New Zealand Home Construction Costs Stabilising, But Rising Costs Persist in 2024
Key Facts Building costs for a standard dwelling in New Zealand increased by 2.4% in 2023. This figure indicates a slowing in the pace of cost growth, the lowest annual…
Kāinga Ora to Build 600 New Homes in Rotorua by End of 2023, Including Central CBD Apartments
Key Facts Kāinga Ora, the New Zealand government’s housing agency, plans to build over 600 homes in Rotorua by the end of 2023. Almost 500 homes are currently under planning…
Anticipated Interest Rate Drop Could Benefit NZ Home Loan Borrowers, Says Mortgage Firm CEO
Key Facts Home loan borrowers could see rates reduce by a full percentage point in the next few months, according to David Cunningham, Squirrel chief executive. The anticipated rate decrease…
BNZ Develops New Framework to Support Home Building on Maori Land in Central Auckland
Key Facts 24 homes are being built on Ngāti Whātua Ōrākei land in Central Auckland, under a new BNZ framework allowing for mortgage lending on communally owned property. These are…
New Zealand Property Listings at Record Low while Coromandel and Central Otago Lakes Surge Amidst Summer Visitor Increase
Key Facts The number of newly listed properties in December reached the lowest since realestate.co.nz records started 16 years ago, excluding the Covid lockdown period. A spike in new listings…
’90s Plaster Homes with Watertight Issues Prove Attractive to Certain Buyers in New Zealand
Key Facts Real estate agents now refer to “leaky homes” as “plaster houses with watertightness issues”. Despite their issues, these houses still sell readily due to their typically reasonable prices…
Three Key Influences Projected to Drive Up New Zealand House Prices in 2024
Key Facts The decline in the number of consents for new dwellings, dropping about 21% over the past year, is causing a reduction of new houses in the market. An…
Residential Construction Cost Growth at Lowest Level Since 2016, CoreLogic Reports
Key Facts Residential construction cost growth is at its lowest since 2016, standing at 2.4%, as opposed to the 10-year average of 4.5%, as reported by CoreLogic. The reduced amount…
Co-operative Bank Trims Home Loan and Term Deposit Rates Following 2024 Mortgage Rate Changes
Key Facts The Co-operative Bank has become the front-runner in 2024 mortgage rate alterations, implementing a blend of increments in shorter fixed rates and deductions in longer rates. They have…
Auckland’s Housing Market Experiences Significant Increase in December Sales Despite Gradual Price Rise
Key Facts Barfoot & Thompson sold 830 houses in December, reflecting a 12.3% decrease from the previous month, but a remarkable 57.5% increase from December 2022. In Auckland, the median…
Auckland Property Market Status: Agency Barfoot & Thompson Reports Trends, Sales and Prices
Key Facts In December’s first week, 275 Auckland residential properties were signed up to be sold, falling to 258 places in the second week and 227 in the week before…
House Sellers in New Zealand Increasingly Agree to Price Discounts, New Data Shows
Key Facts Wellington sellers took a median estimated 4% discount during last year. Far North, Thames-Coromandel, Kaipara, Clutha, Western Bay of Plenty, and central Auckland house sellers were more flexible…
Lending Market Recovery Gradual Amid Rising Mortgage Rates; Mixed Prospects for Property Owners and First-Time Buyers
Key Facts New mortgage lending activity has seen a significant increase, with $6.5 billion worth of activity recorded up to November 2021. 55% of existing borrowers are set to see…
Auckland Slips in Global House Price Rankings Amid Fastest Population Growth Since 1950s
Key Facts New Zealand’s housing market is seeing a dip in global rankings, according to data from real estate consultancy Knight Frank. The international annual house price growth across the…
Lock-Up-And-Leave Homes and Single-Level Properties Expected To Surge In Popularity by 2024, Predicts NZ Housing Expert
Key Facts In 2024, single-level dwellings and lock-up-and-leave homes are expected to be highly popular properties, according to Bayleys head of insights, Chris Farhi. Turn-key homes are also gaining popularity…
Parking Apps Offer Earning Potential for Kiwi Homeowners Renting their Driveways
Key Facts Kiwi homeowners can earn extra income by renting out their driveways or parking spaces via parking app companies. Parkable’s CEO, Toby Littin, stated that most listed spaces are…
RBNZ Dashboard Data Reveals Shifts in Home Loan Market Share Among Top Five Banks
Key Facts The ‘big five’ banks dominate New Zealand’s home loan market with a 93% collective share. The market share has remained consistent for at least four years despite internal…
Property Market Warm-up in NZ’s Hottest and Coldest Towns: Rising Interest in Rangiora and Lake Tekapo Homes
Key Facts New Zealand’s real estate market is warming up after over a year of coolness. Rangiora, New Zealand’s hottest town, sees increasing interest from North Island home buyers, with…