Queenstown stories
Tighter, costlier credit is set to deepen New Zealand's housing downturn, with CoreLogic warning of more price falls and weaker sales.
Sharp falls never came, but tighter credit and rising mortgage rates now threaten to turn New Zealand's Covid-era property boom into a buyer's market.
Rising rates and tighter lending rules could cool New Zealand’s housing boom in 2022, after values topped GBP £1m nationally for the first time.
Property values rose 1.4% nationally in September, but activity is easing as tighter lending and higher rates weigh on buyers.
Westland is the country's most affordable area, with house prices at just 3.2 times income and rent and deposits well below national norms.
Affordability pressures are starting to bite, with Hamilton and Rotorua both posting quarterly falls after a rapid run-up in values.
Judges praised the low-energy Jack’s Point build for self-sufficiency and craftsmanship, sending DCD through to November’s national awards.
Cheaper provincial suburbs have driven New Zealand's property boom, with Manunui up 51.8% and Hargest selling in just six days.
Hundreds of Southbase Construction staff have gained digital badges as standardised micro-learning helps lift consistency, safety and promotion prospects.
Government help may be needed as first-time purchasers’ share of the market falls to its lowest level since 2018, CoreLogic says.
Falling unoccupied stock and pandemic demand are making holiday homes harder to buy, though some coastal spots still fall below GBP £500,000.
WorkSafe said workers were exposed to dangerous fibres after friable asbestos was stripped from a Queenstown property without a licence or safety plan.
Nationwide house prices climbed 1.3% in October as low rates and scarce listings kept demand ahead of supply.
Rents are falling in Queenstown and other pockets, but most areas are still posting gains as the recession deepens and job losses loom.
Managed isolation and domestic travel have helped New Zealand hotels recover faster than expected, with occupancy rising sharply in key regions.
Property values have already slipped nationwide, with tourism-dependent centres like Queenstown hardest hit as the recession starts to bite.
Domestic travel spending could help cushion the sector as international arrivals slump and businesses await the effect of a new campaign.
With mortgage rules easing, the Government is being urged to soften New Zealand's foreign buyer ban to help revive property sales and investment.
Queenstown looks most exposed, with tourism reliance and Airbnb saturation making its property market vulnerable to a COVID-19 downturn.
COVID-19-driven revenue losses could force councils to cut infrastructure spending, hurting local economies and slowing recovery.
