LAST MONTH THE START OF EXPECTED SLOWDOWN IN PROPERTY VALUES
CoreLogic says last month could have been the start of an expected slowdown in property values
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The expected slowdown in property values may already be happening, according to one of Australasia's largest property data and valuation firms.
CoreLogic NZ says Quotable Value's House Price Index for February shows the late resurgence in housing values that occurred in Auckland after the election subsided in February, with a slight fall in average values.
At the same time average values in Wellington tracked sideways after showing sustained growth last year, while Tauranga was the only main centre to show continuing and sustained growth in property values.
CoreLogic's NZ's head of research Nick Goodall says the slowdown in property values expected this year may already be underway, but it doesn't appear that the drop will be very big.
"New Zealand's construction industry faces a major challenge in creating enough affordable stock at the speed required to keep up with our continually strong population growth," Goodall said.
"Net migration hasn't slowed much recently, with figures remaining near all-time highs.
"And of course the kicker is our still low interest rates.
"While banks have tightened their lending standards, low interest rates means borrowing higher sums to secure a desirable property is possible.
"All these things will continue to keep a stable foundation for property values," he said.
However he also warned that the market could be tilting in buyers' favour.
"As with anything, the devil is in the detail and in a changing market with weakening sales volumes, the power can start to shift to buyers as they become less anxious about getting onto the ladder and realise that waiting for the right property can pay off as savings climb faster than house values," he said.
Poll: Do you think NZ should ban social media for youth?
The Australian Prime Minister has expressed plans to ban social media use for children.
This would make it illegal for under 16-year-olds to have accounts on platforms including TikTok, Instagram, Facebook and X.
Social media platforms would be tasked with ensuring children have no access (under-age children and their parents wouldn’t be penalised for breaching the age limit)
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Do you think NZ should follow suit? Vote in our poll and share your thoughts below.
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85.6% Yes
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13.2% No
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1.1% Other - I'll share below
What's your favourite recipe for courgettes?
Kia ora neighbours. If you've got a family recipe for courgettes, we'd love to see it and maybe publish it in our magazine. Send your recipe to mailbox@nzgardener.co.nz, and if we use it in the mag, you will receive a free copy of our January 2025 issue.
BLACKHAWK CORGI RACES SUNDAY NOV 17
Who is the fastest Corgi in NZ?
This will be decided on Sunday, November 17 at Belmont Domain, Lower Hutt with racing starting at 2pm.
Thirty Pembroke and Cardigan Corgis will take to the 60 metre track for racing like no other.
Competition comes from as far away as Auckland and Whanganui and if you want to stretch it a little - Scotland - with the very recent arrival of Skye and his owners from the other side of the world.
The youngest to compete is 7 month old, Atlas whilst Bonnie at 14 years is part of the seniors (nine and over) event.
Spectators very welcome to this sixth annual championship organised by the Wellington Welsh Corgi Club.
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