Bank of New Zealand (BNZ) stories
Lower entry-level house prices and wider government support are nudging first-home buyers closer to ownership despite rising rates.
The city was the only New Zealand region to post an annual fall, with sales also down 38.3% as buyers paused amid higher rates.
Tighter, costlier credit is set to deepen New Zealand's housing downturn, with CoreLogic warning of more price falls and weaker sales.
Borrowers face higher mortgage costs and further house price weakness as the Reserve Bank signals the OCR may peak around 4% by mid-2023.
Higher building costs and rates rises are set to force developers to shelve projects, threatening new home supply and affordability.
Tighter credit and higher rates are leaving first home buyers more exposed, with some regions now showing early signs of vulnerability.
Rising flood risk from climate change could erode home prices and threaten banking stability in New Zealand's coastal cities.
Stretched affordability and higher mortgage rates are pushing median values down in 154 suburbs, with Auckland and Wellington among the weakest.
Mortgage activity has slumped as tighter lending and higher rates cool demand, with CoreLogic warning house prices may fall further.
Higher borrowing costs are cooling sales and slowing price growth, with more than half of NZ mortgages set to reset this year.
Mortgage repayments now absorb nearly half of household income, as record house prices and weaker wages push affordability to fresh lows.
Sales volumes and price growth are easing, with REINZ figures showing weaker January activity and tighter lending weighing on buyers.
Rising rates and tighter lending rules are likely to cool demand, with CoreLogic warning some fixed-rate borrowers could soon see repayments double.
First-home buyers are feeling the pinch as tighter lending rules help push New Zealand’s median house price down 1.6% in December.
First-home buyers are being refused finance after going unconditional, as tougher bank rules and lending checks squeeze borrowing.
Rising rates and tighter lending rules could cool New Zealand’s housing boom in 2022, after values topped GBP £1m nationally for the first time.
Buyers are getting more choice as supply improves, even though New Zealand house prices hit fresh records in November and growth begins to ease.
Tighter credit and more listings are likely to keep house price gains easing as annual growth slips for the first time since August 2020.
Record rents are keeping first-home buyers in the market, with mortgage payments still cheaper than paying to rent for many Kiwis.
New Zealand’s median house price climbed by NZD $100,000 in October, with 10 regions hitting record highs amid tight supply and strong demand.
