New Zealand Housing Affordability in Focus: Luxon Urges “Downward Pressure” on Prices Without Committing to Drops
Date Published: 25 June 2024
Key Facts Prime Minister Christopher Luxon did not explicitly say he wanted average house prices to fall, seeking only “downward pressure”. Housing Minister Chris Bishop stated that house prices need…
Sales Activity in NZ Property Market Sees Modest Recovery, Listings Increase
Date Published: 20 June 2024
Key Facts House sales in May showed a 9.2 percent annual increase but are still below normal levels. Annual sales count was 73,181, far below the typical 90,000 per year.…
Upcoming GDP Data Could Signal Positive Trends for New Zealand Housing Market
Date Published: 20 June 2024
Key Facts Thursday’s release of Q1 GDP figures is highly anticipated, with experts divided on whether it will show growth or a small decline. 58% of new loans in April…
Wellington House Listings Double as National Property Sales Rise Amid Economic Challenges
Date Published: 17 June 2024
Key Facts The median national house price is steady with a slight annual dip of 1.3 percent to $770,000. House market value rose 2.3 percent in May according to the…
National House Values Decline for Second Consecutive Month, Auckland Leads Slowdown
Date Published: 7 June 2024
Key Facts National house values dipped by 0.2% in May following a 0.1% fall in April. Auckland led the slowdown with a 0.8% decrease in May. Christchurch and Hamilton saw…
Auckland Leads Nationwide Decline in House Values Amid Market Uncertainty
Date Published: 6 June 2024
Key Facts Auckland’s house values decreased by 0.8% last month. Nationwide average property values fell by 0.2% last month but increased by 1% over the year, reaching $931,438. House values…
New Zealand Mortgage Market Faces Higher Rates and Evolving Lending Rules
Date Published: 28 May 2024
Key Facts Total lending rose to $5.9bn in April, marking the eighth increase over the past nine months. Interest-only lending constitutes 15% for owner-occupiers and 30-35% for investors. Average loan…
RBNZ Holds Cash Rate Steady at 5.50% Amid Inflation Concerns and Potential for Future Hikes
Date Published: 24 May 2024
Key Facts The Reserve Bank of New Zealand (RBNZ) has left the Official Cash Rate (OCR) unchanged at 5.50%. The RBNZ expressed concern over the slow decline in domestic inflation.…
Forecast Predicts House Prices In New Zealand Not To Revert To 2021 Peak Until After 2029
Date Published: 24 May 2024
Key Facts New Zealand house prices will not return to their 2021 peak until sometime after 2029, according to forecasts. This prediction comes amidst the efforts of the Reserve Bank…
BNZ Economists Downgrade Aggressive House Price Increase Forecast to Just 2% by 2024
Date Published: 24 May 2024
Key Facts BNZ economists have revised their housing market predictions for New Zealand, expecting house prices to increase just 2% over the next three years. This forecast is significantly more…
NZ Housing Market Favors Buyers as Resale Profits Dip and Interest Rates Fall
Date Published: 20 May 2024
Key Facts The proportion of properties resold for more than their original purchase price has slightly decreased to 92.9% in Q1 of 2024 compared to the previous quarter’s 93.5%. Sellers…
High Interest Rates and Public Sector Spending Cuts Impact NZ Economy and Property Sector
Date Published: 9 May 2024
Key Facts New Zealand’s Official Cash Rate has been held at 5.5% for a year, but the impact is just starting to fully manifest in the economy. Retail banks are…
Job Losses a Concern for Kiwi House Prices amid Flat Growth and High Mortgage Rates
Date Published: 8 May 2024
Key Facts The Reserve Bank’s Financial Stability Report shows a resilient financial system with well-capitalised banks, but with potential risks in the housing market, including ongoing decisions about the implementation…
Residential Property Auction Activity Increases, but Sales Rate Remains Steady at 31%
Date Published: 6 May 2024
Key Facts Residential property auctions monitored by interest.co.nz showed increased activity from 22 April to 3 May, with 437 properties for sale. The number of properties auctioned spiked from 364…
Rising Interest Rates and Stubborn Inflation Poses Challenge for NZ Housing Market and Businesses
Date Published: 1 May 2024
Key Facts The Reserve Bank increases interest rates to fight inflation which leads to decreased consumer spending. Many households are currently experiencing financial strain due to the central bank’s decision,…
Living Costs for NZ Households Rise by 6.2% due to Increases in Interest Payment, Insurance, and Transport Costs
Date Published: 30 April 2024
Key Facts The cost of living for New Zealand households increased by 6.2% in the year to March quarter. Interest payments on debt surged 28% over the same period. Other…
Residential Auction Sales Rate Stabilises Despite Drop in Sales in Waikato and Bay of Plenty
Date Published: 30 April 2024
Key Facts Auction rooms for residential properties were busy last week, with 364 properties being auctioned, up from 345 the previous week but significantly lower than 500 a week during…
Slowing Inflation Doesn’t Hasten Interest Rate Cuts, Homeowners Hopeful for Lower Mortgage Rates in 2025
Date Published: 23 April 2024
Key Facts The CPI inflation rate dropped to 4% in Q1 2024, a slight decrease from last year’s 4.7% but still above the 1-3% target range. Despite inflation concerns, the…