Corelogic stories
Homeowners may be underinsured as rebuilding costs in New Zealand hit record highs, with some code changes adding 5-20% to bills.
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 mortgage rates and tighter lending rules have left New Zealand’s housing market weaker than expected, with sales at a 12-year low.
Mortgage holders may welcome easing nationwide declines, but Wellington is still leading the slump, with Porirua posting the steepest falls.
Higher borrowing costs have not stopped New Zealand first home buyers lifting their share of purchases to 24% as prices ease.
Further official rate rises are likely to keep mortgage costs high and delay any rebound in New Zealand’s housing market.
Rising rebuild costs are leaving many Kiwi homeowners exposed, with 30% unsure their cover would fully replace a total-loss house.
Sharply higher mortgage rates and refinancing demand are set to deepen New Zealand’s property slowdown, CoreLogic warns.
Materials shortages and labour pressures have pushed CoreLogic’s residential construction index to its steepest annual rise since late 2012.
Higher mortgage costs and tighter lending are set to keep house prices under pressure, with June marking a third straight monthly fall.
Tighter, costlier credit is set to deepen New Zealand's housing downturn, with CoreLogic warning of more price falls and weaker sales.
Borrowers face higher mortgage costs and further house price weakness as the Reserve Bank signals the OCR may peak around 4% by mid-2023.
Tighter lending and higher mortgage costs have pushed first home buyers to a seven-year low, even as government support rules are loosened.
Stretched affordability and higher mortgage rates are pushing median values down in 154 suburbs, with Auckland and Wellington among the weakest.
Sharp falls never came, but tighter credit and rising mortgage rates now threaten to turn New Zealand's Covid-era property boom into a buyer's market.
Higher borrowing costs are cooling sales and slowing price growth, with more than half of NZ mortgages set to reset this year.
Mortgage repayments now absorb nearly half of household income, as record house prices and weaker wages push affordability to fresh lows.
Rising rates and tighter lending rules are likely to cool demand, with CoreLogic warning some fixed-rate borrowers could soon see repayments double.
Rising rates and tighter lending rules could cool New Zealand’s housing boom in 2022, after values topped GBP £1m nationally for the first time.
CoreLogic Australia teams up with Snowflake to launch Market Trends solution on Snowflake Marketplace, offering seamless access to 40 years of property metrics.
