New Zealand Economy

16

New Zealand house prices collapse

The Real Estate Institute of New Zealand (REINZ) has released its House Price Index (HPI) July, which registered a 1.4% decline over the month, a 4.9% fall over the quarter, and a 2.9% decrease year-on-year: The number of residential property sales also plummeted by 37% over the year to July. The next table shows that

8

Kiwis are fed up with Jacinda Ardern

Last week, Roy Morgan Research reported that Jacinda Ardern’s Labour Party had clawed its way back into contention for next year’s election, after New Zealand Opposition leader, Chris Luxon, lied about holidaying in Hawaii. As shown in the next chart, National’s primary vote tanked 4% in July, whereas Labour’s rebounded 0.5%, according to Roy Morgan:

21

Reserve Bank signs New Zealand housing’s death warrant

Quotable Value (QV) is the latest data provider to report that New Zealand dwelling values are plummeting. QV’s House Price Index (HPI) reported that average dwelling values plunged 4.9% over the three months to July, with all but one major districts recording price falls: The average value of homes nationally peaked at $1,063,765 in January,

20

New Zealand housing market “weak and getting weaker”

Prominent economist Tony Alexander has released new survey datasets on New Zealand’s housing market, which have been summarised below. Alexander believes New Zealand housing is “weak and getting weaker”, with more price falls likely over coming months. ____________________________________________________________________________________________ New Zealand’s housing market is weak and getting weaker. The number of sales in June was down

20

New Zealand house prices plunge at fastest pace since GFC

I reported yesterday how realestate.co.nz registered heavy house price falls across New Zealand, with the national average asking price of properties listed for sale plunging 8.8% from its January peak. The falls have been even steeper across Auckland, where the average asking price has tanked 11.9% from its January peak. In a similar vein, auctioneer

28

Grieving Kiwis attend New Zealand housing market funeral

Roy Morgan has released its New Zealand consumer confidence survey for July. Confidence remained at recessionary levels, with households “understandably worried, with strong inflation eating into budgets, interest rates higher, house prices falling, and uncertainty ongoing”. Turning to the sub-indices, the majority of respondents expect to be worse-off next year: They expect the economy to

35

New Zealand housing faces biggest ever crash

ANZ Economics has released its Business Outlook survey for July, which shows that both business activity and confidence have tanked: The result follows the collapse in both consumer and government confidence to near record lows in June: The outlook is especially dire for New Zealand’s housing market, with ANZ recording that “residential construction intentions plummeted

22

Kiwis in tears as New Zealand house prices plunge

New Zealand house prices are tanking. Following 2.25% of rate hikes from the Reserve Bank, the REINZ House Price Index plummeted 5.4% over the June quarter, with every major urban district registering losses. In a similar vein, June’s Trade Me property index posted a “record breaking” monthly fall of 1.9% amid “skyrocketing supply”. The scale

13

Day of reckoning arrives for New Zealand’s insane housing market

The Reserve Bank of New Zealand (RBNZ) has released research showing that New Zealand experienced the sharpest appreciation in real house prices across the developed world between 2008 and 2021: New Zealand’s house price-to-rent ratio also rose the most across developed nations, meaning “the growth in house prices since the GFC has outpaced the growth

15

New Zealand house prices plummet

CoreLogic has released its June house price results for New Zealand, with dwelling values nationally recording their fastest quarterly decline since February 2009 following three consecutive 0.8% monthly declines: The national measure of property values fell a further -0.8% in June, completing a hat-trick of months at the same rate of decline (-0.8% in both

19

Ardern looks on helplessly as New Zealand hurtles toward recession

The latest batch of consumer confidence reports for New Zealand shows that Kiwis remain extremely depressed on the back of soaring inflation and interest rates. The ANZ-Roy Morgan’s consumer confidence index fell 1.8 points in June to 80.5 to be a touch above April’s record low: ANZ-Roy Morgan’s confidence composite gauge is also pointing firmly