Article out today.
https://www.interest.co.nz/property...l-main-urban-districts-according-latest-reinz
This graph showing NZ housing drops compared to other major housing crashes.
A sea of red. Theres nowhere now that isn't falling fast according to REINZ latest HPI report.
https://www.reinz.co.nz/residential-property-data-gallery
Theres no end in sight for the declines now with RBNZ OCR rate rise yesterday and US CPI data out this morning at new record high of 9.1% meaning the US Fed is almost going to have to raise large this month. Bank of Canada raised this morning 1% to 2.5% OCR. Putting upward pressure on interest rates around the world.
HPI from peak
District Peaked Months Ago Fall from Peak
Auckland City 13-Dec-21 7 -15.7%
Christchurch 14-Mar-22 4 -4.2%
Hamilton 13-Dec-21 7 -7.2%
Manukau City 13-Dec-21 7 -15.4%
North Shore City 13-Dec-21 7 -9.7%
Rodney 14-Mar-22 4 -5.4%
Waitakere City 13-Dec-21 7 -13.4%
Wellington City 11-Nov-21 8 -20.1%
*Above thanks to ShoreThing on interest.co.nz
Advice for buyers - Know that you are not alone with your pre-approvals, nearly everyone has had lending reduced by 30 - 50%. Most people are now only being approved with a 20% deposit and around 500k in lending. Plug into any mortgage calculator last years typical 2.5% rate vs current 5.5% - 6.5% and thats what people can generally afford and where the market will have to meet. Please do not overextend. I have seen plenty of posts now on here of people overextending and lending being pulled back and not expecting rates to rise. Don't overpay.
https://www.interest.co.nz/property...l-main-urban-districts-according-latest-reinz
This graph showing NZ housing drops compared to other major housing crashes.
A sea of red. Theres nowhere now that isn't falling fast according to REINZ latest HPI report.
https://www.reinz.co.nz/residential-property-data-gallery
Theres no end in sight for the declines now with RBNZ OCR rate rise yesterday and US CPI data out this morning at new record high of 9.1% meaning the US Fed is almost going to have to raise large this month. Bank of Canada raised this morning 1% to 2.5% OCR. Putting upward pressure on interest rates around the world.
HPI from peak
District Peaked Months Ago Fall from Peak
Auckland City 13-Dec-21 7 -15.7%
Christchurch 14-Mar-22 4 -4.2%
Hamilton 13-Dec-21 7 -7.2%
Manukau City 13-Dec-21 7 -15.4%
North Shore City 13-Dec-21 7 -9.7%
Rodney 14-Mar-22 4 -5.4%
Waitakere City 13-Dec-21 7 -13.4%
Wellington City 11-Nov-21 8 -20.1%
*Above thanks to ShoreThing on interest.co.nz
Advice for buyers - Know that you are not alone with your pre-approvals, nearly everyone has had lending reduced by 30 - 50%. Most people are now only being approved with a 20% deposit and around 500k in lending. Plug into any mortgage calculator last years typical 2.5% rate vs current 5.5% - 6.5% and thats what people can generally afford and where the market will have to meet. Please do not overextend. I have seen plenty of posts now on here of people overextending and lending being pulled back and not expecting rates to rise. Don't overpay.