These latest statistics will be a wake-up call to the Government and Reserve Bank – if they continue to tighten the screws too hard, the very people they’re trying to protect will be the ones most adversely affected, Century 21 New Zealand Owner Tim Kearins says We’re starting to see the lending restrictions that took effect in November and December playing out in the Real Estate’s Institute’s latest monthly statistics. Continue →

It’s harder now to get a mortgage than it has been at any point since the financial markets were deregulated in the 1980s under Prime Minister Robert Muldoon, says economist Tony Alexander Diana Clement & Tony Alexander – OneRoof Mortgage brokers are reporting that clients who thought they had finance in the bag are being refused, sometimes after going unconditional on purchase. Continue →

CoreLogic’s December House Price Index closes out a record year, with 27.6% growth over the full calendar year and the average home value now exceeding $1m for the first time, but change could be on the way, says CoreLogic NZ Head of Research Nick Goodall With the average house price in New Zealand now sitting at $1,006,632, 2021 was truly a remarkable year in the property market. Continue →

Property prices climbed further in November and early signals suggest this growth will continue, though more moderately, according to the latest data from the Real Estate Institute of New Zealand (REINZ) Median prices for residential property across New Zealand increased by 23.8% from $747,000 in November 2020 to $925,000 in November 2021 — a new record high. Continue →

The signs that the total stock of listings on the market has embarked on a firm upwards trend are becoming much clearer, says CoreLogic Chief Economist Kelvin Davidson Across NZ as a whole, total supply is still relatively tight, but some key areas, such as Dunedin and Wellington, are loosening quickly. Continue →

Tighter credit, reduced demand and the rising number of listings are set to act as headwinds for property value growth, says CoreLogic NZ Head of Research Nick Goodall CoreLogic’s House Price Index (HPI) found property values were up 1.8% over November, down from October’s rate of 2.1%. Continue →

Despite another increase to the Official Cash Rate, paying off a mortgage is still preferable than staying in the rapidly rising rental market Another OCR rise won’t dent the enthusiasm in the property market, says Century 21 New Zealand Owner Tim Kearins. Continue →

In the 25-year history of CoreLogic’s Pain & Gain data series, never before have more resellers (in proportional terms) made gross profits, says CoreLogic NZ Chief Property Economist Kelvin Davidson New Zealand’s property owners continued to achieve considerable gross profits from the resale of their home or investment property in the three months to September 2021 (Q3), largely due to low levels of supply on the market, high demand and attractive mortgage rates. Continue →

September’s house price dip may have just been an anomaly as New Zealand’s median house price shot back up by $100,000 in October, REINZ data finds “Despite some officials in Wellington doing their best to talk down the real estate market, it remains incredibly strong with summer now looking decidedly up,” says Century 21 New Zealand Owner Tim Kearins. Continue →

CoreLogic data shows New Zealand’s property growth rate experienced a mini-bounce in October, but can we expect this to continue into summer? Continue →

CoreLogic research indicates the market has peaked, with both sales activity and price growth set to ease further over the coming months, Chief Property Economist Kelvin Davidson says Despite a ‘strange and distorted period for the NZ economy and property market’, the latest CoreLogic Property Market and Economic Update for Q3 2021 confirms a cooling property market. Continue →

CoreLogic figures show property values increased nationally by 1.4% during September, a reduction on August’s monthly growth rate of 1.6% and the fifth consecutive month of easing growth rates, says Head of Research Nick Goodall With most of the country, aside from Auckland, at alert level 2 for the majority of September, market activity has started to return. Continue →

The Reserve Bank’s decision to lift the Official Cash Rate to 0.50% could see interest rates go up, but as long as servicing a mortgage remains comparable or cheaper than paying rent, prospective buyers will not be put off, says Century 21 New Zealand owner Tim Kearins We’re not expecting to see a sudden and significant change in rates, as banks have already been subtly raising mortgage rates in anticipation of future hikes. Continue →

Despite COVID, snap lockdowns and border closures, all major centres across New Zealand achieved price gains, with some suburbs increasing in value by more than $500,000 since August 2021, CoreLogic Chief Property Economist Kelvin Davidson says CoreLogic NZ’s quarterly Mapping the Market Report highlights the extraordinary price gains achieved nationally in the past year. Continue →

Despite the latest Covid-19 lockdown, New Zealand’s median property price once again reached a new record of $850,000, according to REINZ’s August figures released today Median prices for residential property across New Zealand increased by 25.5% from $677,400 in August 2020 to a record $850,000 in August 2021. Continue →

The average property value in New Zealand is a record 7.9 times the average annual household income according to the latest CoreLogic Housing Affordability Report, though there is wide variation across the country The figure is up sharply from the 7.4 times recorded just three months ago and 6.6 times of 12 months ago. Continue →

CoreLogic data showed nationwide values increased by just 1.6% over August, well below the recent monthly peak of 3.1% in April, but will Covid’s resurgence push values up once again? Continue →

The quality of a property’s online marketing presentation is now more important than ever before, with real estate interest and activity still strong, says Century 21 New Zealand Owner, Tim Kearins Online listings are enjoying some great traffic during the current nationwide Level 4 lockdown. Continue →

CoreLogic’s quarterly Pain & Gain report shows 99% of New Zealand properties are being resold for a gross profit, the highest number on record, says Chief Property Economist Kelvin Davidson New Zealand home owners are pocketing a record level of gross profits from property resales as the country’s real estate market defies last year’s weak economic outlook. Continue →

Given the move back to Covid Alert Level Four, it’s no surprise that the Reserve Bank has chosen to delay an increase to the official cash rate, says CoreLogic Chief Economist Kelvin Davidson Lockdown could mean that any looming OCR increase is more likely to be a gradual 0.25% rather than the 0.50% rise that many were speculating about. Continue →