November 2023 has seen vendors return to the market, demand for property rise to meet supply, and a stability in average asking prices, following government, economic and OCR certainty, says realestate.co.nz’s Vanessa Williams The latest data from realestate.co.nz shows that for the first time since November 2022, more than 10,000 new listings came onto the market. Continue →

Local agents are reporting a lot more activity across buyer groups, while vendors are willing to be realistic with their price expectations, reflected in October’s median house price, REINZ Chief Executive Jen Baird says Across October, the Real Estate Institute of New Zealand (REINZ) reported an increase in sales activity, a rise in property listings, decreased time to sell, and an overall sense of growing confidence in the market compared to the previous year. Continue →

During October, new listings were up, auctions regained popularity with sellers, and the national average asking price lifted back to January 2023 levels, says Vanessa Williams from realestate.co.nz The latest data from realestate.co.nz shows post-election confidence has hit the New Zealand property market. Continue →

The volume of potential offshore buyers interested in New Zealand properties is continuing to grow, luxury real estate agent Caleb Paterson says, with one planning to invest $50 million into the country once National’s foreign buyer policy is implemented Word is spreading around the world about the proposed change to Government policy and the wider economic benefits of a post-election influx of wealthy migrants could be far greater than the revenue from the 15% foreign buyers’ tax. Continue →

REINZ’s September 2023 figures show more activity in the spring property market, with prices stabilising, sales counts rising and properties selling in fewer days, Chief Executive Jen Baird says September shows the ‘green shoots’ from previous months are continuing to grow.  Continue →

While the market remains largely flat overall, with the average home value increasing by just 0.9% in the September quarter to $899,256, the latest QV House Price Index shows small green shoots of recovery spreading throughout much of the country Twice as many of the main urban centres we monitor experienced positive home value growth in the September quarter than in the August one, with Invercargill (3.2%), Auckland (1.6%), Wellington (1.5%), and Queenstown (0.9%) heading a list of ten. Continue →

In an analysis of 924 suburbs throughout the country, 269 of them saw values rise over the three months to September, more than double the number of suburbs where values increased over the three months to June, CoreLogic NZ Chief Property Economist Kelvin Davidson says Signs of a turning point in Aotearoa New Zealand’s property market are on the rise as a growing number of suburbs record an increase in home values over the past three months, CoreLogic NZ’s interactive Mapping the Market tool indicates. Continue →

Seller confidence is returning and we can expect a more normal spring ahead for the property market, REINZ Chief Executive Jen Baird says following the release of August’s statistics The Real Estate Institute of New Zealand’s (REINZ) August 2023 figures show continued optimism and further activity in the property market. Continue →

A modest amount of home value growth this quarter may mean the residential property market recovery has begun, QV reports   The average home increased in value nationally by 0.5% to $893,639, marking its first quarter of positive growth since the downturn began in late 2021. Continue →

Real estate agency Paterson Luxury is reporting a surge of enquiries from Europe, the US and Asia following the National Party’s announcement that it would allow overseas buyers to purchase properties upwards of $2 million and tax those transactions at 15% Caleb Paterson of real estate agency Paterson Luxury, says news of the policy reached buyers in offshore markets almost immediately, triggering a surge in calls to his firm. Continue →

The Reserve Bank of New Zealand (RBNZ) leaving the official cash rate (OCR) unchanged at 5.5% will have surprised very few people, but it has hinted at when interest rates might start to fall, CoreLogic Chief Economist Kelvin Davidson observes The decision itself and the associated forecasts as part of its full Monetary Policy Statement had a distinct sense of ‘we’ve been here before’ – with the anticipated tracks for GDP growth (subdued), unemployment (edging upwards), and inflation (slowly falling) largely unchanged from last time the RBNZ published their full forecasts on 24th May. Continue →

More competitive prices and a ‘get in now’ attitude is bringing more buyers out ahead of this year’s election, but a potential change in Government and ongoing tighter economic conditions are seeing sellers holding back, REINZ Chief Executive Jen Baird says The Real Estate Institute of New Zealand’s (REINZ) July 2023 figures show more activity emerging while listing numbers remain low seeing total stock numbers fall and some regions have seen little movement in median prices. Continue →

Relocating owner-occupiers, or ‘movers’, have been relatively inactive over the past year or so, with upsizing, downsizing, and ‘new to area’ moves all drifting lower, CoreLogic Chief Economist Kelvin Davidson observes The CoreLogic Buyer Classification figures suggest there’s perhaps been less of a COVID-driven hunt for extra space going on than might have been perceived. Continue →

Compared to this time last year, there has been a noticeable increase in sales in the residential property market, though the number of new listings is lagging, new REINZ figures show The Real Estate Institute of New Zealand’s (REINZ) June 2023 figures show a renewed level of activity emerging.  Continue →

Declining home values continue to soften in many parts of New Zealand, yet QV says we are likely to see that rate of reduction both leap and fall in the coming months as a result of reduced sales activity The QV House Price Index for June 2023 shows the average home decreased in value by 1.8% nationally this quarter, a smaller rate of decline from the 3.4% decrease in quarterly value change experienced back in May. Continue →

Property transaction volumes have turned a corner, after consecutive interest rate hikes and tighter lending rules triggered New Zealand’s largest sales slump since 1983, CoreLogic Chief Economist Kelvin Davidson says CoreLogic NZ’s Monthly Housing Chart Pack shows a 7.5% increase in residential sales numbers (via estate agents and private transactions) occurred in May compared to the same time last year. Continue →

As we head into the winter months, we are seeing glimpses of positivity, especially in the regions following the Reserve Bank’s announcement of easing loan-to-value restrictions and the stabilising of interest rates, REINZ Chief Executive Jen Baird says The Real Estate Institute of New Zealand’s (REINZ) May 2023 figures show an increase in sales counts in some parts of the country while buyers and sellers in other parts continue to wait. Continue →

The Reserve Bank’s easing of LVR restrictions is already seeing more first-home buyers making enquiries with banks and brokers, says Tim Kearins, Owner of Century 21 New Zealand As of 1 June, loan-to-value ratio (LVR) limits on lending to owner-occupier borrowers with less than a 20 percent deposit have been loosened and property investors are allowed to have a lower deposit. Continue →

The decline in residential sales activity is being played out in the neighbouring lifestyle property markets across much of New Zealand, with sales volumes falling from the previous highs of 2021 and 2022, REINZ Rural Spokesman Shane O’Brien says Data released by the Real Estate Institute of New Zealand (REINZ) shows there were 100 more lifestyle property sales (8.7%) for the three months ended April 2023 than for the three months ended March 2023. Continue →

Following another decrease in New Zealand’s median property price last month, first home buyers are starting to come out of the woodwork with the easing of LVR restrictions just around the corner REINZ’s Monthly Property Report for April saw median prices across New Zealand decrease 10.9% year-on-year to $780,000. Continue →