Loan Market Capital & Coast - Teresa Payne - Hutt Central
About Loan Market Capital & Coast - Teresa Payne
New Zealand house prices have continued their downward trend, with prices falling in most parts of the country in recent months, according to CoreLogic.
The national median house price fell 0.9% over the three months to May, which is the biggest quarterly decline since 2010.
Looking at a more local level, house prices fell in four of the six major cities over the quarter:
- Wellington = down 4.0%
- Hamilton = down 3.8%
- Dunedin = down 2.3%
- Auckland = down 1.8%
- Tauranga = no change
- Christchurch = up 0.5%
Affordability and rate rises are affecting buyer demand
There are two main reasons why prices are going backwards in much of the country.
The first is affordability. Prices can only rise for so long, until buyers stop being able to bid up prices. New Zealand’s median house price is over $1 million, despite the recent declines.
The second main reason is rising interest rates. The official cash rate has increased 1.75 percentage points (to 2%) since October, which has flowed through to higher mortgage rates. That has made it harder for some people to qualify for a mortgage, and has reduced the borrowing power of those who can. Rates are expected to rise further, which will continue to sap demand.
As a result, it looks likely that house prices will fall further in the months ahead.
Prices have almost quadrupled over the past two decades
That said, it’s important to put these recent price declines in context, because house prices have sharply increased since the pandemic. Looking just at the 12 months to May, New Zealand’s median house price jumped 15.3%, according to CoreLogic. That included city-by-city gains of:
- Christchurch = 24.5%
- Tauranga = 21.7%
- Auckland = 16.4%
- Hamilton = 10.0%
- Wellington = 9.1%
- Dunedin = 7.0%
Nobody can say for certain what the future holds, but there’s a good chance that when the market bottoms out, the price gains at the start of the cycle will turn out to have been quite a bit larger than the price falls at the end.
That’s because property prices tend to rise over the long-term. Between December 2003 and May 2022, New Zealand's median house price increased 290%, according to CoreLogic.
If you’d like to refinance to a lower-rate home loan, or you’re wondering how future rate rises might affect your repayments, please get in touch.
Contact Loan Market Capital & Coast - Teresa Payne
| Address : | Loan Market Capital & Coast - Teresa Payne 28 Cornwall Street, Hutt Central, Lower Hutt 5010, New Zealand |
| Phone : | 📞 + |
| Postal code : | 5010 |
| Website : | https://www.loanmarket.co.nz/teresa-payne |
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Phil Richardson on Google
★ ★ ★ ★ ★ Very onto it.
Everything happened at the right time.
Even got a little extra for other things.
Will highly reccomend Teresa to anyone who wants a mortgage or to refinance
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Jade Purcell on Google
★ ★ ★ ★ ★ Teresa done a awesome job with me and my partner we had been trying for months to get house and we finally got hold of teresa and she done all she could to get us a mortgage we are very happy with how everything went and how much she kept in contact!!!10/10 phone her asap!!
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Scott Lambert on Google
★ ★ ★ ★ ★ Teresa and Hayley were both amazing, literally would not own a house right now if it wasn’t for Teresa’s insanely hard work, super highly recommend, they work wonders!
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angela gillies on Google
★ ★ ★ ★ ★ Teresa is phenomenal at what she does. With her help I was able to re-finance my mortgage and renovate the property but also purchase a second property as an investment. Without her expertise I never would have been able to do this as it sat in the too hard basket! Not anymore thanks to her! Cannot reccomend my experience enough!
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Christina Williams on Google
★ ★ ★ ★ ★ Teresa was amazing to deal with. Very client focused and went out of her way to get me a better deal. I had been with the same bank for 15+ years, and they said they’d given me their best deal. She worked out how much I’d save by changing my mortgage to another bank who also covered the costs of changing banks. Thanks Teresa for all of your great advice and support.
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Laura Kidby on Google
★ ★ ★ ★ ★ If you want professional, efficient service then call Teresa. Her communication and attention to detail skills are second to none. Teresa makes the process of getting a loan quick and painless. We look forward to working with Teresa again in the future.
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Hanna Elise on Google
★ ★ ★ ★ ★ Teresa was essential to ensuring our first home purchase ran smoothly.
She provided us with a wealth of knowledge and was in communication with us anytime day or night.
I couldn't have asked for a better mortgage adviser
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Tim Le on Google
★ ★ ★ ★ ★ Teresa was amazing, she made this process so comfortable and uncomplicated.
We are still grateful to Teresa at how at ease she made us feel and we got the result.
We can honestly recommend Teresa and say you'll never regret it.
Thank you, with all our appreciation.
Jade & Tim
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