Real estate stories
Average household incomes rose just 1.3% last quarter, leaving New Zealand house prices at their least affordable level since records began in 2004.
Resource consent has been granted for a planned Auckland office development that could retain 1.8 million kg of concrete and preserve heritage features.
New Zealand’s housing market remained brisk in January despite a modest month-on-month price fall, with sales and auctions both at multi-year highs.
House prices are likely to cool after the Reserve Bank reinstated loan-to-value curbs from 1 March amid stability concerns.
New Zealand home values rose 2.2% in January as tight supply and low rates drove a rebound in Christchurch, Auckland and Queenstown.
Possible tighter rules could curb investor demand as mortgaged buyers regain a 27% share of the housing market, CoreLogic says.
House prices could surge 30 per cent in three years unless regulators curb lending as ultra-low rates fuel debt and investor demand.
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.
Home sellers using an agent are getting an average 15% more than private vendors, the biggest premium seen by REINZ in 18 years.
A shortage of homes for sale is fuelling record house prices and leaving buyers with fewer options, despite the busiest November in 13 years.
House prices could be kept artificially high, worsening inequality and locking buyers into the cost of poor policy, Infrastructure New Zealand says.
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.
More than 600 new homes are planned for a 70-ha Invercargill site, with developers saying the project could ease pressure on buyers.
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.
