Despite buying activity among New Zealand first home buyers falling to its lowest level since 2011, CoreLogic NZ Chief Property Economist Kelvin Davidson says market newcomers have still shown remarkable resilience compared to other buyer groups CoreLogic’s biannual First Home Buyer report shows around 3,750 first time purchases were completed in Q3 2022, the lowest figure for that quarter of the year since 2011. Continue →

While REINZ’s October figures saw an increase in enquiry and open home attendance in some regions, rising interest rates have caused hesitancy The median price for residential property in Aotearoa New Zealand decreased 7.5% annually, from $892,000 to $825,000 in October 2022. Continue →

Despite property values dropping less than before, future increases to the Official Cash Rate will likely shoot down any optimism in the housing market, CoreLogic NZ Head of Research Nick Goodall says The housing market downturn slightly eased in October, with values falling by -1.3% over the month after tracking down -1.5% in September. Continue →

Sales are down for farms, as is the median price per hectare, with a number of factors putting pressure on the industry, says REINZ Rural Spokesman Brian Peacocke Data released by the Real Estate Institute of New Zealand (REINZ) shows there were -126 fewer farm sales (-38.2%) for the three months ended August 2022 than for the three months ended August 2021. Continue →

Median property prices are up slightly, agents are reporting more first home buyers on the market and increased attendance at open homes and auctions in some regions “Agents are seeing more first-home buyers and busier open homes. Continue →

School zones play a significant role in most families’ assessment of a property – they also help to hold a property’s value when the market is softer like now, says Century 21 New Zealand Owner Tim Kearins Century 21’s property managers and agents are noticing a lift in enquiries from prospective tenants and buyers as parents try to get their children accepted into certain schools for 2023. Continue →

As house prices begin to soften across most centres around the country, one city is bucking the trend after recording its highest average house price to date last month, REINZ says At $488,000, the median house price in the Southland city of Invercargill for August is a new record. Continue →

Typically a slow month, August market activity was further affected by concerns around rising interest rates and inflation — however, there are early signs of a spring lift The latest data and insights from the Real Estate Institute of New Zealand (REINZ) finds that across New Zealand, median prices for residential property (excluding sections) decreased 5.9% annually, from $850,000 in August 2021 to $800,000 in August 2022. Continue →

An REINZ analysis in 2020 found that engaging an agent to sell a home would achieve the vendor the highest premium in 18 years – but now the market has changed, is going private a better option? Continue →

Global fall in interest rates, the tax system, and restrictions on the supply of land for urban use are the main cause of higher house prices over last 20 years, but recent policy changes and reforms show promise Te Tai Ōhanga, Te Tūāpapa Kura Kāinga and Te Pūtea Matua have published a joint paper that provides an assessment of the key drivers of the housing market over the last 20 years. Continue →

Sharply rising interest rates and the large wave of refinancing of existing mortgages that will occur over the next year will test the declining property market, CoreLogic NZ Chief Property Economist Kelvin Davidson says CoreLogic’s quarterly market overview confirms that the slowdown of sales activity in the first quarter of 2022 has flowed through to a marked decline in property values and was one of many challenges to hit the market. Continue →

REINZ’s report of a 1.1 percent increase in house prices between May and June suggests the market has flattened out overall, which is better than most expected The New Zealand median house price increased 4.2% annually in June, from $816,000 in June 2021 to $850,000 in June 2022.  Continue →

As the downturn sets in, and with interest rates set to rise further, greater consideration is now being given to ‘how long and how far will this go’, CoreLogic NZ Head of Research Nick Goodall says CoreLogic’s House Price Index found property values fell a further -0.8% in June, completing a hat-trick of months at the same rate of decline (-0.8% in both April and May). Continue →

Despite interest rate rises, an interest.co.nz report suggests it’s arguably easier not harder for first-home buyers to crack into the housing market for now, says Century 21 Owner Tim Kearins Based on the latest REINZ data, the latest interest.co.nz Continue →

While the median price for residential property across New Zealand has increased by 2.4% since May 2021, in Auckland it dropped by 2.2%, the only region to observe an annual decrease according to REINZ figures. Continue →

With housing credit tight and getting more expensive by the week, this trend towards weaker housing market conditions is likely to continue, CoreLogic NZ Head of Research Nick Goodall says CoreLogic’s House Price Index (HPI) shows that the downwards momentum in NZ residential real estate values continued throughout May 2022.  Continue →

For the housing market, the implications are clear – we’re not yet at the end of this rising cycle for mortgage rates, says CoreLogic Chief Economist Kelvin Davidson With inflation still high and unemployment very low, there were clearly no barriers to raising the Official Cash Rate by 0.5%, bringing it to 2%. Continue →

The presence of first home buyers has fallen sharply this year, CoreLogic reports, but changes to First Home Grants and Loans could turn things around – or add more fuel to the fire CoreLogic’s biannual First Home Buyer report, reveals 22.5% of all buyers in the first three months of 2022 bought a property for the first time compared to 26% in the second half of 2021. Continue →

The New Zealand property market is still settling into its current phase — as reflected by volatility across the regions, with a 31.6% annual price increase in one region and a 5.0% decrease in another, REINZ Chief Executive Jen Baird says Across New Zealand, median prices for residential property increased 8.8% annually, from $804,362 in April 2021 to $875,000 in April 2022. Continue →

Through 2021, demand side pressure caused an urgency to ‘buy now or miss out later’, and activity in auction rooms reflected this buyer sentiment – now quality is king, REINZ Chief Executive Jen Baird says The auction process is an effective way of selling in any market – however the dynamics. Continue →