ASB Cuts Mortgage Rates for Seventh Time This Year Amid High Inflation
Key Facts ASB, a major bank in New Zealand, has reduced some of its mortgage rates for the seventh time this year. The reductions apply to its six-month, one-year, and four-year rates, slashing them by up to 10 basis points. ASB's six-month term is now at 7.24%, the...
High Interest Rates and Public Sector Spending Cuts Impact NZ Economy and Property Sector
Key Facts New Zealand's Official Cash Rate has been held at 5.5% for a year, but the impact is just starting to fully manifest in the economy. Retail banks are starting to reduce new rates but the average mortgage rate has risen as homeowners refix their loans....
First Home Buyers Capitalise on Lower Property Prices and Reduced Competition in Q1 2024
Key Facts First home buyers accounted for 26% of property purchases in the first quarter of 2024, which is higher than the long-term average of 21%. Buyers are taking advantage of lower property prices and less competition. The median house price dropped to $695,000...
Building Costs for New Zealand Homes Increase Despite Decrease in Size and Consents
Key Facts The number of new homes being consented has dropped over 37.4% since Q1 2022. In Q1 2024, 7717 new dwellings were consented, a 20.6% decrease from Q1 2023. The average estimated build cost (without land) for new dwellings in Q1 2024 was $462,654, a 5.0% rise...
Over Half of March Mortgages in NZ Opt For Short-Term Rates Anticipating Future Cuts
Key Facts In March 2024, over half of the new fixed rate term mortgage money was for terms of one year or shorter. Though RBNZ doesn't anticipate cutting the Official Cash Rate till May of the following year, the markets suggest an earlier cut potentially in October...
Job Losses a Concern for Kiwi House Prices amid Flat Growth and High Mortgage Rates
Key Facts The Reserve Bank's Financial Stability Report shows a resilient financial system with well-capitalised banks, but with potential risks in the housing market, including ongoing decisions about the implementation of debt-to-income ratio limits. Statistics New...
First Home Buyers
First Home Buyers Capitalise on Lower Property Prices and Reduced Competition in Q1 2024
Key Facts First home buyers accounted for 26% of property purchases in the first quarter of...
First Home Buyers Gain Edge as NZ Housing Market Flattens Amid Falling Construction and Rising Interest Rates
Key Facts New Zealand's housing market is experiencing a lull, with CoreLogic data showing a...
Rising Personal Debt Forcing Most Families Out of Rent-to-Own Housing Schemes
Key Facts Increasing levels of personal debt are barring people from rent-to-own housing schemes...
Affordable Housing Project Advancing in Taupō, with 38 Homes Under Initial Proposal
Key Facts A new housing development is progressing in the East Urban Lands area of Wharewaka,...
Rising Incomes and Falling Mortgage Interest Rates: A Hopeful Sign for First Home Buyers Despite Flat House Prices
Key Facts Rising incomes and falling mortgage interest rates are significantly impacting the...
Auction Activity Declines as New Zealand Housing Market Enters Autumn
Key Facts Auction activity in the residential property market saw an increase last week, but the...
Current Home Owners
Decline in Housing Market Participation by Migrants with Residence Visas Noted in Q1 2024
Key Facts Migrants' share of the New Zealand housing market decreased slightly in Q1 2024,...
Auckland Housing Market Likely to Remain Soft Despite Surge in Migration, Predicts ANZ Report
Key Facts ANZ Property Focus report suggests that the Auckland housing market may remain weak...
Christchurch Homeowners Hesitate to Upgrade Due to Rising Interest Rates and Living Costs
Key Facts Increased interest rates and living costs are causing Christchurch homeowners to...
NZ Government Announces Financial Services Reform to Improve Home Loan Access and Strengthen Customer Protections
Key Facts The New Zealand government announced reforms to simplify lending and strengthen...
Property Investors
New Zealand Government Announces Rental Rule Changes to Encourage More Landlords Into the Market
Key Facts New legislation affecting renters and landlords is set to be introduced to Parliament...
Slowdown in Major Urban Property Market Growth, Auckland Values Decline: Q1 Report
Key Facts The average value of New Zealand homes increased by 2.2% to $924,734 over the first...
“Mild Increase in New Zealand Housing Values in Q1 2024 Amid High Mortgage Rates”
Key Facts The average value of New Zealand homes was $934,806 in Q1 of 2024, a 1.1% increase...
March Auction Boom Records High Property Listings but Lower Sales Rates
Key Facts Auctions of residential properties in the last week of March were high at 527, down...
Mortgage Rates
ASB Cuts Mortgage Rates for Seventh Time This Year Amid High Inflation
Key Facts ASB, a major bank in New Zealand, has reduced some of its mortgage rates for the...
Over Half of March Mortgages in NZ Opt For Short-Term Rates Anticipating Future Cuts
Key Facts In March 2024, over half of the new fixed rate term mortgage money was for terms of...
Heartland Bank Raises Home Loan Rates But Still Leads Market, Despite Strong SBS Three-Year Offer
Key Facts Heartland Bank, known for its competitive home loan rates, has increased all their...
Inflation Worries as Majority of Mortgages Bet on Interest Rate Reduction Amid Rising Construction Costs
Key Facts Reserve Bank of New Zealand (RBNZ) projects a 0.4% quarterly rise in the Q1 Consumer...
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The Economy
High Interest Rates and Public Sector Spending Cuts Impact NZ Economy and Property Sector
Key Facts New Zealand's Official Cash Rate has been held at 5.5% for a year, but the impact is...
Job Losses a Concern for Kiwi House Prices amid Flat Growth and High Mortgage Rates
Key Facts The Reserve Bank's Financial Stability Report shows a resilient financial system with...
Residential Property Auction Activity Increases, but Sales Rate Remains Steady at 31%
Key Facts Residential property auctions monitored by interest.co.nz showed increased activity...
Rising Interest Rates and Stubborn Inflation Poses Challenge for NZ Housing Market and Businesses
Key Facts The Reserve Bank increases interest rates to fight inflation which leads to decreased...
Construction
Building Costs for New Zealand Homes Increase Despite Decrease in Size and Consents
Key Facts The number of new homes being consented has dropped over 37.4% since Q1 2022. In Q1...
First Home Buyers Gain Edge as NZ Housing Market Flattens Amid Falling Construction and Rising Interest Rates
Key Facts New Zealand's housing market is experiencing a lull, with CoreLogic data showing a...
Affordable Housing Project Advancing in Taupō, with 38 Homes Under Initial Proposal
Key Facts A new housing development is progressing in the East Urban Lands area of Wharewaka,...
Stabilising Residential Construction Costs Lower Risk of New Build Cost Overruns
Key Facts Residential construction costs have risen by only 2.3% in the year to March,...