Auckland housing market unlikely to pick up until spring

CoreLogic’s latest property market report highlights the weakness in the City of Sails and most other major markets.

Market activity is set to remain subdued at least through the winter, the report says, and the share of buyers arranging mortgages for Auckland homes is also subdued.

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Here’s how much your mortgage bill might increase

Interest rates are rising, but Whangarei business owner Tonya Russell says the prospect of bigger loan repayments hasn’t really crossed her mind yet. She has her mortgage divided into smaller loans, set across different terms, with an offset facility, to minimise her exposure to rate changes.

The mortgage on her business property is fixed, with interest-only payments. “I’m risk averse,” she says. “I hope I get a good rate [when I refix]. But the economy is out of my control so I don’t worry about it. If I have to earn more money I will.”

Your mortgage could become thousands of dollars more expensive in the next couple of years – but new research shows, like Russell, New Zealanders aren’t worried. A survey of almost 2000 homeowners, conducted by New Zealand Home Loans, found more than half were either unconcerned or neutral about the potential for future interest rate rises.

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NZ rental property remains unchanged

New Zealand’s median weekly rent has registered 4.7% up from a year ago but remained unchanged in the last six months, according to latest Trade Me Property Rental Index.

With the median weekly rent unmoved at $450 since January, head of Trade Me Property Nigel Jeffries said the rental property was a “mixed bag” throughout the country in June.

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Income report highlights NZ housing crisis

Data from the Ministry of Social Development shows that incomes have increased fairly evenly across New Zealand’s families but housing costs are disproportionately hitting the poorest.

The report has led to widespread criticism of the government’s record on tackling housing affordability and income equality.

The New Zealand Initiative think tank highlights that real incomes have increased over the past 20 years or so by roughly the same percentage for those in the twentieth percentile to those in the middle.

However, housing costs are pressuring families, particularly those at the lower end of the income scale. Income inequality is worse after including housing costs.

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Rebound for housing consents

Stats NZ says there was a rise for housing consents in April, almost reversing the decline in the previous month.

Housing consents reached almost 2,800 in May, a rise of 7% from April on a seasonally-adjusted basis.

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Nick Smith under fire over Auckland housing affordability

New Zealand’s building & construction minister has been criticised for lacking detailed information on Auckland’s Special Housing Areas.

Tuesday’s appearance on Radio New Zealand’s Morning Report by Nick Smith has been slated by the Green Party which says he should know whether his affordable housing scheme is working or not.

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Auckland apartment market fuels up

The number of apartments listed for sale in Auckland almost doubled during May, while listings in other main centres declined, according to the latest data from

In June, real time statistics revealed new apartment listings gained some 2.2% in Auckland to 800 from 453 in the previous month.

“We’ve been collecting property data for more than 10 years and never before have we seen so many apartments come onto the market in one month,” spokesperson, Vanessa Taylor said.

One and two bedroom apartments made up the lion’s share of the apartment listing in the property market nationwide.

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