Bank of New Zealand (BNZ) stories
Weak market conditions and higher borrowing costs have driven mortgaged property investors to near-record lows, though cash buyers are still active.
Uncertainty over tax and housing policy could briefly slow residential sales, though commercial activity is likely to stay driven by rates and inflation.
New Zealand home values fell for a 10th straight month in January, leaving prices 7.2% below a year ago and raising further downside risks.
Higher borrowing costs and recession fears are expected to keep New Zealand house values under pressure through 2023, QV says.
Rental shortages are forcing some first-home buyers to purchase sooner, as Waikato’s population growth and housing demand outstrip supply.
Higher mortgage rates and tighter lending rules have left New Zealand’s housing market weaker than expected, with sales at a 12-year low.
Rising borrowing costs are keeping buyers on the sidelines as New Zealand sales fall 36.1% year on year and prices soften.
Sales rose nearly 8% in November, offering a rare sign of resilience as New Zealand’s median house price fell 12.4% year on year.
Mortgage holders may welcome easing nationwide declines, but Wellington is still leading the slump, with Porirua posting the steepest falls.
Higher borrowing costs are pushing first-home buyers towards brokers as the Reserve Bank lifts the Official Cash Rate to 4.25%.
Higher borrowing costs have not stopped New Zealand first home buyers lifting their share of purchases to 24% as prices ease.
Higher interest rates are cooling New Zealand’s housing market, with sales down 34.7% and buyers hesitant despite more enquiries.
Ben Rose of Binance NZ has been appointed to the executive council of Blockchain NZ, aimed at promoting blockchain and cryptocurrency in Aotearoa.
Further official rate rises are likely to keep mortgage costs high and delay any rebound in New Zealand’s housing market.
Vacancies are at multi-year lows nationwide as booming logistics demand and tight land supply push industrial rents and values higher.
Higher urban land costs and borrowing pressures have driven New Zealand house prices up for two decades, though reforms may ease them.
Sharply higher mortgage rates and refinancing demand are set to deepen New Zealand’s property slowdown, CoreLogic warns.
Bank of New Zealand has launched BNZ Pay, an innovative mobile app for retailers that transforms an Android device into a contactless payment terminal.
Higher inflation and 30-year-high interest rates are forcing landlords and tenants to renegotiate rent formulas as costs and vacancies diverge.
Demand is still holding up this winter, with first-home buyers helped by easier deposit rules and lending changes despite softer sales.
