Browsing: Property Trends

Property Trends
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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 →
Property Trends
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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 →
Property Trends
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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 Home Loan Affordability Report saw the overall median sales price for lower quartile properties decline from $640,000 in April to $628,000 in May. Continue →
Property Trends
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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 →
Property Trends
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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 →
Property Trends
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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 →
Property Trends
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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 →
Property Trends
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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 →
Property Trends
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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 →
Property Trends
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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 →
Property Trends
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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 →
Property Trends
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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 →
Property Trends
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Another 0.25% increase to the Official Cash Rate takes it back up to 1%, the same level it was in February 2020 when house prices were about $320,000 lower New Zealand’s average house price sits at $1,028,097 with an annual growth rate of 27.5% according to CoreLogic’s January 2022 figures, but in February 2020 it was just $722,475 with a 5.3% growth rate. Continue →
Property Trends
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The property market likely moved through its peak rate of growth late in 2021, following a raft of political interventions designed to cool the overheated market, CoreLogic Chief Property Economist Kelvin Davidson says The total value of residential real estate reached $1.72 trillion at the end of Q4 2021, up from $1.35 trillion at the end of 2020, with mortgages secured against 19% of that value, and the other 81% household equity. Continue →
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