Author: jackdang

Waikato projected to be fastest-growing region over next 30 years

New Zealand’s population is projected to grow 0.7% per year between 2018 and 2048, according to Stats NZ. The fastest-growing regions are projected to be Waikato (1.0% per year), Bay of Plenty, Northland (0.9%), Auckland, Canterbury and Tasman (0.8%). During the three decades to 2048, the North Island is projected to contribute 80% of New…
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Government introduces key changes to the property rental sector

The government will legislate two key changes to tenancy laws, which it said would improve the lives of both property investors and landlords. First, residential property managers will now have to be registered, trained and licensed, and complaints and disciplinary matters will be dealt with through a new regulatory framework. “This means that like many…
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Financial system is in sound shape: Reserve Bank

New Zealand’s financial system is well placed to handle the challenging economic environment, according to the Reserve Bank of New Zealand. In its most recent Financial Stability Report, released earlier this month, the Reserve Bank noted that conditions were becoming more challenging, with interest rates rising and the economy likely to slow. “Despite these challenges,…
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Banks say they’re “here to help” borrowers in stress

New Zealand’s banks have promised to be sympathetic and supportive to borrowers who may face financial stress due to rising interest rates. In its most recent Financial Stability Report, released earlier this month, the Reserve Bank of New Zealand said that while the financial system was in good shape (see previous story), rising interest rates…
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The six regions with asking prices under $700k

Despite the national average asking price hovering around $920,000 in October, buyers can enter the market at a much lower price, according to realestate.co.nz. The most common price range search on realestate.co.nz is between $600,000 and $800,000, which indicates many people’s budget. In October, six regions across New Zealand had average asking prices sitting under…
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First home buyers proving their resilience

With property prices falling in much of New Zealand, conditions have arguably turned in favour of first home buyers. That might be why CoreLogic analysis has found that first home buyer market share has been increasing. First home buyers made 23% of purchases over the first half of the year and 24% in the third…
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Buyers spoilt for choice, with listings up and prices down

Property buyers are in an increasingly strong position, with vendors reacting to the cooling market by lowering their asking prices. Between January, when the market peaked, and September, the national average asking price fell 7.2%, from $992,659 to $921,187, according to realestate.co.nz. That shows a willingness by vendors to lower their expectations if they want…
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Rents rise 4.1% over the year to September

Property rents are continuing to steadily climb, although more slowly than the general rate of inflation. Rents increased 4.1% in the year to September 2022, compared to 3.2% in the year to September 2021, according to Stats NZ. By contrast, inflation rose 7.2% in the year to September, which means rental rates are rising more…
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First home buyers enjoy record 20.8% market share

First home buyer market share has reached its highest level in recorded history, according to the most recent data from the Reserve Bank of New Zealand. First home buyers were responsible for 20.8% of the $5.4 billion in new residential mortgage lending activity that occurred in August. That is their biggest market share since the…
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Home building costs surging, but relief may be around the corner

Residential construction costs are accelerating at a record pace, according to the latest CoreLogic Cordell Construction Cost Index. Home building costs rose 3.4% in the September quarter and 9.6% in the year to September – both records. The Cordell index reflects the rate of change in the cost to build a 200sqm three-bedroom, two-bathroom, single-storey,…
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