Property Market stories
Property values have already slipped nationwide, with tourism-dependent centres like Queenstown hardest hit as the recession starts to bite.
Sales momentum remains firm in Auckland, with first-home buyers and investors still active despite claims the city has tipped into a buyers’ market.
Lower deposit rules and weak bank returns are drawing small investors into housing, helping keep prices elevated across New Zealand.
Smaller homes may offer investors better returns as weaker price growth puts rental yield back in focus amid uncertainty, CoreLogic says.
Property sales jumped in May as lockdown eased, but volumes remained 46.6% below a year earlier and days to sell hit record highs.
Affordable townhouse projects in Auckland will get a lift as the non-bank lender commits GBP £75 million to new residential developments.
Auckland’s housing market has held up, with prices little changed after lockdown despite sales volumes halving in May.
Lower deposits and record-low borrowing costs are giving first-home buyers their strongest opening in more than a decade this winter.
With mortgage rules easing, the Government is being urged to soften New Zealand's foreign buyer ban to help revive property sales and investment.
New Zealand house prices climbed to a record high in April even as lockdown froze the market and sales volumes plunged 78.5%.
Buyers in Auckland’s Belmont are being offered sustainably built terraced homes with electric bikes as New Zealand eases property viewing restrictions.
New Zealand commercial rents and capital values are expected to keep falling as occupiers and investors stay cautious amid coronavirus uncertainty.
Easing loan-to-value rules is only part of the fix, with commercial landlords warning wider support is needed to prevent a deeper downturn.
First-home buyers could face lower deposit hurdles as the Reserve Bank weighs scrapping mortgage loan-to-value rules for a year.
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.
