Higher rates and falling prices hammer NZ homeowners

(Image: Bloomberg)

Sat, 14 Jan 2023

By Ainsley ThomsonNew Zealand’s property market has gone from one of the hottest in the world to being at the forefront of the painful unravelling of the pandemic-era housing boom.The nation’s homeowners are facing a double whammy of tumbling house prices and rising mortgage costs in 2023, with about half of home loans due to refinance this year at higher rates.It’s seen as a harbinger of what’s to come for other countries as New Zealanders saw home prices jump almost 30% in 2021. Now, the Reserve Bank of...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Travel

Airport hotels are evolving beyond layover necessities

The staid, cheap, bed-for-a-night abodes no longer dominate airport hotels.

The Washington Post 5:00am

Bloomberg Opinion

US bonds have never been risk-free, and never will be

It will still be a low-risk asset and in high demand.

Bloomberg 26 Apr 2025

US bonds have never been risk-free, and never will be

World

Morocco volunteers on Sahara clean-up mission

Some 50 people, gloved and equipped with rubbish bags, toiled away for five hours.

AFP 26 Apr 2025

Morocco volunteers on Sahara clean-up mission

Sponsored

“Not an invisible footprint”: Why technology supply chains need optimising

Outdated hardware is a supply chain and cost risk.

Datacom

Sponsored

Bayleys Total Property Issue 3 out now

Backed by Bayleys’ national strength and global reach

Bayleys

More Property

Property

RoofBuddy founder's previous venture was liquidated

RoofBuddy sponsors the New Zealand Warriors NRLW franchise.

Gregor Thompson 24 Apr 2025

Property

JLL to close debt advisory unit

Global commercial real estate firm Jones Lang LaSalle (JLL) is offshoring its debt advisory division, a month after it announced it would downsize its New Zealand footprint. The Australian Financial Review (AFR) reported on Tuesday evening that JLL is closing its Australian and...

Gregor Thompson 23 Apr 2025