Property Market stories
House buyers and investors face tighter mortgage rules from 1 March as the Reserve Bank warns high-LVR lending is rising again.
Record shortages of homes for sale are fuelling the pressure, with New Zealand’s median house price climbing to a fresh high for the fourth month.
Low rates, fiscal stimulus and reopening borders should support New Zealand property values in 2021, though office and retail risks remain.
New Zealand’s housing boom lifted values in almost every main centre, with Auckland now boasting 117 suburbs above the NZD $1 million mark.
Falling unoccupied stock and pandemic demand are making holiday homes harder to buy, though some coastal spots still fall below GBP £500,000.
A shortage of homes for sale is fuelling record house prices and leaving buyers with fewer options, despite the busiest November in 13 years.
Affordability is worsening for first-time buyers as house prices outpace incomes, deepening the housing divide and fuelling political pressure.
Low rates, pent-up demand and $85 million of infrastructure spending are helping Queenstown’s property market recover after Covid hit confidence.
Only a third of New Zealand homes now qualify for the Home Start grant, intensifying calls to lift price caps before summer buying picks up.
Listings fell to record lows as buyers pushed Auckland’s median house price to GBP £1 million and nationwide sales hit a 14-year October high.
Albany has become Auckland’s top apartment market, with suburban projects taking more than two-thirds of sales as CBD demand slumps.
Nationwide house prices climbed 1.3% in October as low rates and scarce listings kept demand ahead of supply.
Record-low rates have lifted first home buyers to a 25% market share, but reimposed lending curbs could force many out again.
Lower migration losses are still propping up housing demand, though CoreLogic says border closures will eventually curb population growth.
House sales jumped to a 42-month high in September, with low borrowing costs and scarce listings driving record prices nationwide.
House prices in major cities have held firm through the downturn, though UBS warns falling rents and weaker incomes could trigger a correction.
Nationwide property values rose 0.8% in September as low rates and scarce listings kept demand firm despite the economic downturn.
Hong Kong tops the global list for home prices, with an average residential property costing USD $1.23 million despite pandemic uncertainty.
Record house prices and strong sales are fuelling doubts over Treasury’s forecast of a 5% fall by June next year.
Lockdown failed to cool Auckland’s housing market, as August sales hit a five-year high and prices reached fresh records.
