Auckland OneRoof Property Report - December 2021

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R E P O R T Monday, December 6, 2021

E S U O H I W I : K S E C I PR WENT T A H W RONG? W

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INSIGHTS

First-home buyers and FOMO continue to push the market even higher OWEN VAUGHAN Note from the editor

W

hen I moved to New Zealand from Australia with my family in 2012, house prices weighed heavily on my mind. Not Auckland’s, but Sydney’s. Back then, Sydney’s median house price was an unaffordable A$765,000, so Auckland, where the median had just topped $500,000, looked a better bet.

Foolishly, I held off from buying for another 18 months, by which time Auckland’s housing market had started to take off and the median price had jumped another $100,000. At that time I thought the prices being paid at auction were crazy. Now they’d seem like bargains, with New Zealand’s average property value now over $1m and Auckland’s sitting at a skyhigh $1.5m.

How did house prices get to this point, and are Kiwis happy about the current state of the market?

This special issue of the Property Report tries to answer those questions, and offers buyers and sellers a guide to what they can expect in 2022.

Investors pulling back and fears over building costs are being offset by optimism as Auckland gradually escapes lockdown, writes TONY ALEXANDER

N

o one, including myself, has the ability to predict house prices with any reasonable degree of accuracy.

No sane soul expected factors surrounding the global pandemic to cause house prices to rise by more than a third.

And no one in government expected that the March 23 tax announcement would lead to prices rising 11 per cent in the ensuing seven months.

So why have house prices continued to soar? First, we have to note that some slowing down has in fact occurred. In Auckland, in the six months to March this year, prices rose by 17 per cent. In the six months to the end of October, gains were “only” 11 per cent. Nationwide, the change has dropped from 20 per cent to 11 per cent.

INSIDE

Cover story: Going, going, gone? .......... p6-11 How did we get here?

A housing market timeline.......................... p14

and shortages of labour. At the same time FOMO – fear of missing out – has again reared its head.

From my monthly real estate agent survey, we can see that back in April 2020 only 35 per cent of agents said they were seeing FOMO in buyers.

Between August and February that lifted to 80 per cent, then fell to 49 per cent come April.

But since then, FOMO has lifted to almost exactly 70 per cent for each of the past three months, with one factor accounting for that likely to be the strong awareness of what happened when the first nationwide lockdown last year ended. House prices soared.

This time, there has been a widely expressed expectation that the latest lockdown would cause the same thing. Potential buyers have not been waiting for that to happen.

The extended Auckland lockdown has boosted FOMO more than elsewhere. More people have scrambled to buy

“WHY HAVE HOUSE PRICES CONTINUED TO SOAR, DESPITE THE GROWING LIST OF FACTORS WHICH SUGGEST GAINS WOULD BE FADING?”

2022 predictions .......................................... p15 Survey results: What Kiwis really think about house prices ....................... p17-19 Government v the housing market ...... p22-23 Crushed: 8 years of price changes ...... p24-25 Trophy homes ......................................... p26-27 The industry view ......................................... p28 OneRoof Valocity House Value Index... p30-40 Ashley Church ............................................. p42

DESIGN ...................................... Beth Walsh, Jennifer Adams DESIGN ARTWORK ............................................... Derek Watts SUB EDITORS .................... Chris Folley, Akanisi Taumoepeau PHOTOS ................ Fiona Goodall, NZ Herald, Getty Images

This easing can be put down to many investors resisting making additional purchases since the end of March. The monthly survey I run with REINZ found that in the six months to March a net 37 per cent of real estate agents nationwide were seeing more investors. Since then, a net 47 per cent have reported seeing fewer investors.

But why the ongoing strength, with investors less present? First, there is a long queue of first home buyers seeking to make a purchase, and we learnt just recently that they have accounted for a record proportion of sales.

There are also concerns about prices for building materials, the ability of builders to complete jobs on time, final prices being revised upwards,

something – anything.

Over the same period, vendors have pulled back.

Nationwide property listings in seasonally adjusted terms fell 14 per cent in August then 15 per cent in July. They have recovered 43 per cent in October to be barely above July levels.

The stock of listings is currently 18 per cent down from last year, nationwide and in Auckland.

Will house prices continue to rise at current rates? No – at least not through 2022. The next few months are still likely to produce strong price gains as freedom brings a general lift in optimism and the scramble which agents are still reporting runs its course.

But we are in the end game for this surge in prices.

Investors face falling aftertax returns on rents as interest

expense deductibility has been removed for new purchases of existing properties and will be gone for pre-March holdings within four years. Changes to the Credit Contracts and Consumer Finance Act require banks to be able to prove they have looked closely at a loan applicant’s income and expenses before granting a loan, to make sure they can truly service the debt.

As a result, lenders are capturing more expenses than before, discounting some income sources, and making less credit available than previously. Also, the Reserve Bank has instructed banks to halve their low-deposit lending – something which is mainly hi!ing first home buyers, who account for 75 per cent of lowdeposit lending overall.

Fixed mortgage interest rates have risen 1.3 per cent to 1.7 per cent from the levels seen five months ago with similar gains and perhaps more likely over the coming 12-18 months.

Reopening the borders is likely to lead to a large flow of Kiwis to Australia for higher wages, lower house prices and a lower cost of living. Restoration of the ability to travel will see household budgets redirected back towards overseas trips and away from buying things locally – including each other’s houses.

New house supply is also rising at the fastest pace since the early-1970s, even allowing for shortages of materials, sections and staff.

As a result, FOMO will fall away in the first half of next year. When that happens, we will be set for an extended period of house prices rising probably below 5 per cent per annum. In some less urban locations falls are likely, but for Auckland there still looks to be some catch-up of prices needed relative to long-term trends.

• Tony Alexander is an economics commentator and former chief economist for BNZ. Additional commentary from him can be found at www.tonyalexander.nz

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HOME AFFORDABILITY: COVER STORY

GOING GOING GONE? New Zealand has a housing crisis. In the last decade the cost of buying a home has risen faster than most Kiwis can save and saddled those who have been lucky enough to buy with crippling debts. Homeownership levels have plunged and $1m prices have become the norm. CATHERINE MASTERS looks at how the country lost control of the housing market.

he Covid era has seen house prices go through the roof - but they were rising anyway.

Despite all the noise about price hikes over recent years, and despite measures by the Reserve Bank and both National and Labour governments to rein prices in, they have rocketed from a 2.3 per cent value rise in 2011 to a 27.8 per cent one this year.

There have been loan-to-value ratios (LVRs, which affect borrowing), Brightline tests (a tax on gains), high density-enabled plans for Auckland, a building boom, a nationwide foreign buyer ban, a failed KiwiBuild scheme and tax changes targeting property investors/speculators – yet through it all, prices have marched on, reaching spectacular heights since Covid arrived.

Just last month, Reserve Bank governor Adrian Orr issued a warning house prices are unsustainable, saying they pose a threat to financial stability and telling the Property Council there is no silver bullet.

“House prices and housing affordability are affected by both supply and demand factors, ranging across immigration, tax policy, government benefits or transfers, land availability, building standards, infrastructure and training programmes.”

But access to land and space remained the biggest challenge to ensuring a smooth functioning housing market, he said.

Housing Minister Megan Woods points to “decades of inaction” leading to a severe housing shortfall, saying multiple interventions are needed to increase new development, particularly for affordable homes.

It’s true the past decade can’t be looked at in isolation. Key themes emerged, including a decades-long period of lower interest rates, not enough houses being built, and population growth and migration inflows all impacting housing. There has also been the emergence of a new property investor class the country didn’t have 30 years ago.

THE LAST 10 YEARS

By 2011, housing unaffordability was gaining traction as a real thing but back then more people were leaving the country than coming in.

The market was fairly quiet and few new homes were being built. Kelvin Davidson, chief economist at property data firm CoreLogic, says this post-GFC period was a time when construction confidence was shaken, and we are still dealing with the housing shortages from then.

By 2013, however, sales and prices were rising and net migration went from negative to positive.

Former Housing Minister Dr Nick Smith told OneRoof John Key’s National Government at the time “jumped for joy” when migration turned around.

A big move from Key was to reverse a brain drain that had seen a consistent loss of 40,000 to 50,000 Kiwis to other countries for the preceding 20 years.

“When it turned in 2010 and 2011 we were surprised how

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An auctioneer prepares to take bids from buyers.

A decade of rising house prices has put pressure on the Government and the Reserve Bank to make housing more affordable.

Photo / Getty Images

dramatically it did so. We didn’t recognise quickly enough how much it was going to flow on to demands on housing,” Smith said.

A National Party insider from the time, who did not want to be named, conceded the infrastructure wasn’t there to cope with the incomers – not foreigners but the return home of so many Kiwis.

In 2013, the Reserve Bank, with National Government support, introduced LVRs to target investors but they still remained active throughout 2014 – Davidson says the LVRs made it hard for first home buyers instead.

The next year, 2015, saw strong sales and prices. Mortgage rates headed down while net migration went up, to 59,809.

Investors were still active so National introduced the Brightline test to put off speculators.

By 2017, investors were pulling back and sales and prices slowed. Jacinda Ardern’s Labour Government was elected, partly after campaigning to build 100,000 new homes over 10 years – the KiwiBuild scheme.

Over the next couple of years there were changes to the LVR and the Brightline test. The Foreign Buyer Ban was brought in after fears foreigners, and the Chinese in particular, were buying up all the houses.

In 2019, the LVR rules were loosened again, and net migration surged to 72,587, pu!ing more pressure on housing stock.

A tax ring fence for rental property losses was introduced, and last year, when Covid hit, a raft of measures were put in place to keep the economy from collapse so people didn’t lose their homes and incomes – measures such as quantitative easing (described often as the printing of money), mortgage deferral schemes, funding for lending and the removal of LVRs. But house prices boomed higher than ever before. They are still booming now, if a li!le slower.

THE BUILD-UP

When the share market crashed in 1987, New Zealand was

particularly hard hit. Some people lost their savings. Some lost their farms.

Fearful of shares, they turned to property – and they were encouraged to do so.

Around that time there were fears the New Zealand Superannuation would not survive – the 1990s saw the retirement age rise from 60 to 65.

Housing researcher Kay Saville-Smith calls the buying frenzy “superannuation panic”. She says it was a bit like the panic buying we’ve seen recently with first-home buyers.

Over time, she says, the so-called “mum and dad” investor has given way to a new class of property investor. Her research shows that between 1986 and 2018 there was a

“THE FAILURE TO TAKE THAT INTO ACCOUNT AND REALLY TAKE THAT SERIOUSLY I THINK IS A FAILURE IN THE RESERVE BANK BUT IT’S ALSO A FAILURE IN OTHER GOVERNMENT AGENCIES THAT HAVE AN INTEREST IN THERE.” 191 per cent increase in the number of property investors, as opposed to people buying an extra property for their retirement. Her belief is that after the share market crash many commercial players switched into residential.

Compounding that was the “Mother of All Budgets” in 1991, from the Bolger government, when market rents were introduced for state house tenants.

That’s important, Saville-Smith says, because a signal was given to private investors there would be an accommodation supplement available to assist people in private rentals, and that opened up a lucrative market for them.

“The failure to take that into account and really take

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HOME AFFORDABILITY: COVER STORY

that seriously I think is a failure of the Reserve Bank. It’s also a failure in other government agencies that have an interest in there.”

Other factors have been at work, too.

Saville-Smith also cites high migration, which she’s not against, it’s just that it wasn’t planned for - and that’s because the tools to plan for it were “got rid of” in the 1980s and early 1990s.

Before that, governments had the Housing Commission, for example, which wrote reports on who was coming in and what they needed, but that stopped three decades ago.

Back then, she says, housing wasn’t seen as a problem. New Zealand had done well with low-cost lending and families could use the defunct family benefit for deposits. There were also low levels of homelessness.

But in the 1990s the funding fuelling the building of low-cost housing was removed so builders turned to constructing more expensive homes.

Other things, too, like covenants which prevent low-cost building in subdivisions, affect prices – in 2017 around half of all new titles were covenanted, Saville-Smith says.

There may be more terraced homes now, and they’re often cheaper than standalone houses, but that still doesn’t make them affordable, she says.

“IF NEW ZEALAND GOVERNMENTS HAD WANTED TO STOP THE SHARP INCREASE IN THE RATIO OF HOUSE PRICE VERSUS INCOMES, I THINK THEY WOULD HAVE HAD TO ACTIVELY PREVENT HOUSING FROM BECOMING A MORE POPULAR RETIREMENT ASSET.”

THE ECONOMISTS

Tony Alexander has watched the housing market for years – he was the BNZ’s chief economist for nearly 25 years and continues to analyse the market as an independent economist.

Measures like the Brightline test have minimal impact on prices, he says, though LVRs have had some restraining impact and are a useful tool.

The main reason prices have risen is because over the last 30 years interest rates have fallen.

“Factors in favour of house prices rising have simply been way too powerful for any sort of reasonable political policy to have had much of an impact, quite frankly.”

In 1987, interest rates were up in the 20s and the Reserve Bank was fighting inflation.

When the share market crashed it eventually caused weakness in the economy and interest rates came down.

Combined with that, governments ran campaigns to get people prepared for their retirement and housing became a portfolio investment class of its own.

That’s reflected in the home ownership rate, which has fallen to around 62.5 per cent from its peak of around 72 per cent around 30 years ago, he says.

“If New Zealand governments had wanted to stop the sharp increase in the ratio of house price versus incomes, I think they would have had to actively prevent housing from becoming a more popular retirement asset.”

Other factors, like the trend to buy bigger homes, have also affected prices because bigger homes are more expensive.

Also, anti-urban sprawl planners wanted to restrict the availability of land.

Sharon Zollner, ANZ’s chief economist, pinpoints the Reserve Bank Act of 1989 as the place to start.

The Act gave an inflation target and the result was lower nominal interest rates and a much lower inflation environment, which means people can service a lot more debt.

Instead of only being able to borrow two or three times their income, they can borrow six or seven times. If you can borrow more, you can pay more – “it’s just maths”.

While the change to the inflation environment has been good for price stability, the extent to which house prices have risen has been an unintended consequence.

That house prices have risen way more than inflation comes down to supply and demand, Zollner says, another key factor in the picture.

“Fundamental housing demand depends very much on how many people you’ve got in the country and that’s increased a lot – our population growth rate has been really high.”

UNAFFORDABLE AUCKLAND

For the last 17 years, Auckland has consistently featured as one of the most unaffordable cities globally in the annual Demographia International Housing Affordability Survey.

Hugh Pavletich, who lives in Christchurch and who coauthors the surveys, says it’s an “obscenity” the average property value in New Zealand has reached $1m, according to the OneRoof-Valocity House Value Index.

It takes around nine times the average income to buy a house in this country and in Auckland the figure is 11 – but it shouldn’t be more than three, Pavletich says.

He puts the blame squarely on the lack of land supply and the inappropriate way infrastructure has been financed.

“I’ve been like a scratched record on this. I’ve been so boring for the last 18 years that if boringness was a crime I would have been jailed a long time ago.”

New Zealand needs to learn from the United States, which bond finances its infrastructure. While the Government passed the Infrastructrure Funding and Financing Act last year, which had cross party support, passing a law is one thing and making it work another, he says.

Successive governments have failed to solve the housing and infrastructure problem, although Pavletich praises former National Party Finance Minister Bill English and former Reserve Bank Governor Graeme Wheeler for ge!ing the Productivity Commission to produce a report on housing affordability.

The median house price had increased over 50 per cent between 2004 and 2008 and the report, released in 2012 and wri!en by Dr David Law, found it was increasingly difficult to afford a house.

Dr Law, who is now with the New Zealand Initiative, says governments have tended to focus on the demand side of the equation, with measures like LVRs and Brightline tests, when the real problem has been supply and demand.

Each has made promises they haven’t kept, whether it was

Reserve Bank of New Zealand governor Adrian Orr appears before Parliament earlier this year.

Orr has warned that current house price levels are unsustainable.

Photo / Getty Images

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HOME AFFORDABILITY: COVER STORY

Labour’s KiwiBuild (a “complete disaster”) or National’s promise to reform the RMA (which he says they didn’t do).

Now, the Labour Government’s promised reform of the RMA could make the whole thing worse: “They’re going to make three Acts instead of one, so it’s going to get more complicated to understand.”

If previous governments had acted be!er and faster, the Covid-related price surges might not have been so bad: “If we’d had flexible supply to adjust to all the demand, we wouldn’t have seen this.”

The ongoing debate around housing is a frustrating one, he says.

“We’ve been saying ‘Oh God, house prices are going out of control’ for probably the be!er part of 15 or 20 years and we’re just kind of tinkering all the time.”

The National Party A National Party insider from the Key Government of the challenges being faced around pointed out some so

Many people didn’t like the idea of density back then but it has become much more accepted now. The shape of Auckland is changing with all the building that is going on.

The insider said the earthquakes in Christchurch early last decade also opened eyes around the housing market – enormous funding went into infrastructure and building in Christchurch and valuable lessons were learned.

“For instance, you can build thousands of homes quickly, and that has a restraining effect on house prices.”

That National government went on to establish the Housing Infrastructure Fund and the Local Government Funding Authority, meaning the current Government has a series of infrastructure-related funds it can use, the insider said.

When asked why none of that stopped prices skyrocketing, the insider pointed to the fall in interest rates. “There are models that say the prices are roughly where you would expect them to be, given what’s happened with interest rates over 20 years.”

Media Award ar s The ex-Minister w nzherald.c o.nz t twitter. com/nzherald f facebook.c Dr Nick Smith, who took on the housing portfolio, says om/nzherald.co .nz instagr am.com/nzhe raldfor the first few years after National was elected ye there was far greater concern there would be a house price collapse, Herald inv inve essti e tig ga g ati tion ons which happened in other Rugby’s war the chequeboof countries after the GFC. He says ok Housing was the most difficult of Foreign rugby club s hav e Zealand und put New before-seen er siege — making neverall the portfolios he held. players the Allsalary offers to young Bla Agents say cks want to keep. changed the European clubs have ir focus and are In New Zealand the collapse exclusively targ no longer Blacks whose eting veteran All them. The clubbest days are behind was in new house construction, together $1 mills are instead putting emerging gen ion-plus deals for the era With a num tion. which fell to under 10,000 a year.

— Daniel Car ber of senior All Blacks Smith — hav ter, Ma’a Nonu, Conrad ing confirmed heading overse What was under-estimated they are Richie McCaw as and others such as possibly Ton , Keven Mealamu and was the sharp turnaround in retire, the naty Woodcock likely to tion ional side is alre facing a major rebuilding job ady Brodie Retallic a k (picture in 2016. net migration that took place IRB’s play d), pla er the er of the Julian Savea t year in 2014, and hav ha e yet to play for play for New Zea Ze land aftere-sign to in 2010/2011.

It was Kiwis, not World Cup and r the Rugby are ar being pur clubs with sued by with big cheque books. foreigners who were buying, says Special Report 8 Bay of Plenty Plen Time Timess Monday, Monday ay,, Decembe D Decem Smith, who is scathing of Labour’s “Chinese-sounding name scandal” a few years later.

“Rather than a net outflow of Auckland first-time house-buyers Tristan and Jessica Lomberg step out Au of the loan restrictions trap by being hard-out savers. about 30,000 per year to Australia Since Sinc Si nce nc e October Octo Oc tobe to be 1, ho home me and further afield it effectively balanced out. As a consequence we started to see those house prices and demand shift in 2011.

“I came into the housing portfolio in 2012 when we were A5 h as – spectacular cr building only 13,000 a year.”

While National “jumped for joy” when Kiwis came home, in hindsight maybe that should have triggered concern about what it would mean for housing supply, he says.

He also says National New York’s affordability recognised property investors and le of 8.2 iple tiple ultip multi mult rating of givingg a mul 00, givin Buksindes was s $75,1 speculators were an issue in driving s price in Aucklan 6.1 is far ngg Auckland’s top ainin taini taini dian house main , y e ey, and urve s surv ld a old h hia hi phia seho se ouse hou h ogra r ian ia fordable majo The latest Dem better than ,800 and the median editor Bay of Plenty the 10 spot for unaf s prices with $506,800 gave pare Anne Gibson property This com n y, ty 00. prices too high, which is why d’s toda Tim $75,2 klan sed e es was Auc s 13 co.nz relea cities. including 86 income anne.gibson@nzherald. f execu‘‘median multiple’’ of 6.7 8.2. Anything incomes in 378 cities, Property Council chie on people. city a total s divided by incomes). milli ed one LVRs and the Brightline test were is 3 blam than e d than e mor nsen mor da- with the most (house price e than 3 is regarded as tive Connal Tow s planning uckland housing affor it Auckland is one of regarded as Anything mor Auckland Council’ introduced under National. bility has worsened and places due to its high Auckland earning RBNZ urged to ea Smith has no regrets and is q rter of a million dollars betwa qua sse e cou “I believe that we een them who it easier for first-hom need to make ld easily ld lending regime fo ily service a mo proud of the work carried out mortg e buyers to get rtga rtgage Loan to value ge but into pro r because of high any p per e erty ty,” ty r ra homeow ati ,” tio ti ren oss:: eown mpso ner ne son er under er n said, tell er $500,0 ● Sta costs, they struggle ts and living ing the Herald’Thomp tell-Starrted 0,00 ted Octobe first-home buyers 00 0 that are going to live oberr 2013 s Foc to save a big when housing was his portfolio – in the property ● Re deposit. It’s over Rev been falling during us prices had vise ised d Novemb — they could $200,000 from introducing the KiwiSaver HomeStart scheme to helping first home Home News headlines housing after the 2008 election. buyers with thei their deposi deposits to fast-tracking the Auckland from the last 10 Back then, the idea that supply had an influence on house Unitary Plan. years show housing prices was ridiculed.

“The fact that we believe supply was the primary problem affordability has always been front That might seem hard to believe, as supply and demand is and that we grew new home construction from 13,000 homes of mind. widely accepted these days as a driver, but in 2008 housing a year to 31,000 a year is a credible record.” was barely seen as a proper market, he said.

Housing was by no means solved and still isn’t but “there The insider also pointed out the context of the time – needs to be an appreciation that, you know, I’m sorry, New Auckland was becoming a single city, amalgamating the Zealand’s housing is now worth over a trillion dollars – it’s a regional council and seven city and district councils, which massive sector.” meant the city’s plans had to be rewri!en.

Back when Smith was taking on the housing portfolio, When told it would take nine years to get the Unitary Plan research economist Arthur Grimes was chairman of the done, National, in “a miracle of administrative bullying”, got Reserve Bank (from 2003 to 2013). it done in three.

Now a senior fellow at Motu Economic and Public Policy That process threw up the “weirdness” of the existing Research Trust, Grimes has long called for a managed crash regimes around the availability of land, or lack of, for in house prices. building and redoing the plan was critical in changing that.

When he was chairman of the RBNZ house prices weren’t “Without that the current situation would be a lot worse, concentrated on as much as the Consumer Price Index, because it opened up large tracts of Auckland,” the insider said. which includes rents but not house prices, he says. While the

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Lending restrictions kick in

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Reserve Bank Act is good, in retrospect it probably did not put enough emphasis on house prices.

Having said that, successive governments have failed to curtail rising house unaffordability and under Labour the housing crisis has become a catastrophe, he says.

Both parties turned down introducing a capital gains tax despite tax working groups arguing for one. Grimes says both Key and Ardern were elected on the basis there was a housing crisis yet both administrations have been against prices falling.

He puts those decisions down to “vote greed”, with each administration wanting to win elections.

THE OUTLOOK

One man who is not gloomy about the future is Hugh Pavletich, the Demographia housing affordability campaigner.

That’s because of the record number of building consents the country is seeing.

He points to StatsNZ data which shows that back in the last big building boom in the 1970s, under Norm Kirk’s Labour government, around 13.4 dwellings per 1,000 people were being built.

If you look at consents now, it’s around 10.4 per 1000 population, and that’s “not a million miles from the Kirk-era peak”.

Selwyn District Council in the South Island is even busier, with around 27 new builds per 1,000 people, which Pavletich describes as “world territory stuff”.

He says New Zealand is building homes at a faster rate even than China, which has been pumping out 10.3 dwellings per 1,000 people.

Prices could come down in New Zealand, he thinks, because things can turn around very quickly.

And politics can change quickly, too. In a rare outing in October, Labour and National joined forces in announcing the Housing Supply Bill, which will allow up to 105,500 new homes to be built in less than 10 years.

That’s welcome news, say both Pavletich and Grimes, with Grimes saying it could contain, or even reduce, house prices over horizons of five to 20 years – but not in the short term.

A sold sign outside a home in the Wellington suburb of Churton Park at the end of last year. The capital’s average property value is now more than $1m.

Photo / Getty Images

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HOUSING AFFORDABILITY: DATA CRUNCH

HOW DID WE GET HERE?

Timeline of a ‘housing crisis’ Homes in the Wellington suburb of Mt Cook reflected in a window against the sky above.

The average property value in the capital crossed the $1m mark in the last 12 months. Photo / Getty Images

Housing affordability in New Zealand has steadily worsened over the last 10 years. KELVIN DAVIDSON looks at the factors that have driven the market to this point.

T

he primary mega-trend driving the housing market over the years has been the long decline in inflationary pressures, which has allowed interest rates to drop significantly, increasing the incentive to borrow but also reducing the incentive to save.

Amplifying this was the GFC in 2008 and subsequent rate cuts and programmes of quantitative easing overseas.

We’ve also had the shift towards more earners per household – possibly driven by other factors (and in turn this itself has contributed to rises in house prices) - but perhaps a circular symptom of higher house prices themselves. People have had to work more to be able to afford a property.

2011

Three years after the GFC and the housing market is still fairly quiet, with sales and prices subdued.

Affordability is OK but first home buyers are not especially active, while net migration is negative and dwelling consents are low. This was a period when construction confidence was shaken, which left a lasting

legacy – a shortage of houses that we’re still dealing with now.

2012

The market begins to heat up a li!le, with migration less negative and mortgage rates going down. Investors are still a solid presence in the market and dwelling consents are off the floor, but not by much.

2013

A “milestone” year for the market: net migration turns positive, workforce participation is on the rise, and sales and prices are accelerating, even though mortgage rates have also risen.

Investors are still active but first home buyers are still relatively quiet, with the number of years needed for many people to save for a 20 per cent deposit now above seven.

Dwelling consents are rising, but the legacy of the GFC shake-out is still there and the shortages of stock are growing.

2013 is also the year the Reserve Bank introduces loanto-value ratio (LVR) restrictions, which limits the amount of lowdeposit lending (less the 20 per cent deposit) to 10 per cent.

DEPOSIT CLIMB

The chart shows the change in the number of years it takes to save for a 20% deposit, based on the average household income and averge property value for each quarter since 2011, assuming 15% of income can be saved each year.

11

Years

10.6 years

10 9 8 7 6

Q1, 2011

2014

Net migration ticks up significantly, but mortgage rates edge higher too, while both sales volumes and price growth cool.

Investors remain active, but the LVR restrictions hit first home buyers hard.

The number of dwelling consents improve but are still fairly subdued by past standards.

2015

A boom year for the housing market: sales are strong and price growth accelerates into double digits, while mortgage rates are cut, net migration hits new heights and workforce participation is above 69 per cent.

First home buyers come back a li!le but the number of years

Q2, 2021

needed to save for a deposit ticks above eight. Investors are still a strong presence in the market.

The shortage of houses is ge!ing worse as dwelling consents just tick along.

National introduces the Brightline test, which imposes a tax on the sale of residential properties used for investment purposes within two years of purchase. The exception is if the house is a person’s main home.

The Reserve Bank changes the LVR rules: Auckland investors need a 30 per cent deposit while the deposit requirement jumps from 10 per cent to 15 per cent for everyone else.

2016

Another peak year for the market, with sales and prices

rising quickly.

Migration is up and dwelling consents are rising but still not enough. Mortgage rates are stable but more people are coming into the workforce.

First home buyers are subdued - the number of years needed to save for a deposit is just over nine – while investor activity remains strong.

The Reserve Bank changes the LVRs again – a 40 per cent deposit is required by investors, and 20 per cent for others.

2017

A turning point is reached, with investors pulling back and overall sales and prices slowing.

The number of years needed to save for a deposit improves and first home buyers command a bigger share of the market.

Mortgage rates are stable and migration eases but it is still high enough to put pressure on housing stock.

2018

A holding year for the market, with most indicators pre!y stable.

The Reserve Bank makes further tweaks to the LVR restrictions - the deposit requirement for investors drops from 40 per cent to 35 per cent while for owner-occupiers it rises to 15 per cent. The new Coalition Government extends the Brightline test to five years

OneRoof.co.nz

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FORECAST and introduces a foreign buyer ban.

2019

Another fairly stable year for the market. The Reserve Bank loosens the LVR rules further (investor deposits go down to 30 per cent, while for owneroccupiers it goes up to 20 per cent) and first home buyers increase their share of the market.

Migration and dwelling consents surge while mortgage rates drop.

The Government rejects proposals for a capital gains tax but introduces a tax ring-fence for rental property losses.

2020

Covid-19 hits early in the year and major changes are made by the Government and Reserve Bank in response: the Official Cash rate is cut to 0.25 per cent, LVR restrictions are removed, mortgage payments can be deferred, a funding for lending programme is instigated and quantitative easing is reintroduced.

The country goes into lockdown at the end of March and restrictions stay until the start of June. The housing market slumps in April and May but starts to pick up from June onwards.

Investors take advantage of smaller deposit requirement (only the banks’ own rules, circa 20 per cent), although Healthy Homes legislation causes a stir and raises costs.

Net migration collapses but dwelling consent numbers are solid and shortages of housing stock finally start to decline.

Things don’t get much easier for first home buyers, however, with the number of years needed to save for a deposit back to previous peaks.

2021

The market is booming, but the support measures introduced in 2020 are slowly withdrawn.

The Reserve Bank reinstates and strengthens LVRs, raising investor deposits back to 40 per cent and dropping the owneroccupier requirement to

10 per cent.

It also raises the OCR for the first time in seven years, ends quantitative easing and signals new lending restrictions such debt-to-income ratios.

In March, the Government announces new housing policies designed to level the playing field. Investors are targeted again, with the Brightline test extended to 10 years for existing properties (still five for new-builds) and interest deductibility is removed on all new purchases and phased out on those bought before the announcement, although it still applies for newbuild purchases.

Net migration is almost non-existent and a larger dent is being made in housing shortages.

WHY THE HOUSING MARKET COULD BE VERY DIFFERENT IN 2022 JAMES WILSON looks at the factors that will determine the course of the market over the next 12 months.

THE HOUSING market has ended 2021 on an uncertain note, with substantial hikes in interest rates likely and new lending restrictions all but locked in.

Rising building costs and inflationary pressures will also have an impact, as will house price rises that have left many first home buyers either carrying too much debt or shut out of the market. So what will 2022 bring?

Valocity has looked at the key factors that could determine the course of the housing market over the next 12 months.

CONCLUSIONS

Low mortgage rates have been needed lately to support the economy, but the flipside is that the inequality driven by house price boom could have been mitigated if New Zealand had built more houses earlier.

The housing shortage was partly the result of the industry shake-out following the GFC but there are lingering issues of land use constraints and the Resource Management Act. The Auckland Unitary Plan seems to be driving a step change in that market, and the experience of post-quake Canterbury shows what can be done if decision-makers react quickly and open up land. The recent easing in the requirement to get resource consent (e.g. for up to three houses of three storeys on the same section) also seems to be a step in the right direction.

Would a capital gains tax have changed all of this?

Maybe. But New Zealand already has a form of CGT anyway in the form of the Brightline test. Perhaps a land tax or wealth tax would be more effective, but equally important would be carrots for investing in other assets, rather than sticks to stop people buying property.

• Kelvin Davidson is the chief property economist of CoreLogic

INFLATION

Inflation is creeping into many parts of the economy, but is this a short-term problem that can be dealt with or a serious issue that requires a more aggressive response in the form of rapid and sizeable increases in the Official Cash Rate? We know the Reserve Bank has already raised the OCR and has signalled a clear intent to continue to do so. This has already had an immediate impact on bank interest rates and market behaviour, with many homeowners and potential buyers pausing to take stock of what this means for them personally.

INTEREST RATES

Going hand in hand with

Construction on a new home.

The rise in building costs are set to have a big impact on the housing market. Photo / Getty Images

increases in the OCR are increases in bank interest rates.

Most banks pushed up their own interest rates ahead of the Reserve Bank’s decision to raise the OCR in October and they are likely to continue taking the lead well into 2022 and beyond.

Many Kiwis who bought property in the last seven years will be unaccustomed to rising rates, and those who bought in the last 18 months may be shocked when interest rates move beyond five per cent. This will have an impact on spending habits as belts are tightened and may see some mortgage-holders who bought holiday homes or investment properties radically rethink their assets.

LENDING RESTRICTIONS

This time last year, the Reserve Bank announced it was considering reintroducing the loan-to-value ratio rules it removed at the start of the Covid crisis. Since bringing them back in March this year, a slew of additional lending restrictions came into force, all of which will have an impact on the market in 2022. Two additional potential upsets are the Credit Contracts & Consumer Finance Act (CCCFA) and Debt-to-Income (DTI) ratios, which may further restrict access to credit for some buyers.

The CCCFA will see banks increase scrutiny on borrowers’ spending habits, a stronger focus than ever on their ability to service the debt they wish to take on. This may have an impact on certain buyer types who were already on the margins, more so when combined with an increasing interest rate environment.

At the time of publication, the Reserve Bank was still weighing up whether or not to enforce Debt-to-Income ratios but some banks have already adopted the

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tool and more will follow.

DTI ratios restrict the amount buyers can borrow to a set multiple of their household income (the banks have for now se"led on six) and they are likely to have a significant impact, if Reserve Bank figures are anything to go by. In the six months to September this year, 25% of lending to first-home buyers had a DTI of above six.

A third of lending to owneroccupiers was above a DTI of six, while for investors the proportion was 51%.

Signals of intent to cut back on interest-only lending may also dampen buying activity by property investors, who typically use such facilities to access the market.

NEW BUILDS

There have several policy announcements made this year that will have an impact on New Zealand’s new-build sector.

The Government’s decision to exempt new build purchases from its tax deduction rules for 20 years will likely see more investors direct their a"ention to new homes, which have typically been the preserve of first home buyers. Expect to see increased competition and increased pressure on new build prices.

The Government’s intention to speed up the resource consent process may have the unintended consequence of accelerating house prices in affordable suburbs, giving extra incentive to developers to grab as much developable land as they can.

Rising construction costs are also likely to put pressure on the market, with residential build costs going up 5.5% in the year to September. Covidrelated supply chain challenges and labour shortages are unlikely to ease in the short term. Those looking to purchase a new build should prepare for delayed se"lements and higher costs.

• James Wilson is director of valuation at Valocity.

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OneRoof.co.nz

ONEROOF

HOUSING SURVEY 2021

W H AT K I W I S R E A L LY T H I N K A B O U T

HOUSE PRICES $1.0

20,00 $834,00 0 0 0 $ 0 , 0 9 8 6 6

0 $5 , 000 0 0 0 , 4 9 7 $ 98,000 776,000 $9 $ $2.350 ,000 0 0 0 0 0 0 , , 2 2 8 6 $7 $6 $1.350,000 $457,0 0 0 0 0 0 0 0 , 0 , 5 6 4 $ .

1 1 7 9 3 4 8,000 $ $1.250 ,000 38,000 $87 4 $ 6,00 0

D L SO

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OneRoof.co.nz

ONEROOF

HOUSING SURVEY 2021

W H AT K I W I S R E A L L Y THINK ABOUT HOUSE PRICES New survey by OneRoof and data insights firm Kantar shows housing affordability is a pressing concern for the majority of Kiwis, with two out of five wanting the Government to bring prices down to pre-Covid levels.

neRoof commissioned data DO YOU THINK likely to feel this way (50%). Those living in other insights firm Kantar to poll HOUSE PRICES North Island regions perceive prices to be slightly IN YOUR AREA Kiwis on their a!itudes too high (26%). to house prices in New ARE… Zealand. Five questions The majority of respondents SLIGHTLY TOO were asked, covering are not optimistic that how Kiwis perceive SLIGHTLY HIGH the housing market house prices right now, will become more TOO LOW ABOUT 20% 2% RIGHT what they think about the affordable in the future of the market and 11% next two to three whether or not they think the years, with just over MUCH Government should try to bring two-thirds of New TOO LOW down prices.

Zealanders saying 1% The survey of just over 1,000 Kiwis affordability will DON’T around the country was run in October. worsen.

According to the results, the majority of New KNOW Those aged 60-plus Zealanders perceive current house prices to be are significantly more 4% too high. This perception is particularly strong likely to perceive the among those living in the major cities – Auckland MUCH TOO housing market will and Wellington - and indicatively among the HIGH 62% slightly improve (19%) younger demographic. Further to this, most New over the next two to three Zealanders are not optimistic about the future of years and less likely to say it the housing market, believing affordability will will significantly worsen (26%). worsen in the next two to three years.

Forty per cent of respondents More than two-thirds of New Zealanders with a household annual income of currently own a house in New Zealand, $50,000-$100,000 think affordability will although this is skewed towards those aged significantly worsen.

40-plus and those living outside of Auckland.

There is no significant gender or regional Among homeowners, confidence in the ability to trends within the results to this question. purchase another house at the current prices if their current house is sold is divided. Around a Among current homeowners, confidence quarter currently sit at each end of the confidence in being able to purchase another house SIGNIFICANTLY scale and the other half of homeowners sit in the at the current prices is divided, with half middle.

IMPROVE 1% currently sitting in the middle.

New Zealanders place responsibility Just over two-thirds of people in New Zealand DON’T for increased house prices on property currently own a house in the country. This is investors and overseas buyers, STAY THE SLIGHTLY KNOW largely skewed towards those who are aged 40although both the current Labour SAME 15% IMPROVE 4% plus, have high personal and household annual 12% Government and previous incomes ($100,000 and above) and those living National Government are also in the North Island (excluding Auckland and seen as responsible.

Wellington). Homeowners are significantly less And just over two in five likely to be living in Auckland.

New Zealanders agree that the Those who say they are very confident of being Government should forcibly able to purchase another house at current prices reduce house prices to preskew towards males, those living in Canterbury Covid levels. Strong agreement SLIGHTLY and those who have high personal and skews higher among nonWORSEN SIGNIFICANTLY household annual income ($100,000 and above).

33% WORSEN 35% homeowners, younger Kiwis and those with a household Most New Zealanders place the annual income of $50,000responsibility for increased house prices $100,000. on property investors and overseas buyers.

The younger demographic (18-29) are significantly THE RESULTS more likely to place responsibility on property Just over 80% of New Zealanders investors (68%) and the current Labour perceive house prices to be too Government (43%), similarly those aged 30-39 high, with age and region playing a DO YOU THINK THE (43%). Those aged 40-49 are significantly less AFFORDABILITY significant role. likely to say the Labour Government (28%) Respondents aged 60-plus are significantly OF HOUSES IN THE while those aged 60-plus are less likely to say the more likely to think house prices are “about HOUSING MARKET previous National government (18%).

OVER THE NEXT 2-3 right” (16%), while those aged 18-39 years are Men are significantly more likely to place the YEARS WILL… indicatively more likely to say they are “much too responsibility on both the current Government high” (67%).

(43%) and previous National government (28%) , Those living in Auckland and Wellington are and also first home buyers (6%). significantly more likely to perceive house prices Aucklanders are significantly more likely to being much too high (68% and 77% respectively), place the responsibility on banks (26%). while those in Canterbury are significantly less

OneRoof.co.nz

ANALYSIS

VERY CONFIDENT 26%

NOT CONFIDENT AT ALL 24%

UNCERTAIN 50%

HOW MUCH DO YOU AGREE OR DISAGREE THAT THE GOVERNMENT SHOULD FORCIBLY BRING HOUSE PRICES DOWN TO PRE-COVID LEVELS?

STRONGLY AGREE 21%

SLIGHTLY AGREE 21%

DO YOU CURRENTLY OWN A HOUSE IN NEW ZEALAND?

TONY ALEXANDER

IF YOU WERE TO SELL YOUR HOME NOW, HOW CONFIDENT ARE YOU THAT YOU WOULD BE ABLE TO PURCHASE ANOTHER HOUSE AT THE CURRENT PRICES?

NO 31%

STRONGLY DISAGREE 18%

SLIGHTLY DISAGREE 13%

NEITHER AGREE NOR DISAGREE 27%

YES 69%

More New Zealanders agree that the Government should try to forcibly bring house prices down to pre-Covid levels.

Agreement skews towards younger New Zealanders, those with low to average annual household income and nonhomeowners.

New Zealanders aged 18-39 are significantly more likely to strongly agree (29%) while those aged 50plus are less likely to strongly agree (15%).

Males lean towards strongly disagreeing (23%).

New Zealanders with a household annual income of $50,000-$100,000 are more likely to strongly agree (26%), while high personal and household income earners ($100,000) are likely to strongly disagree (33% and 26% respectively).

Homeowners are significantly more likely to disagree (strongly and slightly disagree - 39%) while those who don’t currently own a house are significantly more likely to strongly agree (38%)

THE AVERAGE HOUSE PRICE IN NEW ZEALAND HAS DOUBLED TO $1M IN THE LAST SEVEN YEARS. WHO DO YOU THINK IS RESPONSIBLE FOR THAT INCREASE? NO ONE 4% OTHER 12% FIRST HOME BUYERS 4% BANKS 22%

THE NATIONAL Notes about the poll: GOVERNMENT 24% The OneRoof–Kantar Housing Survey 2021 was taken between Wednesday, October 20, and Wednesday, October 27, using the ConsumerLink THE CURRENT LABOUR Flybuys panel in New Zealand, which has more GOVERNMENT 35% than 100,000 active members. Sampling was nationally representative, and then was postweighted by age, gender and region to ensure it OVERSEAS BUYERS 52% matched the underlying population as published by Statistics New Zealand.

Only those aged 18-plus were PROPERTY INVESTORS 62% included. The sample size was n=1,001 and the maximum margin of error for total sample (at 95% confidence level) OTHER MENTIONS INCLUDE: HOUSING SHORTAGE; was plus or minus 3.1%.

IMPACT OF COVID-19; INCREASED DEMAND

We want house prices to drop – but less so if it impacts our retirement JUST OVER a month ago the OneRoof-Kantar Housing Survey 2021 was conducted, looking at how people feel about house prices in New Zealand. The survey has made the effort to get the demographic distribution of responses to match the make-up of New Zealand’s population, so we can be reasonably confident that the 1001 responses reflect how Kiwis feel overall.

In that regard, it is surprising that 52 per cent of people still say overseas buyers are responsible for house prices doubling in the past seven years. There has been a ban on almost all foreign buying since late 2018 and only 40 per cent of the price-doubling since 2014 occurred before the ban. Clearly, memories of the strong debate back then and perhaps the misplaced accusation of “Chinese-sounding names” still linger.

A larger 62 per cent of people blame investors for house prices doubling, and that seems accurate from the analysis I do. Falling interest rates, especially since 2015, have encouraged investors into debt-funded assets such as housing. This perhaps has been the key characteristic of our housing market for three decades. We Kiwis have transformed our homes and the homes of others into portfolio assets used for building our personal wealth and funding our retirements – with encouragement from governments to do so.

Now, with so many people reliant on house prices staying up to maintain wealth and ensure we are comfortable in our old age, falling house prices are unlikely to be positively greeted by most people. Yet in the OneRoof-Kantar survey, 42 per cent of the 1,001 respondents feel the Government should force house prices back down to pre-Covid levels. That would involve reversing the 39 per cent rise in prices since March 2020.

But perhaps the detail of responses to this question provides an explanation. Some 62 per cent of those who do not own a home want the Government to act, while a still high 32 per cent of homeowners would support some intervention. That high 32 per cent for current homeowners might be driven by concerns that affordability is going to get worse and purchase options are shrinking for their offspring.

A high 70 per cent of respondents expect affordability to worsen over the next two to three years. This can be broken down further, with 78 per cent of those not owning a home expecting deterioration and 63 per cent of those currently owning a home feeling this way. This means even though 82 per cent of respondents feel house prices are fundamentally too high, there is li!le optimism that this situation will change.

Perhaps one result worth noting at the regional level is that while 42 per cent of people nationwide feel the Government should act to get prices down, the proportions in Auckland and Wellington are 49 per cent and 53 per cent respectively. Only 30 per cent of Cantabrians, however, would favour action to deliberately lower prices. And in Wellington, 94 per cent of people feel house prices are too high compared with “just” 80 per cent in Auckland and 77 per cent in Canterbury.

• Tony Alexander is an economics commentator and former chief economist for BNZ.

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HOUSING AFFORDABILITY: POLITICS

Government v the h Can a minister ever There is no silver bullet to the housing crisis, says Housing Minister Megan Woods, but significantly boosting the number of new homes is critical.

CATHERINE MASTERS looks at the Government’s track-record.

T

he housing crisis has been a long time in the making but tens of thousands of new homes are coming, says Housing Minister Megan Woods.

“Let’s be clear, the housing crisis is a result of decades of inaction, where it was assumed the market would meet the demand for more new affordable homes. Not surprisingly, it didn’t.”

Building consents “fell off a cliff” after the Global Financial Crisis (2008) and nothing was done to stimulate affordable housing, Woods said in a wri#en response to OneRoof questions. “As a result, New Zealand has a severe housing shortfall and multiple interventions are needed to increase new development, particularly for affordable homes.”

Cu#ing red tape to allow more housing density in urban areas is key to boosting new housing, she says. “PWC estimates the changes we are making, with support from the National Party - the Resource Management (Enabling Housing Supply and Other Ma#ers) Amendment Bill - will result in at least 48,200 and as many as 105,500 new homes in the next five to eight years.

“This is in addition to an anticipated 72,000 homes built over about the next 20 years as a result of changes we made last year through the National Policy Statement – Urban Development.

“There’s no silver bullet to the housing crisis but significantly boosting the number of new homes is critical, and this will take more time.”

Woods says house prices have risen on the back of low supply and rock-bo#om interest rates, a situation that is changing and is likely to impact investors. “Early on, our Government moved to restrain housing speculation with the foreign buyer ban.

The new interest deductibility rules to shift investors away from residential property have a deliberate exclusion to encourage investment in new housing.”

Green shoots of positive change are now being seen, she says. “Price rises appear to be

stabilising and the number of first-home buyers is growing.

There is an enormous amount of building activity in the market, with new dwelling consents breaking records for several months in a row. This trend remains strong.”

While Woods is positive about the crisis improving, two economists spoken to for this story give the Government’s housing performance only a pass mark. Nick Tuffley, the ASB’s chief economist, gives 8/9 out of 10 for enthusiasm and passion for Labour’s recognition of the problem and willingness to a#ack it, but only a 5 for execution. Brad Olsen, principal economist and director of Infometrics, gives an overall six out of 10, saying the score could be worse – but it could be be#er.

“I think [it] only just scrapes through on the edge of doing enough. In all honesty, my score would have been different if they

Housing Minister Megan Woods.

Photo / Alex Burton

hadn’t talked such a big game – people were expecting this housing crisis business to be fixed by now. It’s now substantially worse.”

Labour came to power in 2017 looking to shake up the housing market. Among the measures implemented was the overseas buyer ban, but while they looked closely at a capital gains tax Prime Minister Jacinda Ardern went on to rule one out under her watch.

Labour has, however, twice extended the bright line test, first brought in under National, which is like a mini-capital gains tax.

Arguably Labour’s biggest misstep was its flagship KiwiBuild scheme, which had promised 100,000 affordable homes over 10 years but which fell woefully short. The target was abandoned altogether when Woods took over the housing portfolio from the emba#led Phil Twyford in 2019.

In a “reset” of the scheme, KiwiBuild, along with Housing New Zealand, was put

into the jurisdiction of the newly-formed Kāinga Ora – Homes and Communities, which is tasked with being the public housing landlord and also partnering with developers, iwi and communities on urban development projects.

Tuffley says improving the supply of homes has been a long-term challenge since the Reserve Management Act (RMA) came into play in 1991.

Heavily regulated jurisdictions around the world tend to have higher house prices, he says, and since the RMA the

“PEOPLE WERE EXPECTING THIS HOUSING CRISIS BUSINESS TO BE FIXED; IT’S NOW SUBSTANTIALLY WORSE.” - ECONOMIST BRAD OLSEN Last year saw the arrival of Covid, record low mortgage rates and other monetary policy measures from the Reserve Bank to stave off economic collapse, but house prices rose.

Earlier this year, the Government announced a housing package that was designed to “curb rampant speculation” and “tilt the balance” of the market towards first-home buyers.

The measures included extending the bright line test from five to 10 years and the phasing out of property investors’ ability to claim interest on loans as an expense.

There were also increases to first home grants and a lifting of house price caps, and $3.8 billion was allocated to a Housing Acceleration Fund to pay for infrastructure.

This year also saw le#ers sent to the Reserve Bank

by Finance Minister Grant Robertson asking the bank to take house prices into account when looking at monetary policy. After Governor Adrian Orr rejected that, Robertson directed the bank to take into account the Government’s objective to support more sustainable house prices.

The Government has also approved in principle that the bank can use debtto-income ratios to ensure sustainable house prices, as long as the impact on firsthome buyers is minimised.

July this year also saw the announcement of the National Policy Statement - Urban Development, which directs councils to free up land around transport hubs, while in October there was the surprise joint announcement by Labour and National on the Housing Supply Bill which will allow three homes of up to threestoreys high to be built on most sites without the need for resource consent.

cost of land and building has escalated, along with time frames around consents. The Government is addressing the RMA but the jury is out on how effective its plans to split the Act into three will be.

But Labour has pushed hard try to resolve the supply side of the housing equation, Tuffley says, and while the original KiwiBuild scheme didn’t work, the plan had been to flood the market with new homes at the lower cost end of the market, where developers weren’t building.

“With the benefit of hindsight, it was more of a solution that got proposed without probably looking at what the actual problem was - hence it ran into all the problems that were fundamentally there.”

Those include land being scarce and expensive, as well as the difficulty, expense and time taken to get consents, plus infrastructure problems.

Tuffley thinks the joint announcement is progress as it gets rid of a lot of the red tape that has stopped infill development.

Probably the most significant step this year was the removal of interest deductibility, which impacts investors’ cashflow but means residential property is being treated differently to any other investment with tax deductible expenses.

What has been missing is a fast-enough supply response, but to give the Government credit it is working hard on creating more supply of social housing, he says.

Overall, Labour recognised housing as an issue before it came to government and had an “absolute will to do a heck of a lot more about it… but it has been the execution of the ideas which haven’t necessarily been as effective as people would have liked,” says Tuffley.

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23

e housing market: r win?

Olsen points to a lot of tinkering on the demand side, saying measures like the foreign buyer ban “was always a convenient political beat-up rather than a solid housing market change”.

And while the change to interest deductibility was presented as a tax loophole, it wasn’t one – “I mean, if that’s a tax loophole then the way we do business is a tax loophole because it is literally how you do business.”

But while investors have said they would leave the market because of the change, Olsen notes that they haven’t, saying housing is their bread and bu#er.

Some positives have started to come through.

Olsen praises the National Policy Statement - Urban Design, saying Labour has given more clear directives here than New Zealand has been used to, but says it has been challenging at times to understand how the Government and the Reserve Bank separately see how the Bank fits into the housing sector.

One of New Zealand’s greatest housing policy failures is not having a central focus on housing, Olsen says.

“We have a Ministry of Housing and Urban Development (HUD) but we also have housing policy that is very tightly controlled between Treasury, the Reserve Bank, MBIE, HUD, Kāinga Ora, MSD – you have a real alphabet soup with no over-arching coordination and, therefore, some really difficult mixed messages that are just not helpful in that environment.”

Nick Smith in Parliament in 2020. The former minister is most proud of his work on the Auckland Unitary Plan Photo / Getty Images

Auckland’s housing rules. [We had to] address the problems restricting housing supply but not antagonise residents who wanted to be able to address the rules that would change their neighbourhood.

I don’t know if you remember the signs that Labour put up about me throughout Auckland. They had those big hoardings up, “Keep out of Auckland/ Nick Smith, not your business”. At the same time, they were beating me up about the problems of housing affordability and supply.

Actually, fixing Auckland’s Unitary Plan was pivotal to ge#ing on top of the city’s housing issues.

Q: Is there more agreement between the parties now?

NICK SMITH: ‘IT WAS THE MOST STRESSFUL PORTFOLIO I HAD’ The housing minister for National from 2012 to 2017 talks to CATHERINE MASTERS about tackling the housing crisis at a time of changing migration.

On hand.

To lend a hand.

Q: What did you walk into when you took over housing?

When I came into the housing portfolio, we were building only 13,000 houses per year. When National left government, it was 31,000 homes a year. I’m not sure you can grow a sector as large and complex as housing much faster than that.

What was under-estimated in 2010 was the sharp turnaround in New Zealand’s net migration.

Rather than a net outflow of about 30,000 per year to Australia and further afield it balanced out. As a consequence, we started to see house prices and demand shift in 2011.

Q: What were your achievements?

I’m most proud of rewriting the Auckland Unitary Plan.

We walked a tightrope in fast-tracking the rewriting of

I nearly choked when Housing Minister Megan Woods was challenged over KiwiBuild.

She said it was a lot more complicated and recited exactly the same five points that I had made over what was key. Despite the political machinations, there’s actually a reasonable degree of political consensus that those five things - planning rules, infrastructure, trained personnel, innovation and building materials, and support for first home buyers were our housing policies.

Q: So why have house prices been skyrocketing regardless?

I think the Government made an awful error last year in providing $30 billion of very cheap capital to the banks.

That has largely gone into the housing sector and fuelled an extra 20 per cent of house price increase.

Q: But for a long time prior to Covid, and despite your work with the Unitary Plan, weren’t prices going up?

There is no question that from 2011 particularly to about 2016, if you looked at the migration flows to New Zealand and the rate of houses being built, we were building up a gap.

We were pedalling as fast as we could but the immigration numbers moved far more dramatically than it was possible to build houses.

Q: You, and other National Party politicians, denied there was a housing crisis – was there?

I just thought a huge amount of political energy was burned up over whether you call it a crisis or not rather than debate on the planning laws that would have made a material difference.

Word games are not going to solve the problem.

Q: What should have been done differently?

You always wish that you could pull those levers quicker. The nightmare of the last [National] government was never having a majority and never being able to advance key changes to the RMA as quickly or as thoroughly as we would have wished.

Q: Did housing take a toll on you?

I was working hideous hours trying to drive those things. It was the most stressful of the 14 portfolios I had. Complete frustration at the 2014 and 2017 election became a competition over the sound bite of KiwiBuild - I look back with irony at how badly that policy has failed.

Ray White City Realty Group has the city surrounded with five offices around Auckland city.

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HOUSING AFFORDABILITY: VISUALISATION

CHARTING EIGHT YEARS OF HOUSE PRICE CHANGES NEW ZEALAND

VALUE BRACKETS

100%

>$2m >$1.5m-$2m

80%

>$1.2m-$1.5m 60%

>$1m-$1.2m >$900k-$1m

40%

>$800k-$900k 20%

>$700k-$800k >$600k-$700k

2014

2015

2016

2017

2018

2019

2020

2021 >$500k-$600k

In 2014, almost two-thirds of the country’s housing stock had a value of $500,000 or less, while just 7% of homes had a value of over $1m. By 2021, the percentage of homes at the bo!om of the market had shrunk to just 12%, while 43% of the country’s homes had joined the $1m-plus club. The average rate of decline in the number of properties valued >$0 and $500,000 between 2014 and 2021 is 16%, but the biggest year-toyear drop in the value bracket (-51.72%) was between 2020 and 2021. The post-lockdown surge saw more homes join the top of the market, with the number of properties in the >$1.5m - $2m and >$2m value brackets rising 121% and 107%. hese eight graphs chart the changes in New Zealand’s property market from 2014 to 2021 and illustrate the rapid gains made by homeowners over the period and the dramatic decline in the number of homes at the bo!om of the market.

The graphs cover New Zealand as a whole and the country’s seven major metros and show for each year the percentage of homes that sits within the following 10 value brackets: >$0 - $500k; >$500k - $600k; >$600k - $700k; >$700k - $800k; >$800k - $900k; >$900k - $1m; >$1m - $1.2m; >$1.2m - $1.5m; >$1.5m - $2m; and >$2m.

Note, the value brackets reflect the dollar amount the houses have been valued at using data from OneRoof’s data partner Valocity. The graphs are arranged by size of housing stock.

• By James Wilson and Wayne Shum

>$0-$500k

AUCKLAND 100%

80%

60%

40%

20%

2014

2015

2016

2017

2018

2019

2020

2021

The biggest shifts in Auckland’s property values took place between 2014 and 2016, when the city’s housing market was peaking and the number of sub-$500,000 properties shrank by around 45%, and 2020 and 2021, when there were contractions in the number properties in all but the top three value brackets. In eight years, the number of homes at the bo!om of the market has plunged 88.7%, while the number at the top (those valued >$2m) has ballooned by 722%. Put another way, 29% of the city’s housing stock had a value of $500,000 or less in 2014 and just 3% had a value of more than $2m, while in 2021 the numbers at the bo!om and the top were 3% and 18%.

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CHRISTCHURCH

WELLINGTON

100%

100%

80%

80%

60%

60%

40%

40%

20%

20%

2014

2015

2016

2017

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2014

2021

Property values in the city are for the most part static between 2014 and 2019, but the chart shows significant shifts in the last two years. The percentage of properties valued >$0 - $500K drops from 62% in 2019 to 52% in 2020 to just 13% in 2021. While the majority of Christchurch homes have a value of less than $1m, the post-Covid surge has lifted the bo!om rung of the ladder for buyers, and the number of $1m-plus homes has grown from just 6% to almost 20% in the space of a year.

2015

2016

TAURANGA

100%

100%

80%

80%

60%

60%

40%

40%

20%

20%

2015

2016

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2019

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2021

Buying anything in the capital for less than seven figures will have been a challenge in 2021, with just 28% of the city’s total housing stock valued at $1m or less. In the last year, the capital has seen big contractions in the number of homes in the >$500,000 to $1m value brackets. The biggest shift at the bo!om of the market was between 2015 and 2016, when the number of properties valued $500,000 or less dropped from 49% to 28%. Since then the rate of decline has been around 31% year on year.

HAMILTON

2014

2017

2021

2014

2015

2016

2017

2018

2019

2020

2021

The number of entry-level homes (>$0 - $500K) has dropped from 84% in 2014 to three per cent in 2021 but the rate of decline only really accelerated in the last two years. The majority of the city’s housing stock (29%) now sits within the >$700K - $800K value bracket, but almost 15,000 homes (27%) have a value of more than $1m, compared to just 257 in 2014.

Almost three-quarters of homes in 2014 had a value of $500,000 or less but by 2016 that number had shrunk to just 31%. The next big crunches came in 2020 and 2021, when the percentage of homes in the >$0 - $500K bracket tumbled from 12% to 5% and then 1% Almost two-thirds of Tauranga homes now have a value of more than $1m, up from 4% in 2014.

DUNEDIN

QUEENSTOWN-LAKES

100%

100%

80%

80%

60%

60%

40%

40%

20%

20%

2014

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2021

Of all the major metros, Dunedin had the biggest percentage of homes in the >$0 - $500K bracket for the longest, starting in 2014 with 91% and staying steady until 2019, when the market surged and the percentage tumbled from 75% the year before to 52%. By 2021 the percentage of homes in the bracket fell to 13%, although the bulk of the city’s housing stock still sits below $1m.

2014

2015

2016

2017 2018

2019

2020

2021

The heat in Queenstown’s housing market saw the percentage of homes in the >$0 - $500K value bracket shrink from 34% in 2014 to nine per cent in 2016. By 2020 it had dwindled to one per cent, with 80% of homes carrying a value of more than $1m. Of all the major metros, Queenstown has, at 21%, the highest percentage of homes with a value of more $2m. Auckland is second, with 18%, while Dunedin has the least.

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OneRoof.co.nz

MARKET WATCH: TROPHY HOMES

ARGYLE STREET, HERNE BAY, AUCKLAND

$22m

‘THERE’S A BIT OF ONE-UPMANSHIP GOING ON’ House price records seem to be tumbling every week, with the top end of the market benefiting from a sea of wealth and buyers who just want to treat themselves to a new mansion. CATHERINE MASTERS reports.

A

gents who deal in top-of-the-line luxury real estate – in both the $5m-$10m and $10m-$20m-plus bands – say demand has not let up over the past 12 months.

OneRoof analysis of all se!led sales in the year to November 15 shows 11 properties fetched between $10m and $22m – and a further 74 properties fetched between $5m and $10m.

More are set to join them on the list, with OneRoof learning of several record deals that have yet to se!le.

The quantity of big sales partly reflects the amount of money circulating around New Zealand but it is also the result of the rapid escalation in property values that took place after the first Covid lockdown.

A lot of Kiwis have used those gains to upscale to a new home or buy a bach, or, in the case of some at the top end of the market, buy a second or third luxury property.

Most of the top sales, both se!led and unse!led, are in Auckland, in Herne Bay and Remuera, but a handful of big money deals have taken place in Queenstown, including two homes that sold for around $17m each.

There have also been large sales in Wanaka, Christchurch, Tauranga and Hastings.

Luxury agency Wall Real Estate has its name on many of the big deals that have taken place this year, including the record-breaking $22m for a mansion in Herne Bay. It’s also the agency behind the all-time residential sale price record in New Zealand - $39m for a huge mansion in Auckland’s Orakei.

That record could tumble if the superpenthouse at the top of the Pacifica, New

INANGA LANE, OMAHA

$7.375m

Zealand’s tallest residential apartment tower, sells for its list price of just $42m. That listing is being marketed by New Zealand Sotheby’s International Realty agent Pene Milne, who brokered last year’s top sale, $24m for a waterfront mansion in Westmere.

Graham Wall, who runs Wall Real Estate with

his two sons, says his clientele includes superwealthy people who live first in Herne Bay, move to Remuera for the grammar schools, then move back to Herne Bay. The highest known sale price of 2021 is $23.5m, paid for a huge waterfront property on Marine Parade in Herne Bay. Rich-lister property developer Kurt Gibbons bought the home – which boasts one of the city’s widest beach fronts earlier this year, but the sale has yet to se!le.

Clipping at its heels was the $22m the Walls got for Gibbons’ former home on Argyle Street, also in Herne Bay. This luxury property was marketed as a “once in a lifetime” opportunity and both homes were part of the “Herne Bay shuffle” saw the Walls close deals on four luxury homes in the suburb for a combined total of $60m-plus.

Herne Bay also notched up a $14m sale in March, for a large waterfront home on Sarsfield Street. The agents who found the buyer, Barfoot & Thompson’s Carl Madsen and Chris Batchelor, told OneRoof at the time they were shocked at the level of competition for the house.

Outside of Auckland, there have only been a handful of comparatively large sales – but two very large ones which have yet to se!le included Ray White Queenstown’s sale of a luxury lodge in Twin Peak View, in Glenorchy, which fetched $17m in October, and a neighbouring property that went for $17.5m earlier in the year.

Other big sales this year include the $6m paid for a five-bedroom home in the centre of Wellington; $5.6m for a beachfront home in

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Tauranga’s Mount Maunganui; and $5.2m for out at the clubhouse at Tara Iti.” Hastings’ Mana Lodge, the former home of And people who have a property in broadcasting legend Sir Paul Holmes.

Omaha are likely to have others, perhaps in Graham Wall says that while the $20m-plus Queenstown, or maybe on an island somewhere, market doesn’t feature a lot of sales, he is he says. “They like to have the ski house and the working on three that he can’t yet talk about. He golf house and something by the vineyards.” has been surprised at just how much money is A lot also have overseas pads in places like out there.

Colorado, Maui or Aspen, which they haven’t “It is amazing - there’s so much new wealth in been able to use lately because of Covid.

New Zealand that we didn’t even know about.”

James Wiilson, head of valuation at OneRoof’s Properties in the $20m-plus “stratosphere” are data partner, Valocity, says contrary to how it almost their own market but he is also selling a might appear there haven’t been as many sales lot of homes in the $5m to $7m-plus range, often in the $20m plus bracket over the last couple without them being advertised. of years, although there are never many in People ring up to find out what their property that price range anyway. But there have been is worth and the Walls tell them they already a healthy number of transactions in the $5m have a buyer, such is the demand. to $15m range, and the $5m to $8m range is Covid, he thinks, has reminded people in the becoming much more normal. high-value market of their mortality. “I think Fifteen years ago those properties were a lot of people just think, ‘You know, I deserve considered extremely high value and often the more.’ They ring up asking for a view of the domain of the international buyer but now there water or a bigger and be"er house.” are a lot more Kiwis buying a However, the $5m to $7m market in that price range.

“WE DID THREE property has plateaued a bit, Wall says.

That’s because a lot of People at that level keep an eye on families will have seen DEALS ON ONE interest rates and know if the rate their asset increase in STREET IN OMAHA value significantly, suddenly goes from three per cent to four per cent, they’ll “need another which they have been FOR $7.45M, salary” to cover the extra cost. able to use to climb But the prices won’t drop, he thinks, $7.75M AND THEN the property ladder, adding that for every $10m house he though they will still has five buyers. need a large income. $8.32M, AND IT Ross Hawkins, of Ray White Epsom, It’s the same for the WAS ALL PEOPLE next rung down in the also sells top-end properties around the country and says the market has $3m to $5m range, where JUST MOVING “gone silly”. suddenly on paper the “We’re breaking records everywhere home has made owners a lot AROUND IN we sell at the moment.” of money, meaning people who OMAHA TO That has a lot to do with money bought seven years ago staying in the country because the for $1m or more can take BETTER PLACES.” out a similar loan and find wealthy haven’t been able to travel, so they are pu"ing money into their themselves in the $3m to leisure time in New Zealand instead. $5m club.

Some would easily spend hundreds of “Equity growth has allowed people to thousands of dollars a year on overseas travel, leverage into a price bracket they wouldn’t have he says. “They charter superyachts and all that been able to 15 years ago,” says Wilson. sort of stuff so, yes, they do spend a lot of money Those who can’t afford the likes of Herne Bay taking families on ski trips and safaris and and Remuera are looking across to Auckland’s wherever else they go to these luxury hideaways east, says Greg Hornblow, group general around the world.” manager of Ray White Howick.

And people who buy in places like Omaha, There buyers can get the great schools, the the playground of the rich to the north of wonderful beaches and the big house with Auckland, are wealthy enough to not think twice gardens for half the price in central Auckland. about moving a few doors up the beach for a “It’s definitely a more cost-effective way to buy. be"er view, he says.

You’re talking a beautiful home out here for “We did three deals on one street in Omaha for $3.5m compared to $7m to $10m.” $7.45m, $7.75m and $8.32m. They were all people The area has become extremely popular in just moving around in Omaha to be"er places.” recent months. In October, a big home with a A lot of people went to Omaha in the early pool on Anaheim Boulevard in Howick a"racted stages and got the pick of the sites but now an opening bid of $2.6m and landed 74 bids later are venturing further north to the Tara Iti golf at $3.3m. course development, where they are building Another strong sale was of a property on even bigger homes, Hawkins says. “There’s a bit Point View Drive that boasts stunning views and of one-upmanship going on, where people are plenty of land at 6600sqm. The opening bid was buying two lots beside each other and building $2.6m and 57 bids later it sold for $2.975m. across both.

That’s still big dollars to pay, says Hornblow, “These are the sort of people that will come in but look at what you get, from the landholding to play golf with the rich and famous, and hang itself to the schools, the beaches and amenities.

JESS ROAD, WHAKAMARAMA, BAY OF PLENTY

$5.6m

2021’S TOP SETTLED SALES

The table shows the top 25 se"led residential sales in the year to November 10. The listing agents for each of the sales have also been given. Where no information is available we have marked N/A. For privacy reasons we have left off the street number of each property. Data provided by Valocity SALE PRICE

ADDRESS

LISTING AGENT

$22m

Argyle St, Herne Bay, Auckland

Graham and Ollie Wall, Wall Real Estate

$16.1m $15.6m $14m

Forestline Rise, Queenstown-Lakes Victoria Ave, Remuera, Auckland Sarsfield St, Herne Bay, Auckland

N/A Sarah Liu, Bayleys Carl Madsen, Barfoot & Thompson

$13.25m

Minnehaha Ave, Takapuna, Auckland

Andrew Dorreen, Precision Real Estate

Karori Cres, Orakei, Auckland $12.5m $11.028m Victoria Ave, Remuera, Auckland

Peter and Myles Cleave, UP Sarah Liu, Bayleys

$11m

Hamilton Rd, Herne Bay, Auckland

Andrew and Ollie Wall, Wall Real Estate

$11m

Orakei Rd, Remuera, Auckland

Leila and David MacDonald, Barfoot & Thompson

$11m

Remuera Rd, Remuera, Auckland

$10.25m

Alan Murray Lane, Oneroa, Auckland

$9.9m

Maungakiekie Ave, Auckland

Linda Galbraith, Barfoot & Thompson

$9.88m

Shelly Beach Rd, St Marys Bay, Auckland

Tony Worsp and Maggie Li, Barfoot & Thompson

$9.8m

Arney Cres, Remuera, Auckland

$9.5m

Glenorchy-Queenstown Rd

$9.25m

Chelverton Ter, Red Beach, Auckland

$9.2m $9m $8.7m

Clifton Rd, Hauraki, Auckland Ocean View Rd, Oneroa, Auckland Ranui Rd, Remuera, Auckland

$8.5m

Jervois Rd, Herne Bay, Auckland

$8.5m

Arney Rd, Remuera, Auckland

$8.4m

Seacliffe Ave, Belmont, Auckland

$8.4m $8.2m $8m

St Leonards Rd, Hauraki, Auckland Hurstmere Rd, Takapuna, Auckland Pentland Ave, Mt Eden, Auckland

Leila and David MacDonald, Barfoot & Thompson Tobias Roebuck-Ward, Waiheke Homes

N/A Terry Spice and Nick Horton, Luxury Real Estate Andrew Dorreen, Precision Real Estate Victoria Bidwell, Bayleys N/A Michael Boulgaris, Boulgaris Realty Martin Dobson and Caroline Daniel, Kellands Michael Boulgaris, Boulgaris Realty Athena Wang and Aaron Reid, NZ Sotheby's International Realty N/A N/A N/A

Steve Koerber’s

REMUERA Quarterly Report STE Go to

loveyourarea.co.nz Ray White Remuera | Megan Jaffe Real Estate Ltd Licensed (REAA 2008)

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NIL

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VE

Steve Koerber 021 864 166 steve.koerber@raywhite.com

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INDUSTRY VIEW

Market remains strong for now but new moves add level of complexity to months ahead Despite new measures aimed at cooling the market, New Zealanders still have a healthy appetite for property, writes JEN BAIRD.

F

igures from the Real Estate Institute of New Zealand (REINZ) shows the housing market has rebounded from the nationwide lockdown ordered in August. Buying activity has increased and prices are strong, with the shift taking place in September, when much of the country left level four restrictions.

We saw median house prices for residential property across New Zealand increase by 23.4 per cent from $725,000 in October 2020 to $895,000 in 2021. Ten out of 16 regions reached record price medians, and one an equal record. The data tells us that Covid-19 has not dampened the demand for property, and buyer activity is still strong.

The market’s underlying strength was again shown in the REINZ House Price Index, reaching a new national high of 4,206 (this is the 15th

consecutive month that we have seen a new high). Growth was distributed across all regions, with nine of the 12 regions reaching a record level in October.

October saw the number of residential sales decrease by 21.7 per cent year-on-year.

However, the sales count from September increased by 30.8 per cent, showing a market revitalised by the usual spring uplift in activity and easing restrictions. While a feeling of uncertainty around Covid-19 is still prevalent across the country, an uptick of listings and stock has given buyers more choice and heightened their confidence.

Auckland’s October data make interesting reading. What we have seen is that, despite a 20.3 per cent decrease in its sales count year-on-year, people have adapted to the prolonged restrictions in Auckland.

Month-on-month, Auckland’s sales count increased by 85.5 per cent. Real estate professionals have well-tested ways of working remotely and the eased restrictions around viewings have enabled more real estate activity.

Many expect to see a further rise in activity in other regions when Auckland’s borders reopen. We may also begin to see an increase in the number of Aucklanders wanting to move away from the city. Hawke’s Bay, Canterbury and the Queenstown Lakes District noted a significant uptake in out-of-town enquiries this October – predominantly from Aucklanders. The lockdown has given Aucklanders more time to browse online and look at properties and potentially more thinking space on whether living in another region is an attractive option – particularly as workplaces become flexible with working-from-home measures.

Again, auctions proved a popular method of sale, with auctions accounting for 30.1 per cent of properties sold in October 2021 compared to 22.8 per cent a year prior. Virtual auctions have been effective throughout the various alert levels as they have enabled vendors to continue their sales process. Gisborne typically has a high auction count and had the highest percentage of auctions across New Zealand,

Potential headwinds: REINZ chief executive Jen Baird.

“Many expect to see a further rise in activity when Auckland’s borders reopen.”

with 48.2 per cent of properties selling by auction. Auckland was second, with 44.8 per cent of properties sold by auction, highlighting increased activity in the region. Canterbury had the third highest auction count with 41.2 per cent of sales sold by auction. Interestingly, we are beginning to see a professionwide shift towards auctions as they provide a market-derived understanding of a property’s value and open-market transparency.

Over the summer period, there is some expectation that investor numbers will decrease.

This may be largely due to the

recent tax changes announced on October 1 – property investors will no longer be able to fully deduct interest costs against the income they make renting out a property. These government measures to dampen investor demand, along with increasing the supply of housing through medium-density housing rules, seek to address housing affordability in New Zealand.

However, they add a new level of complexity to the market that will likely play out in the months ahead.

The past couple of months have seen real estate professionals navigate more than just Covid-19 restrictions.

The Reserve Bank has made good on its earlier indications that interest rates will rise in the coming years, the introduction of debt-to-income ratios seem more likely, and inflation is rising – all of these factors have the potential to create headwinds for house prices.

Right now, heading into the busy summer period, we expect the market to remain strong.

- Jen Baird is the chief executive of the Real Estate Institute of New Zealand (REINZ)

Expertise Knowledge Dedication

Jason and Kerryn have the expertise and dedication to deliver the premium result your property deserves. Together they bring a proven skill set in transacting luxury homes and apartments amongst some of Auckland’s most desired locations. This experience, along with their extensive knowledge of the market is reflected in their combined sales results of $98,000,000 during 2021.

If you are considering either buying or selling in 2022 and would like to discuss your options, contact Jason and Kerryn for a private discussion.

JASON GADDES +64 21 994 921 jason.gaddes@nzsir.com

KERRYN PETERS +64 21 280 0577 kerryn.peters@nzsir.com

NZSOTHEBYSREALTY.COM Each Office Is Independently Owned and Operated.

Browns Real Estate Limited (licensed under the REAA 2008) MREINZ.

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REAL ESTATE

BY DESIGN Crafting bespoke solutions for every homeowner

uprealestate.co.nz

UP REMUERA 2 Dilworth Ave

LICENSED AGENT REA 2008

UP MT EDEN 435 Mt Eden Rd

UP HERNE BAY 162 Jervois Rd

LICENSED AGENT REA 2008

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ONEROOF-VALOCITY HOUSE VALUE INDEX

THE SLOW BURN IS COMING

Northland $837,000

New Zealand $1,052,000

+6.4%

The housing market has so far shrugged off interest rate rises and Covid lockdowns, ending the year with prices higher than ever. But value growth in some regions has stalled and there are clear signs that 2022 won’t be as hot – just don’t expect there to crash. OWEN VAUGHAN and CATHERINE MASTERS report.

+5.9%

Auckland $1.506m

+6.6%

Waikato $937,000 year ago the housing market was in boom mode, with the country’s average property value up 12% on the previous year to $827,000. The headlines screamed “housing frenzy” as first-home buyers and investors, enticed by ultra-low interest rates and driven by post-lockdown FOMO, flooded the market.

Concerns were raised that prices were rising too quickly and in December the Reserve Bank signalled its intention to bring back the loan-tovalue ratio rules it removed in March 2020 in a bid to take the heat out of the market.

Fast-forward 12 months, however, and house prices have gone even higher, with the average property value rising 27% to just over $1.05 million, despite repeated a!empts to slow the pace of growth. The Reserve Bank is again threatening to tighten the flow of credit, amid fears that inflation is out of control and that house price rises are at unsustainable levels.

This time there are signs that the boom is coming to an end. While overall house price inflation is still strong, the housing market is showing signs of fatigue in some parts of the country.

The OneRoof-House Value Index figures for November point to slowdowns in eight regions.

The weakest part of the country is Marlborough, where the average property value rose just 1.1% over the quarter to $759,000, although Gisborne and Manawatu-Whanganui were not far behind, recording growth of just 2.7% and 3.6% respectively.

Canterbury, driven by strong sales action in Selwyn and Christchurch, enjoyed the country’s biggest rise per quarter, with its average property value up 9.3% to $743,000. And despite a more than three-month-long lockdown, Auckland saw its average property value rise 6.6% to just over $1.5m - $93,000 more than where it was at the start of the Delta outbreak.

Southland Buyer demand in the $498,000 city is strong and sales +4.6% volumes are picking up after a slow and uneasy September, with more stock making its way to market and agents racing to cram in as many auctions as they can before Christmas.

+4.6%

Bay of Plenty $1.022m

+5.9%

The Bay of Plenty has joined Auckland and Greater Wellington in the $1m club, with Gisborne quarterly growth of 5.9% pushing the region’s $688,000 average property value up $57,000 to $1.022m. +2.7% Also fast approaching the $1m milestone are Tasman (average property value of $973,000) and Waikato ($937,000).

Taranaki With an average property value of $373,000, Hawke’s Bay $667,000 the West Coast remains the cheapest region for $878,000 property, although with quarterly growth of +4.1% +5.4% 5.7% it’s likely to nudge over the $400,000 mark last three months to sometime soon.

Manawatu$1.254m.

Of the major metros, Christchurch enjoyed the Whanganui Dunedin remains the biggest quarterly value rise (up 10.1% $668,000 weakest major metro, to $731,000), which is not surprising +3.6% with the city’s average given its recent strong run of Nelson property value rising 4.1% auction sales. $866,000 over the quarter to $731,000, A 7.7% rise over the quarter while three-month growth added another $85,000 to +5.7% in Queenstown-Lakes and Tauranga’s average property Wellington Tasman Hamilton was 4.9% and 5.3% value, now $1.189m, and it’s Marlborough $1.094m $973,000 respectively. possible that continued heat $759,000 +4.4% Property values in all but in the market will push it +5.8% +1.1% four of New Zealand’s 72 ahead of Wellington, territorial authorities grew over the quarter. On where the the slide were Waikato (-1%), Ashburton (-1.9%), average West Coast Ruapehu (-2.1%) and Kawerau (-8%), although all property value $373,000 four saw 12 months of growth of more than 20%. rose 3.6% +5.7% Within Auckland, the heat is evident on ($44,000) in the Waiheke Island (up 8.9% over the quarter to $2.073m); new-build mecca Papakura (up 8% to $1.141m); and South Auckland, where developers’ thirst for land has driven up the average property Canterbury value 8.2% to $1.122m. $743,000 The Auckland suburbs that have done best during lockdown are all coastal: Piha (up 14.6% +9.3% to $1.51m); Tawharanui Peninsula (up 14.4% to $2.344m); and Kawau Island (up 14.4% to What the $1.018m). map tells you Dollar-wise, home-owners in Herne Bay came The map shows the up tops, with the last three months adding average property value almost $300,000 to the average property value. for each region on November 15, 2021 and The harbour-front enclave is still the country’s the three-month change most expensive suburb for real estate, with the in growth. The different colours on the map average property value breaking the $4m mark express the change in (Murupara in Whakatane is the cheapest, with an house values in each location - orange means average property value of $174,000).

Otago strong growth, blue means Of the 768 suburbs nationwide that recorded $899,000 slow or negative growth.

+4.7%

“TO GET A MORTGAGE AS OF NOW, THOUGH, YOU ARE GOING TO HAVE TO BE SUPER-CLEAN. WE’RE GOING TO LOOK BACK AND THINK HOW EASY IT WAS TO GET A MORTGAGE PREVIOUSLY.” – RUPERT GOUGH, MORTGAGE LAB

OneRoof.co.nz

20 or more sales since November, 35 saw negative growth over the quarter. The highest-profile casualty was Oriental Bay, in Wellington, where a decline of 3.6% axed almost $100,000 off the suburb’s average property value, now si!ing at $2.598m.

Only one suburb, Horopito, in Ruapehu, has suffered a 12-month drop in its average property value (-0.4% to $560,000), but the market should brace itself for more dips as growth eases in response to higher interest rates and a tightening of credit.

Overall, government policy changes and the reintroduction of LVR by the Reserve Bank appear to have dampened investor demand, with the buyer group’s share of new mortgage registrations nationwide dropping below 25% in the second and third quarters of the year. There are signs, though, that investors are starting to come back to the market (their share so far in quarter four is 26.2%).

First-home buyers have stepped in to fill the gap and their share of purchases has risen from 35% in the first quarter to just over 38% in quarters two and three.

Industry experts are in agreement that the market will slow in 2022, although they are split on whether or not prices will drop.

James Wilson, director of valuation at OneRoof’s data partner Valocity, says the Reserve Bank has put an end to the biggest driver of the market over the last two years - low interest rates.

Rate hikes and tougher credit rules, he says, will have the biggest dampening effect on the market next year, but he predicts buyers will continue to push up prices, between 5% and 10% over the year, while listings are tight and FOMO remains.

Agency heads say this year has taught them lessons about market resilience.

Mike Bayley, managing director of Bayleys Real Estate, says buyers and sellers have quickly adapted to the disruptions caused by Covid.

Unsatisfied demand has been a key feature of the market for the past 12 months, with Bayleys’ national auction clearance rate at close to 80% over the past three months.

Auctions have been brought forward regularly, sometimes resulting in further price increases in the hundreds of thousands of dollars.

His company would rather see a more manageable and sustainable rate of price growth in the year ahead, rather than the large increases being seen not just here but worldwide, he says.

The Reserve Bank’s OCR measures to control inflation will likely have the most impact on pegging back price increases for the next year or so, and Bayley believes the swing towards off-theplan homes by first-home buyers and investors will continue.

That sector is seeing a lot of activity in the sector,

Region

Current average property value

with Bayleys marketing more than 70 off-the-plan residential developments across New Zealand.

However, supply pressures on construction timetables, material and labour shortages, rising land and building costs and “suffocating” bureaucracy around consent processes are being exacerbated by lockdown disruptions.

The combination of those factors means it’s likely to be some time before supply catches up with demand.

“While the Government won’t want to hear this, it also means the price of new housing will likely continue to increase for some time yet.”

Bryan Thomson, managing director of Harcourts, expects next year to be positive for the market, saying there is construction development underway to meet supply. However, issues such as the supply of raw materials and infrastructure costs mean the catch-up won’t be in the short-term.

But employment will stay strong and that gives people confidence to invest, he says. Even if interest rates sneak up, New Zealanders enjoy investing in real estate, most of the time for the accommodation needs of family but also to prepare for retirement.

Peter Thompson, managing director of Barfoot & Thompson, says while the rise in prices is causing regulators and commentators concern, the market has not been experiencing anything very different to what is happening in other many countries with similar economies.

The drivers are the availability of low-cost mortgage finance, modest investment returns, housing supply over many years not meeting demand, the shortage of land to build on, and labour and material costs pushing up prices.

“The rate at which prices are increasing is slowing but not as fast as those placing restrictions on house-buying would like,” he says.

Thompson expects mortgage rates to increase in the year ahead and supply to improve as more properties either consented or under construction come onto the market. “These factors will continue to slow the rate at which prices rise but they will still likely rise.”

But mortgage broker Rupert Gough, founder of Mortgage Lab, thinks many people will find it harder to get finance.

“We’re all about the availability of finance and how that affects the market. I think New Zealand as a whole has under-estimated how much that finance is going to tighten in the next 12 months.”

That will curb enthusiasm in the market.

“I’m not saying there will be a crash but my guess would be in the next 12 months we’ll be plus or minus five per cent from where we are in October and November this year. To get a mortgage as of now, though, you are going to have to be super-clean. We’re going to look back and think how easy it was to get a mortgage previously.”

Three-month change %

12-month change %

12-month gain in $

Five-year gain in $

New Zealand

$1,052,000

5.9%

27.2%

$225,000

$399,000

Greater Auckland

$1,506,000

6.6%

25.4%

$305,000

$450,000

Bay of Plenty

$1,022,000

5.9%

31.7%

$246,000

$462,000

Canterbury

$743,000

9.3%

32.7%

$183,000

$242,000

Gisborne

$688,000

2.7%

27.2%

$147,000

$410,000

Hawke’s Bay

$878,000

5.4%

32.2%

$214,000

$485,000

Manawatu-Whanganui

$668,000

3.6%

31.2%

$159,000

$377,000

Marlborough

$759,000

1.1%

23.8%

$146,000

$322,000

Nelson

$866,000

5.7%

23.2%

$163,000

$369,000

Northland

$837,000

6.4%

29.4%

$190,000

$360,000

Otago

$899,000

4.7%

20.5%

$153,000

$389,000

Southland

$498,000

4.6%

21.2%

$87,000

$236,000

Taranaki

$667,000

4.1%

26.3%

$139,000

$279,000

Tasman

$973,000

5.8%

25.2%

$196,000

$410,000

Waikato

$937,000

4.6%

29.6%

$214,000

$408,000

$1,094,000

4.4%

30.4%

$255,000

$555,000

$373,000

5.7%

24.7%

$74,000

$129,000

Greater Wellington West Coast

WINNERS AND LOSERS

The table below ranks New Zealand's territorial authorities by average property value. Auckland City is the most expensive place to buy a home while Buller is the cheapest. The table also shows the average gain homeowners in each TA would have enjoyed over the past three months and the extra thousands of dollars first home buyers would need to save as a result of rising house prices over the last 12 months. The gains for homeowners range from as high as $113,000 in Auckland's North Shore to as low as $3000 in South Waikato. Four TAs saw values drop in the last three months, with the biggest decline - some $37,000 - taking place in Kawerau. The biggest hit to first home buyers was in Auckland City and the North Shore, with house-hunters in both needing to stump up an extra $64,000 for a deposit. OneRoof calculated the extra money required for a 20% deposit by using the current average property value in each TA and comparing it to the average property value 12 months ago.

Current average property value

Auckland North Shore Auckland City Auckland Rodney Tauranga Thames-Coromandel Auckland Manukau Western Bay of Plenty Queenstown-Lakes Auckland Papakura Auckland Franklin Kapiti Coast Auckland Waitākere Wellington Selwyn Waipa South Wairarapa Upper Hutt Porirua Lower Hutt Taupō Waikato Hastings Carterton Napier Kaipara Whangārei Masterton Tasman Palmerston North Christchurch Hamilton Waimakariri Matamata-Piako Whakatane Otorohanga Nelson Opotiki Horowhenua Central Hawke's Bay Manawatu Far North Tararua New Plymouth Gisborne Marlborough Rotorua Rangitikei Kaikoura Whanganui South Waikato Central Otago Hauraki Mackenzie Stratford Dunedin South Taranaki Hurunui Ashburton Waimate Waitaki Kawerau Timaru Invercargill Wairoa Westland Waitomo Clutha Gore Southland Grey Ruapehu Buller

$1,675,000 $1,718,000 $1,514,000 $1,189,000 $1,210,000 $1,353,000 $1,207,000 $1,674,000 $1,141,000 $1,171,000 $1,047,000 $1,216,000 $1,254,000 $949,000 $1,063,000 $1,005,000 $1,000,000 $1,050,000 $1,012,000 $909,000 $1,071,000 $945,000 $831,000 $914,000 $897,000 $891,000 $754,000 $973,000 $787,000 $752,000 $889,000 $776,000 $816,000 $773,000 $693,000 $866,000 $628,000 $687,000 $678,000 $734,000 $731,000 $523,000 $739,000 $688,000 $759,000 $755,000 $537,000 $688,000 $573,000 $528,000 $814,000 $692,000 $760,000 $542,000 $731,000 $464,000 $619,000 $564,000 $469,000 $525,000 $426,000 $550,000 $503,000 $405,000 $431,000 $426,000 $436,000 $431,000 $520,000 $367,000 $416,000 $336,000

3-month gain ($)

Extra deposit required since Nov 2020

$113,000 $93,000 $78,000 $85,000 $68,000 $96,000 $80,000 $78,000 $85,000 $77,000 $55,000 $87,000 $44,000 $107,000 $81,000 $49,000 $55,000 $55,000 $40,000 $55,000 -$11,000 $46,000 $30,000 $45,000 $39,000 $47,000 $32,000 $53,000 $38,000 $69,000 $45,000 $63,000 $32,000 $24,000 $36,000 $47,000 $24,000 $18,000 $58,000 $26,000 $57,000 $18,000 $27,000 $18,000 $8,000 $13,000 $32,000 $44,000 $10,000 $3,000 $32,000 $51,000 $39,000 $26,000 $29,000 $22,000 $36,000 -$11,000 $39,000 $38,000 -$37,000 $33,000 $21,000 $18,000 $33,000 $53,000 $34,000 $15,000 $27,000 $19,000 -$9,000 $11,000

$64,000 $64,000 $62,600 $61,400 $59,200 $58,200 $58,000 $58,000 $56,000 $56,000 $53,800 $53,600 $53,400 $53,200 $52,800 $51,400 $50,600 $49,600 $48,800 $48,600 $47,600 $46,400 $45,000 $44,600 $43,400 $41,600 $40,000 $39,200 $39,000 $38,600 $37,400 $36,600 $35,400 $34,600 $33,000 $32,600 $32,000 $32,000 $31,400 $31,000 $30,600 $30,600 $29,400 $29,400 $29,200 $28,800 $27,800 $27,600 $27,200 $26,600 $25,800 $25,600 $25,600 $24,800 $24,600 $23,800 $23,400 $20,800 $20,400 $20,400 $19,400 $18,800 $18,400 $17,400 $16,800 $16,400 $16,000 $16,000 $15,800 $15,400 $14,800 $12,600

31

32

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HOUSE VALUE IND EX

How hot is your suburb?

The OneRoof Property Report House Value Index, powered by OneRoof’s data partner Valocity, shows the latest average property value for every suburb* in New Zealand.

The tables below are arranged by region, starting at the top of the North Island and finishing at the bottom of the South Island (with the territorial authorities and suburbs within each region shown in alphabetical order).

What do the tables show?

The tables below show for each suburb, territorial authority and region: The average property value at November 15, 2021; The 3-month change in per cent; The 3-month gain (or loss) in $; The 12-month change in per cent;

LOCATION

NEW ZEALAND

CURRENT AVERAGE PROPERTY VALUE

THREEMONTH CHANGE %

$1,052,000

5.9%

The 12-month gain (or loss) in dollars; The extra deposit first home buyers would have needed to save in the last 12 months as a result of rising prices.

What do the numbers mean?

The average property value in the index is a good indicator of house prices in an area because it is not affected by outliers.The 3-month and 12-month changes indicate how well property values are tracking in the given area. If the percentage change is upwards, then it means the market in the area may be hot and that homes there are selling quickly and for more money.

If the percentage change is downwards, then it is a sign that the market in the area is soft or cold, and that properties are selling slowly and for less.

The gain figure shows how much homeowners have gained (or lost) in any

THREEMONTH 12-MONTH GAIN $ CHANGE %

$59,000

27.2%

12-MONTH GAIN IN $

EXTRA DEPOSIT REQUIRED SINCE NOVEMBER 2020

$225,000

$45,000

NORTH ISLAND NORTHLAND

$837,000

6.4%

$50,000

29.4%

$190,000

$38,000

FAR NORTH AHIPARA CABLE BAY COOPERS BEACH HARURU HIHI KAEO KAIKOHE KAITAIA KARIKARI PENINSULA KAWAKAWA KERIKERI MANGONUI OKAIHAU OPONONI OPUA PAIHIA PUKENUI RAWENE RUSSELL TAIPA

$731,000 $595,000 $776,000 $813,000 $806,000 $754,000 $739,000 $357,000 $412,000 $683,000 $481,000 $1,072,000 $733,000 $703,000 $516,000 $880,000 $746,000 $678,000 $436,000 $1,413,000 $677,000

8.5% 10.6% 8.4% 10.3% 9.1% 9.3% 10.6% 6.3% 9.6% 7.9% 8.1% 8.5% 5.9% 7.3% 6.6% 6.5% 4.9% 7.1% 3.6% 9.2% 8.0%

$57,000 $57,000 $60,000 $76,000 $67,000 $64,000 $71,000 $21,000 $36,000 $50,000 $36,000 $84,000 $41,000 $48,000 $32,000 $54,000 $35,000 $45,000 $15,000 $119,000 $50,000

26.5% 29.6% 27.2% 28.8% 26.7% 25.7% 26.3% 29.8% 22.3% 23.5% 34.4% 24.4% 25.9% 28.3% 33.7% 27.5% 21.1% 23.0% 23.5% 27.6% 30.7%

$153,000.00 $136,000 $166,000 $182,000 $170,000 $154,000 $154,000 $82,000 $75,000 $130,000 $123,000 $210,000 $151,000 $155,000 $130,000 $190,000 $130,000 $127,000 $83,000 $306,000 $159,000

$30,600 $27,200 $33,200 $36,400 $34,000 $30,800 $30,800 $16,400 $15,000 $26,000 $24,600 $42,000 $30,200 $31,000 $26,000 $38,000 $26,000 $25,400 $16,600 $61,200 $31,800

given area in the last three months (which covers the Covid lockdown) and last 12 months.

OneRoof has also calculated the extra money buyers would have had to save in the last 12 months for a 20% deposit.The numbers for each region,TA and suburb are based on a comparison of the current average property value and the average property value in November 2020.

Together these figures give a good overview of what’s happening in the housing market in each region,TA and suburb, and what buyers can expect to pay and sellers can expect to make.

How are the suburb values calculated?

The index takes into account recorded property attributes and historical property sales data to estimate the value of every residential property value in a suburb.

ovide an The model is intended to provide estimate of value at the date it was run.

You can find out the value of your own property – and those of your neighbours – at OneRoof.co.nz/estimate.

An interactive carrying more house price data for every suburb in New Zealand can be found at OneRoof.co.nz/propertyreport.

Alternatively, you can go straight to the interactive using the QR code below on the right. Hold your phone camera over the code and click on the link.

Only suburbs with 20 sales or more in the 12 months to November 15, 2021 have been included in the print tables below.The latest property values for every suburb can be found in the interactive at OneRoof.co.nz/property-report. If you have a question about the data, please contact support@oneroof.co.nz

12-MONTH GAIN IN $

EXTRA DEPOSIT REQUIRED SINCE NOVEMBER 2020

27.3%

$220,000

$44,000

$39,000 $48,000 $40,000 $70,000 $43,000 $16,000 $58,000 $47,000 $22,000 $33,000 $51,000

31.9% 30.4% 38.1% 36.8% 31.3% 26.9% 36.6% 31.3% 43.9% 40.2% 33.0%

$217,000.00 $153,000 $153,000 $256,000 $302,000 $280,000 $199,000 $173,000 $147,000 $145,000 $157,000

$43,400 $30,600 $30,600 $51,200 $60,400 $56,000 $39,800 $34,600 $29,400 $29,000 $31,400

$47,000 $30,000 $42,000 $19,000 $48,000 $51,000 $86,000 $77,000 $94,000 $41,000 $71,000 $85,000

30.5% 35.3% 31.2% 33.1% 34.6% 25.9% 29.4% 25.2% 27.4% 30.1% 31.2% 27.5%

$208,000.00 $162,000 $288,000 $154,000 $192,000 $165,000 $259,000 $138,000 $465,000 $210,000 $278,000 $227,000

$41,600 $32,400 $57,600 $30,800 $38,400 $33,000 $51,800 $27,600 $93,000 $42,000 $55,600 $45,400

CURRENT AVERAGE PROPERTY VALUE

THREEMONTH CHANGE %

WAIPAPA

$1,025,000

9.7%

$91,000

KAIPARA BAYLYS BEACH DARGAVILLE KAIWAKA MANGAWHAI MANGAWHAI HEADS MAUNGATUROTO PAPAROA RUAWAI TE KOPURU TINOPAI

$897,000 $657,000 $555,000 $951,000 $1,268,000 $1,321,000 $742,000 $726,000 $482,000 $506,000 $633,000

4.5% 7.9% 7.8% 7.9% 3.5% 1.2% 8.5% 6.9% 4.8% 7.0% 8.8%

WHANGAREI AVENUES GLENBERVIE HIKURANGI HORAHORA KAMO KAURI KENSINGTON LANGS BEACH MAUNGAKARAMEA MAUNGATAPERE MAUNU

$891,000 $621,000 $1,212,000 $619,000 $747,000 $803,000 $1,140,000 $686,000 $2,162,000 $908,000 $1,170,000 $1,052,000

5.6% 5.1% 3.6% 3.2% 6.9% 6.8% 8.2% 12.6% 4.5% 4.7% 6.5% 8.8%

LOCATION

THREEMONTH 12-MONTH GAIN $ CHANGE %

34

OneRoof.co.nz

12-MONTH GAIN IN $

EXTRA DEPOSIT REQUIRED SINCE NOVEMBER 2020

29.1% 23.2% 28.0% 29.0% 30.4% 31.5% 29.8% 28.5% 30.8% 31.0% 25.0% 30.1% 31.9% 55.0% 33.6% 24.5% 28.3% 30.6% 31.1% 27.6% 28.9% 30.1%

$139,000 $200,000 $244,000 $157,000 $90,000 $196,000 $267,000 $240,000 $128,000 $177,000 $159,000 $219,000 $253,000 $436,000 $167,000 $247,000 $256,000 $323,000 $271,000 $235,000 $165,000 $150,000

$27,800 $40,000 $48,800 $31,400 $18,000 $39,200 $53,400 $48,000 $25,600 $35,400 $31,800 $43,800 $50,600 $87,200 $33,400 $49,400 $51,200 $64,600 $54,200 $47,000 $33,000 $30,000

$93,000

25.4%

$305,000

$61,000

$93,000 $23,000 $43,000 $83,000 $7,000 $14,000 $60,000 $28,000 $107,000 $205,000 -$16,000 $57,000 $87,000 $112,000 $296,000 $89,000 $86,000 $159,000 $113,000 $169,000 $158,000 $98,000 $110,000 $171,000 $81,000 $34,000 $111,000 $10,000 $138,000 $92,000 $69,000 $129,000 $205,000 $182,000 $148,000 $64,000 $239,000 $85,000 $90,000 $114,000 $143,000 $107,000 $262,000 $121,000 $112,000 $223,000 $35,000 $80,000 $80,000 $160,000 $34,000 $185,000 $264,000 $148,000 $126,000

22.9% 8.9% 22.7% 17.2% 10.6% 21.4% 13.1% 21.1% 32.8% 31.6% 8.7% 36.2% 28.6% 23.0% 25.7% 25.9% 25.2% 31.5% 24.1% 32.2% 24.3% 27.4% 24.3% 20.5% 21.9% 17.6% 33.2% 9.5% 39.7% 26.7% 23.5% 31.7% 35.7% 18.2% 37.2% 30.3% 36.8% 29.8% 14.8% 27.6% 43.2% 23.2% 23.5% 22.6% 25.6% 29.1% 24.9% 22.2% 26.9% 36.6% 16.7% 32.0% 32.3% 29.5% 32.4%

$320,000.00 $54,000 $222,000 $201,000 $85,000 $262,000 $278,000 $320,000 $353,000 $646,000 $60,000 $205,000 $482,000 $392,000 $825,000 $315,000 $332,000 $609,000 $298,000 $490,000 $490,000 $332,000 $316,000 $352,000 $244,000 $168,000 $362,000 $89,000 $374,000 $333,000 $258,000 $553,000 $562,000 $415,000 $428,000 $210,000 $574,000 $284,000 $296,000 $483,000 $426,000 $503,000 $585,000 $300,000 $357,000 $723,000 $325,000 $461,000 $374,000 $416,000 $192,000 $448,000 $856,000 $290,000 $345,000

$64,000 $10,800 $44,400 $40,200 $17,000 $52,400 $55,600 $64,000 $70,600 $129,200 $12,000 $41,000 $96,400 $78,400 $165,000 $63,000 $66,400 $121,800 $59,600 $98,000 $98,000 $66,400 $63,200 $70,400 $48,800 $33,600 $72,400 $17,800 $74,800 $66,600 $51,600 $110,600 $112,400 $83,000 $85,600 $42,000 $114,800 $56,800 $59,200 $96,600 $85,200 $100,600 $117,000 $60,000 $71,400 $144,600 $65,000 $92,200 $74,800 $83,200 $38,400 $89,600 $171,200 $58,000 $69,000

CURRENT AVERAGE PROPERTY VALUE

THREEMONTH CHANGE %

MORNINGSIDE NGUNGURU ONE TREE POINT ONERAHI OTANGAREI PARAHAKI PARUA BAY POROTI RAUMANGA REGENT RIVERSIDE RUAKAKA RUATANGATA WEST TAMATERAU TIKIPUNGA TUTUKAKA WAIPU WHANANAKI WHANGAREI HEADS WHAREORA WHAU VALLEY WOODHILL

$616,000 $1,061,000 $1,115,000 $698,000 $386,000 $819,000 $1,162,000 $1,081,000 $543,000 $748,000 $794,000 $946,000 $1,046,000 $1,229,000 $664,000 $1,256,000 $1,160,000 $1,379,000 $1,142,000 $1,087,000 $736,000 $649,000

6.0% 2.9% 3.3% 6.9% 3.2% 8.2% 6.2% 6.1% 6.1% 7.2% 4.7% 5.2% 6.3% 9.5% 6.1% 2.7% 4.1% 4.2% 6.6% 4.7% 3.2% 5.2%

$35,000 $30,000 $36,000 $45,000 $12,000 $62,000 $68,000 $62,000 $31,000 $50,000 $36,000 $47,000 $62,000 $107,000 $38,000 $33,000 $46,000 $56,000 $71,000 $49,000 $23,000 $32,000

GREATER AUCKLAND

$1,506,000

6.6%

AUCKLAND CITY AUCKLAND CENTRAL AVONDALE BLOCKHOUSE BAY EDEN TERRACE ELLERSLIE EPSOM FREEMANS BAY GLEN INNES GLENDOWIE GRAFTON GREAT BARRIER ISLAND (AOTEA ISD) GREENLANE GREY LYNN HERNE BAY HILLSBOROUGH KINGSLAND KOHIMARAMA LYNFIELD MEADOWBANK MISSION BAY MORNINGSIDE MOUNT ALBERT MOUNT EDEN MOUNT ROSKILL MOUNT WELLINGTON NEW WINDSOR NEWMARKET OMIHA ONE TREE HILL ONEHUNGA ONEROA ONETANGI ORAKEI OSTEND OTAHUHU PALM BEACH PANMURE PARNELL POINT CHEVALIER POINT ENGLAND PONSONBY REMUERA ROYAL OAK SAINT JOHNS SAINT MARYS BAY SANDRINGHAM ST HELIERS STONEFIELDS SURFDALE THREE KINGS WAI O TAIKI BAY WAIHEKE ISLAND WATERVIEW WESLEY

$1,718,000 $662,000 $1,199,000 $1,373,000 $885,000 $1,488,000 $2,395,000 $1,838,000 $1,429,000 $2,692,000 $752,000 $772,000 $2,170,000 $2,098,000 $4,036,000 $1,530,000 $1,648,000 $2,541,000 $1,536,000 $2,012,000 $2,510,000 $1,542,000 $1,618,000 $2,067,000 $1,357,000 $1,122,000 $1,454,000 $1,030,000 $1,317,000 $1,578,000 $1,358,000 $2,300,000 $2,138,000 $2,698,000 $1,577,000 $904,000 $2,132,000 $1,236,000 $2,301,000 $2,236,000 $1,411,000 $2,670,000 $3,071,000 $1,630,000 $1,750,000 $3,207,000 $1,628,000 $2,542,000 $1,766,000 $1,552,000 $1,345,000 $1,850,000 $3,509,000 $1,272,000 $1,410,000

5.7% 3.6% 3.7% 6.4% 0.8% 0.9% 2.6% 1.5% 8.1% 8.2% -2.1% 8.0% 4.2% 5.6% 7.9% 6.2% 5.5% 6.7% 7.9% 9.2% 6.7% 6.8% 7.3% 9.0% 6.3% 3.1% 8.3% 1.0% 11.7% 6.2% 5.4% 5.9% 10.6% 7.2% 10.4% 7.6% 12.6% 7.4% 4.1% 5.4% 11.3% 4.2% 9.3% 8.0% 6.8% 7.5% 2.2% 3.2% 4.7% 11.5% 2.6% 11.1% 8.1% 13.2% 9.8%

LOCATION

THREEMONTH 12-MONTH GAIN $ CHANGE %

12-MONTH GAIN IN $

EXTRA DEPOSIT REQUIRED SINCE NOVEMBER 2020

27.1%

$608,000

$121,600

$77,000 $41,000 $149,000 $84,000 $68,000 $126,000 $89,000 $90,000 $69,000 $100,000 $34,000 $81,000 $86,000 $86,000 $59,000

31.4% 25.6% 31.2% 27.8% 27.5% 32.2% 27.2% 29.0% 28.4% 30.6% 24.8% 35.5% 24.4% 27.5% 31.0%

$280,000.00 $171,000 $414,000 $280,000 $278,000 $379,000 $374,000 $231,000 $314,000 $316,000 $207,000 $271,000 $351,000 $407,000 $228,000

$56,000 $34,200 $82,800 $56,000 $55,600 $75,800 $74,800 $46,200 $62,800 $63,200 $41,400 $54,200 $70,200 $81,400 $45,600

7.6% 4.7% 10.8% 4.4% 8.3% 9.1% 5.0% 8.2% 9.2% 6.7% 7.9% 9.0% 5.7% 10.2% 3.8% 7.4% 7.3% 8.2% 6.4% 6.7% 5.3% 9.6% 7.0% 9.5% 5.6% -0.8% 7.0% 1.4% 12.1% 8.8% 6.9% 6.5% 2.3% 5.1% 7.8% 8.8% 12.0% 9.1% 6.6% 7.8% 6.7% 11.7% 9.8% 4.3% 2.3% 6.3%

$96,000 $77,000 $147,000 $77,000 $109,000 $72,000 $106,000 $74,000 $155,000 $120,000 $93,000 $167,000 $116,000 $188,000 $34,000 $106,000 $106,000 $96,000 $107,000 $84,000 $55,000 $126,000 $65,000 $122,000 $52,000 -$6,000 $63,000 $12,000 $194,000 $198,000 $108,000 $54,000 $30,000 $64,000 $71,000 $75,000 $199,000 $147,000 $118,000 $105,000 $75,000 $256,000 $107,000 $37,000 $81,000 $49,000

27.4% 30.5% 24.6% 19.0% 33.8% 34.0% 28.8% 30.2% 26.7% 24.3% 24.2% 28.5% 29.0% 32.9% 22.4% 27.6% 27.7% 28.2% 23.5% 25.2% 27.4% 22.7% 24.2% 20.4% 24.1% 13.5% 29.6% 26.9% 29.2% 28.5% 26.8% 36.9% 21.1% 26.2% 20.2% 32.5% 33.1% 28.5% 29.0% 29.8% 31.7% 32.8% 34.0% 26.5% 24.2% 31.9%

$291,000.00 $400,000 $298,000 $294,000 $358,000 $219,000 $496,000 $225,000 $389,000 $373,000 $249,000 $449,000 $485,000 $502,000 $170,000 $332,000 $336,000 $278,000 $337,000 $269,000 $234,000 $266,000 $193,000 $238,000 $190,000 $84,000 $221,000 $190,000 $407,000 $545,000 $353,000 $238,000 $232,000 $275,000 $165,000 $227,000 $462,000 $390,000 $426,000 $334,000 $288,000 $606,000 $303,000 $190,000 $690,000 $199,000

$58,200 $80,000 $59,600 $58,800 $71,600 $43,800 $99,200 $45,000 $77,800 $74,600 $49,800 $89,800 $97,000 $100,400 $34,000 $66,400 $67,200 $55,600 $67,400 $53,800 $46,800 $53,200 $38,600 $47,600 $38,000 $16,800 $44,200 $38,000 $81,400 $109,000 $70,600 $47,600 $46,400 $55,000 $33,000 $45,400 $92,400 $78,000 $85,200 $66,800 $57,600 $121,200 $60,600 $38,000 $138,000 $39,800

7.2% 2.7% 6.8% 10.7% 10.8% 7.1% 8.8% 8.3% 4.5% 10.7% 5.3% 4.9% 11.4% 5.5%

$113,000 $31,000 $97,000 $197,000 $118,000 $86,000 $144,000 $88,000 $64,000 $139,000 $133,000 $102,000 $183,000 $127,000

23.6% 19.1% 17.6% 32.5% 30.2% 30.9% 26.0% 27.3% 18.8% 24.9% 23.0% 20.0% 32.1% 26.6%

$320,000.00 $192,000 $227,000 $501,000 $280,000 $305,000 $367,000 $247,000 $235,000 $288,000 $495,000 $366,000 $434,000 $515,000

$64,000 $38,400 $45,400 $100,200 $56,000 $61,000 $73,400 $49,400 $47,000 $57,600 $99,000 $73,200 $86,800 $103,000

CURRENT AVERAGE PROPERTY VALUE

THREEMONTH CHANGE %

WESTMERE

$2,849,000

7.3%

$194,000

FRANKLIN AWHITU BOMBAY CLARKS BEACH GLENBROOK HUNUA KINGSEAT MANUKAU HEADS PAERATA PATUMAHOE POLLOK PUKEKOHE RAMARAMA WAIAU PA WAIUKU

$1,171,000 $839,000 $1,740,000 $1,289,000 $1,289,000 $1,556,000 $1,748,000 $1,028,000 $1,421,000 $1,349,000 $1,040,000 $1,034,000 $1,788,000 $1,885,000 $963,000

7.0% 5.1% 9.4% 7.0% 5.6% 8.8% 5.4% 9.6% 5.1% 8.0% 3.4% 8.5% 5.1% 4.8% 6.5%

MANUKAU BEACHLANDS BOTANY DOWNS BUCKLANDS BEACH BURSWOOD CLENDON PARK CLEVEDON CLOVER PARK COCKLE BAY DANNEMORA EAST TAMAKI EAST TAMAKI HEIGHTS EASTERN BEACH FARM COVE FAVONA FLAT BUSH GOLFLANDS GOODWOOD HEIGHTS HALF MOON BAY HIGHLAND PARK HILLPARK HOWICK MANGERE MANGERE BRIDGE MANGERE EAST MANUKAU MANUREWA MANUREWA EAST MARAETAI MELLONS BAY NORTHPARK OTARA PAKURANGA PAKURANGA HEIGHTS PAPATOETOE RANDWICK PARK SHELLY PARK SOMERVILLE SUNNYHILLS THE GARDENS TOTARA HEIGHTS TOTARA PARK WATTLE DOWNS WEYMOUTH WHITFORD WIRI

$1,353,000 $1,713,000 $1,510,000 $1,843,000 $1,417,000 $864,000 $2,219,000 $971,000 $1,844,000 $1,905,000 $1,277,000 $2,022,000 $2,159,000 $2,029,000 $929,000 $1,533,000 $1,550,000 $1,264,000 $1,771,000 $1,338,000 $1,088,000 $1,438,000 $990,000 $1,404,000 $977,000 $706,000 $968,000 $896,000 $1,802,000 $2,454,000 $1,671,000 $883,000 $1,334,000 $1,325,000 $982,000 $925,000 $1,857,000 $1,760,000 $1,893,000 $1,456,000 $1,196,000 $2,453,000 $1,195,000 $907,000 $3,547,000 $822,000

NORTH SHORE ALBANY ALBANY HEIGHTS BAYSWATER BAYVIEW BEACH HAVEN BELMONT BIRKDALE BIRKENHEAD BROWNS BAY CAMPBELLS BAY CASTOR BAY CHATSWOOD DEVONPORT

$1,675,000 $1,196,000 $1,519,000 $2,041,000 $1,208,000 $1,293,000 $1,779,000 $1,153,000 $1,483,000 $1,443,000 $2,645,000 $2,194,000 $1,785,000 $2,452,000

LOCATION

THREEMONTH 12-MONTH GAIN $ CHANGE %

OneRoof.co.nz

12-MONTH GAIN IN $

EXTRA DEPOSIT REQUIRED SINCE NOVEMBER 2020

22.5% 24.2% 24.1% 20.4% 30.7% 24.5% 19.9% 27.0% 20.8% 22.2% 27.0% 17.7% 25.6% 27.0% 19.9% 41.0% 26.6% 25.5% 21.7% 32.8% 30.3% 22.2% 27.1% 26.7% 29.8% 25.0% 25.3%

$330,000 $323,000 $233,000 $323,000 $538,000 $286,000 $309,000 $431,000 $353,000 $369,000 $486,000 $212,000 $406,000 $317,000 $211,000 $631,000 $396,000 $387,000 $323,000 $710,000 $330,000 $440,000 $315,000 $252,000 $311,000 $372,000 $314,000

$66,000 $64,600 $46,600 $64,600 $107,600 $57,200 $61,800 $86,200 $70,600 $73,800 $97,200 $42,400 $81,200 $63,400 $42,200 $126,200 $79,200 $77,400 $64,600 $142,000 $66,000 $88,000 $63,000 $50,400 $62,200 $74,400 $62,800

$85,000 $104,000 $124,000 $89,000 $122,000 $92,000 $103,000 $66,000 $76,000 $39,000

32.5% 36.8% 33.7% 28.3% 36.4% 36.5% 34.8% 27.1% 33.6% 25.3%

$280,000.00 $322,000 $362,000 $405,000 $325,000 $310,000 $250,000 $190,000 $253,000 $204,000

$56,000 $64,400 $72,400 $81,000 $65,000 $62,000 $50,000 $38,000 $50,600 $40,800

$78,000 $111,000 $93,000 $93,000 -$32,000 $14,000 $57,000 $109,000 $58,000 $90,000 $48,000 $7,000 $128,000 $93,000 $185,000 $24,000 $48,000 $143,000 $125,000 $127,000 $216,000 $52,000 $10,000 $140,000 $37,000 $109,000 $140,000 $202,000 $92,000 $96,000 -$55,000 $36,000 $131,000 $146,000 $295,000 $150,000 $62,000 $39,000 $16,000 $64,000

26.1% 30.9% 27.9% 31.3% 10.8% 17.6% 20.9% 33.3% 27.4% 31.0% 26.1% 20.8% 29.7% 28.6% 36.1% 24.9% 30.6% 32.9% 27.0% 30.3% 34.2% 23.4% 22.6% 30.1% 23.7% 30.3% 30.9% 29.8% 26.4% 35.2% 13.1% 26.3% 29.7% 35.8% 33.3% 27.3% 21.6% 18.9% 13.1% 24.8%

$313,000.00 $362,000 $282,000 $316,000 $316,000 $353,000 $196,000 $323,000 $278,000 $330,000 $293,000 $252,000 $233,000 $398,000 $410,000 $251,000 $325,000 $480,000 $373,000 $397,000 $694,000 $251,000 $157,000 $508,000 $298,000 $321,000 $460,000 $484,000 $317,000 $316,000 $145,000 $247,000 $396,000 $642,000 $585,000 $390,000 $305,000 $266,000 $243,000 $251,000

$62,600 $72,400 $56,400 $63,200 $63,200 $70,600 $39,200 $64,600 $55,600 $66,000 $58,600 $50,400 $46,600 $79,600 $82,000 $50,200 $65,000 $96,000 $74,600 $79,400 $138,800 $50,200 $31,400 $101,600 $59,600 $64,200 $92,000 $96,800 $63,400 $63,200 $29,000 $49,400 $79,200 $128,400 $117,000 $78,000 $61,000 $53,200 $48,600 $50,200

LOCATION

CURRENT AVERAGE PROPERTY VALUE

THREEMONTH CHANGE %

FAIRVIEW HEIGHTS FORREST HILL GLENFIELD GREENHITHE HAURAKI HILLCREST LONG BAY MAIRANGI BAY MILFORD MURRAYS BAY NARROW NECK NORTHCOTE NORTHCOTE POINT NORTHCROSS OTEHA PAREMOREMO PINEHILL ROTHESAY BAY SCHNAPPER ROCK STANLEY POINT SUNNYNOOK TAKAPUNA TORBAY TOTARA VALE UNSWORTH HEIGHTS WAIAKE WINDSOR PARK

$1,798,000 $1,658,000 $1,199,000 $1,904,000 $2,290,000 $1,453,000 $1,864,000 $2,029,000 $2,051,000 $2,031,000 $2,284,000 $1,412,000 $1,992,000 $1,492,000 $1,272,000 $2,171,000 $1,887,000 $1,903,000 $1,810,000 $2,874,000 $1,420,000 $2,421,000 $1,478,000 $1,197,000 $1,355,000 $1,862,000 $1,553,000

5.5% 6.1% 6.1% 4.3% 7.8% 5.6% 6.1% 6.2% 9.2% 7.3% 8.7% 4.7% 9.5% 5.2% 3.4% 8.2% 4.9% 5.8% 5.5% 10.7% 6.0% 3.6% 9.5% 7.1% 7.3% 6.8% 3.9%

$94,000 $96,000 $69,000 $78,000 $165,000 $77,000 $107,000 $119,000 $173,000 $138,000 $182,000 $64,000 $172,000 $74,000 $42,000 $165,000 $89,000 $105,000 $94,000 $278,000 $81,000 $84,000 $128,000 $79,000 $92,000 $119,000 $59,000

PAPAKURA CONIFER GROVE DRURY KARAKA OPAHEKE PAHUREHURE PAPAKURA RED HILL ROSEHILL TAKANINI

$1,141,000 $1,196,000 $1,435,000 $1,834,000 $1,217,000 $1,160,000 $968,000 $892,000 $1,006,000 $1,010,000

8.0% 9.5% 9.5% 5.1% 11.1% 8.6% 11.9% 8.0% 8.2% 4.0%

RODNEY ALGIES BAY ARKLES BAY ARMY BAY COATESVILLE DAIRY FLAT GULF HARBOUR HATFIELDS BEACH HELENSVILLE HUAPAI KAIPARA FLATS KAUKAPAKAPA KAWAU ISLAND KUMEU LEIGH MAKARAU MANLY MATAKANA MATAKATIA MURIWAI OMAHA OREWA PARAKAI POINT WELLS PUHOI RED BEACH RIVERHEAD SANDSPIT SILVERDALE SNELLS BEACH SOUTH HEAD STANMORE BAY STILLWATER TAUPAKI TAWHARANUI PENINSULA TINDALLS BEACH WAIMAUKU WAINUI WAITOKI WARKWORTH

$1,514,000 $1,534,000 $1,294,000 $1,327,000 $3,237,000 $2,363,000 $1,136,000 $1,293,000 $1,291,000 $1,396,000 $1,417,000 $1,464,000 $1,018,000 $1,788,000 $1,545,000 $1,259,000 $1,386,000 $1,939,000 $1,756,000 $1,707,000 $2,722,000 $1,323,000 $851,000 $2,198,000 $1,557,000 $1,380,000 $1,951,000 $2,110,000 $1,520,000 $1,215,000 $1,251,000 $1,186,000 $1,729,000 $2,434,000 $2,344,000 $1,821,000 $1,717,000 $1,674,000 $2,096,000 $1,262,000

5.4% 7.8% 7.7% 7.5% -1.0% 0.6% 5.3% 9.2% 4.7% 6.9% 3.5% 0.5% 14.4% 5.5% 13.6% 1.9% 3.6% 8.0% 7.7% 8.0% 8.6% 4.1% 1.2% 6.8% 2.4% 8.6% 7.7% 10.6% 6.4% 8.6% -4.2% 3.1% 8.2% 6.4% 14.4% 9.0% 3.7% 2.4% 0.8% 5.3%

THREEMONTH 12-MONTH GAIN $ CHANGE %

35

12-MONTH GAIN IN $

EXTRA DEPOSIT REQUIRED SINCE NOVEMBER 2020

25.8%

$184,000

$36,800

$87,000 $63,000 $87,000 $138,000 $86,000 $179,000 $60,000 $93,000 $74,000 $49,000 $35,000 $135,000 $192,000 $83,000 $50,000 $64,000 $130,000 -$29,000 $87,000 $151,000 $141,000 $88,000 $65,000 $91,000

28.3% 32.3% 29.4% 37.4% 25.4% 38.3% 23.3% 36.9% 26.1% 32.2% 15.2% 36.5% 32.7% 28.1% 26.2% 28.9% 25.8% 16.0% 33.6% 40.1% 35.7% 26.0% 29.7% 32.4%

$268,000.00 $257,000 $257,000 $389,000 $230,000 $424,000 $236,000 $295,000 $247,000 $276,000 $135,000 $471,000 $372,000 $229,000 $216,000 $288,000 $291,000 $148,000 $361,000 $432,000 $413,000 $300,000 $261,000 $363,000

$53,600 $51,400 $51,400 $77,800 $46,000 $84,800 $47,200 $59,000 $49,400 $55,200 $27,000 $94,200 $74,400 $45,800 $43,200 $57,600 $58,200 $29,600 $72,200 $86,400 $82,600 $60,000 $52,200 $72,600

4.6%

$41,000

29.6%

$214,000

$42,800

5.3% 2.9% 7.4% 4.8% 6.0% 5.8% 4.0% 2.6% 6.9% 2.9% 2.9% 3.1% 3.9% 9.3% 5.8% 1.0% 4.1% 3.1% 4.2% 5.2% 4.3% 3.4% 8.4% 2.4% 3.7% 6.0% 5.7% 3.8% 6.7% 6.6% 5.1% 3.3% 4.4% 2.1%

$45,000 $18,000 $72,000 $47,000 $51,000 $53,000 $31,000 $18,000 $51,000 $18,000 $23,000 $23,000 $31,000 $106,000 $43,000 $7,000 $32,000 $28,000 $33,000 $39,000 $42,000 $28,000 $90,000 $18,000 $25,000 $41,000 $48,000 $38,000 $68,000 $73,000 $44,000 $25,000 $43,000 $14,000

26.6% 32.3% 30.1% 26.6% 29.1% 26.9% 26.3% 29.4% 26.5% 23.4% 30.8% 27.8% 26.1% 29.7% 28.3% 21.6% 23.8% 23.3% 22.2% 24.2% 26.2% 24.7% 30.4% 27.6% 23.2% 30.4% 30.8% 27.4% 29.0% 29.9% 31.9% 26.3% 25.9% 22.3%

$187,000.00 $157,000 $241,000 $214,000 $203,000 $205,000 $168,000 $159,000 $165,000 $123,000 $190,000 $167,000 $172,000 $285,000 $174,000 $124,000 $157,000 $178,000 $148,000 $155,000 $213,000 $169,000 $270,000 $164,000 $132,000 $170,000 $211,000 $222,000 $243,000 $272,000 $219,000 $163,000 $209,000 $123,000

$37,400 $31,400 $48,200 $42,800 $40,600 $41,000 $33,600 $31,800 $33,000 $24,600 $38,000 $33,400 $34,400 $57,000 $34,800 $24,800 $31,400 $35,600 $29,600 $31,000 $42,600 $33,800 $54,000 $32,800 $26,400 $34,000 $42,200 $44,400 $48,600 $54,400 $43,800 $32,600 $41,800 $24,600

$692,000 $695,000 $553,000 $673,000 $884,000

8.0% 5.6% 4.9% 4.8% 4.9%

$51,000 $37,000 $26,000 $31,000 $41,000

22.7% 25.2% 24.0% 21.9% 23.1%

$128,000.00 $140,000 $107,000 $121,000 $166,000

$25,600 $28,000 $21,400 $24,200 $33,200

MATAMATA-PIAKO MATAMATA MORRINSVILLE TE AROHA WAHAROA

$816,000 $836,000 $833,000 $756,000 $727,000

4.1% 8.4% 9.9% 25.2% 39.3%

$32,000 $65,000 $75,000 $152,000 $205,000

27.7% 27.8% 26.8% 40.5% 54.0%

$177,000.00 $182,000 $176,000 $218,000 $255,000

$35,400 $36,400 $35,200 $43,600 $51,000

OTOROHANGA KAWHIA OTOROHANGA

$693,000 $596,000 $668,000

5.5% 4.6% 7.7%

$36,000 $26,000 $48,000

31.3% 31.9% 28.7%

$165,000.00 $144,000 $149,000

$33,000 $28,800 $29,800

CURRENT AVERAGE PROPERTY VALUE

THREEMONTH CHANGE %

$897,000

6.3%

$53,000

$1,216,000 $1,052,000 $1,131,000 $1,430,000 $1,137,000 $1,530,000 $1,250,000 $1,094,000 $1,194,000 $1,132,000 $1,026,000 $1,762,000 $1,510,000 $1,044,000 $1,041,000 $1,284,000 $1,419,000 $1,071,000 $1,434,000 $1,509,000 $1,571,000 $1,455,000 $1,139,000 $1,483,000

7.7% 6.4% 8.3% 10.7% 8.2% 13.2% 5.0% 9.3% 6.6% 4.5% 3.5% 8.3% 14.6% 8.6% 5.0% 5.2% 10.1% -2.6% 6.5% 11.1% 9.9% 6.4% 6.1% 6.5%

WAIKATO

$937,000

HAMILTON BADER BAVERSTOCK BEERESCOURT CHARTWELL CHEDWORTH CLAUDELANDS DEANWELL DINSDALE ENDERLEY FAIRFIELD FAIRVIEW DOWNS FITZROY FLAGSTAFF FOREST LAKE FRANKTON GLENVIEW GRANDVIEW HEIGHTS HAMILTON CENTRAL HAMILTON EAST HAMILTON LAKE HILLCREST HUNTINGTON MAEROA MELVILLE NAWTON PUKETE QUEENWOOD ROTOTUNA ROTOTUNA NORTH SAINT ANDREWS SILVERDALE WESTERN HEIGHTS WHITIORA

$889,000 $643,000 $1,041,000 $1,018,000 $901,000 $966,000 $808,000 $699,000 $788,000 $649,000 $807,000 $768,000 $832,000 $1,244,000 $788,000 $698,000 $818,000 $943,000 $815,000 $795,000 $1,026,000 $853,000 $1,159,000 $759,000 $701,000 $730,000 $895,000 $1,032,000 $1,080,000 $1,183,000 $905,000 $783,000 $1,016,000 $675,000

HAURAKI NGATEA PAEROA WAIHI WHIRITOA

LOCATION

WELLSFORD WAITAKERE GLEN EDEN GLENDENE GREEN BAY HENDERSON HENDERSON VALLEY HOBSONVILLE KELSTON LAINGHOLM MASSEY NEW LYNN ORATIA PIHA RANUI SUNNYVALE SWANSON TE ATATU PENINSULA TE ATATU SOUTH TITIRANGI WAIATARUA WAITAKERE WEST HARBOUR WESTGATE WHENUAPAI

THREEMONTH 12-MONTH GAIN $ CHANGE %

36

OneRoof.co.nz

THREEMONTH 12-MONTH GAIN $ CHANGE %

12-MONTH GAIN IN $

EXTRA DEPOSIT REQUIRED SINCE NOVEMBER 2020

0.6% 12.3% 7.9% 16.6%

$3,000 $62,000 $52,000 $63,000

33.7% 38.5% 37.8% 37.3%

$133,000.00 $158,000 $194,000 $120,000

$909,000 $1,387,000 $917,000 $1,286,000 $865,000 $483,000 $798,000 $904,000 $998,000 $817,000 $610,000 $755,000 $476,000 $954,000 $1,097,000 $1,049,000 $1,375,000

6.4% 10.9% 6.9% 8.2% 6.3% 6.6% 7.5% 8.3% 5.7% 7.1% 5.7% 6.5% 1.7% 5.3% 5.7% 8.5% 9.6%

$55,000 $136,000 $59,000 $98,000 $51,000 $30,000 $56,000 $69,000 $54,000 $54,000 $33,000 $46,000 $8,000 $48,000 $59,000 $82,000 $120,000

36.5% 37.5% 38.3% 39.9% 37.5% 44.2% 39.0% 38.7% 35.6% 38.9% 39.6% 32.9% 30.4% 37.7% 37.8% 39.5% 39.0%

THAMES-COROMANDEL COOKS BEACH COROMANDEL HAHEI MATARANGI ONEMANA OPITO BAY PAUANUI TAIRUA THAMES WHANGAMATA WHAREKAHO WHITIANGA

$1,210,000 $1,398,000 $877,000 $1,667,000 $1,150,000 $1,286,000 $1,701,000 $1,474,000 $1,186,000 $763,000 $1,417,000 $1,629,000 $1,079,000

6.0% 3.6% 5.5% 8.2% 6.0% 9.4% 5.5% 7.8% 9.8% 5.8% 3.4% 6.5% 8.9%

$68,000 $49,000 $46,000 $127,000 $65,000 $111,000 $88,000 $107,000 $106,000 $42,000 $47,000 $99,000 $88,000

WAIKATO BUCKLAND HOROTIU HUNTLY MANGATAWHIRI MATANGI MEREMERE NEWSTEAD NGARUAWAHIA ONEWHERO POKENO PORT WAIKATO PUKEKAWA PUKETAHA RAGLAN RANGIRIRI TAMAHERE TAUPIRI TE KAUWHATA TE KOWHAI TUAKAU WAERENGA WHATAWHATA

$1,071,000 $1,356,000 $1,045,000 $581,000 $1,204,000 $1,652,000 $494,000 $1,628,000 $789,000 $950,000 $1,100,000 $637,000 $1,064,000 $1,507,000 $1,187,000 $1,073,000 $1,947,000 $1,092,000 $838,000 $1,336,000 $852,000 $1,013,000 $1,210,000

-1.0% 0.5% -0.8% 4.9% -6.8% -1.3% -5.4% -2.2% 1.9% -9.6% 5.2% -6.5% -8.2% -2.8% 0.9% -6.4% -0.9% -1.0% 0.4% 0.3% 2.3% -9.5% -2.7%

WAIPA CAMBRIDGE KIHIKIHI LEAMINGTON NGAHINAPOURI OHAUPO PIRONGIA ROTOORANGI RUKUHIA TE AWAMUTU TE MIRO

$1,063,000 $1,268,000 $771,000 $972,000 $1,423,000 $1,323,000 $1,075,000 $1,299,000 $1,476,000 $804,000 $1,417,000 $426,000 $433,000 $418,000

CURRENT AVERAGE PROPERTY VALUE

THREEMONTH CHANGE %

SOUTH WAIKATO PUTARURU TIRAU TOKOROA

$528,000 $568,000 $707,000 $442,000

TAUPO ACACIA BAY HILLTOP KINLOCH KURATAU MANGAKINO MOTUOAPA NUKUHAU RANGATIRA PARK RICHMOND HEIGHTS TAUHARA TAUPO TURANGI TWO MILE BAY WAIPAHIHI WAIRAKEI WHAREWAKA

LOCATION

WAITOMO MOKAU TE KUITI

12-MONTH GAIN IN $

EXTRA DEPOSIT REQUIRED SINCE NOVEMBER 2020

31.7%

$246,000

$49,200

-$37,000 $51,000

29.5% 40.3%

$97,000.00 $131,000

$19,400 $26,200

4.0% 0.9% 10.0%

$24,000 $4,000 $98,000

34.2% 33.5% 40.2%

$160,000.00 $118,000 $308,000

$32,000 $23,600 $61,600

$755,000 $591,000 $703,000 $1,224,000 $647,000 $809,000 $548,000 $933,000 $560,000 $1,060,000 $729,000 $693,000 $767,000 $667,000 $586,000 $840,000 $748,000 $636,000 $561,000 $551,000

1.8% 1.5% 2.8% 3.0% 3.0% 1.8% 1.9% 0.8% 2.0% -0.4% 5.0% 3.3% 3.0% 3.1% -1.5% 2.7% 2.9% 3.4% -0.2% 1.3%

$13,000 $9,000 $19,000 $36,000 $19,000 $14,000 $10,000 $7,000 $11,000 -$4,000 $35,000 $22,000 $22,000 $20,000 -$9,000 $22,000 $21,000 $21,000 -$1,000 $7,000

23.6% 27.6% 21.4% 28.2% 27.6% 20.4% 22.3% 20.9% 27.0% 16.6% 24.6% 25.8% 24.1% 28.0% 19.3% 28.8% 27.2% 27.5% 22.8% 27.8%

$144,000.00 $128,000 $124,000 $269,000 $140,000 $137,000 $100,000 $161,000 $119,000 $151,000 $144,000 $142,000 $149,000 $146,000 $95,000 $188,000 $160,000 $137,000 $104,000 $120,000

$28,800 $25,600 $24,800 $53,800 $28,000 $27,400 $20,000 $32,200 $23,800 $30,200 $28,800 $28,400 $29,800 $29,200 $19,000 $37,600 $32,000 $27,400 $20,800 $24,000

TAURANGA BELLEVUE BETHLEHEM BROOKFIELD GATE PA GREERTON HAIRINI JUDEA MATUA MAUNGATAPU MOUNT MAUNGANUI OHAUITI OTUMOETAI PAPAMOA PAPAMOA BEACH PARKVALE POIKE PYES PA TAURANGA TAURANGA SOUTH TAURIKO WELCOME BAY

$1,189,000 $892,000 $1,241,000 $894,000 $741,000 $795,000 $867,000 $831,000 $1,346,000 $1,015,000 $1,608,000 $1,198,000 $1,169,000 $1,025,000 $1,200,000 $739,000 $772,000 $1,204,000 $1,104,000 $971,000 $2,013,000 $980,000

7.7% 10.4% 10.1% 9.8% 7.4% 6.6% 7.7% 8.5% 11.5% 8.6% 8.6% 7.7% 8.1% 8.6% 6.3% 9.3% 10.4% 4.3% 5.0% 5.7% 10.1% 10.1%

$85,000 $84,000 $114,000 $80,000 $51,000 $49,000 $62,000 $65,000 $139,000 $80,000 $128,000 $86,000 $88,000 $81,000 $71,000 $63,000 $73,000 $50,000 $53,000 $52,000 $185,000 $90,000

34.8% 34.3% 33.4% 35.0% 34.0% 31.8% 35.9% 37.4% 39.2% 38.3% 39.9% 34.2% 30.0% 35.2% 36.7% 40.5% 41.4% 35.4% 29.3% 34.7% 35.9% 35.9%

$307,000.00 $228,000 $311,000 $232,000 $188,000 $192,000 $229,000 $226,000 $379,000 $281,000 $459,000 $305,000 $270,000 $267,000 $322,000 $213,000 $226,000 $315,000 $250,000 $250,000 $532,000 $259,000

$61,400 $45,600 $62,200 $46,400 $37,600 $38,400 $45,800 $45,200 $75,800 $56,200 $91,800 $61,000 $54,000 $53,400 $64,400 $42,600 $45,200 $63,000 $50,000 $50,000 $106,400 $51,800

WESTERN BAY OF PLENTY AONGATETE ATHENREE BOWENTOWN KATIKATI MAKETU MINDEN OMANAWA OMOKOROA OROPI PAENGAROA PUKEHINA TAHAWAI TE PUKE TE PUNA WAIHI BEACH WHAKAMARAMA

$1,207,000 $1,315,000 $1,084,000 $1,254,000 $826,000 $804,000 $1,681,000 $1,411,000 $1,162,000 $1,555,000 $1,055,000 $1,170,000 $1,270,000 $865,000 $1,874,000 $1,413,000 $1,619,000

7.1% 7.5% 4.9% 3.8% 7.3% 5.5% 7.6% 4.5% 7.0% 5.7% 5.4% 6.5% 6.0% 9.8% 6.7% 6.2% 8.0%

$80,000 $92,000 $51,000 $46,000 $56,000 $42,000 $119,000 $61,000 $76,000 $84,000 $54,000 $71,000 $72,000 $77,000 $118,000 $82,000 $120,000

31.6% 25.4% 26.9% 36.5% 33.2% 30.7% 31.2% 28.6% 33.3% 27.4% 28.8% 32.5% 31.1% 33.9% 27.9% 33.6% 32.7%

$290,000.00 $266,000 $230,000 $335,000 $206,000 $189,000 $400,000 $314,000 $290,000 $334,000 $236,000 $287,000 $301,000 $219,000 $409,000 $355,000 $399,000

$58,000 $53,200 $46,000 $67,000 $41,200 $37,800 $80,000 $62,800 $58,000 $66,800 $47,200 $57,400 $60,200 $43,800 $81,800 $71,000 $79,800

WHAKATANE COASTLANDS EDGECUMBE MATATA MURUPARA OHOPE WHAKATANE

$773,000 $966,000 $627,000 $828,000 $174,000 $1,188,000 $699,000

3.2% -0.8% 1.0% 2.0% -3.3% -1.7% 5.3%

$24,000 -$8,000 $6,000 $16,000 -$6,000 -$21,000 $35,000

28.8% 31.6% 28.7% 32.1% 38.1% 31.3% 30.2%

$173,000.00 $232,000 $140,000 $201,000 $48,000 $283,000 $162,000

$34,600 $46,400 $28,000 $40,200 $9,600 $56,600 $32,400

LOCATION

CURRENT AVERAGE PROPERTY VALUE

THREEMONTH CHANGE %

$26,600 $31,600 $38,800 $24,000

BAY OF PLENTY

$1,022,000

5.9%

$57,000

KAWERAU KAWERAU

$426,000 $456,000

-8.0% 12.6%

$243,000.00 $378,000 $254,000 $367,000 $236,000 $148,000 $224,000 $252,000 $262,000 $229,000 $173,000 $187,000 $111,000 $261,000 $301,000 $297,000 $386,000

$48,600 $75,600 $50,800 $73,400 $47,200 $29,600 $44,800 $50,400 $52,400 $45,800 $34,600 $37,400 $22,200 $52,200 $60,200 $59,400 $77,200

OPOTIKI OPOTIKI WAIOTAHE

$628,000 $470,000 $1,074,000

32.4% 37.3% 30.3% 27.5% 34.7% 41.3% 22.3% 35.7% 37.4% 32.9% 34.1% 45.8% 34.2%

$296,000.00 $380,000 $204,000 $360,000 $296,000 $376,000 $310,000 $388,000 $323,000 $189,000 $360,000 $512,000 $275,000

$59,200 $76,000 $40,800 $72,000 $59,200 $75,200 $62,000 $77,600 $64,600 $37,800 $72,000 $102,400 $55,000

ROTORUA FAIRY SPRINGS GLENHOLME HAMURANA HILLCREST KAWAHA POINT KOUTU LYNMORE MANGAKAKAHI MATIPO HEIGHTS NGONGOTAHA OWHATA POMARE PUKEHANGI ROTORUA SPRINGFIELD SUNNYBROOK UTUHINA VICTORIA WESTERN HEIGHTS

-$11,000 $7,000 -$8,000 $27,000 -$88,000 -$22,000 -$28,000 -$37,000 $15,000 -$101,000 $54,000 -$44,000 -$95,000 -$43,000 $11,000 -$73,000 -$18,000 -$11,000 $3,000 $4,000 $19,000 -$106,000 -$34,000

28.6% 26.3% 36.4% 33.0% 18.9% 30.2% 23.8% 34.5% 32.8% 16.0% 33.3% 22.3% 17.8% 34.9% 36.0% 23.6% 28.3% 33.7% 29.3% 30.3% 26.8% 23.2% 24.6%

$238,000.00 $282,000 $279,000 $144,000 $191,000 $383,000 $95,000 $418,000 $195,000 $131,000 $275,000 $116,000 $161,000 $390,000 $314,000 $205,000 $430,000 $275,000 $190,000 $311,000 $180,000 $191,000 $239,000

$47,600 $56,400 $55,800 $28,800 $38,200 $76,600 $19,000 $83,600 $39,000 $26,200 $55,000 $23,200 $32,200 $78,000 $62,800 $41,000 $86,000 $55,000 $38,000 $62,200 $36,000 $38,200 $47,800

8.2% 9.7% 6.2% 5.7% 12.9% 11.3% 8.3% 9.3% 11.0% 7.6% 15.4%

$81,000 $112,000 $45,000 $52,000 $163,000 $134,000 $82,000 $111,000 $146,000 $57,000 $189,000

33.0% 40.7% 27.6% 29.6% 35.8% 36.0% 32.9% 35.3% 41.4% 26.8% 38.9%

$264,000.00 $367,000 $167,000 $222,000 $375,000 $350,000 $266,000 $339,000 $432,000 $170,000 $397,000

$52,800 $73,400 $33,400 $44,400 $75,000 $70,000 $53,200 $67,800 $86,400 $34,000 $79,400

14.2% 14.9% 8.6%

$53,000 $56,000 $33,000

23.8% 32.0% 21.5%

$82,000.00 $105,000 $74,000

$16,400 $21,000 $14,800

THREEMONTH 12-MONTH GAIN $ CHANGE %

OneRoof.co.nz

CURRENT AVERAGE PROPERTY VALUE

THREEMONTH CHANGE %

GISBORNE

$688,000

2.7%

$18,000

ELGIN GISBORNE INNER KAITI KAITI LYTTON WEST MANGAPAPA OUTER KAITI RIVERDALE TE HAPARA TOLAGA BAY WAINUI WHATAUPOKO

$506,000 $579,000 $748,000 $505,000 $931,000 $671,000 $491,000 $828,000 $608,000 $373,000 $1,539,000 $885,000

2.2% 1.0% 2.3% 3.9% 2.4% 4.8% 4.2% 2.6% 3.6% -0.3% 4.3% 2.1%

$11,000 $6,000 $17,000 $19,000 $22,000 $31,000 $20,000 $21,000 $21,000 -$1,000 $63,000 $18,000

LOCATION

12-MONTH GAIN IN $

EXTRA DEPOSIT REQUIRED SINCE NOVEMBER 2020

27.2%

$147,000

$29,400

34.9% 22.9% 33.8% 33.6% 28.4% 33.4% 26.9% 33.1% 33.9% 7.2% 29.3% 33.5%

$131,000 $108,000 $189,000 $127,000 $206,000 $168,000 $104,000 $206,000 $154,000 $25,000 $349,000 $222,000

$26,200 $21,600 $37,800 $25,400 $41,200 $33,600 $20,800 $41,200 $30,800 $5,000 $69,800 $44,400

THREEMONTH 12-MONTH GAIN $ CHANGE %

HAWKE’S BAY

$878,000

5.4%

$45,000

32.2%

$214,000

$42,800

CENTRAL HAWKE’S BAY OTANE WAIPAWA WAIPUKURAU

$678,000 $800,000 $657,000 $640,000

9.4% 8.1% 9.3% 8.1%

$58,000 $60,000 $56,000 $48,000

30.1% 27.4% 31.4% 29.6%

$157,000.00 $172,000 $157,000 $146,000

$31,400 $34,400 $31,400 $29,200

HASTINGS AKINA CAMBERLEY CLIVE ESKDALE FLAXMERE FRIMLEY HASTINGS HAUMOANA HAVELOCK NORTH MAHORA MARAEKAKAHO MAYFAIR PARKVALE RAUREKA SAINT LEONARDS WAIMARAMA

$945,000 $703,000 $594,000 $963,000 $1,379,000 $517,000 $948,000 $674,000 $1,155,000 $1,334,000 $797,000 $1,272,000 $685,000 $754,000 $708,000 $713,000 $1,540,000

5.1% 4.6% 3.7% 4.2% 4.4% 5.3% 4.6% 5.0% 3.0% 9.2% 4.0% 6.4% 4.6% 3.4% 2.9% 4.5% 4.4%

$46,000 $31,000 $21,000 $39,000 $58,000 $26,000 $42,000 $32,000 $34,000 $112,000 $31,000 $76,000 $30,000 $25,000 $20,000 $31,000 $65,000

32.5% 31.2% 35.3% 32.1% 30.8% 32.6% 34.5% 30.6% 33.7% 36.8% 33.5% 31.8% 32.5% 33.2% 33.1% 35.0% 30.3%

$232,000.00 $167,000 $155,000 $234,000 $325,000 $127,000 $243,000 $158,000 $291,000 $359,000 $200,000 $307,000 $168,000 $188,000 $176,000 $185,000 $358,000

$46,400 $33,400 $31,000 $46,800 $65,000 $25,400 $48,600 $31,600 $58,200 $71,800 $40,000 $61,400 $33,600 $37,600 $35,200 $37,000 $71,600

NAPIER AHURIRI AWATOTO BAY VIEW BLUFF HILL GREENMEADOWS HOSPITAL HILL MARAENUI MAREWA NAPIER SOUTH ONEKAWA PIRIMAI PORAITI TAMATEA TARADALE TE AWA WESTSHORE

$914,000 $1,136,000 $1,027,000 $1,167,000 $1,187,000 $921,000 $1,129,000 $599,000 $686,000 $799,000 $699,000 $743,000 $1,345,000 $740,000 $967,000 $933,000 $1,215,000

5.2% 3.9% 6.9% 5.8% 7.4% 4.8% 7.9% 4.7% 2.5% 5.7% 2.5% 4.4% 5.8% 5.0% 5.1% 6.5% 4.0%

$45,000 $43,000 $66,000 $64,000 $82,000 $42,000 $83,000 $27,000 $17,000 $43,000 $17,000 $31,000 $74,000 $35,000 $47,000 $57,000 $47,000

32.3% 20.2% 27.6% 32.3% 34.3% 33.5% 30.4% 58.0% 34.5% 36.3% 32.9% 35.1% 32.3% 32.4% 37.0% 30.7% 29.4%

$223,000.00 $191,000 $222,000 $285,000 $303,000 $231,000 $263,000 $220,000 $176,000 $213,000 $173,000 $193,000 $328,000 $181,000 $261,000 $219,000 $276,000

$44,600 $38,200 $44,400 $57,000 $60,600 $46,200 $52,600 $44,000 $35,200 $42,600 $34,600 $38,600 $65,600 $36,200 $52,200 $43,800 $55,200

WAIROA MAHIA WAIROA

$405,000 $748,000 $294,000

4.7% -1.4% 9.7%

$18,000 -$11,000 $26,000

27.4% 25.3% 29.5%

$87,000.00 $151,000 $67,000

$17,400 $30,200 $13,400

TARANAKI

$667,000

4.1%

$26,000

26.3%

$139,000

$27,800

NEW PLYMOUTH BELL BLOCK BLAGDON FITZROY FRANKLEIGH PARK GLEN AVON HIGHLANDS PARK HURDON HURWORTH INGLEWOOD LEPPERTON LOWER VOGELTOWN LYNMOUTH MARFELL MERRILANDS

$739,000 $705,000 $579,000 $892,000 $680,000 $732,000 $885,000 $760,000 $1,091,000 $613,000 $927,000 $693,000 $681,000 $450,000 $770,000

3.8% 4.9% 4.7% 2.2% 3.5% 2.7% 4.1% 3.1% 5.5% 3.5% 1.4% 3.9% 5.9% 9.2% 5.2%

$27,000 $33,000 $26,000 $19,000 $23,000 $19,000 $35,000 $23,000 $57,000 $21,000 $13,000 $26,000 $38,000 $38,000 $38,000

24.8% 20.9% 28.7% 24.4% 26.4% 25.8% 25.0% 25.4% 24.7% 23.8% 21.5% 25.8% 25.2% 20.3% 24.0%

$147,000.00 $122,000 $129,000 $175,000 $142,000 $150,000 $177,000 $154,000 $216,000 $118,000 $164,000 $142,000 $137,000 $76,000 $149,000

$29,400 $24,400 $25,800 $35,000 $28,400 $30,000 $35,400 $30,800 $43,200 $23,600 $32,800 $28,400 $27,400 $15,200 $29,800

37

12-MONTH GAIN IN $

EXTRA DEPOSIT REQUIRED SINCE NOVEMBER 2020

23.8% 24.3% 25.0% 26.1% 27.5% 20.6% 23.3% 27.0% 27.5% 23.5% 26.7% 30.6% 24.0%

$136,000 $166,000 $237,000 $131,000 $117,000 $158,000 $123,000 $130,000 $105,000 $199,000 $147,000 $148,000 $141,000

$27,200 $33,200 $47,400 $26,200 $23,400 $31,600 $24,600 $26,000 $21,000 $39,800 $29,400 $29,600 $28,200

$22,000 $32,000 $22,000 $39,000

34.5% 47.2% 25.3% 52.1%

$119,000.00 $136,000 $103,000 $123,000

$23,800 $27,200 $20,600 $24,600

10.2% 6.1% 10.2% 8.3%

$46,000 $27,000 $28,000 $29,000

44.9% 40.0% 65.6% 49.8%

$154,000 $134,000 $120,000 $126,000

$30,800 $26,800 $24,000 $25,200

$542,000 $518,000

5.0% 5.9%

$26,000 $29,000

29.7% 31.8%

$124,000.00 $125,000

$24,800 $25,000

MANAWATU-WHANGANUI

$668,000

3.6%

$23,000

31.2%

$159,000

$31,800

HOROWHENUA FOXTON FOXTON BEACH KOPUTAROA LEVIN MANAKAU OHAU SHANNON TOKOMARU WAITARERE WAITARERE BEACH

$687,000 $570,000 $685,000 $965,000 $666,000 $967,000 $989,000 $557,000 $739,000 $952,000 $734,000

2.7% 5.0% 4.7% 1.5% 3.3% 1.4% 2.1% 3.1% 1.9% 0.3% 4.0%

$18,000 $27,000 $31,000 $14,000 $21,000 $13,000 $20,000 $17,000 $14,000 $3,000 $28,000

30.4% 37.7% 30.7% 28.7% 31.1% 26.6% 27.6% 37.9% 33.4% 24.1% 34.2%

$160,000.00 $156,000 $161,000 $215,000 $158,000 $203,000 $214,000 $153,000 $185,000 $185,000 $187,000

$32,000 $31,200 $32,200 $43,000 $31,600 $40,600 $42,800 $30,600 $37,000 $37,000 $37,400

MANAWATU FEILDING HALCOMBE HIMATANGI BEACH RONGOTEA SANSON

$734,000 $720,000 $792,000 $580,000 $734,000 $703,000

3.7% 3.6% 4.9% 7.8% 5.8% 4.5%

$26,000 $25,000 $37,000 $42,000 $40,000 $30,000

26.8% 28.8% 23.4% 33.0% 28.1% 27.6%

$155,000.00 $161,000 $150,000 $144,000 $161,000 $152,000

$31,000 $32,200 $30,000 $28,800 $32,200 $30,400

PALMERSTON NORTH AOKAUTERE ASHHURST AWAPUNI BUNNYTHORPE CLOVERLEA FITZHERBERT HIGHBURY HOKOWHITU KELVIN GROVE MILSON PALMERSTON NORTH ROSLYN TAKARO TERRACE END WEST END WESTBROOK

$787,000 $1,199,000 $794,000 $721,000 $941,000 $672,000 $1,097,000 $612,000 $920,000 $919,000 $726,000 $725,000 $645,000 $640,000 $746,000 $707,000 $662,000

5.1% 7.1% 4.1% 3.4% 5.0% 4.8% 6.2% 4.4% 6.0% 5.3% 5.2% 4.9% 4.7% 3.4% 5.5% 3.8% 5.6%

$38,000 $80,000 $31,000 $24,000 $45,000 $31,000 $64,000 $26,000 $52,000 $46,000 $36,000 $34,000 $29,000 $21,000 $39,000 $26,000 $35,000

32.9% 30.3% 30.2% 29.2% 25.3% 36.3% 40.5% 33.3% 35.9% 33.4% 30.8% 32.1% 34.9% 32.0% 32.5% 34.7% 36.5%

$195,000.00 $279,000 $184,000 $163,000 $190,000 $179,000 $316,000 $153,000 $243,000 $230,000 $171,000 $176,000 $167,000 $155,000 $183,000 $182,000 $177,000

$39,000 $55,800 $36,800 $32,600 $38,000 $35,800 $63,200 $30,600 $48,600 $46,000 $34,200 $35,200 $33,400 $31,000 $36,600 $36,400 $35,400

RANGITIKEI BULLS HUNTERVILLE MARTON TAIHAPE

$537,000 $598,000 $489,000 $572,000 $413,000

6.3% 6.4% 5.2% 8.3% 5.6%

$32,000 $36,000 $24,000 $44,000 $22,000

34.9% 33.2% 38.9% 37.8% 33.2%

$139,000.00 $149,000 $137,000 $157,000 $103,000

$27,800 $29,800 $27,400 $31,400 $20,600

RUAPEHU HOROPITO MANUNUI OHAKUNE OWHANGO RAETIHI TAUMARUNUI

$416,000 $560,000 $358,000 $545,000 $453,000 $354,000 $340,000

-2.1% -3.3% -4.0% 2.6% -2.8% -2.5% -3.4%

-$9,000 -$19,000 -$15,000 $14,000 -$13,000 -$9,000 -$12,000

21.6% -0.4% 23.0% 23.3% 20.2% 21.6% 30.8%

$74,000.00 -$2,000 $67,000 $103,000 $76,000 $63,000 $80,000

$14,800 -$400 $13,400 $20,600 $15,200 $12,600 $16,000

CURRENT AVERAGE PROPERTY VALUE

THREEMONTH CHANGE %

MOTUROA NEW PLYMOUTH OAKURA OKATO SPOTSWOOD STRANDON UPPER VOGELTOWN VOGELTOWN WAITARA WAIWHAKAIHO WELBOURN WESTOWN WHALERS GATE

$708,000 $849,000 $1,186,000 $632,000 $542,000 $925,000 $650,000 $612,000 $487,000 $1,047,000 $698,000 $632,000 $728,000

3.5% 6.4% 1.9% 5.0% 2.7% 2.4% 1.2% 2.2% 6.8% 5.1% 2.5% 4.8% 3.9%

$24,000 $51,000 $22,000 $30,000 $14,000 $22,000 $8,000 $13,000 $31,000 $51,000 $17,000 $29,000 $27,000

SOUTH TARANAKI ELTHAM HAWERA MANAIA

$464,000 $424,000 $510,000 $359,000

5.0% 8.2% 4.5% 12.2%

NORMANBY OPUNAKE PATEA WAVERLEY

$497,000 $469,000 $303,000 $379,000

STRATFORD STRATFORD

LOCATION

THREEMONTH 12-MONTH GAIN $ CHANGE %

38

OneRoof.co.nz

THREEMONTH 12-MONTH GAIN $ CHANGE %

12-MONTH GAIN IN $

EXTRA DEPOSIT REQUIRED SINCE NOVEMBER 2020

3.6% 7.3% 4.6% 4.4% 2.3%

$18,000 $35,000 $21,000 $23,000 $11,000

41.4% 40.1% 50.5% 43.0% 45.0%

$153,000.00 $148,000 $159,000 $165,000 $150,000

$30,600 $29,600 $31,800 $33,000 $30,000

$573,000 $494,000 $428,000 $662,000 $637,000 $456,000 $908,000 $715,000 $618,000 $564,000 $995,000 $439,000 $491,000

1.8% 4.0% 0.2% 2.0% 1.8% 1.8% 1.8% 0.3% 2.8% 1.4% 0.9% 3.5% 1.9%

$10,000 $19,000 $1,000 $13,000 $11,000 $8,000 $16,000 $2,000 $17,000 $8,000 $9,000 $15,000 $9,000

31.1% 36.8% 30.5% 33.7% 33.0% 32.9% 32.0% 32.4% 31.8% 30.9% 32.8% 31.8% 35.6%

$136,000.00 $133,000 $100,000 $167,000 $158,000 $113,000 $220,000 $175,000 $149,000 $133,000 $246,000 $106,000 $129,000

$27,200 $26,600 $20,000 $33,400 $31,600 $22,600 $44,000 $35,000 $29,800 $26,600 $49,200 $21,200 $25,800

GREATER WELLINGTON

$1,094,000

4.4%

$46,000

30.4%

$255,000

$51,000

CARTERTON CARTERTON FLAT POINT

$831,000 $740,000 $853,000

3.7% 5.1% 0.7%

$30,000 $36,000 $6,000

37.1% 38.8% 26.0%

$225,000.00 $207,000 $176,000

$45,000 $41,400 $35,200

KAPITI COAST OTAKI OTAKI BEACH PAEKAKARIKI PARAPARAUMU PARAPARAUMU BEACH RAUMATI BEACH RAUMATI SOUTH TE HORO WAIKANAE WAIKANAE BEACH

$1,047,000 $831,000 $766,000 $1,138,000 $956,000 $1,027,000 $1,031,000 $1,058,000 $1,390,000 $1,100,000 $1,149,000

5.5% 6.0% 5.9% 4.5% 4.9% 6.2% 3.8% 4.5% 3.5% 8.1% 2.8%

$55,000 $47,000 $43,000 $49,000 $45,000 $60,000 $38,000 $46,000 $47,000 $82,000 $31,000

34.6% 35.6% 39.0% 39.3% 33.0% 35.1% 29.4% 31.6% 35.3% 38.0% 35.2%

$269,000.00 $218,000 $215,000 $321,000 $237,000 $267,000 $234,000 $254,000 $363,000 $303,000 $299,000

$53,800 $43,600 $43,000 $64,200 $47,400 $53,400 $46,800 $50,800 $72,600 $60,600 $59,800

LOWER HUTT ALICETOWN AVALON BELMONT BOULCOTT EASTBOURNE EPUNI FAIRFIELD HUTT CENTRAL KELSON KOROKORO MAUNGARAKI MOERA NAENAE NORMANDALE PETONE STOKES VALLEY TAITA WAINUIOMATA WAIWHETU WATERLOO WOBURN

$1,012,000 $1,059,000 $928,000 $1,156,000 $1,181,000 $1,380,000 $1,040,000 $1,016,000 $1,344,000 $1,045,000 $1,188,000 $1,121,000 $769,000 $809,000 $1,132,000 $1,099,000 $809,000 $786,000 $813,000 $997,000 $1,116,000 $1,489,000

4.1% 3.2% 3.7% 5.5% 6.3% 3.4% 4.3% 4.4% 4.8% 4.6% 2.1% 5.8% 0.9% 3.9% 6.4% 5.0% 3.2% 1.3% 4.6% 4.7% 5.3% 4.9%

$40,000 $33,000 $33,000 $60,000 $70,000 $46,000 $43,000 $43,000 $62,000 $46,000 $25,000 $61,000 $7,000 $30,000 $68,000 $52,000 $25,000 $10,000 $36,000 $45,000 $56,000 $70,000

31.8% 36.5% 32.2% 34.4% 33.9% 29.3% 36.7% 34.7% 33.9% 31.9% 29.0% 37.4% 29.2% 33.3% 31.8% 34.0% 28.6% 32.3% 31.8% 34.0% 36.8% 33.9%

$244,000.00 $283,000 $226,000 $296,000 $299,000 $313,000 $279,000 $262,000 $340,000 $253,000 $267,000 $305,000 $174,000 $202,000 $273,000 $279,000 $180,000 $192,000 $196,000 $253,000 $300,000 $377,000

$48,800 $56,600 $45,200 $59,200 $59,800 $62,600 $55,800 $52,400 $68,000 $50,600 $53,400 $61,000 $34,800 $40,400 $54,600 $55,800 $36,000 $38,400 $39,200 $50,600 $60,000 $75,400

MASTERTON KURIPUNI LANSDOWNE MASTERTON RIVERSDALE BEACH SOLWAY UPPER PLAIN

$754,000 $635,000 $729,000 $643,000 $992,000 $700,000 $1,216,000

4.4% 4.3% 5.3% 5.8% 4.3% 4.6% 4.1%

$32,000 $26,000 $37,000 $35,000 $41,000 $31,000 $48,000

36.1% 38.9% 35.3% 36.2% 38.4% 38.6% 41.6%

$200,000.00 $178,000 $190,000 $171,000 $275,000 $195,000 $357,000

$40,000 $35,600 $38,000 $34,200 $55,000 $39,000 $71,400

POIRUA AOTEA ASCOT PARK CAMBORNE CANNONS CREEK PAPAKOWHAI PAREMATA PLIMMERTON PUKERUA BAY RANUI TITAHI BAY WAITANGIRUA WHITBY

$1,050,000 $1,466,000 $822,000 $1,117,000 $706,000 $1,125,000 $1,177,000 $1,228,000 $1,082,000 $792,000 $913,000 $697,000 $1,168,000

5.5% 6.2% 4.4% 4.7% 10.0% 4.2% 4.8% 5.2% 2.7% 7.9% 4.6% 13.1% 4.7%

$55,000 $85,000 $35,000 $50,000 $64,000 $45,000 $54,000 $61,000 $28,000 $58,000 $40,000 $81,000 $52,000

30.9% 36.5% 36.1% 34.3% 33.2% 33.3% 33.6% 28.9% 30.8% 35.8% 33.5% 41.4% 30.2%

$248,000.00 $392,000 $218,000 $285,000 $176,000 $281,000 $296,000 $275,000 $255,000 $209,000 $229,000 $204,000 $271,000

$49,600 $78,400 $43,600 $57,000 $35,200 $56,200 $59,200 $55,000 $51,000 $41,800 $45,800 $40,800 $54,200

SOUTH WAIRARAPA FEATHERSTON GREYTOWN MARTINBOROUGH TAUHERENIKAU

$1,005,000 $712,000 $1,091,000 $1,153,000 $1,151,000

5.1% 3.2% 7.4% 7.0% 3.3%

$49,000 $22,000 $75,000 $75,000 $37,000

34.4% 37.2% 28.7% 39.6% 39.2%

$257,000.00 $193,000 $243,000 $327,000 $324,000

$51,400 $38,600 $48,600 $65,400 $64,800

CURRENT AVERAGE PROPERTY VALUE

THREEMONTH CHANGE %

TARARUA DANNEVIRKE EKETAHUNA PAHIATUA WOODVILLE

$523,000 $517,000 $474,000 $549,000 $483,000

WHANGANUI ARAMOHO CASTLECLIFF COLLEGE ESTATE DURIE HILL GONVILLE OTAMATEA SAINT JOHNS HILL SPRINGVALE TAWHERO WESTMERE WHANGANUI WHANGANUI EAST

LOCATION

THREEMONTH 12-MONTH GAIN $ CHANGE %

12-MONTH GAIN IN $

EXTRA DEPOSIT REQUIRED SINCE NOVEMBER 2020

5.8% 4.7% 5.9% 5.0% 5.1% 5.4% 5.1% 5.0% 6.8% 7.6% 8.6% 6.5% 6.5% 4.7% 5.9% 4.9%

$55,000 $41,000 $56,000 $42,000 $43,000 $48,000 $59,000 $39,000 $62,000 $91,000 $89,000 $59,000 $61,000 $39,000 $49,000 $45,000

33.9% 35.4% 37.3% 35.9% 35.2% 36.8% 38.3% 34.8% 35.2% 38.1% 38.0% 35.1% 36.4% 32.9% 34.8% 36.3%

$253,000.00 $238,000 $274,000 $232,000 $231,000 $254,000 $335,000 $213,000 $253,000 $354,000 $309,000 $252,000 $265,000 $217,000 $226,000 $255,000

$50,600 $47,600 $54,800 $46,400 $46,200 $50,800 $67,000 $42,600 $50,600 $70,800 $61,800 $50,400 $53,000 $43,400 $45,200 $51,000

$1,254,000 $1,247,000 $1,102,000 $1,121,000 $1,317,000 $1,321,000 $1,268,000 $1,250,000 $1,436,000 $1,321,000 $1,399,000 $1,036,000 $1,401,000 $1,809,000 $1,589,000 $1,129,000 $1,229,000 $1,091,000 $1,251,000 $984,000 $1,512,000 $1,051,000 $1,213,000 $1,337,000 $1,384,000 $2,598,000 $1,060,000 $1,949,000 $2,035,000 $1,238,000 $1,050,000 $839,000 $1,206,000 $1,595,000 $640,000 $1,208,000 $1,168,000

3.6% 3.7% 4.7% 4.8% 3.9% 4.9% 5.3% 5.2% 3.0% 3.8% 3.2% 3.7% 5.2% 2.0% 4.3% 3.4% 4.2% 0.9% 4.0% 2.2% 2.9% 5.8% 4.8% 5.4% 4.8% -3.6% 5.7% 1.0% 2.8% 5.6% 3.9% 3.6% 2.1% 3.4% 0.9% 7.0% 5.2%

$44,000 $45,000 $49,000 $51,000 $50,000 $62,000 $64,000 $62,000 $42,000 $48,000 $44,000 $37,000 $69,000 $36,000 $65,000 $37,000 $50,000 $10,000 $48,000 $21,000 $42,000 $58,000 $56,000 $69,000 $63,000 -$98,000 $57,000 $19,000 $56,000 $66,000 $39,000 $29,000 $25,000 $52,000 $6,000 $79,000 $58,000

27.1% 30.8% 33.9% 35.7% 30.8% 34.5% 31.0% 37.2% 27.8% 29.8% 28.1% 36.5% 29.4% 23.2% 27.7% 30.1% 33.6% 23.0% 30.0% 22.5% 19.5% 33.4% 27.5% 32.2% 31.3% 13.7% 35.4% 27.0% 24.9% 33.0% 30.4% 18.7% 23.8% 25.6% 12.9% 33.2% 34.4%

$267,000.00 $294,000 $279,000 $295,000 $310,000 $339,000 $300,000 $339,000 $312,000 $303,000 $307,000 $277,000 $318,000 $341,000 $345,000 $261,000 $309,000 $204,000 $289,000 $181,000 $247,000 $263,000 $262,000 $326,000 $330,000 $314,000 $277,000 $414,000 $406,000 $307,000 $245,000 $132,000 $232,000 $325,000 $73,000 $301,000 $299,000

$53,400 $58,800 $55,800 $59,000 $62,000 $67,800 $60,000 $67,800 $62,400 $60,600 $61,400 $55,400 $63,600 $68,200 $69,000 $52,200 $61,800 $40,800 $57,800 $36,200 $49,400 $52,600 $52,400 $65,200 $66,000 $62,800 $55,400 $82,800 $81,200 $61,400 $49,000 $26,400 $46,400 $65,000 $14,600 $60,200 $59,800

TASMAN

$973,000

5.8%

$53,000

25.2%

$196,000

$39,200

APPLEBY BRIGHTWATER HOPE KAITERITERI MAPUA MOTUEKA POHARA REDWOOD VALLEY RICHMOND RIWAKA RUBY BAY TAKAKA TASMAN UPPER MOUTERE WAKEFIELD

$1,286,000 $985,000 $1,283,000 $1,400,000 $1,112,000 $786,000 $932,000 $1,557,000 $904,000 $838,000 $1,489,000 $705,000 $1,531,000 $1,286,000 $930,000

6.1% 5.6% 5.6% 6.2% 5.3% 4.4% 5.7% 7.1% 6.5% 4.1% 6.2% 4.0% 7.4% 7.5% 5.9%

$74,000 $52,000 $68,000 $82,000 $56,000 $33,000 $50,000 $103,000 $55,000 $33,000 $87,000 $27,000 $105,000 $90,000 $52,000

23.8% 25.0% 22.1% 17.6% 27.1% 26.2% 33.0% 27.4% 24.2% 23.8% 24.7% 29.4% 27.3% 27.1% 26.7%

$247,000 $197,000 $232,000 $210,000 $237,000 $163,000 $231,000 $335,000 $176,000 $161,000 $295,000 $160,000 $328,000 $274,000 $196,000

$49,400 $39,400 $46,400 $42,000 $47,400 $32,600 $46,200 $67,000 $35,200 $32,200 $59,000 $32,000 $65,600 $54,800 $39,200

MARLBOROUGH

$759,000

1.1%

$8,000

23.8%

$146,000

$29,200

BLENHEIM HAVELOCK KAIUMA BAY MAYFIELD PICTON REDWOODTOWN RENWICK RIVERSDALE SPRINGLANDS WAIKAWA

$628,000 $632,000 $739,000 $602,000 $639,000 $624,000 $770,000 $589,000 $828,000 $903,000

1.5% 0.3% -0.1% -0.5% -0.5% 2.3% 2.3% 0.3% 2.9% 3.0%

$9,000 $2,000 -$1,000 -$3,000 -$3,000 $14,000 $17,000 $2,000 $23,000 $26,000

27.6% 23.9% 18.6% 28.1% 24.3% 26.6% 29.2% 31.2% 24.9% 22.0%

$136,000 $122,000 $116,000 $132,000 $125,000 $131,000 $174,000 $140,000 $165,000 $163,000

$27,200 $24,400 $23,200 $26,400 $25,000 $26,200 $34,800 $28,000 $33,000 $32,600

LOCATION

CURRENT AVERAGE PROPERTY VALUE

THREEMONTH CHANGE %

UPPER HUTT BIRCHVILLE BROWN OWL CLOUSTON PARK EBDENTOWN ELDERSLEA HERETAUNGA MAORIBANK PINEHAVEN RIVERSTONE TERRACES SILVERSTREAM TE MARUA TIMBERLEA TOTARA PARK TRENTHAM WALLACEVILLE

$1,000,000 $910,000 $1,009,000 $879,000 $887,000 $945,000 $1,210,000 $825,000 $972,000 $1,284,000 $1,123,000 $970,000 $993,000 $877,000 $876,000 $957,000

WELLINGTON ARO VALLEY BERHAMPORE BROADMEADOWS BROOKLYN CHURTON PARK CROFTON DOWNS GRENADA VILLAGE HATAITAI HOUGHTON BAY ISLAND BAY JOHNSONVILLE KARORI KELBURN KHANDALLAH KILBIRNIE LYALL BAY MAUPUIA MIRAMAR MOUNT COOK MOUNT VICTORIA NEWLANDS NEWTOWN NGAIO NORTHLAND ORIENTAL BAY PAPARANGI ROSENEATH SEATOUN STRATHMORE PARK TAWA TE ARO THORNDON WADESTOWN WELLINGTON CENTRAL WILTON WOODRIDGE

SOUTH ISLAND

OneRoof.co.nz

12-MONTH GAIN IN $

EXTRA DEPOSIT REQUIRED SINCE NOVEMBER 2020

29.1%

$174,000

$34,800

$47,000

23.2%

$163,000

$32,600

8.4% 7.2% 7.3% 5.7% 7.0% 4.7% 6.6% 6.5% 6.7% 5.9% 4.1% 5.4% 7.5% 6.6% 8.7% 6.5% 6.1%

$57,000 $67,000 $54,000 $83,000 $61,000 $43,000 $47,000 $72,000 $52,000 $73,000 $31,000 $37,000 $53,000 $54,000 $49,000 $47,000 $40,000

26.3% 23.5% 23.9% 23.5% 26.0% 19.5% 23.6% 26.0% 26.4% 24.8% 19.5% 23.3% 22.7% 25.3% 26.1% 24.2% 26.0%

$153,000 $191,000 $153,000 $295,000 $192,000 $156,000 $145,000 $243,000 $172,000 $261,000 $128,000 $136,000 $141,000 $176,000 $127,000 $150,000 $143,000

$30,600 $38,200 $30,600 $59,000 $38,400 $31,200 $29,000 $48,600 $34,400 $52,200 $25,600 $27,200 $28,200 $35,200 $25,400 $30,000 $28,600

$373,000

5.7%

$20,000

24.7%

$74,000

$14,800

$336,000 $430,000 $421,000 $244,000 $357,000 $315,000 $274,000 $339,000

3.4% 3.9% 6.6% 1.2% 6.3% 4.0% 4.6% 3.0%

$11,000 $16,000 $26,000 $3,000 $21,000 $12,000 $12,000 $10,000

23.1% 26.1% 29.1% 28.4% 25.7% 24.0% 25.7% 20.6%

$63,000.00 $89,000 $95,000 $54,000 $73,000 $61,000 $56,000 $58,000

$12,600 $17,800 $19,000 $10,800 $14,600 $12,200 $11,200 $11,600

GREY BLAKETOWN COBDEN GREYMOUTH KARORO MARSDEN MOANA PAROA RUNANGA GREY

$367,000 $249,000 $234,000 $349,000 $469,000 $604,000 $569,000 $568,000 $218,000 $367,000

5.5% 6.0% 5.9% 2.9% 3.1% 3.1% 4.8% 3.6% 7.9% 5.5%

$19,000 $14,000 $13,000 $10,000 $14,000 $18,000 $26,000 $20,000 $16,000 $19,000

26.6% 31.1% 36.0% 25.1% 22.1% 19.8% 22.9% 24.8% 31.3% 26.6%

$77,000.00 $59,000 $62,000 $70,000 $85,000 $100,000 $106,000 $113,000 $52,000 $77,000.00

$15,400 $11,800 $12,400 $14,000 $17,000 $20,000 $21,200 $22,600 $10,400 $15,400

WESTLAND ARAHURA VALLEY HOKITIKA KUMARA JUNCTION ROSS RUATAPU

$431,000 $578,000 $390,000 $556,000 $280,000 $523,000

8.3% 5.1% 8.0% 6.1% 6.1% 9.6%

$33,000 $28,000 $29,000 $32,000 $16,000 $46,000

24.2% 21.4% 27.5% 20.1% 25.0% 26.9%

$84,000.00 $102,000 $84,000 $93,000 $56,000 $111,000

$16,800 $20,400 $16,800 $18,600 $11,200 $22,200

CURRENT AVERAGE PROPERTY VALUE

THREEMONTH CHANGE %

WITHERLEA

$772,000

2.9%

$22,000

NELSON

$866,000

5.7%

ANNESBROOK ATAWHAI BISHOPDALE BRITANNIA HEIGHTS ENNER GLYNN MARYBANK MONACO NELSON NELSON SOUTH STEPNEYVILLE STOKE TAHUNANUI THE BROOK THE WOOD TOI TOI WAKATU WASHINGTON VALLEY

$734,000 $1,003,000 $793,000 $1,552,000 $931,000 $954,000 $760,000 $1,179,000 $823,000 $1,314,000 $786,000 $719,000 $761,000 $872,000 $614,000 $769,000 $693,000

WEST COAST BULLER CARTERS BEACH CHARLESTON GRANITY KARAMEA LITTLE WANGANUI REEFTON WESTPORT

LOCATION

THREEMONTH 12-MONTH GAIN $ CHANGE %

CANTERBURY

$743,000

9.3%

$63,000

32.7%

$183,000

$36,600

ASHBURTON ALLENTON ASHBURTON ELGIN HAMPSTEAD HUNTINGDON METHVEN NETHERBY RAKAIA TINWALD

$564,000 $564,000 $468,000 $948,000 $405,000 $1,023,000 $644,000 $512,000 $519,000 $558,000

-1.9% 5.2% 6.1% 1.5% 7.1% 6.8% 10.1% 8.7% 9.0% 4.7%

-$11,000 $28,000 $27,000 $14,000 $27,000 $65,000 $59,000 $41,000 $43,000 $25,000

22.6% 22.3% 25.8% 12.9% 20.9% 28.8% 24.6% 27.7% 22.1% 23.2%

$104,000.00 $103,000 $96,000 $108,000 $70,000 $229,000 $127,000 $111,000 $94,000 $105,000

$20,800 $20,600 $19,200 $21,600 $14,000 $45,800 $25,400 $22,200 $18,800 $21,000

CHRISTCHURCH ADDINGTON AIDANFIELD AKAROA ARANUI AVONDALE AVONHEAD AVONSIDE BECKENHAM BELFAST BISHOPDALE BROMLEY BROOMFIELD BRYNDWR BURNSIDE BURWOOD CASEBROOK CASHMERE CHRISTCHURCH CENTRAL CLIFTON DALLINGTON DIAMOND HARBOUR EDGEWARE FENDALTON

$752,000 $534,000 $897,000 $953,000 $443,000 $507,000 $767,000 $509,000 $810,000 $656,000 $660,000 $490,000 $684,000 $774,000 $885,000 $636,000 $784,000 $1,073,000 $658,000 $1,213,000 $563,000 $759,000 $515,000 $1,713,000

10.1% 12.9% 11.8% 8.2% 10.5% 10.9% 5.4% 8.3% 7.1% 7.7% 12.2% 10.4% 9.1% 9.2% 14.2% 12.0% 12.0% 12.9% 7.2% 10.7% 9.5% 10.2% 6.6% 5.7%

$69,000 $61,000 $95,000 $72,000 $42,000 $50,000 $39,000 $39,000 $54,000 $47,000 $72,000 $46,000 $57,000 $65,000 $110,000 $68,000 $84,000 $123,000 $44,000 $117,000 $49,000 $70,000 $32,000 $93,000

34.5% 35.9% 37.4% 31.1% 40.2% 36.3% 25.1% 33.9% 34.6% 32.5% 35.8% 36.5% 34.1% 36.7% 40.7% 33.3% 30.9% 31.5% 22.5% 35.5% 36.3% 36.8% 29.7% 30.0%

$193,000.00 $141,000 $244,000 $226,000 $127,000 $135,000 $154,000 $129,000 $208,000 $161,000 $174,000 $131,000 $174,000 $208,000 $256,000 $159,000 $185,000 $257,000 $121,000 $318,000 $150,000 $204,000 $118,000 $395,000

$38,600 $28,200 $48,800 $45,200 $25,400 $27,000 $30,800 $25,800 $41,600 $32,200 $34,800 $26,200 $34,800 $41,600 $51,200 $31,800 $37,000 $51,400 $24,200 $63,600 $30,000 $40,800 $23,600 $79,000

39

12-MONTH GAIN IN $

EXTRA DEPOSIT REQUIRED SINCE NOVEMBER 2020

32.6% 31.2% 32.8% 35.0% 32.1% 31.8% 37.9% 36.5% 33.9% 24.0% 32.0% 39.9% 36.5% 34.5% 36.6% 34.4% 32.9% 37.8% 34.1% 30.7% 35.2% 35.2% 35.1% 35.4% 36.2% 34.8% 38.3% 39.4% 32.1% 23.2% 31.2% 33.5% 35.0% 31.3% 35.6% 41.0% 35.8% 36.0% 36.3% 30.9% 29.9% 42.0% 31.9% 32.7% 25.8% 34.7% 36.2% 32.6% 34.2% 36.1% 28.5% 23.0%

$203,000 $244,000 $190,000 $150,000 $158,000 $185,000 $176,000 $152,000 $272,000 $183,000 $130,000 $494,000 $127,000 $187,000 $167,000 $258,000 $375,000 $310,000 $268,000 $116,000 $138,000 $146,000 $273,000 $194,000 $204,000 $184,000 $123,000 $327,000 $156,000 $137,000 $124,000 $173,000 $185,000 $148,000 $163,000 $212,000 $148,000 $171,000 $167,000 $201,000 $264,000 $330,000 $131,000 $186,000 $134,000 $236,000 $126,000 $116,000 $270,000 $221,000 $111,000 $181,000

$40,600 $48,800 $38,000 $30,000 $31,600 $37,000 $35,200 $30,400 $54,400 $36,600 $26,000 $98,800 $25,400 $37,400 $33,400 $51,600 $75,000 $62,000 $53,600 $23,200 $27,600 $29,200 $54,600 $38,800 $40,800 $36,800 $24,600 $65,400 $31,200 $27,400 $24,800 $34,600 $37,000 $29,600 $32,600 $42,400 $29,600 $34,200 $33,400 $40,200 $52,800 $66,000 $26,200 $37,200 $26,800 $47,200 $25,200 $23,200 $54,000 $44,200 $22,200 $36,200

$36,000 $27,000 $41,000 $65,000 $40,000

23.3% 24.0% 28.6% 26.5% 25.4%

$117,000.00 $124,000 $99,000 $154,000 $123,000

$23,400 $24,800 $19,800 $30,800 $24,600

6.8% 6.4% 7.3% 5.0%

$44,000 $38,000 $53,000 $33,000

25.1% 24.8% 26.2% 22.5%

$138,000.00 $126,000 $162,000 $128,000

$27,600 $25,200 $32,400 $25,600

$760,000 $925,000 $487,000 $1,127,000 $704,000

5.4% -0.2% 1.9% 6.6% 4.6%

$39,000 -$2,000 $9,000 $70,000 $31,000

20.3% 25.5% 18.2% 21.1% 19.3%

$128,000.00 $188,000 $75,000 $196,000 $114,000

$25,600 $37,600 $15,000 $39,200 $22,800

SELWYN COALGATE DARFIELD DUNSANDEL KIRWEE LEESTON LINCOLN PREBBLETON ROLLESTON SOUTHBRIDGE TAI TAPU WEST MELTON WINDWHISTLE

$949,000 $578,000 $786,000 $782,000 $946,000 $731,000 $966,000 $1,233,000 $907,000 $625,000 $1,352,000 $1,262,000 $684,000

12.7% 12.2% 12.4% 9.2% 12.1% 11.3% 11.9% 11.7% 15.8% 10.8% 10.0% 10.9% 18.1%

$107,000 $63,000 $87,000 $66,000 $102,000 $74,000 $103,000 $129,000 $124,000 $61,000 $123,000 $124,000 $105,000

38.9% 38.3% 32.5% 29.7% 31.4% 32.9% 29.8% 39.0% 46.5% 32.7% 30.5% 31.5% 29.1%

$266,000.00 $160,000 $193,000 $179,000 $226,000 $181,000 $222,000 $346,000 $288,000 $154,000 $316,000 $302,000 $154,000

$53,200 $32,000 $38,600 $35,800 $45,200 $36,200 $44,400 $69,200 $57,600 $30,800 $63,200 $60,400 $30,800

TIMARU GERALDINE GLENITI

$550,000 $538,000 $761,000

6.4% 4.9% 6.3%

$33,000 $25,000 $45,000

20.6% 20.4% 18.5%

$94,000.00 $91,000 $119,000

$18,800 $18,200 $23,800

CURRENT AVERAGE PROPERTY VALUE

THREEMONTH CHANGE %

HALSWELL HAREWOOD HEATHCOTE VALLEY HEI HEI HILLMORTON HILLSBOROUGH HOON HAY HORNBY HUNTSBURY ILAM ISLINGTON KENNEDYS BUSH LINWOOD LYTTELTON MAIREHAU MARSHLAND MERIVALE MONCKS BAY MOUNT PLEASANT NEW BRIGHTON NORTH NEW BRIGHTON NORTHCOTE NORTHWOOD OPAWA PAPANUI PARKLANDS PHILLIPSTOWN REDCLIFFS REDWOOD RICCARTON RICHMOND RUSSLEY SAINT MARTINS SHIRLEY SOCKBURN SOMERFIELD SOUTH NEW BRIGHTON SOUTHSHORE SPREYDON ST ALBANS STROWAN SUMNER SYDENHAM TEMPLETON UPPER RICCARTON WAIMAIRI BEACH WAINONI WALTHAM WESTMORLAND WIGRAM WOOLSTON YALDHURST

$825,000 $1,027,000 $769,000 $578,000 $650,000 $766,000 $640,000 $568,000 $1,075,000 $947,000 $536,000 $1,731,000 $475,000 $729,000 $623,000 $1,008,000 $1,516,000 $1,130,000 $1,055,000 $494,000 $530,000 $561,000 $1,050,000 $742,000 $767,000 $713,000 $444,000 $1,158,000 $642,000 $727,000 $522,000 $690,000 $713,000 $621,000 $621,000 $729,000 $561,000 $646,000 $627,000 $851,000 $1,147,000 $1,115,000 $542,000 $755,000 $654,000 $917,000 $474,000 $472,000 $1,059,000 $833,000 $500,000 $967,000

10.4% 9.1% 9.9% 10.9% 8.9% 10.5% 9.4% 11.6% 8.5% 9.7% 7.4% 12.0% 12.3% 10.0% 13.3% 11.5% 11.7% 12.8% 9.6% 7.2% 10.9% 8.1% 11.1% 9.1% 15.0% 10.2% 12.4% 11.6% 12.2% 8.8% 8.1% 8.0% 10.5% 9.7% 9.7% 13.0% 8.7% 9.1% 10.2% 8.3% 7.2% 10.8% 5.9% 8.0% 3.6% 10.9% 8.0% 9.0% 9.4% 13.0% 5.5% 4.2%

$78,000 $86,000 $69,000 $57,000 $53,000 $73,000 $55,000 $59,000 $84,000 $84,000 $37,000 $185,000 $52,000 $66,000 $73,000 $104,000 $159,000 $128,000 $92,000 $33,000 $52,000 $42,000 $105,000 $62,000 $100,000 $66,000 $49,000 $120,000 $70,000 $59,000 $39,000 $51,000 $68,000 $55,000 $55,000 $84,000 $45,000 $54,000 $58,000 $65,000 $77,000 $109,000 $30,000 $56,000 $23,000 $90,000 $35,000 $39,000 $91,000 $96,000 $26,000 $39,000

HURUNUI AMBERLEY CHEVIOT HANMER SPRINGS LEITHFIELD

$619,000 $640,000 $445,000 $736,000 $607,000

6.2% 4.4% 10.1% 9.7% 7.1%

KAIKOURA KAIKOURA KAIKOURA FLAT SOUTH BAY

$688,000 $634,000 $780,000 $697,000

MACKENZIE BEN OHAU FAIRLIE LAKE TEKAPO TWIZEL

LOCATION

THREEMONTH 12-MONTH GAIN $ CHANGE %

40

OneRoof.co.nz

12-MONTH GAIN IN $

EXTRA DEPOSIT REQUIRED SINCE NOVEMBER 2020

24.2% 16.4% 23.7% 24.5% 24.7% 17.8% 25.7% 19.4% 21.4% 21.5% 24.9% 25.5% 20.5%

$103,000 $80,000 $83,000 $111,000 $98,000 $90,000 $89,000 $87,000 $79,000 $84,000 $96,000 $93,000 $79,000

$20,600 $16,000 $16,600 $22,200 $19,600 $18,000 $17,800 $17,400 $15,800 $16,800 $19,200 $18,600 $15,800

$63,000 $62,000 $53,000 $54,000 $62,000 $68,000 $60,000 $90,000 $52,000 $97,000 $59,000 $57,000 $62,000 $48,000 $76,000

30.9% 29.9% 24.2% 27.8% 26.3% 30.3% 26.3% 28.5% 29.4% 37.5% 32.9% 24.1% 27.4% 31.7% 35.1%

$183,000.00 $195,000 $186,000 $199,000 $237,000 $152,000 $203,000 $286,000 $146,000 $218,000 $169,000 $170,000 $235,000 $151,000 $186,000

$36,600 $39,000 $37,200 $39,800 $47,400 $30,400 $40,600 $57,200 $29,200 $43,600 $33,800 $34,000 $47,000 $30,200 $37,200

9.1% 10.2%

$39,000 $42,000

27.8% 29.5%

$102,000.00 $103,000

$20,400 $20,600

$899,000

4.7%

$40,000

20.5%

$153,000

$30,600

CENTRAL OTAGO ALEXANDRA BRIDGE HILL CLYDE CROMWELL MOUNT PISA NASEBY RANFURLY ROXBURGH SPRINGVALE

$814,000 $695,000 $833,000 $842,000 $861,000 $1,167,000 $445,000 $376,000 $425,000 $1,136,000

4.1% 1.5% 3.6% 7.0% 3.1% 6.6% 1.4% 1.3% 1.7% 3.5%

$32,000 $10,000 $29,000 $55,000 $26,000 $72,000 $6,000 $5,000 $7,000 $38,000

18.8% 18.2% 17.0% 21.5% 15.6% 19.1% 20.9% 22.5% 19.4% 20.9%

$129,000.00 $107,000 $121,000 $149,000 $116,000 $187,000 $77,000 $69,000 $69,000 $196,000

$25,800 $21,400 $24,200 $29,800 $23,200 $37,400 $15,400 $13,800 $13,800 $39,200

CLUTHA BALCLUTHA KAITANGATA MILTON TAPANUI WAIHOLA

$436,000 $443,000 $270,000 $442,000 $350,000 $677,000

8.5% 8.0% 10.2% 7.8% 11.8% 7.8%

$34,000 $33,000 $25,000 $32,000 $37,000 $49,000

22.5% 23.7% 21.6% 28.9% 24.6% 22.4%

$80,000.00 $85,000 $48,000 $99,000 $69,000 $124,000

$16,000 $17,000 $9,600 $19,800 $13,800 $24,800

DUNEDIN ABBOTSFORD ANDERSONS BAY BALACLAVA BELLEKNOWES BRADFORD BRIGHTON BROCKVILLE CALTON HILL CAVERSHAM CLYDE HILL CONCORD CORSTORPHINE DUNEDIN CENTRAL FAIRFIELD FORBURY GREEN ISLAND HALFWAY BUSH KAIKORAI KARITANE KENMURE KEW MACANDREW BAY MAORI HILL MORNINGTON MOSGIEL MUSSELBURGH NORTH DUNEDIN NORTH EAST VALLEY OPOHO OUTRAM RAVENSBOURNE ROSLYN SAINT CLAIR SAINT KILDA

$731,000 $703,000 $760,000 $675,000 $857,000 $642,000 $797,000 $577,000 $539,000 $521,000 $537,000 $654,000 $656,000 $758,000 $797,000 $524,000 $665,000 $691,000 $658,000 $690,000 $686,000 $727,000 $839,000 $1,097,000 $656,000 $783,000 $711,000 $813,000 $607,000 $779,000 $836,000 $582,000 $947,000 $943,000 $558,000

4.1% 4.3% 4.0% 2.7% 4.1% 4.7% 4.9% 6.1% 5.5% 7.6% 4.5% 5.1% 5.1% 3.0% 3.1% 5.2% 3.6% 4.1% 4.8% 5.8% 4.1% 5.4% 3.6% 3.5% 4.1% 4.8% 4.3% 2.3% 4.7% 7.3% 3.6% 4.9% 3.0% 4.3% 4.9%

$29,000 $29,000 $29,000 $18,000 $34,000 $29,000 $37,000 $33,000 $28,000 $37,000 $23,000 $32,000 $32,000 $22,000 $24,000 $26,000 $23,000 $27,000 $30,000 $38,000 $27,000 $37,000 $29,000 $37,000 $26,000 $36,000 $29,000 $18,000 $27,000 $53,000 $29,000 $27,000 $28,000 $39,000 $26,000

20.2% 22.7% 21.8% 21.2% 21.6% 23.0% 22.4% 24.6% 25.3% 22.0% 23.7% 25.3% 20.6% 15.4% 19.0% 22.1% 21.6% 21.4% 22.8% 16.8% 22.5% 21.0% 26.4% 18.1% 23.1% 19.2% 20.9% 17.3% 20.7% 26.3% 19.1% 21.0% 19.3% 20.7% 21.3%

$123,000.00 $130,000 $136,000 $118,000 $152,000 $120,000 $146,000 $114,000 $109,000 $94,000 $103,000 $132,000 $112,000 $101,000 $127,000 $95,000 $118,000 $122,000 $122,000 $99,000 $126,000 $126,000 $175,000 $168,000 $123,000 $126,000 $123,000 $120,000 $104,000 $162,000 $134,000 $101,000 $153,000 $162,000 $98,000

$24,600 $26,000 $27,200 $23,600 $30,400 $24,000 $29,200 $22,800 $21,800 $18,800 $20,600 $26,400 $22,400 $20,200 $25,400 $19,000 $23,600 $24,400 $24,400 $19,800 $25,200 $25,200 $35,000 $33,600 $24,600 $25,200 $24,600 $24,000 $20,800 $32,400 $26,800 $20,200 $30,600 $32,400 $19,600

CURRENT AVERAGE PROPERTY VALUE

THREEMONTH CHANGE %

GLENWOOD HIGHFIELD KENSINGTON MAORI HILL MARCHWIEL OCEANVIEW PARKSIDE PLEASANT POINT SEAVIEW TEMUKA WAIMATAITAI WATLINGTON WEST END

$528,000 $568,000 $433,000 $564,000 $495,000 $595,000 $435,000 $536,000 $448,000 $474,000 $482,000 $457,000 $464,000

8.2% 7.6% 6.9% 5.6% 7.1% 7.0% 5.3% 5.1% 3.9% 8.5% 6.9% 8.8% 5.9%

$40,000 $40,000 $28,000 $30,000 $33,000 $39,000 $22,000 $26,000 $17,000 $37,000 $31,000 $37,000 $26,000

WAIMAKARIRI BURNT HILL CUST EYREWELL FERNSIDE KAIAPOI LOBURN OHOKA OXFORD PEGASUS RANGIORA SEFTON SWANNANOA WAIKUKU BEACH WOODEND

$776,000 $848,000 $956,000 $914,000 $1,138,000 $654,000 $976,000 $1,290,000 $643,000 $799,000 $682,000 $876,000 $1,092,000 $628,000 $716,000

8.8% 7.9% 5.9% 6.3% 5.8% 11.6% 6.6% 7.5% 8.8% 13.8% 9.5% 7.0% 6.0% 8.3% 11.9%

WAIMATE WAIMATE

$469,000 $452,000

OTAGO

LOCATION

THREEMONTH 12-MONTH GAIN $ CHANGE %

EXTRA DEPOSIT REQUIRED SINCE NOVEMBER 2020

CURRENT AVERAGE PROPERTY VALUE

THREEMONTH CHANGE %

$678,000 $856,000 $466,000 $681,000 $535,000 $673,000 $852,000

3.4% 3.1% 4.0% 4.8% 3.9% 3.9% 2.2%

$22,000 $26,000 $18,000 $31,000 $20,000 $25,000 $18,000

20.0% 21.6% 20.1% 20.7% 27.1% 21.3% 21.2%

$113,000 $152,000 $78,000 $117,000 $114,000 $118,000 $149,000

$22,600 $30,400 $15,600 $23,400 $22,800 $23,600 $29,800

QUEENSTOWN-LAKES ALBERT TOWN ARROWTOWN ARTHURS POINT FERNHILL FRANKTON GLENORCHY JACKS POINT KELVIN HEIGHTS KINGSTON LAKE HAWEA LAKE HAYES LOWER SHOTOVER LUGGATE MOUNT CREIGHTON QUEENSTOWN QUEENSTOWN HILL WANAKA

$1,674,000 $1,343,000 $2,073,000 $1,432,000 $1,186,000 $1,106,000 $1,137,000 $1,625,000 $2,278,000 $704,000 $1,084,000 $1,999,000 $1,445,000 $1,031,000 $1,818,000 $1,496,000 $2,630,000 $1,840,000

4.9% 8.8% 4.5% 1.9% 1.5% 1.7% 0.9% 5.0% 2.4% 3.2% 13.3% 3.4% 5.2% 11.8% 0.2% 5.7% 0.8% 10.8%

$78,000 $109,000 $90,000 $27,000 $17,000 $18,000 $10,000 $77,000 $54,000 $22,000 $127,000 $66,000 $72,000 $109,000 $3,000 $81,000 $21,000 $179,000

21.0% 28.9% 30.5% 19.4% 19.2% 14.7% 11.1% 23.5% 27.3% 16.6% 29.7% 19.1% 21.3% 31.7% 18.5% 19.0% 24.1% 23.5%

$290,000.00 $301,000 $484,000 $233,000 $191,000 $142,000 $114,000 $309,000 $489,000 $100,000 $248,000 $320,000 $254,000 $248,000 $284,000 $239,000 $511,000 $350,000

$58,000 $60,200 $96,800 $46,600 $38,200 $28,400 $22,800 $61,800 $97,800 $20,000 $49,600 $64,000 $50,800 $49,600 $56,800 $47,800 $102,200 $70,000

WAITAKI HAMPDEN HOLMES HILL KAKANUI KUROW OAMARU OAMARU NORTH OTEMATATA PALMERSTON SOUTH HILL WAIAREKA JUNCTION WESTON

$525,000 $427,000 $555,000 $581,000 $447,000 $426,000 $476,000 $526,000 $412,000 $510,000 $804,000 $661,000

7.8% 6.5% 7.1% 7.4% 3.7% 5.4% 8.7% 4.8% 4.3% 7.6% 12.3% 9.8%

$38,000 $26,000 $37,000 $40,000 $16,000 $22,000 $38,000 $24,000 $17,000 $36,000 $88,000 $59,000

24.1% 33.0% 24.4% 21.8% 19.8% 22.8% 24.9% 35.9% 36.0% 22.9% 23.9% 20.4%

$102,000.00 $106,000 $109,000 $104,000 $74,000 $79,000 $95,000 $139,000 $109,000 $95,000 $155,000 $112,000

$20,400 $21,200 $21,800 $20,800 $14,800 $15,800 $19,000 $27,800 $21,800 $19,000 $31,000 $22,400

SOUTHLAND

$498,000

4.6%

$22,000

21.2%

$87,000

$17,400

GORE EAST GORE GORE MATAURA

$431,000 $351,000 $448,000 $241,000

3.6% 4.5% 2.5% 7.6%

$15,000 $15,000 $11,000 $17,000

22.8% 23.2% 22.7% 24.9%

$80,000.00 $66,000 $83,000 $48,000

$16,000 $13,200 $16,600 $9,600

INVERCARGILL APPLEBY AVENAL BLUFF CLIFTON GEORGETOWN GLADSTONE GLENGARRY GRASMERE HARGEST HAWTHORNDALE HEIDELBERG KEW KINGSWELL NEWFIELD OTATARA RICHMOND ROCKDALE ROSEDALE SEAWARD BUSH STRATHERN TURNBULL THOMSON PARK WAIKIWI WAVERLEY WINDSOR

$503,000 $327,000 $493,000 $332,000 $383,000 $377,000 $615,000 $433,000 $467,000 $505,000 $474,000 $401,000 $357,000 $395,000 $442,000 $719,000 $488,000 $433,000 $683,000 $886,000 $374,000 $385,000 $602,000 $552,000 $578,000

4.4% 2.5% 5.3% 6.1% 4.9% 6.5% 4.8% 4.1% 4.2% 3.7% 3.7% 3.9% 6.3% 4.2% 4.0% 4.4% 4.5% 3.6% 3.8% 4.1% 4.8% 4.1% 5.6% 4.7% 4.1%

$21,000 $8,000 $25,000 $19,000 $18,000 $23,000 $28,000 $17,000 $19,000 $18,000 $17,000 $15,000 $21,000 $16,000 $17,000 $30,000 $21,000 $15,000 $25,000 $35,000 $17,000 $15,000 $32,000 $25,000 $23,000

22.4% 26.7% 22.0% 22.5% 27.7% 29.1% 21.5% 24.1% 25.9% 20.0% 22.5% 23.8% 28.4% 25.4% 25.2% 19.2% 23.5% 23.0% 13.1% 21.9% 26.8% 23.4% 25.2% 24.0% 21.7%

$92,000.00 $69,000 $89,000 $61,000 $83,000 $85,000 $109,000 $84,000 $96,000 $84,000 $87,000 $77,000 $79,000 $80,000 $89,000 $116,000 $93,000 $81,000 $79,000 $159,000 $79,000 $73,000 $121,000 $107,000 $103,000

$18,400 $13,800 $17,800 $12,200 $16,600 $17,000 $21,800 $16,800 $19,200 $16,800 $17,400 $15,400 $15,800 $16,000 $17,800 $23,200 $18,600 $16,200 $15,800 $31,800 $15,800 $14,600 $24,200 $21,400 $20,600

SOUTHLAND EDENDALE LUMSDEN MAKAREWA OTAUTAU RIVERSDALE RIVERTON TE ANAU WINTON

$520,000 $439,000 $328,000 $697,000 $350,000 $429,000 $583,000 $655,000 $547,000

5.5% 4.5% 6.5% 5.9% 9.7% 1.2% 3.9% 1.6% 3.2%

$27,000 $19,000 $20,000 $39,000 $31,000 $5,000 $22,000 $10,000 $17,000

17.9% 27.2% 17.6% 21.0% 29.6% 16.9% 19.2% 10.8% 16.4%

$79,000.00 $94,000 $49,000 $121,000 $80,000 $62,000 $94,000 $64,000 $77,000

$15,800 $18,800 $9,800 $24,200 $16,000 $12,400 $18,800 $12,800 $15,400

LOCATION

SAWYERS BAY SHIEL HILL SOUTHDUNEDIN TAINUI WAIKOUAITI WAKARI WAVERLEY

THREEMONTH 12-MONTH GAIN $ CHANGE %

12-MONTH GAIN IN $

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COMMENT

Whose view of the housing market can you trust when the experts get it wrong?

If you’re looking to buy or sell, and want to know what’s going to happen in the property market in the months and years ahead, read widely and check the facts, writes ASHLEY CHURCH.

K

iwis are a compliant lot when it comes to doing what we’re told by those perceived to be in authority.

When a road on which the speed limit has been 100kph for decades drops to 80kph the vast majority of us will comply with the new limit, despite no other material change taking place on that road. When a council decides that its rule requiring a minimum height of 1.2m for a pool fence is wrong – and that a pool fence should now be 1.5m high – we comply. The examples are endless.

Some of this behaviour can be explained by the spectre of the legislative consequences of non-compliance – but not always. We’re just as likely to exhibit the same behaviour when new rules are imposed by a local club or shop. We might grizzle, but most of us quickly

Ashley Church.

fall into line and obey.

It’s also worth noting that our compliance isn’t necessarily based on respect for those making the rules. Despite growing anger at the Government over its response to Covid, most Kiwis have complied with the rules – even in situations where no one is policing that compliance.

Apparently, we have a love/ hate relationship with authority.

As you would expect, we also see this behaviour at play in the housing market – both in respect of the rules governing that market, and in respect of to whom we listen to understand what that market is doing at any

given time. The "authority" figures here include the Ministers of Finance and Housing, the Governor of the Reserve Bank, the various bank CEOs, bank chairs and economists, and even some established commentators, yours truly included.

That deference is understandable, to a degree.

Authority figures are an accessible source of information and can help us make sense of what the market is doing and how we should respond to it.

But that support should never be given uncritically. No authority is infallible, and many readers of this column would be horrified at the extent to which those we look to for guidance on the housing market have just been plain wrong over the past 25 years. Here are some examples: • In September 2003, the then Governor of the Reserve Bank, Alan Bollard, called investors "unsophisticated", and warned that they should expect deflation in house prices after they’d risen by 14% in the previous year. In April 2006 he told central bankers in Switzerland that New Zealand

house prices would start falling by the end of that year. Neither happened.

• In March 2017, the then Governor of the Reserve Bank, Graeme Wheeler, said Auckland house prices were at risk of a "sharp correction".

There was no correction.

• During the first Covid lockdown we saw claims, from multiple banks, that house prices would drop by between five and 15% during 2020. We all know how that played out.

• As recently as this year we’ve seen claims by the Finance Minister and Treasury that house price growth “It’s reasonable to take note of the views of authority would drop to just 0.9% per figures but they all make mistakes. None should be annum, and treated as the last word in from the Governor of what the market will do.” the Reserve Bank that house price increases would soon drop to "almost zero". Completely wrong.

There are many other examples of such statements, but these should suffice to make the point, which is this: it’s reasonable to take note of the views of housing market authority figures but they all

make mistakes. None of them should be treated as the last word in what the market will do. Sometimes these mistakes are inconsequential; for others, the consequences of listening to them could be financially catastrophic (e.g. any first-home buyer who has been waiting for house prices to fall before buying, based on government and Reserve Banks statements).

For this reason I’m very quick to advise my listeners and readers of when I get something wrong and it would be good to see this practice followed by others – in particular, the Reserve Bank.

If you’re looking to buy or sell, and want to know what’s going to happen in the property market in the months and years ahead, read widely and check the facts behind the claims.

Despite our natural Kiwi inclination to defer to "authority", your measure of who to listen to shouldn’t be based on "who’s in charge", but rather "who gets it right most consistently" and "what does my own research tell me?".

- Ashley Church is a property commentator for OneRoof.co.nz.

Email him at ashley@nzemail.com

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SPONSORED: Q&A WITH PETER THOMPSON

A SHOW OF FAITH IN BRICKS AND MORTAR Barfoot & Thompson managing director PETER THOMPSON says New Zealanders still back property as a long-term investment despite the challenges created by Covid.

Q: How would you sum up 2021? What were the high points and low points?

The highlight of the year has been that the property market, despite multiple challenges, significant regulatory change and trading restrictions, has retained the public’s backing as a stable, long-term investment.

Rather than seeing price increases in a negative light, an alternative interpretation is that they underline people’s belief in the country’s medium-term economic prospects and the strength of housing as a longterm holder of value.

People have been prepared to invest their future in homeownership and have retained faith that the market, at current prices, is built on a sound foundation.

The low point is undoubtedly the impact of Covid restrictions on individuals and businesses.

In many ways, 2021 has turned out to be a repeat of 2020, with the major difference that the real estate, banking and legal professions were be!er prepared to deal with restricted face-to-face trading.

Q: At the start of the year, did you expect house prices to

strengthen as much as they have?

The strength of house prices going into the end of 2020, combined with continued low interest rates and a shortage of supply, suggested that prices would continue to increase in 2021 but the rate would slow.

That started to occur before lockdowns brought uncertainty and restricted trading.

In Auckland, this has led to unprecedented low levels of choice for buyers, creating even greater competition for available properties. Such scarcity invariably leads to an increase in prices and we will need to wait until the market returns to something like normal trading pa!erns before we get a true picture of where Auckland prices are at.

Q: Do you think sales for 2021 will catch up with 2020 sales?

The number of sales Barfoot & Thompson completed in 2021 is likely to be similar to those in 2020, which was also restricted by lockdowns.

In 2020, the effects were mainly felt in the first half of the year, while this year it has been in the middle and second

half of the year and we were more prepared for the potential disruption.

The reality is that neither have been typical years and there isn’t much relevance to making comparisons between them.

Q: What would your advice be to first home buyers entering the market now?

First-time buyers should put greater emphasis on the level of their regular mortgage repayments than on the price they may have to pay. The price can be daunting, but time will take care of it.

Property values in New Zealand have grown even in the shadow of a pandemic.

Photo / Fiona Goodall

apartments and terraced homes, and all can represent an excellent, lower-cost starting point than a stand-alone property.

Few people live in the same home all their adult life, and being in the market will eventually open up other options as equity in your first home increases.

Q: What do you think the challenges and opportunities will be in 2022?

Covid is likely to be with us for some time and real estate activity, along with all economic activity, will be influenced by

“FEW PEOPLE LIVE IN THE SAME HOME ALL THEIR ADULT LIFE, AND BEING IN THE MARKET WILL EVENTUALLY OPEN UP OTHER OPTIONS AS EQUITY IN YOUR FIRST HOME INCREASES.” Of far more consequence are the fortnightly or monthly mortgage repayment and the ability to meet that over the next three to five years, especially given inevitable interest rate rises.

No previous generation has found home ownership easy, but few regret making the sacrifices and taking the tough journey it often requires. Today, there are far greater options for first-time buyers such as townhouses,

the social and health responses the country goes through.

Potentially, there will be periods when sales activity will operate relatively freely, and times when it will be restricted.

As a profession, we are geared up to operating face-toface or online. However, Covid restrictions could constrict the level of property reaching the market for sale – either in the form of new builds or vendors being unable to prepare their property. And despite the pace at which new homes are being built, the number reaching the market in 2022 will not be sufficient to ease supply constraints.

Given the staggered term of home mortgage contracts, the effect of mortgage interest rate increases will be gradual rather than a major hit.

The most likely scenario in 2022 will be a repeat of 2020 and 2021, with stop/go selling, a similar number of properties sold, modest price increases and the rate of price rises declining.

The biggest opportunities will fall to those who have a long-term, positive view of where the economy and housing market is heading, and who are prepared act on their plans.

Barfoot & Thompson managing director Peter Thompson. Photo / Supplied