Property Market stories
Higher urban land costs and borrowing pressures have driven New Zealand house prices up for two decades, though reforms may ease them.
A third of the 400 apartments are already occupied as the 59-level Southbank tower opens, signalling stronger demand for rental stock in Melbourne.
Industrial rents are being pushed higher by record-low vacancy, as office and retail markets in Auckland, Wellington and Christchurch tighten.
Higher inflation and 30-year-high interest rates are forcing landlords and tenants to renegotiate rent formulas as costs and vacancies diverge.
Materials shortages and labour pressures have pushed CoreLogic’s residential construction index to its steepest annual rise since late 2012.
Lifting price caps is expected to unlock stalled Auckland projects after the lender set aside GBP £600 million for about 1,000 homes.
A voluntary new tool will let property groups measure social sustainability impacts across construction projects, precincts and assets.
Demand is still holding up this winter, with first-home buyers helped by easier deposit rules and lending changes despite softer sales.
Higher mortgage costs and tighter lending are set to keep house prices under pressure, with June marking a third straight monthly fall.
Lower entry-level house prices and wider government support are nudging first-home buyers closer to ownership despite rising rates.
The city was the only New Zealand region to post an annual fall, with sales also down 38.3% as buyers paused amid higher rates.
Borrowers face higher mortgage costs and further house price weakness as the Reserve Bank signals the OCR may peak around 4% by mid-2023.
Industry groups say Labor’s policies could ease affordability pressures after its weekend win made housing reforms more likely.
Tighter lending and higher mortgage costs have pushed first home buyers to a seven-year low, even as government support rules are loosened.
West Coast and Canterbury are still posting strong gains, but a surge in listings and weaker demand is cooling prices nationwide.
A $350-million proposal could bring 245 apartments to South Perth if planners back the 50-storey hybrid project.
Rising stock and tighter financing are cooling competition, with auction sales dropping sharply across New Zealand as buyers turn cautious.
Tighter credit and higher rates are leaving first home buyers more exposed, with some regions now showing early signs of vulnerability.
Vacancy rates are easing, but the shift to prime offices and hybrid work will keep reshaping property demand well beyond 2022.
Rising flood risk from climate change could erode home prices and threaten banking stability in New Zealand's coastal cities.
