The average value of New Zealand homes declined by almost $32,000 last year, with rural centres and smaller towns tending to hold their values better than the main centres.
The average value of New Zealand homes was $924,489 at the end of last year, down by $31,894 (-3.3%) compared to December 2022 according to the CoreLogic House Price Index.
Drops in value were biggest in Auckland, where the average value in the Auckland region declined from $1,354,801 in December 2022 to $1,283,432 in December last year, a decline of $71,369 (-5.3%) for the year.
Within the Auckland region the biggest falls in value occurred in Central Auckland's eastern suburbs, which include affluent beachside suburbs such as St Heliers Bay, with average values down by $144,676 (-7.3%) for the year.
Across the country's main urban areas average values declined by $40,507 (-3.8%).
However many smaller centres, particularly in the South Island, finished last year with higher average values for the year.
Queenstown-Lakes stood out from the crowd, posting an annual increase in average value of $96,424, up 5.8% for the year.
Although 2023 was not kind to property values in most parts of the country, the year finished on a positive note, with the national average value up by 1.0% in December compared to November and most districts posting small gains for the month - see the table below for the monthly and annual value changes in all districts.
CoreLogic said December had the strongest monthly gain in average values since January 2022.
CoreLogic Chief Property Economist Kelvin Davidson said he anticipated a degree of continued patchiness in value growth this year, both in terms of the changes from month-to-month, as well as variability across regional markets.
"I doubt too many people are rushing out and buying property just because the recent downturn has suddenly made it look cheap," Davidson said
"In fact, affordability pressures are still a major issue.
"Even though mortgage rates have dropped a bit for some durations, the most popular shorter fixed terms, such as one year, have been flatter at a higher level.
"This is continuing to strain aspiring homeowners' ability to buy property," he said.
The comment stream on this story is now closed.
| CoreLogic House Price Index | |||||||
| December 2023 | |||||||
| Annual and Monthly Changes | |||||||
| District | December 2022 | November 2023 | December 2023 | Annual Change Dec 22 - Dec 23 | Monthly Change Nov 23 - Dec 23 | ||
| Far North | $699,932 | $692,490 | $693,782 | -$6,150 | -0.9% | $1,292 | 0.2% |
| Whangarei | $798,791 | $729,801 | $740,076 | -$58,715 | -7.4% | $10,275 | 1.4% |
| Kaipara | $883,918 | $832,530 | $845,590 | -$38,328 | -4.3% | $13,060 | 1.6% |
| Auckland - Rodney | $1,324,200 | $1,246,775 | $1,247,586 | -$76,614 | -5.8% | $811 | 0.1% |
| Rodney - Hibiscus Coast | $1,236,397 | $1,154,159 | $1,172,801 | -$63,596 | -5.1% | $18,642 | 1.6% |
| Rodney - North | $1,398,574 | $1,317,395 | $1,308,639 | -$89,935 | -6.4% | -$8,756 | -0.7% |
| Auckland - North Shore | $1,508,863 | $1,457,620 | $1,476,448 | -$32,415 | -2.1% | $18,828 | 1.3% |
| North Shore - Coastal | $1,728,881 | $1,661,373 | $1,667,225 | -$61,656 | -3.6% | $5,852 | 0.4% |
| North Shore - North Harbour | $1,454,893 | $1,433,012 | $1,458,941 | $4,048 | 0.3% | $25,929 | 1.8% |
| North Shore - Onewa | $1,214,388 | $1,161,299 | $1,191,185 | -$23,203 | -1.9% | $29,886 | 2.6% |
| Auckland - Waitakere | $1,076,043 | $1,000,273 | $1,009,099 | -$66,944 | -6.2% | $8,826 | 0.9% |
| Auckland - City | $1,567,028 | $1,455,955 | $1,469,442 | -$97,586 | -6.2% | $13,487 | 0.9% |
| Auckland City - Central | $1,319,465 | $1,255,747 | $1,256,135 | -$63,330 | -4.8% | $388 | 0.0% |
| Auckland City - Islands | $1,661,831 | $1,511,486 | $1,592,354 | -$69,477 | -4.2% | $80,868 | 5.4% |
| Auckland City - South | $1,398,253 | $1,310,751 | $1,320,766 | -$77,487 | -5.5% | $10,015 | 0.8% |
| Auckland_City - East | $1,972,190 | $1,802,891 | $1,827,514 | -$144,676 | -7.3% | $24,623 | 1.4% |
| Auckland - Manukau | $1,209,319 | $1,136,047 | $1,160,072 | -$49,247 | -4.1% | $24,025 | 2.1% |
| Manukau - Central | $927,227 | $862,837 | $881,594 | -$45,633 | -4.9% | $18,757 | 2.2% |
| Manukau - East | $1,505,296 | $1,439,868 | $1,474,977 | -$30,319 | -2.0% | $35,109 | 2.4% |
| Manukau - North West | $1,055,975 | $984,082 | $994,375 | -$61,600 | -5.8% | $10,293 | 1.0% |
| Auckland - Papakura | $981,947 | $929,107 | $929,884 | -$52,063 | -5.3% | $777 | 0.1% |
| Auckland - Franklin | $954,158 | $906,375 | $898,267 | -$55,891 | -5.9% | -$8,108 | -0.9% |
| Thames Coromandel | $1,215,544 | $1,140,050 | $1,158,706 | -$56,838 | -4.7% | $18,656 | 1.6% |
| Hauraki | $659,162 | $642,562 | $640,416 | -$18,746 | -2.8% | -$2,146 | -0.3% |
| Waikato | $775,374 | $722,058 | $735,798 | -$39,576 | -5.1% | $13,740 | 1.9% |
| Matamata Piako | $728,073 | $690,981 | $700,782 | -$27,291 | -3.7% | $9,801 | 1.4% |
| Hamilton | $836,018 | $805,125 | $806,226 | -$29,792 | -3.6% | $1,101 | 0.1% |
| Hamilton - Central & North West | $785,011 | $758,865 | $757,225 | -$27,786 | -3.5% | -$1,640 | -0.2% |
| Hamilton - North East | $1,033,313 | $991,412 | $993,035 | -$40,278 | -3.9% | $1,623 | 0.2% |
| Hamilton - South East | $771,456 | $742,623 | $744,030 | -$27,426 | -3.6% | $1,407 | 0.2% |
| Hamilton - South West | $732,640 | $709,611 | $711,523 | -$21,117 | -2.9% | $1,912 | 0.3% |
| Waipa | $858,479 | $880,667 | $878,267 | $19,788 | 2.3% | -$2,400 | -0.3% |
| Otorohanga | $568,158 | $525,698 | $539,492 | -$28,666 | -5.0% | $13,794 | 2.6% |
| South Waikato | $449,237 | $418,093 | $420,216 | -$29,021 | -6.5% | $2,123 | 0.5% |
| Waitomo | $386,511 | $355,011 | $364,520 | -$21,991 | -5.7% | $9,509 | 2.7% |
| Taupo | $870,627 | $821,695 | $830,501 | -$40,126 | -4.6% | $8,806 | 1.1% |
| Western BOP | $1,012,410 | $1,003,296 | $1,000,572 | -$11,838 | -1.2% | -$2,724 | -0.3% |
| Tauranga | $1,074,336 | $1,012,788 | $1,032,090 | -$42,246 | -3.9% | $19,302 | 1.9% |
| Rotorua | $684,276 | $648,987 | $664,533 | -$19,743 | -2.9% | $15,546 | 2.4% |
| Whakatane | $709,744 | $733,827 | $737,357 | $27,613 | 3.9% | $3,530 | 0.5% |
| Kawerau | $415,087 | $373,627 | $362,845 | -$52,242 | -12.6% | -$10,782 | -2.9% |
| Opotiki | $541,877 | $511,631 | $502,760 | -$39,117 | -7.2% | -$8,871 | -1.7% |
| Gisborne | $642,500 | $607,420 | $592,160 | -$50,340 | -7.8% | -$15,260 | -2.5% |
| Wairoa | $411,074 | $365,844 | $405,771 | -$5,303 | -1.3% | $39,927 | 10.9% |
| Hastings | $806,033 | $793,163 | $802,195 | -$3,838 | -0.5% | $9,032 | 1.1% |
| Napier | $798,075 | $749,699 | $745,834 | -$52,241 | -6.5% | -$3,865 | -0.5% |
| Central Hawkes Bay | $592,903 | $585,700 | $579,031 | -$13,872 | -2.3% | -$6,669 | -1.1% |
| New Plymouth | $722,953 | $700,329 | $710,795 | -$12,158 | -1.7% | $10,466 | 1.5% |
| Stratford | $492,977 | $487,950 | $495,079 | $2,102 | 0.4% | $7,129 | 1.5% |
| South Taranaki | $437,532 | $433,725 | $430,650 | -$6,882 | -1.6% | -$3,075 | -0.7% |
| Ruapehu | $394,483 | $359,561 | $361,595 | -$32,888 | -8.3% | $2,034 | 0.6% |
| Whanganui | $521,708 | $496,922 | $506,792 | -$14,916 | -2.9% | $9,870 | 2.0% |
| Rangitikei | $441,968 | $433,491 | $426,732 | -$15,236 | -3.4% | -$6,759 | -1.6% |
| Manawatu | $632,199 | $601,324 | $609,662 | -$22,537 | -3.6% | $8,338 | 1.4% |
| Palmerston North | $659,450 | $639,900 | $644,228 | -$15,222 | -2.3% | $4,328 | 0.7% |
| Tararua | $440,755 | $396,535 | $405,657 | -$35,098 | -8.0% | $9,122 | 2.3% |
| Horowhenua | $604,666 | $571,987 | $571,336 | -$33,330 | -5.5% | -$651 | -0.1% |
| Kapiti Coast | $865,338 | $794,673 | $803,509 | -$61,829 | -7.1% | $8,836 | 1.1% |
| Porirua | $835,957 | $836,485 | $845,021 | $9,064 | 1.1% | $8,536 | 1.0% |
| Upper Hutt | $757,214 | $731,228 | $743,255 | -$13,959 | -1.8% | $12,027 | 1.6% |
| Hutt | $812,964 | $769,121 | $789,203 | -$23,761 | -2.9% | $20,082 | 2.6% |
| Wellington City | $1,062,247 | $1,023,847 | $1,022,234 | -$40,013 | -3.8% | -$1,613 | -0.2% |
| Wellington - Central & South | $1,000,018 | $985,130 | $978,045 | -$21,973 | -2.2% | -$7,085 | -0.7% |
| Wellington - East | $1,192,738 | $1,130,585 | $1,133,505 | -$59,233 | -5.0% | $2,920 | 0.3% |
| Wellington - North | $1,010,465 | $967,719 | $966,725 | -$43,740 | -4.3% | -$994 | -0.1% |
| Wellington - West | $1,201,718 | $1,154,376 | $1,159,570 | -$42,148 | -3.5% | $5,194 | 0.4% |
| Masterton | $607,325 | $562,068 | $562,998 | -$44,327 | -7.3% | $930 | 0.2% |
| Carterton | $655,031 | $617,259 | $622,397 | -$32,634 | -5.0% | $5,138 | 0.8% |
| South Wairarapa | $832,854 | $742,142 | $733,598 | -$99,256 | -11.9% | -$8,544 | -1.2% |
| Tasman | $821,466 | $774,768 | $777,363 | -$44,103 | -5.4% | $2,595 | 0.3% |
| Nelson | $812,828 | $772,671 | $780,528 | -$32,300 | -4.0% | $7,857 | 1.0% |
| Marlborough | $726,754 | $696,263 | $698,781 | -$27,973 | -3.8% | $2,518 | 0.4% |
| Kaikoura | $639,981 | $666,701 | $644,155 | $4,174 | 0.7% | -$22,546 | -3.4% |
| Buller | $298,314 | $341,899 | $335,293 | $36,979 | 12.4% | -$6,606 | -1.9% |
| Grey | $358,447 | $374,249 | $373,539 | $15,092 | 4.2% | -$710 | -0.2% |
| Westland | $393,776 | $377,882 | $402,816 | $9,040 | 2.3% | $24,934 | 6.6% |
| Hurunui | $614,405 | $619,671 | $631,793 | $17,388 | 2.8% | $12,122 | 2.0% |
| Waimakariri | $714,667 | $699,825 | $704,265 | -$10,402 | -1.5% | $4,440 | 0.6% |
| Christchurch | $751,901 | $746,506 | $754,858 | $2,957 | 0.4% | $8,352 | 1.1% |
| Christchurch - Banks Peninsula | $824,138 | $849,529 | $858,699 | $34,561 | 4.2% | $9,170 | 1.1% |
| Christchurch - Central & North | $860,066 | $847,300 | $856,439 | -$3,627 | -0.4% | $9,139 | 1.1% |
| Christchurch - East | $582,496 | $581,374 | $590,083 | $7,587 | 1.3% | $8,709 | 1.5% |
| Christchurch - Hills | $1,053,446 | $1,060,988 | $1,066,501 | $13,055 | 1.2% | $5,513 | 0.5% |
| Christchurch - Southwest | $712,947 | $708,703 | $716,532 | $3,585 | 0.5% | $7,829 | 1.1% |
| Selwyn | $830,941 | $826,666 | $829,524 | -$1,417 | -0.2% | $2,858 | 0.3% |
| Ashburton | $527,746 | $529,810 | $533,223 | $5,477 | 1.0% | $3,413 | 0.6% |
| Timaru | $516,258 | $519,948 | $523,163 | $6,905 | 1.3% | $3,215 | 0.6% |
| MacKenzie | $717,370 | $743,933 | $755,481 | $38,111 | 5.3% | $11,548 | 1.6% |
| Waimate | $423,464 | $424,983 | $424,160 | $696 | 0.2% | -$823 | -0.2% |
| Waitaki | $490,538 | $459,296 | $472,250 | -$18,288 | -3.7% | $12,954 | 2.8% |
| Central Otago | $765,931 | $797,654 | $797,422 | $31,491 | 4.1% | -$232 | 0.0% |
| Queenstown Lakes | $1,672,013 | $1,731,508 | $1,768,437 | $96,424 | 5.8% | $36,929 | 2.1% |
| Dunedin | $646,156 | $627,329 | $630,582 | -$15,574 | -2.4% | $3,253 | 0.5% |
| Dunedin - Central & North | $659,955 | $630,334 | $632,804 | -$27,151 | -4.1% | $2,470 | 0.4% |
| Dunedin - Peninsular & Coastal | $603,100 | $596,182 | $609,391 | $6,291 | 1.0% | $13,209 | 2.2% |
| Dunedin - South | $607,952 | $598,633 | $592,202 | -$15,750 | -2.6% | -$6,431 | -1.1% |
| Dunedin - Taieri | $683,419 | $662,461 | $672,431 | -$10,988 | -1.6% | $9,970 | 1.5% |
| Clutha | $396,786 | $388,205 | $391,330 | -$5,456 | -1.4% | $3,125 | 0.8% |
| Southland | $492,472 | $495,957 | $494,985 | $2,513 | 0.5% | -$972 | -0.2% |
| Gore | $407,759 | $407,340 | $415,511 | $7,752 | 1.9% | $8,171 | 2.0% |
| Invercargill | $461,444 | $458,151 | $460,431 | -$1,013 | -0.2% | $2,280 | 0.5% |
| Auckland Region | $1,354,801 | $1,270,138 | $1,283,432 | -$71,369 | -5.3% | $13,294 | 1.0% |
| Wellington Region | $935,215 | $901,387 | $908,228 | -$26,987 | -2.9% | $6,841 | 0.8% |
| Main Urban Areas | $1,062,395 | $1,011,083 | $1,021,888 | -$40,507 | -3.8% | $10,805 | 1.1% |
| All of Aotearoa | $956,383 | $915,448 | $924,489 | -$31,894 | -3.3% | $9,041 | 1.0% |
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74 Comments
Don’t worry peeps, Tony reckons we’ll get 10% growth this year. For every million dollar craphole you get the bank to buy on your behalf, you can make 100k tax free. It’s free money everyone, why work when property isn’t taxed.
You need to do both, because property doesn't provide you weekly income (positive cashflow). Pretty much everyone who has started investing in RE, had to have a job or be self employed at the same time. It's not either or, it's doing something in addition to your daily work.
Yes you may need to work for a few years before retiring at 30 and living off everyone else’s tax for the rest of your life. Some people may call that bludging, but not this government.
No you are wrong banks now even if you have 10 houses still want to see you in a job earning. As you get more rent they lower the rent to debt. So once say you have 5 houses they only take into account 45 to 50 percent of the rent as income. It is actually harder for someone to borrow money with several houses and a job than a FHB.
Sheer hyperbole.
"Yes you may need to work for a few years before retiring at 30 and living off everyone else’s tax for the rest of your life"
Give it a go JJ, and please keep us updated how you go, and how easy it is, thanks.
I think it's not really about how easy or hard it is, but rather that we allow it to continue to happen.
If it was easy to buy houses, much fewer people would rent. The fact it is hard is purposely built in to the system so the wealthy stay wealthy. The economic system designed and influenced by the wealthy.
Would you like a violin with your post ?
Zach posted below a link to a house you can buy for $260 k. You don't need any money down to pay for this, you need a job, nous, and some courage, that's all. Oh, and most importantly, you need to let go of all the excuses why you can't do it!
My post wasn't personal. I am not a landlord by choice, not because I can't. I don't want to be part of the problem.
The wealth of a society is in what people create. Stop cheerleading property prices and go create something instead.
You don't need wealth just the mind set to change and look outside the square. Which most people don't as they get into the rut and put their head down and carry on doing the same thing
Well said Colin. It's a shame that others would rather dig into their beliefs, than learn from people who have been there and done that!
If I could go back in time 20 years I would! But I am of the belief that house prices can't increase faster than incomes forever.
Haha, so now you come up with excuses. Why don't you then invest in an app or an online or AI business which wasn't available 20 years ago ? There are two types of people, 1) the ones who take a risk and make things happen, and 2) the ones who find excuses why they can't !
Incidentally I do work in AI. You would be happy if I don't have to pay tax?
A sound investment in your skills.
Wether you pay tax and how much of it, is none of my business.
Castrated sheep pay tax now?
Yvil Bellwether
JJ I know a woman in her 70s single who buys houses builds new on the back does all the site management running around etc. And she started in her late 50s. And once you hit 50 plus try to borrow money then all retail banks say no. So what she did was take away all the excuses.
Colin I have no issues with people like yourself who are developing. My issue is with someone who buys an existing property, loads it up with debt, pays no tax on the rent, then sells it at a massive capital gain and pays no tax on that either. I don't get why anyone thinks that is OK, the fact that I could do it too is of no consolation.
Interesting, since when do landlords not have to pay tax on their incoming rent please? My landlord still has to.
JJ, rent is income, and landlords definitely pay tax on income (rent). Capital gain is also taxed if sold within 10 years (for now).
I assume from that comment you dont understand how to calculate taxable profit. That you declare to IRD the total amount you receive from paying guests at the motel and do not make deductions
How many 30 year old property developers do you know who have retired and are no longer paying tax?
Well that is the extreme case. I certainly know a fair number of people who have made some pretty good tax free money from property. But I have to pay tax on all my income.
If you know people who are making money tax free, why aren't you asking them how they're doing it, emulating them, and getting rich?
0 personally, you ?
So why wouldn't you just buy a house and only work for a few years, if it is that easy?
Following two years of shrinking house values, the housing market is now moving into recovery mode - spurred along by the prospect of lower mortgage interest rates, strong immigration figures and the policies of the new National-led government.
The recovery will continue to be patchy for some time - but it is there. Spruikers would be unwise to expect windfall gains in 2024. Neither will the DGM get their much yearned for crash in house prices 💥 and ensuing economic havoc. 🤯
TTP
Not long ago people were saying Labour did nothing to prevent house prices going up. Now we are told that house prices will go up due to a National-led government. Surely one of those two statements are wrong?
TTP is on the fence and giving an RBNZ answer (nothing given). The sky is falling indeed
Remember, interesting1234, that the current housing market recovery is taking place in the context of NZ's chronic housing shortage. That's the "big-picture" back-drop......
Successive governments have failed to ensure that there are sufficient houses for NZers to live in - including the latest influx of immigrants. For sure, we can do without a continuation of the monumental increases in house prices and rents of the last two decades. Hopefully, Luxon and his right-of-centre colleagues will do better - but I wouldn't bet on it.
TTP
"crash in house prices 💥 and ensuing economic havoc. 🤯"
So instead we get to endure economic havoc in the form of over priced and rising house prices/debt, homelessness, rental pressure, etc.
Call me DGM if you like but to me a crash in house prices is long term positive for NZ.
Tell you what redcow if the market crashes it will hurt you and FHB more than it will hurt me. And I am only small fry compared to alot of property investors they know where and how to get the finance so if the market crashes guess who will be buying
I didn't say it won't hurt, I said it would be long term positive for NZ.
Hi Colin Cameron and redcows,
That particular argument is pretty academic/irrelevant - because there's as much chance of the housing market crashing this year as there is of a one-legged man winning an arse-kicking contest.
TTP
TTP totally agree hence why I have bought one and built new one over the last yr. But all the DGM would love that to happen
My point being in your scenario and what alot on here want is the market will crash and all the property investors will bail. The point is it will hurt tenants,FHB and single dwelling owners more than investors. Remeber how the media said when Labour bought in the tax laws that investors were going bail. Didn't happen
"Remeber how the media said when Labour bought in the tax laws that investors were going bail. Didn't happen" - so why not keep making them pay tax then?
Total banning of interest deductions for those who bought after 2021 was madness. At least allow new landlords and old landlords to claim 50 percent of the interest cost. They were trying to herd all landlords into new housing and that is never going to happen
But good for born and raised kiwis trying to buy houses against the tax deductions of LLs used to out bid them. Tax rules forcing land speculators to develop and create more stock is also good.
Thats why I said allow 50 percent claim. Much like entertainment expenses that have a private element to them. Its a happy medium between two extremes for the fhb and the investors
some section alone will cost more than a mil.
Lol
and a mortgage advisor on One Roof reckons peeps on less than 150k household income p.a. can afford a 750k mortgage…
A good / balanced / credible newspaper or journo would check and test the veracity of that.
But it’s the NZ Herald after all….
Don’t worry peeps, Tony reckons we’ll get 10% growth this year. For every million dollar craphole you get the bank to buy on your behalf, you can make 100k tax free. It’s free money everyone, why work when property isn’t taxed.
I might say that Tony guy is quite possibly right with his forecast and smarmy grin from ear to ear. Even though there is much to indicate that the house of cards is increasingly vulnerable. It's like you go to bed and wake up and everything's diffrunt.
But it's not a housing market anymore anyway. It's really a debt market and who gets to hold the promissory note.
10% growth is pushing it, I'm sticking to my predicted 4 to 5%. Its more of a recovery after the dip, the first few percent is easy then it tails off.
10% growth is pushing it, I'm sticking to my predicted 4 to 5%.
Yeah. Anyway. 10,4,5. It's just a number in your head. There is no actual 'market measure' of the fiat value of housing beyond loose constructs on recent sales. It's one big water cooler of reckons.
And there is the old rat posion. Market value is known 24/7. No Granny Heralds relying on commissions and advertising sales.
Quite a contrast.
40% fewer homes selling than the 2021 peak.
Prices currently down by about 18% since the peak.
Inflation has been running at 6%+ since Dec 2021 to June 2023.
So since the 2021 peak a $1 million home is worth about $800K.
To simply break even with inflation that house would need to sell for $1.1mil today + realtor fees.
Investors and spruikers are going to be waiting a looooooooooong time for home values to catch up with inflation. 5+ years most likely.
The thing is, housing investors don't care about inflation because their mortgages don't increase with inflation. Sure interest rates went up, but they won't increase forever and have likely already hit the top over the medium term.
Correct. But you need to be careful falling into the lazy thinking that inflation diminishes debt burden. This is what they teach you at the property seminar. The reality is that inflation increases the debt burden as money supply increases. You're betting that property is increasing in value that compensates for the diminished value of money. You're a fool if you believe it's a one-way bet.
Mortgage rates increased with inflation (due to the OCR increasing to combat inflation) so the carrying costs have significantly increased.
The amount borrowed is always reducing, due to inflation. I suspect that many "investors" who purchased between 2019 and 2022 will be in a very precarious situation.
The amount borrowed is always reducing, due to inflation.
No it's not. The debt remains the same. People really need to get their head around what inflation is.
Think of it like this. H'hold debt to income has increased by a factor of 3-4x since the early 90s. Assuming that debt is mostly for mortgages, then for the amount borrowed the ratio should be at least flat.
I feel it is due to the trend of income increasing across the lifespan as people develop in their careers, and many misattribute this to inflation lessening debt instead. In reality it simply means that the dollar you had a year ago is (currently) ~5-6% weaker in purchasing power than the dollar you have today, and as you say, the debt stays the same.
Prices up 1% in December, more than expected, although that's just 1 month.
This data is very much in the rear view mirror compared to the REINZ data. That has shown month on month rises for a few months that is now pushing through to the core logic data.
All data is "rear view mirror". If figures are for the future, they're called forecasts.
"This data is very much in the rear view mirror compared to the REINZ"
They are of course both retrospective, one more than the other as I have stated. Details matter.......
Average prices, rather than more reliable medians
Down 1% here: QV House Price Index
You can still get a nice house on a full section for around 260K.
https://www.trademe.co.nz/a/property/residential/sale/southland/southla…
As long as there is one affordable house in the entire country we are fine...
Try Clinton, around 300k for a smallish house and 1500-2000m2 section
And cheaper subdividing costs way better yeild
The issue being however that not many wish to live there which limits prospects for taking the plunge, but given time and population increase, which as this rate will not be allowed to fall by the govt via immigration (that never-ending growth mantra and all that) then more and more will move to smaller satellite towns.
That's right Zachary there are alot of buys out there like that. But most people will sit on the fence and find excuses of how it will not work. By the way IF.... the market is going to crash as some on here like to say. HOW much do you think this will drop let's say 10 percent so 26k not much if A you hold it for 10 yrs B it's rented out at 300 dollars a week which is way below market and C if you can add value. D also with the new tax deduction laws I don't care actually I hope the market does come back. But the DGM will still find an excuse why it won't work
The January market flood in full swing on TM - well over 1000 listings since Monday morning. Similar thing happened last year, then a lot of them pulled from the market. Economy was in much better shape a year ago than it is now.
i've looked at TradeMe a lot and can't figure out how to filter on NEW listings - can you help me pls?
Sure, here
If you want to see all properties listed today, simply increase the url parameter "&page=1" to eg "&page=25" and keep going until you find the last listing (first listing) added today. Takes about 30 seconds if you half and round the number you add/remove each time. like "&page=25", then "&page=38" then "&page=31" then "&page=28", "&page=30"
You are not really that interested in the total of new listings, only the total of listings in your area if you own or want a property there. Just checked where I am and its steady, no big gains here and about 10% lower than the highest I have ever seen it in the last 5 years. The "Sort" drop down is there for the latest listings in the area.
100% affordability is the issue. With the remaining cheap debt rolling off this year and jobs etc all pointing to slowdown and recession, think carefully before leveraging up to underpin the ponzi. All before inflation and thinks like rates are taken into account to boot.
Bought some land for my next project on the outskirts of Auckland 7 months ago. Got a huge discount, can't wait to get started, there's a lot happening nearby.
Fortune favours the brave. There's one thing about property I've learned in my life and I'm not young....ignore the Chicken Littles.
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