ASB and Westpac Trim Home Loan Rates, Expectations of No Changes for Upcoming RBNZ Review
Key Facts ASB has made minor cuts to some home loan rates in response to Westpac’s targeted cut last Tuesday. The adjustment comes as the primary real estate selling season…
New Zealand’s ‘Goldilocks’ Housing Market: OCR Hold Expected, Construction Data, and Employment Trends Awaited
Key Facts The Reserve Bank is likely to retain the Official Cash Rate (OCR) at 5.5%, indicating that inflation is gradually reducing but remains elevated, resulting in the OCR possibly…
New Zealand Housing Market Experiences Soft Start in the First Quarter of 2024
Key Facts The New Zealand housing market saw a soft start in the March quarter, with CoreLogic’s House Price Index rising by 0.5% in March. The average property value across…
“Mild Increase in New Zealand Housing Values in Q1 2024 Amid High Mortgage Rates”
Key Facts The average value of New Zealand homes was $934,806 in Q1 of 2024, a 1.1% increase from last quarter, and a slight 0.1% increase from Q1 last year.…
March Auction Boom Records High Property Listings but Lower Sales Rates
Key Facts Auctions of residential properties in the last week of March were high at 527, down from 568 in the previous week. The overall sales rate has seen a…
New Zealand to Automatically Approve Overseas Building Materials to Reduce Construction Costs
Key Facts A legislative change to the Building Act in New Zealand will allow the automatic approval of residential building materials approved in trusted overseas markets. This reform was announced…
New Zealand Sees Significant Decline in New Home Consents, Non-Residential Construction Shows Resilience
Key Facts The number of new homes consented in the year to February fell by 24.8% compared to the previous year. In the 12 months leading up to February this…
High Interest Rates and Increased Listings Stabilise NZ House Prices in Q1 2024
Key Facts Price growth in the housing market over the first quarter has been inconsistent across major New Zealand cities, with a notable rise in Wellington at 0.9 percent. The…
Winter Housing Market Promises Buyers’ Advantage With Surge in Unsold Property Stock
Key Facts The New Zealand housing market ended the peak summer season with decreased new listings and lower average asking prices in March compared to February. Realestate.co.nz recorded 11,455 new…
Mortgage Stress Looming for Majority of Kiwi Homeowners amid Rising Rates and Housing Market Shifts
Key Facts 59% of existing mortgages in New Zealand are due for repricing within the next year, likely adding more to monthly payments due to higher interest rates. Despite the…
Auckland’s Upzoning Success: More Homes Built and Affordability Improved, Showcasing Potential for Future Development Decisions
Key Facts Auckland faces several key decisions that will impact the capacity for new homes. The city’s Unitary Plan demonstrates how density increases can affect the quantity and price of…
Moving Up the Property Ladder Remains Affordable for Established Homeowners Despite High Mortgage Rates
Key Facts Latest data highlights the affordability of moving up the property ladder for existing home owners, despite high mortgage interest rates. A working couple that purchased their first home…
Tax Changes and Construction Downturn Expected to Shrink Price Gap Between New Builds and Existing Properties in New Zealand
Key Facts New builds are typically 6 percent pricier than existing properties. The price gap between new and existing properties is expected to diminish due to less favourable tax rules…
February 2024 Sees 4% Rise in Mortgage Advances and Record First Home Buyer Activity, According to Reserve Bank
Key Facts The Reserve Bank of New Zealand reports a 4% increase in the monthly mortgage figures for February 2024, adjusted for seasonal patterns. $4.915 billion worth of mortgage money…
Residential Auction Activity Rises with a Third of Properties Selling Under the Hammer
Key Facts Auction activity saw a surge last week after several weeks of decline. Last week, 568 residential properties went to auction, marking the third highest weekly number in over…
Decline in New Home Builds and Major Home Alterations Impacting New Zealand’s Building Industry
Key Facts Not only the construction of new homes is decreasing, but also the number of major alterations to existing homes. A building consent is required for these structural changes,…
Rampant Rental Rise Continues for Seventh Consecutive Month Amidst High Net Migration and Limited Supply
Key Facts Rent prices continue to increase rapidly, with a 6% rise in the year to February. This trend of rising rent has been consistent for seven straight months, due…
Auctioned Residential Properties Decrease in Number but Sales Rate Remains Unaltered
Key Facts Residential properties offered at auction have been declining for the second week straight. A total of 489 properties were monitored at auctions in the week of 9-15 March,…