![]() ![]() ![]() “In dollar terms, the largest drop in the last three months to May has been in Auckland’s Point Chevalier where the median value fell $104,400 or 4.6%.” Downturn a matter of when, not if for residential NZ investmentĪNZ economists say residential investment is in the firing line as interest rates push higher to combat decades-high inflation, house prices fall, and shortages of both materials and labour continue to add uncertainty in the near term. “When looking at the largest value falls, 11 suburbs declined by 5% or more, including parts of Auckland, Dunedin, Upper Hutt, Lower Hutt, and Porirua. “At the headline level, 323 suburbs have seen values drop by at least 1% over the past three months, with another 163 suburbs recording value falls of less than 1%, meaning a touch more than half of all suburbs have now entered a downswing,” Mr Davidson said. Three places back from our Kiwi neighbours, Australia sits in fourth place ahead of some major players including the US, Canada, and the UK.ĬoreLogic NZ’s Chief Property Economist Kelvin Davidson said the signs of weakness are very clear for New Zealand. This decline brings heavy ramifications, with research conducted by Bloomberg Economics revealing New Zealand has the ‘bubbliest’ property market, ranking first among 19 OECD countries facing the greatest risk of a property price correction. As the saying goes, ‘what goes up must come down’.įollowing two years of unprecedented growth, property prices across New Zealand are trending downwards, with the Real Estate Institute of New Zealand (REINZ) recording a 9.2% drop in property values since the November 2021 peak. ![]()
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