Property Market stories
New data show annual rent growth hit 6.1% in October, as tight supply and strong migration keep pressure on tenants.
More vendors returned to the market in November as government and OCR certainty lifted buyer confidence and steadied asking prices.
Demand for prime office, industrial and retail space kept rents rising in Auckland, Wellington and Christchurch in the third quarter.
Buyer activity has lifted sales and listings, with prices broadly steady and homes taking fewer days to sell across New Zealand.
Vacancy constraints and rising rents have kept industrial property firm, but higher rates and a cooling economy are now testing demand.
Investors risk overpaying for a new build if they ignore resale competition, parking needs and whether the development is oversupplied.
Buyer interest lifted in October, with new listings, auctions and asking prices all rising after the election.
A weaker New Zealand dollar is helping lure North American buyers, with one investor already eyeing NZD $50 million for local businesses.
Buyers and sellers are returning to the market as September sales rose 5.1% year-on-year and homes sold in fewer days, REINZ said.
Analysis by PointData has identified 870,000 profitable new affordable homes and 425,000 new social housing dwellings across mainland Australia.
A growing number of New Zealand suburbs are edging back into growth, though affordability and higher mortgage rates are likely to cap gains.
More stock and faster sales suggest the housing market may be turning a corner before spring, despite higher rates and election uncertainty.
National home values have edged up 0.5% this quarter, but most cities are still below year-ago levels as demand stays patchy.
Enquiries from wealthy offshore buyers have surged, with agents predicting a flood of luxury property money if the policy is introduced.
Vacancies fell and rents rose in key centres as demand for quality office, retail and industrial space stayed firm across New Zealand.
Borrowers facing repricing will welcome a stable OCR, with the Reserve Bank now signalling cuts may not come until early 2025.
Buyer activity is lifting sales, but thin stock and election jitters are keeping many sellers off the market, REINZ says.
The sale could draw strong investor interest, as the landmark Queen Street site brings in GBP £2.68 million a year and is fully leased.
Offshore demand is fuelling more lavish additions to New Zealand's priciest homes, from gold taps to hidden bars and high-tech wardrobes.
Buyer confidence is expected to lift mover activity in the coming quarters, but high mortgage rates may keep house moves subdued for now.
