Apartments stories
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Higher interest rates and softer prices left apartment owners hardest hit, with a quarter of Q4 resales in loss and median losses at a decade high.
Higher borrowing costs have not stopped New Zealand first home buyers lifting their share of purchases to 24% as prices ease.
Tighter lending and higher mortgage costs have pushed first home buyers to a seven-year low, even as government support rules are loosened.
Sharp falls never came, but tighter credit and rising mortgage rates now threaten to turn New Zealand's Covid-era property boom into a buyer's market.
Record resale profits are still spreading nationwide, with 99.3% of homes sold in Q4 2021 making a gross gain, CoreLogic says.
Record rents are keeping first-home buyers in the market, with mortgage payments still cheaper than paying to rent for many Kiwis.
Record-low losses and near-universal gains in New Zealand’s housing market are being driven by tight supply, strong demand and cheap borrowing.
Nearly all New Zealand homes sold for a profit in the June quarter, as record-low mortgage rates and tight listings drove gains.
Government help may be needed as first-time purchasers’ share of the market falls to its lowest level since 2018, CoreLogic says.
Signs of cooling are emerging as quieter open homes and more auctions passing in are expected to slow gains after a red-hot year.
Record-low rates have lifted first home buyers to a 25% market share, but reimposed lending curbs could force many out again.
Auckland’s central city is set to benefit from the $5b City Rail Link, with property values, investment and demand for quality offices holding up.
Smaller homes may offer investors better returns as weaker price growth puts rental yield back in focus amid uncertainty, CoreLogic says.
Affordable townhouse projects in Auckland will get a lift as the non-bank lender commits GBP £75 million to new residential developments.
Statistics NZ said smaller standalone houses and more multi-unit builds have pushed the average floor area of new homes down 21% in a decade.
House price growth is expected to remain modest as easing lending conditions and strong migration support demand, but listings stay tight.
Top-end flats are showing some weakness, even as most apartment prices move broadly in line with the wider property market.
Auckland Council has approved a 3,200sqm town square in Takapuna, paving the way for a $7 million revamp of Anzac Street carpark.
New dwelling consents are still climbing despite labour and materials constraints, with Auckland’s smaller homes now outpacing standalone houses for the first time.
