Apartments stories
Record-low losses and near-universal gains in New Zealand’s housing market are being driven by tight supply, strong demand and cheap borrowing.
Nearly all New Zealand homes sold for a profit in the June quarter, as record-low mortgage rates and tight listings drove gains.
Government help may be needed as first-time purchasers’ share of the market falls to its lowest level since 2018, CoreLogic says.
Signs of cooling are emerging as quieter open homes and more auctions passing in are expected to slow gains after a red-hot year.
Record-low rates have lifted first home buyers to a 25% market share, but reimposed lending curbs could force many out again.
Auckland’s central city is set to benefit from the $5b City Rail Link, with property values, investment and demand for quality offices holding up.
Smaller homes may offer investors better returns as weaker price growth puts rental yield back in focus amid uncertainty, CoreLogic says.
Affordable townhouse projects in Auckland will get a lift as the non-bank lender commits GBP £75 million to new residential developments.
Statistics NZ said smaller standalone houses and more multi-unit builds have pushed the average floor area of new homes down 21% in a decade.
House price growth is expected to remain modest as easing lending conditions and strong migration support demand, but listings stay tight.
Top-end flats are showing some weakness, even as most apartment prices move broadly in line with the wider property market.
Auckland Council has approved a 3,200sqm town square in Takapuna, paving the way for a $7 million revamp of Anzac Street carpark.
New dwelling consents are still climbing despite labour and materials constraints, with Auckland’s smaller homes now outpacing standalone houses for the first time.
It will add 226 apartments and a 233-room hotel to downtown Auckland as demand for CBD homes outstrips supply, with completion due in 2024.
Property demand in Auckland and Queenstown has softened after the ban, with foreign purchases plunging 81% in the first quarter.
House prices in Takapuna surged 30% to NZD $1.3 million, as council-led upgrades and new apartments fuel demand in Auckland’s bayside hub.
Higher density housing could help Auckland grow without more sprawl, as research at Hobsonville Point links walkability and amenities to liveability.
Generation X buyers are drawn to Point Ridge in Albany because its shared pools, gym and common areas foster a stronger sense of community.
Pre-election uncertainty barely dented residential sentiment, with a survey showing house price expectations holding steady across New Zealand.
DORA's 2019 report highlights that elite DevOps teams are vastly more effective, while rigid processes leave large enterprises stuck in organisational trauma.