Property trends stories
Property sales jumped in May as lockdown eased, but volumes remained 46.6% below a year earlier and days to sell hit record highs.
Auckland’s housing market has held up, with prices little changed after lockdown despite sales volumes halving in May.
Lower deposits and record-low borrowing costs are giving first-home buyers their strongest opening in more than a decade this winter.
New Zealand house prices climbed to a record high in April even as lockdown froze the market and sales volumes plunged 78.5%.
Queenstown looks most exposed, with tourism reliance and Airbnb saturation making its property market vulnerable to a COVID-19 downturn.
First-home buyers could face lower deposit hurdles as the Reserve Bank weighs scrapping mortgage loan-to-value rules for a year.
Transaction volumes are expected to fall sharply after lockdown, with weaker demand and limited listings likely to push prices lower.
New Zealand property owners are being urged to avoid panic decisions, as low rates and support measures may help cushion the lockdown fallout.
Online property searches have surged as lockdown restrictions curb listings, while average asking prices in March still rose 5% year on year.
Targeted advertising can speed up a home sale and lift the final price, as interest from online-only listings often fades quickly.
New Zealand home values kept climbing in February, lifting the average house to NZD $722,475 and worsening affordability for buyers.
Buyers could face stronger competition and higher prices this month as warm weather and tight stock tempt more vendors to list.
Tight stock and low borrowing costs helped drive New Zealand home sales to their busiest January in four years, REINZ said.
Mortgaged buyers lifted their share of property purchases to 25% by the end of 2019, with some suburbs seeing them dominate the market.
Lifestyle property sales picked up over summer, with the national median price reaching NZD $725,000 and demand still firm across several regions.
Tight supply and stronger demand lifted New Zealand house sales 12.3% in December, with prices rising in 15 of 16 regions.
Auckland's housing recovery is gathering pace, with low rates and tight listings expected to push prices higher in 2020.
Higher borrowing demand and scant listings pushed New Zealand’s national median house price to a record NZD $630,000 in November.
Tight housing supply and surging demand are pushing Dunedin values up 17% a year, with buyers still outpacing new listings.
Tight listings and lower bank serviceability tests are helping to lift New Zealand house values, with Auckland appearing to have bottomed out.
