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What's Happening to the Property Market in New Zealand?

From the Pen of: Dr. Lee Konowe

The property market is a constantly changing beast. What was once a seller's market is now a buyer's market. Values are still high but there has definitely been a slowdown in the market.

In Auckland, the median house price is now around $830,000. This is still high but it's a far cry from the $1 million median that we saw a few years ago.

The reason for the slowdown is mainly due to the new lending restrictions the Reserve Bank has put that in place. These restrictions have made it harder for people to get a loan, so there are fewer buyers in the market.

This doesn't mean that the market is done for. The current market is still a good time to buy, especially if you're looking for a family home. Values are likely to stay stable for the next few years, so it's a good time to buy before they start to creep up again.

If you're thinking of selling, it's best to wait until the market picks up again. There's still a lot of interest in Auckland property, so you shouldn't have any trouble finding a buyer.

New Zealand property market forecast for 2022 and Property availability 

They forecast the New Zealand property market to stay strong in 2022, with property availability remaining tight in many areas.


The Auckland market is expected to continue to be especially popular, with prices for houses and apartments predicted to continue to rise. Wellington and Christchurch are also expected to experience strong growth, while other areas of the country are forecast to see more moderate price rises.

In terms of availability, Auckland is expected to remain the most competitive market, with demand outstripping supply in many areas. Wellington is also likely to see a shortage of property, particularly in the central areas, while Christchurch is likely to continue to experience a shortage of suburban homes.

Overall, the New Zealand property market is expected to remain strong in 2022, with price rises and a lack of availability in many areas.


Conclusion

The article suggests that the property market in New Zealand is in a state of flux, with prices starting to rise again in some areas but continuing to fall in others. Despite this volatility, the long-term trend seems to be for prices to continue to increase. This means that those who are able to buy property now may benefit from substantial capital gains in the future.

 

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