Property Market stories
Tauranga’s housing squeeze is worsened by 2,142 empty homes, though the mayor says filling them beats building anew.
Low vacancy and scarce small units are pushing Christchurch industrial rents higher, while slower demand for large sheds is creating rare sub-lease opportunities.
House values fell again in September, with lower rates yet to lift prices and mortgage stress still a risk for borrowers.
Buyer enquiries jumped 8.5% in the fortnight after the Reserve Bank’s cut, as more Kiwis moved into the market.
Demand from luxury retailers is pushing prime CBD retail rents higher in Christchurch, where vacancies have fallen to a seven-year low.
Buyer demand picked up in July, with sales rising 14.5% year on year even as the national median house price slipped 2.2%.
Townhouses now account for nearly half of new dwelling consents, with Auckland driving most of the rise as buyers seek cheaper homes.
Flat house prices are helping first-home buyers as nationwide values slipped 0.5% in July, the fifth monthly fall in a row.
Buyers are still active, but high mortgage rates and new debt limits are making deals harder to close across the housing market.
Buildings may get longer deadlines as ministers weigh safety against the cost of seismic upgrades and mortgage pressure on owners.
Auckland and Wellington weakened again in May as high mortgage rates and plenty of listings kept the national housing market subdued.
Buyer interest has cooled across New Zealand, with searches per listing down 10.4% as high rates and recession fears deter house hunters.
Higher costs now are prompting borrowers to favour one-year deals, even as CoreLogic says that bets on lower mortgage rates are building.
More listings and higher sales in March suggest New Zealand’s housing slump has passed its low point, with buyers gaining choice.
A glut of listings and high borrowing costs are keeping prices flat, with Auckland edging lower and buyers enjoying more choice.
High mortgage rates and weak sales are keeping the housing market subdued, even as CoreLogic sees prices rising about 5% this year.
Record demand for New Zealand government bonds suggests ministers could borrow cheaply to tackle a $100 billion infrastructure gap.
More homes are coming to market, but cautious buyers and slower winter-style activity have kept January sales below expectations.
New Zealand’s housing recovery gathered pace last quarter, with national average prices up 2% and only Invercargill recording a fall.
Lower interest rates and firmer buyer-seller pricing are expected to lift commercial property sales after a weak 2022-23.
