Property Market stories
Lower interest rates and firmer buyer-seller pricing are expected to lift commercial property sales after a weak 2022-23.
Central Otago Lakes District’s average asking price has jumped 19.3% year on year, underscoring a lifestyle-driven surge in regional demand.
Sales activity picked up in December as lower days to sell and firmer prices signalled the property market may be moving into a more positive phase.
Falling asking prices and fewer new listings pushed the total value of homes for sale down nearly a quarter, data from realestate.co.nz showed.
Five Paerata Rise builders placed in the top 100 nationwide, with Capital Homes taking first at the 2023 Registered Master Builders Awards.
National new listings fell to a 16-year low in December, but Coromandel bucked the trend with a 21.9% rise.
Sales and new listings jumped in November, with REINZ saying the housing market is showing signs of renewed confidence ahead of Christmas.
New data show annual rent growth hit 6.1% in October, as tight supply and strong migration keep pressure on tenants.
More vendors returned to the market in November as government and OCR certainty lifted buyer confidence and steadied asking prices.
Demand for prime office, industrial and retail space kept rents rising in Auckland, Wellington and Christchurch in the third quarter.
Buyer activity has lifted sales and listings, with prices broadly steady and homes taking fewer days to sell across New Zealand.
Vacancy constraints and rising rents have kept industrial property firm, but higher rates and a cooling economy are now testing demand.
Investors risk overpaying for a new build if they ignore resale competition, parking needs and whether the development is oversupplied.
Buyer interest lifted in October, with new listings, auctions and asking prices all rising after the election.
A weaker New Zealand dollar is helping lure North American buyers, with one investor already eyeing NZD $50 million for local businesses.
Buyers and sellers are returning to the market as September sales rose 5.1% year-on-year and homes sold in fewer days, REINZ said.
Analysis by PointData has identified 870,000 profitable new affordable homes and 425,000 new social housing dwellings across mainland Australia.
A growing number of New Zealand suburbs are edging back into growth, though affordability and higher mortgage rates are likely to cap gains.
More stock and faster sales suggest the housing market may be turning a corner before spring, despite higher rates and election uncertainty.
National home values have edged up 0.5% this quarter, but most cities are still below year-ago levels as demand stays patchy.
