Property · Building · Design
Auckland’s mayor promised to keep council rates low during the cost-of-living crisis, but today proposed an increase well above the figure he had previously suggested.
The latest figures released by the Real Estate Institute of New Zealand (REINZ) show that New Zealand house prices have been trending down in recent months.
Recent house price falls and rising mortgage rates have put New Zealand’s property market under pressure and fuelled negative commentary.
Last Wednesday, Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr announced an increase of 75 basis points in the official cash rate (OCR), taking it to 4.25%, its highest level in almost 13 years. Since then, more and more “bad news” has emerged from the market.
Last week, Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr and the committee decided to raise the official cash rate (OCR) by 0.75 percentage points to 4.25%.
Last week, Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr and the committee decided to raise the official cash rate (OCR) by 0.75 percentage points to 4.25%.
On 23 November at 2h in the afternoon, the Reserve Bank of New Zealand released its final Monetary Policy Statement of the year, raising the OCR by 75 basis points to 4.25%. This was the largest OCR increase on record and took it to its highest level since the 2008 financial crisis.
The latest property data from CoreLogic shows first-home buyers are steadily returning to the market. Amid subdued trading, their share of purchases has recovered from a recent low of 21.7% to 22.8% in July, rising further to 24.9% in August. This clearly shows that their market share has returned to the relatively high level seen in March this year.
This is set to be another agonising week for countless people, with mortgage applicants and existing borrowers anxiously awaiting tomorrow's news.
Many luxury homes in New Zealand enjoy stunning sea views, with quite a few built directly on coastal cliffs. Although the views are uninterrupted, there is a potentially fatal drawback: susceptibility to landslides, which can even leave half a home hanging in mid-air.
Yesterday (17 November), a story about a free Tesla with a home purchase made the lead headline on the New Zealand Herald website, immediately sparking lively online discussion.
The latest House Price Index (HPI) released by the Real Estate Institute of New Zealand (REINZ) shows that, after nearly a year of declines, national house prices stopped falling in October and edged up 0.2%.