New Zealand Property

According to recent figures from Quotable Value, the average value of a New Zealand property is falling by more than $1200 every week. The QV House Price Index put the average value of a home in New Zealand at $945,568 as of the end of November. This is $5472 less than the $951,040 in hand at the end of October. That works up to a weekly loss of $1262 in value for the typical home. However, the average value throughout the country fell by $118,197 between January and November, or over $2,750 each week. So while property prices are still

A rise in construction costs has been blamed on New Zealand‘s efforts to open the market up to more competitors and novel items. A study by the Commerce Commission looking into the residential building materials market was released on Tuesday in Wellington. The government has since indicated its readiness to implement the report’s recommendations. The competition regulator has recommended making it more straightforward for innovative construction materials and practices to enter the New Zealand market and for existing competitors to grow. For alternative goods that provide customers more options, “it’s tougher for them to get into or develop in the

The longtime president of the NZPIF discusses his greatest regret and proudest accomplishment. The longtime president of the New Zealand Property Investors Federation (NZPIF) has resigned after working on behalf of property investors for a quarter of a century. Andrew King, one of New Zealand’s top lobbyists, is heading on a seven-month motorcycle ride from San Francisco to Santiago, Chile, with his wife, as part of a plan to motorbike throughout the Americas. In a letter to members, King listed his accomplishments, which included preventing the introduction of capital gains taxes “not once, not twice, but three times,” continuing to

The owners of one New Zealand home are offering a free Tesla to potential buyers to boost interest in their property as the housing market continues to decline. Brand new Tesla and brand new home: that’s the tagline for an ad for a five-bedroom property plus a granny apartment in Auckland. High mortgage rates have scared away many would-be purchasers in New Zealand’s property market, contributing to a steady decline over the past year. The latest statistics from the Real Estate Institute of New Zealand (REINZ) reveal that the yearly drop in the median house price was 10.9%, to $825,000.

The Real Estate Institute of New Zealand (REINZ) reports that rising interest rates are deterring purchasers from entering the housing market, even though there are almost 75 percent more homes available than at the same time last year. It has issued its October statistics, which indicate a 1.9% rise in the national median price compared to September but a 7.5% decline year-over-year. The monthly national median price was $825,000. The institute’s House Price Index (HPI), which gauges the changing value of residential property throughout the country, showed an annual decline of 10.9%, or 12.4% from its November 2021 high. According

There are 925 properties in the Treaty Settlement Landbank, managed by Toit Te Whenua Land Information New Zealand. Homes, apartments, schools, train stations, jails, police buildings, kiwi fruit farms, quarries, tennis courts, and former hospital grounds were among the properties available. Matthew Roskruge, associate professor of economics at Massey University, said settlements were unlikely to compensate for the harm caused to the Mori economy during the previous century and a half when much of the nation’s most precious resources were taken. John Tamihere, head of the Mori Party, has also criticized the landbank for selecting unsuitable properties that iwi may

Homeowners in New Zealand who made their purchases during the height of the country’s inflated property market have been cautioned by analysts that sharply rising interest rates might put an enormous financial strain on them. Rising interest rates and decreasing house values have put some borrowers at risk of negative equity, where they owe more on their mortgage than their home is worth. This has become New Zealand the “kiwi in the coalmine” for the world’s property markets. “If you map our rent-to-house prices and income-to-house prices, New Zealand is in a world of its own,” said Dr. Michael Rehm,