Property Market stories
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.
Tenants face a temporary freeze on rent rises and evictions as New Zealand's four-week COVID-19 lockdown halts viewings and house moves.
Auckland’s southern land values could rise as the transport package unlocks new homes, jobs and development, Colliers says.
Lower borrowing costs are expected to bolster New Zealand property demand, with record-low interest rates giving buyers greater certainty and confidence.
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.
Demand for affordable Auckland townhouses is squeezing supply, as first-home buyers snap up projects off the plans before building begins.
Tight stock and low borrowing costs helped drive New Zealand home sales to their busiest January in four years, REINZ said.
Transport spending could lift office, industrial and retail demand, but it may also squeeze supply and push up development costs.
Mortgaged buyers lifted their share of property purchases to 25% by the end of 2019, with some suburbs seeing them dominate the market.
Developers can now assess sites in minutes, as new data tools cut weeks from feasibility work and simplify approvals.
Lifestyle property sales picked up over summer, with the national median price reaching NZD $725,000 and demand still firm across several regions.
A new report has reinforced pressure on ministers to back council infrastructure spending, after all eight cities were classed as severely unaffordable.
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.
