Skip to main content

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.

 

Labels:

Comments

Post a Comment

Popular posts from this blog

Navigating the NZ Real Estate Market: A Comprehensive Guide for 2025

The NZ real estate market is undergoing significant changes. Gone are the days of swift price increases and effortless profits. Today, understanding the intricacies of this market is crucial for buyers, sellers, and developers alike. Affordability is a pressing issue for buyers, while sellers must strategically position their properties to meet market demands. Developers, on the other hand, are navigating a complex landscape of costs, timelines, and demand. In this blog, we’ll delve into the key factors influencing the NZ real estate market and how they affect each stakeholder. Table of Contents 🏡 Understanding Affordability Concerns 🔨 The Cost of Building Materials 🌍 Land Availability: The Scarcity Equation 🔮 Looking Ahead: Navigating the Future of the NZ Real Estate Market 🏡 Understanding Affordability Concerns Affordability is a hot topic in the NZ real estate market. With rising prices and increased living costs, many potential buyers are finding it challenging to enter ...
Post a Comment
Read more

Mastering Complaint Management in the New Zealand Real Estate Market with Blended Learning

In the dynamic world of New Zealand real estate, handling client complaints effectively is an essential skill that every agent must master. Complaints are inevitable in our profession, but how we respond to them can either enhance our reputation or damage it irreparably. This article dives deep into professional complaint management strategies tailored for the NZ real estate market, highlighting practical steps and the importance of adopting blended learning approaches to continually improve your skills in this area. Whether you are a seasoned agent or just starting out, mastering complaint management will help you build stronger client relationships, maintain trust, and even transform dissatisfied clients into loyal advocates. Let’s explore the key steps to handle complaints like a pro, with insights inspired by expert advice from industry professionals. Table of Contents 🌟 Why Complaint Management Matters in Real Estate 🧘 Stay Calm and Listen Actively 🔍 Acknowledge the Iss...
Post a Comment
Read more

Why The Rules & Regulations Of The REA Should Actually Please Agents...

  It is important to consider the relationship between regulatory requirements and successful marketing.  Customers and clients see professional behaviour as a positive sign, when seeking an agent. It is essential for agents to be aware of what they can and cannot do in order to maintain their license.  The New Zealand Real Estate Authority has specific guidelines that must be followed by all licensed real estate agents. These guidelines are there to protect both parties involved in the transaction, which includes customers, and vendors alike.  Agents should keep up-to-date with these regulations so they know exactly what is expected of them at all times. However, the bigger picture and from those of us currently on the "Front Line" or relegated to commenting on the ever changing real estate marketplace is very different from the experience of many Kiwi agents/salespeople. For far too many, the REA rules; regulations and codes of conduct requirements, just feel like...
Post a Comment
Read more