about chancing their arm now the city has full fleet of parking enforcement vehicles that can catch you out in a split second. The cars, which have advanced plate recognition cameras, digitally "chalk" the wheels of vehicles and assess whether they're parked illegally or not. Reporter Finn Blackwell went for a ride with an enforcement officer as they digitally marked cars on the most ticketed street in town.
RNZ News
06-05-2025
- Business
- RNZ News
Turning a talk-fest into action: what next for Auckland
life and society Auckland 34 minutes ago Auckland Business Chamber chief executive Simon Bridges speaks with Kathryn following an event this morning to discuss a strategy for the supercity. It comes 15 years since local councils amalgamated, with the promise of increased efficiencies and lower costs for ratepayers. But a recent survey shows residents aren't convinced the model has delivered.
RNZ News
06-05-2025
- Politics
- RNZ News
Auckland supercity 15 years on: success or failure?
politics Auckland 44 minutes ago Many Aucklanders say the supercity model has failed, with progress on delivering transport and infrastructure and solutions a particular sticking point for residents according to new research from Auckland University. The findings come as Auckland leaders gather to examine the region's progress since the creation of the supercity 15 years ago. The survey shows Aucklanders overwhelmingly support a long-term infrastructure plan, and there is near-universal agreement on protecting the natural environment. However only half of those surveyed said the amalgamation had succeeded in unifying Auckland's voice, and just 18 percent feel they have influence over Auckland Council decisions. The consulting firm Deloitte has produced two of three annual State of the City reports which benchmark Auckland against similar cities globally. Deloitte NZ Chief Executive Mike Horne says it's clear the city is falling behind.
