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 →

REINZ data shows the rate of house price growth is slowing, but Chief Executive Jen Baird says it is too early to tell whether this is the usual winter easing or if the Government’s intervention in the market and signalled changes to the OCR are starting to take effect Overall, house prices are still well up on 12 months ago, yet we’re now seeing month-to-month growth becoming more sustainable, says Century 21 New Zealand Owner, Tim Kearins. Continue →

The Reserve Bank of New Zealand has announced plans to tighten mortgage lending standards, with the latest CoreLogic data showing nationwide property values increased by 1.8% over July Property price growth has not slowed since June, which recorded the same 1.8% increase. Continue →

Property has grown by $19.6b in the last decade to become our largest industry, making up 15% of the country’s total GDP, new analysis from Property Council New Zealand finds The Property Industry Impact Report 2021, commissioned by Property Council New Zealand in partnership with Urban Economics, underscores the impact of the sector, with property out-gunning other top GDP contributors such as manufacturing (11%), agriculture (6%) and health (7%). Continue →

CoreLogic’s quarterly market report indicates that the market is close to – or at – a turning point, Chief Property Economist Kelvin Davidson explains This is mainly off the back of affordability pressures, the 40% deposit requirement and extended bright-line test for investors, the tightening of interest deductibility rules, as well as the approval for the Reserve Bank of New Zealand (RBNZ) to look at debt to income restrictions. Continue →

Despite Government measures to cool the property market, this year saw the most properties sold in June for five years while New Zealand’s median house price rose again to $820,000 according to the latest data from REINZ Median prices for residential property across New Zealand increased by 28.7% from $637,000 in June 2020 to $820,000 in June 2021. Continue →

CoreLogic’s House Price Index shows market momentum is starting to fade throughout the country, but some areas are already seeing values decline, CoreLogic Head of Research Nick Goodall explains According to the CoreLogic House Price Index (HPI), which is the most complete and robust measure of property value change in the market, nationwide values increased by 1.8% over June. Continue →

CoreLogic’s Mid-Year Best of the Best review reveals the 2021 property market upswing is happening nationwide, not just in main centres Herne Bay remains New Zealand’s most expensive suburb (median value of $3.16m), but in terms of value growth, cheaper areas have been far superior. Continue →

REINZ’s latest figures are a clear indication that despite intervention from the Government and the Reserve Bank, house prices will continue to skyrocket until supply catches up with demand Median prices for residential property across New Zealand increased by 32.3% from $620,000 in May 2020 to $820,000 in May 2021, driven by inventory levels being at their lowest point ever. Continue →

Both the Government and RBNZ expect a significant reduction in growth over the coming months and we need only to look at the figures to understand why According to the CoreLogic House Price Index (HPI), nationwide values increased by 2.2% over May. Continue →

Policies announced by the Government to control the housing crisis have started showing results, but Kalkine Chief Executive Kunal Sawhney says more needs to be done Real Estate Institute of New Zealand (REINZ) data saw house sales in April drop compared to March while the total number of properties sold declined by 28%. Continue →

Government intervention likely came at the right moment for first home buyers, with their share of purchases having steadily dropped over the past three to six months, says CoreLogic Chief Economist Kelvin Davidson Nationally, first home buyers’ (FHB) market share in Q1 2021 was 21.5%, down from 24.8% six months ago and also the lowest since Q1 2018, according to the latest CoreLogic First Home Buyer Report. Continue →

While the national picture represents the busiest April in 5 years, the reality is that we’ve seen the number of sales decrease when compared to March, says REINZ Acting Chief Executive, Wendy Alexander The number of residential properties sold in April across New Zealand was the highest number of properties sold in an April month for 5 years with 7,218 properties sold, according to the latest data from the Real Estate Institute of New Zealand (REINZ). Continue →

Anecdotes throughout April told of quieter open homes, a greater share of auctions ‘passing in’ and that a fear of over paying had replaced the fear of missing out, says CoreLogic head of research Nick Goodall Nationwide values increased by a further 3.1% over April according to the latest CoreLogic House Price Index (HPI). Continue →

Figures in the latest CoreLogic report are a clear “line in the sand” following the Government’s game-changing announcement in the final week of March, says Chief Property Economist Kelvin Davidson The CoreLogic Property Market & Economic Report for Q1 2021 reinforced the heated market conditions which led to the Government’s recent housing policy announcement. Continue →

The Manawatu/Wanganui region had the second highest capital gains and the fourth highest yields, according to an REINZ report Capital gains in the Manawatu/Wanganui region increased 25.3% for the three months ending December 2020 when compared to the same time last year with median prices going from $400,000 to $501,000. Continue →

March saw the most sales in 14 years, with the national median house price soaring to a record $826,300 from $665,000 just last year, REINZ data reveals “We’re seeing houses sell at their fastest pace in a March month ever and the highest percentage of auctions the country has ever seen since REINZ began keeping records, showing just how quickly the market is moving,” says REINZ acting Chief Executive, Wendy Alexander. Continue →

With the dust now settling on the new policy measures, evidence suggests that the effects on the market may not be as significant as initially thought, says CoreLogic Senior Research Analyst Kelvin Davidson It has been two weeks since the Government’s announcement to extend the Brightline Test and to taper/remove mortgage interest deductibility for investors. Continue →

Last week’s housing announcement has drawn attention all over the country, and with CoreLogic data showing the highest rate of value growth in 15 years, it would appear this heightened attention is justified – CoreLogic Head of New Zealand Research Nick Goodall explains Nationwide values increased by a further 2.2% in March, which takes the annual growth rate to 16.1%, the highest rate of growth since January 2006. Continue →

The unrelenting pace of property sales continued in February, with a 14.6% uplift on sales volumes compared to the same time last year according to the latest data from the Real Estate Institute of New Zealand (REINZ) In February, 9 out of 16 regions saw annual increases in sales volumes. Continue →