Property trends stories
A growing number of New Zealand suburbs are edging back into growth, though affordability and higher mortgage rates are likely to cap gains.
More stock and faster sales suggest the housing market may be turning a corner before spring, despite higher rates and election uncertainty.
National home values have edged up 0.5% this quarter, but most cities are still below year-ago levels as demand stays patchy.
Enquiries from wealthy offshore buyers have surged, with agents predicting a flood of luxury property money if the policy is introduced.
Borrowers facing repricing will welcome a stable OCR, with the Reserve Bank now signalling cuts may not come until early 2025.
Buyer activity is lifting sales, but thin stock and election jitters are keeping many sellers off the market, REINZ says.
Buyer confidence is expected to lift mover activity in the coming quarters, but high mortgage rates may keep house moves subdued for now.
Sales rose 14.6% year on year in June, but fewer new listings left buyers facing a tighter market as sellers held back.
Low sales volumes are making New Zealand house-price falls swing sharply from month to month, QV says, even as declines ease overall.
Tighter stock on the market and a 7.5% rise in sales point to New Zealand housing volumes finally bottoming out after a long slump.
Regional housing markets are regaining confidence as eased lending rules and steadier rates lifted May sales in seven areas, REINZ said.
First-home buyers are returning to lenders as looser loan-to-value rules give them more room to qualify for a mortgage.
Sales have fallen sharply from last year’s peak as higher interest rates and broader uncertainty cool New Zealand’s lifestyle property market.
First home buyers are showing renewed interest as easing lending rules and softer prices create opportunities in New Zealand’s slow market.
Values are still falling in several centres, but slower declines and firmer migration are hinting the market may be nearing bottom.
Potential sellers are holding back as tight credit and uncertain interest rates drive April new listings to record lows nationwide.
First-home buyers could find it easier to secure mortgages as lending limits are raised from 1 June, easing pressure on banks.
Signs of a floor are emerging as mortgage rates stabilise and sales improve, though values have still fallen 10.5% over the past year.
National prices kept falling in March, but the West Coast and Southland posted annual gains as sales slowed and homes stayed longer on the market.
Mortgage rates may already be near their peak, but new borrowers still face tough affordability tests and repricing pressure for months.
