Private Property – our weekly newsletter that gives you insights into what's happening in the NZ property market. Written by managing director Andrew Nicol. Sign up to receive this in your inbox every Thursday.
House prices are falling in parts of New Zealand. (But not everywhere).
Prices hit record highs in November 2021.
Then the updated CCCFA lending law came in.
And snap. The straw broke the camel's back.
After crunching the data, there are the two main trends:
1) The South Island is holding up much better than the North Island.
Since November, houses in two-thirds of North Island council areas have fallen in value.
But in the South Island, it’s 50-50. Half have increased. Half have decreased.
2) The smaller regions are doing better than the major cities.
Houses in most cities (populations of 30,000 or more) have fallen in value. Some have increased. But most have gone down.
Those smaller council areas (where property prices tend to be cheaper) appear to be holding up better. See the maps below.
Where are property prices increasing? Where are they decreasing?
It’s time for the rumble of the regions. Let’s see which areas are rising and which are falling.