New Zealand Property

New Zealand News

New Zealand Home Prices Suffer Close Quarterly Drop

The New Zealand housing market saw one of its worst quarterly dips in the three months leading up to September, and it may not be done yet. CoreLogic New Zealand reports that the 4.1% quarterly decrease is second only to the 4.4% reduction during the 2008 financial crisis, which occurred 14 years ago. CoreLogic said on Wednesday in Wellington that property values had fallen for the sixth straight month, decreasing 1.5% after falling 1.8% in August. The annual rate of gain also reduced to 2.8%, the lowest since 2019. Property Slide The housing market quarterly declines the largest since 2008.

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Investments

Is 2023 The Ideal Time to Buy A Property?

Even though the following OCR review is scheduled on February 22, Century 21 New Zealand owner Tim Kearins anticipates more excellent interest rate stability this summer. However, he cautions that this “won’t make it any simpler for many young Kiwis to acquire loans in the first place.” Kearins believes that the next six months might be an excellent time to purchase a house since the number of listings is increasing and sellers are becoming more realistic about pricing expectations. Even while getting a loan from a conventional bank in New Zealand still has its challenges, he advised not discounting the

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New Zealand News

New Zealand housing goes up by 76% in a year

WELLINGTON, Sept. 22 (Xinhua) — According to the most recent Trade Me Property Price Index, issued on Thursday, the number of properties for sale in New Zealand continued to skyrocket in August, rising a record 76 percent compared to August of the previous year.  Director of Property Sales at Trade Me, Gavin Lloyd, stated that the national property supply has increased annually for the past nine consecutive months. “While last month’s surge was somewhat attributable to the statewide lockdown in August 2021, these increases have been rising all year, and the current supply is substantially above pre-pandemic levels.” “Last month

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New Zealand News

NZ Opposition’s Ambitious Plan to Tax Foreign Property Buyers Hits Roadblocks

New Zealand’s political stage is ablaze with controversy as the opposition National party unveils a bold, albeit controversial, plan to impose taxes on foreign property buyers. The plan, aimed at generating NZ$3 billion ($A2.7 billion) in revenue over four years, is raising eyebrows and sparking heated debates. Opposition Leader Chris Luxon took center stage in Auckland to kickstart his party’s election campaign on a sunny Sunday afternoon, with the looming October 14 election casting a long shadow. However, Luxon and finance spokeswoman Nicola Willis stumbled over a critical element of their tax policy. Their proposal involves lifting the ban on

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new zealand
New Zealand News

New Zealand’s House Price Crash Is Over a Look at the Impact and Recovery

After a tumultuous period of declining property values, there’s finally good news for homeowners and investors in New Zealand. The country’s much-talked-about house price crash has ended, according to recent reports. Let’s delve into the details of this significant development and explore its implications for the housing market and the broader economy. The End of a Turbulent Period The news of New Zealand’s house price crash ending marks a turning point in the nation’s real estate landscape. After grappling with declining property values for an extended period, homeowners and the property market can now breathe a sigh of relief. Factors

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How Do Sellers Adopt in an Uncertain Real Estate Market
New Zealand News

How Do Sellers Adopt in an Uncertain Real Estate Market

In an ever-changing real estate market, sellers are embracing a cautious strategy as they navigate uncertain conditions, according to a recent report. The ongoing fluctuations and unpredictable dynamics have prompted many property owners to adopt a patient stance in the face of uncertainty. The real estate industry, like many others, has experienced significant fluctuations in recent times. Various factors have fueled these uncertain conditions, including economic volatility, changing regulations, and shifting buyer preferences. As a result, sellers have grappled with the challenge of accurately gauging market demand and determining the optimal time to list their properties. The report indicates that

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New Zealand News

Madison House Price Floor: Analyst Predicts Markets Are Still 12 Months Away

In a recent analysis, experts have predicted that implementing a Madison House price floor is still a year away, causing anticipation and concern among real estate enthusiasts. The New Zealand Herald reports that implementing this crucial market intervention is expected to have far-reaching consequences, impacting buyers and sellers alike.  Let’s delve into the details surrounding the Madison House price floor, exploring its potential effects on the housing market and the factors contributing to its projected timeline. The Madison House Price Floor The concept of a price floor aims to establish a minimum value for a particular asset or commodity. In

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New Zealand News

House Hunting in Montreal vs New Zealand: Finding Hope in Canada

After an unfruitful day of searching for a house in Montreal, where we encountered no new property listings and faced a rejected offer, my husband and I found ourselves contemplating the prospect of committing to a financial investment for the next 25 years. During this time, we reminisced about the housing market we had left behind in New Zealand. Following a fruitless day of house hunting in Montreal, which resulted in no new property listings and a rejected offer, my husband and I were left contemplating the daunting prospect of committing to a 25-year financial investment. Then, we began reminiscing

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New Zealand News

Interest Rate Hikes Spark Largest Property Sales Slump in Nearly 40 Years, says CoreLogic

The clash of rising interest rates on the housing market has been significant, according to new data showing that property transactions in New Zealand have dropped to their lowest level in nearly 40 years. CoreLogic data shows that the number of homes sold in the 12 months ending in February 2023 was 60,859, the lowest 12-month total since October 1983. The number is down 32.7% from the prior year. While February’s 4100 transactions were the fewest in any February since at least 1981, a decrease of 33.1% from the same month a year ago. CoreLogic attributes the downturn to rising

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New Zealand News

New Zealand Housing Market Predicted to Plummet to Great Recession Lows, says ASB.

New Zealanders’ hopes for home prices have dropped to levels not seen since the Great Recession.  Compared to last year at this time, when 49% of respondents expected prices to rise, this year’s ASB home optimism poll found that 43% expected prices to decline. At the height of the GFC, 55% of respondents in July 2008 predicted lower costs in the coming year. ASB senior economist Kim Mundy predicts housing mood will decline even further, even though forecasts haven’t yet reached rock bottom.  “The housing market has been weak of late, and it doesn’t look like it’s going to turn

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