With all three indicators now returned to and maintaining sustainable levels, the question is how long this will continue?
The New Zealand property market appears to be in the throes of a rare period of equilibrium, with easing mortgage lending rates giving purchasers more borrowing power.
However, when contrasted with pandemic activity- where we saw significant speculative demand from investment buyers- the market is primarily now characterised by house hunters searching for houses based on their intrinsic value first, and potential as assets, second.
This becomes clearer when viewed with a regional lens. Major cities and upper-end markets such as Auckland and Wellington have recorded negative one and three-year growth, as demand spreads to more affordable regions.
Among major cities, Christchurch stands out as having the most affordable house prices, and it is the only city with positive growth in the last 12 and 36 months.
Although Tauranga is showing greater one-year growth, it also has the greatest three-year decrease, indicating its current growth is a catch-up recovery rather than genuine momentum.
RAY WHITE NOW NEW ZEALAND | 13