While the residential property downturn looks to be nearing its end in some areas, it is still gaining momentum in others, the latest QV House Price Index shows Values have reduced by an average of 4.5% throughout the first four months of 2023, including an average reduction of 0.6% in the month of April – a marked improvement on the 1.4% average decline recorded back in March. Continue →

Patience is essential for both buyers and sellers, with the latest data from realestate.co.nz Continue →

Loan-to-value ratio (LVR) restrictions put a ‘speed limit’ on how much new low-deposit lending banks can do, but the current settings were put in place back in November 2021 when risks were elevated LVR restrictions, imposed by the Reserve Bank of New Zealand, aim to promote financial stability by limiting high-risk mortgage lending. Continue →

The stabilisation of mortgage rates is one of several market indicators signalling a possible end to the country’s extended property downturn, CoreLogic NZ Chief Property Economist Kelvin Davidson says Despite further house price falls in March, subdued property activity levels and early April’s 50 basis point cash rate hike, CoreLogic’s Monthly Housing Chart Pack shows the market fundamentals are not as weak as they have been. Continue →

While REINZ’s March 2023 report finds median prices and sales counts are easing and properties are taking longer to sell, this is not the case across the entire country, Chief Executive Jen Baird says Nationally, the median price decreased 12.9% annually to $775,000 in March 2023. Continue →

While a 0.5% increase to the official cash rate (OCR) came as a surprise to some, taking it to 5.25% – its highest level since 2008, others say it is still workable CoreLogic Chief Economist Kelvin Davidson says the increase was larger than he and many other commentators had been anticipating, but it reflects the Reserve Bank’s (RBNZ) continued concerns about inflation. Continue →

The impact of ongoing economic headwinds and Cyclone Gabrielle is reflected in REINZ’s latest figures, but some data returns to ‘normal’ amidst a big clean-up job across the upper north and eastern North Island The Real Estate Institute of New Zealand’s (REINZ) February 2023 figures show a lesser rate of decline in annual median prices and sales counts, with stock levels returning to normal levels. Continue →

A quarter of landlords put up rents in the six months before May 2022, and one of the big reasons for this was increased costs lumped on by the Government, a survey commissioned by the Ministry of Housing and Urban Development finds As a result of Government policy changes in 2021, landlords are no longer being able to claim their full interest costs as an expense.  Continue →

More people are losing money on the resale of their properties than any time in the past three years, especially those selling apartments, CoreLogic NZ’s Chief Property Economist Kelvin Davidson says The CoreLogic NZ Q4 Pain & Gain report shows 4% of property sold in the final three months of last year went for a price less than originally paid. Continue →

House prices are continuing to ease as we enter 2023, though the pace of the decline is steadying and the market has glimpses of a new life, REINZ’s January data indicates “January is traditionally a slower month as sellers and buyers are on holiday,” REINZ Chief Executive, Jen Baird says. Continue →

With weaker property market conditions and an increasing number of hurdles, CoreLogic NZ Chief Property Economist Kelvin Davidson shares his thoughts on the likelihood of property investors jumping back in It’s tough to get the sums to stack up at present Given 40% deposits (unless buying a new-build), low gross rental yields, higher mortgage rates (not to mention tough serviceability tests), increased compliance costs, removal of interest deductibility, and flattening rents, there are several key challenges for a would-be new investor. Continue →

Elections rarely disrupt market activity from its existing trends, research has found, but Colliers says this one could be an exception Research undertaken by Colliers on residential and commercial property market sales activity immediately prior and post the past seven elections in New Zealand highlights that elections rarely disrupt market activity from its existing trends, unless there are significant government property-related policies in the limelight. Continue →

New Zealand’s housing market downturn continues to roll on, with CoreLogic recording a 0.3% fall in January, the 10th consecutive month of decline Residential property values are 7.2% lower than a year ago, the biggest 12-month decline since May 2009 (-7.9%), although still smaller than the ‘worst’ of the GFC when prices fell 9.7% in the year to March 2009. Continue →

Increased environmental compliance has required greater preparation by sellers and more due diligence by buyers, pushing out traditional selling times, REINZ Rural Spokesman Shane O’Brien says Data released by the Real Estate Institute of New Zealand (REINZ) shows there were 166 fewer farm sales (-32.0%) for the three months ended December 2022 than for the three months ended December 2021. Continue →

In 2022, national house values saw their biggest drop in 15 years according to Quotable Value, which says there could well be a few more bumps in the road ahead   The latest QV House Price Index shows home values fell nationally by an average of 10.3% last year – now confirmed to be the largest drop in more than 15 years and a stark contrast to the previous couple of years. Continue →

CoreLogic’s Best of the Best Report reveals the suburbs with the highest property values, fastest selling houses, best rental yields and much more The New Zealand property market has experienced a bigger downturn in property values and sales volumes than expected in 2022, CoreLogic’s annual Best of the Best report reveals. Continue →

Property market activity remains subdued as rising interest rates, access to finance and concerns around the economy are fueling uncertainty, REINZ Chief Executive Jen Baird says Market activity through spring has been subdued and median prices continue to soften as buyers remain hesitant, according to the latest data and insights from the Real Estate Institute of New Zealand (REINZ). Continue →

As we go into summer, the market will be softer and slower overall, but thankfully we’re now starting to see more activity, Century 21 New Zealand Owner Tim Kearins says REINZ’s Monthly Property Report for November saw median house prices across New Zealand decrease 12.4% annually. Continue →

While New Zealand’s housing market downturn continued to ease in the past month, the Wellington area still appears to be outpacing the other main centres, CoreLogic NZ Head of Research Nick Goodall says CoreLogic’s House Price Index (HPI) shows property values fell -0.6% in November, less than half the rate seen in October (-1.3%). Continue →

While many homeowners are troubled by interest rates heading north, for now they’re not out of the ordinary when reviewing past decades, with a serviceable mortgage still attainable, says Century 21 New Zealand Owner Tim Kearins Historically, six or seven percent rates have been about the average for Kiwi borrowers, and that’s where the one and two-year rates currently sit. Continue →