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 →

After such a significant upswing in values, some of the areas which saw the greatest deterioration in affordability are now also at risk of the greatest vulnerability, CoreLogic NZ Head of Research Nick Goodall says The impact of tightening credit and increasing interest rates has reduced the pool of buyers who are willing and able to pay recent prices and this has led to a reduced number of property transactions. Continue →

Signs of weakness have begun to show in dozens of suburbs across New Zealand, CoreLogic’s interactive Mapping the Market Report reveals New Zealand’s housing market has reached a clear turning point, as stretched affordability, higher mortgage rates and reduced credit availability cause growth rates to slow, or even turn negative, in many areas of the country. Continue →

It’s been a bizarre period for the housing market ever since New Zealand entered its first lockdown on 25 March 2020, with predictions of large falls in property values turning out to be way off track, CoreLogic Chief Economist Kelvin Davidson observes After an initial four to five month period of housing uncertainty, the policy changes that were aimed at supporting the real economy – e.g. Continue →

February shows while sales activity is down, demand remains and stock on the market is up, with property prices continuing to climb but at a more moderate pace, REINZ Chief Executive Jen Baird says   Market sentiment has shifted over the past couple of months which is evident throughout our February data. Continue →

CoreLogic’s House Price Index reveals that the property market has weakened further, up just 0.8% in February, Head of Research Nick Goodall says It’s a sharp drop from the January reading of 2.1% and down from the cyclical peak rate of 3.1% growth in April 2021. Continue →

It doesn’t matter if you’re in a main centre or a small provincial district, an owner occupier or an investor, or whether you’re selling a house or apartment, says CoreLogic NZ Chief Property Economist Kelvin Davidson New Zealand’s property market upswing has continued to drive record gross profits for homeowners, CoreLogic NZ’s latest Pain & Gain report found. Continue →