Property Market stories
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.
Albany has become Auckland’s top apartment market, with suburban projects taking more than two-thirds of sales as CBD demand slumps.
Nationwide house prices climbed 1.3% in October as low rates and scarce listings kept demand ahead of supply.
Record-low rates have lifted first home buyers to a 25% market share, but reimposed lending curbs could force many out again.
Lower migration losses are still propping up housing demand, though CoreLogic says border closures will eventually curb population growth.
House sales jumped to a 42-month high in September, with low borrowing costs and scarce listings driving record prices nationwide.
House prices in major cities have held firm through the downturn, though UBS warns falling rents and weaker incomes could trigger a correction.
Nationwide property values rose 0.8% in September as low rates and scarce listings kept demand firm despite the economic downturn.
Hong Kong tops the global list for home prices, with an average residential property costing USD $1.23 million despite pandemic uncertainty.
Record house prices and strong sales are fuelling doubts over Treasury’s forecast of a 5% fall by June next year.
Lockdown failed to cool Auckland’s housing market, as August sales hit a five-year high and prices reached fresh records.
Auckland landlords and developers now face slower office demand and delayed projects as COVID-19 and recession fears cloud the recovery.
Takapuna could gain from a post-lockdown office shuffle as workers seek cheaper space and more home working weighs on Auckland's CBD.
Footfall at co-working centres plunged as lockdowns slashed use, even though flexible offices are expected to regain ground after the pandemic.
Tighter lending criteria and renewed virus restrictions are likely to cool mortgage demand after July’s NZD $6.6 billion peak.
Pent-up demand is expected to lift sales as Aucklanders return to the market after nearly three weeks in lockdown.
ANZ sees a deep slump in dwellings as Covid headwinds, job losses and weak investor demand push construction and prices lower.
Rents are falling in Queenstown and other pockets, but most areas are still posting gains as the recession deepens and job losses loom.
Auckland and Dunedin buyers are skewing towards mortgaged investors, as July's share hit a four-year high despite fresh Covid-19 uncertainty.
Sales and prices rose across New Zealand in July, but REINZ warned the market may not keep its post-lockdown pace for long.
