URBAN MARKET COOLING
The big centres – Auckland(-3.40 per cent), Wellington(-4.40 per cent) and Christchurch(-2.20 per cent) – continue to post annual declines. Of these, Christchurch is proving the most resilient, down just 1.50 per cent over three years, compared to Auckland’ s sharp 13.30 per cent fall, and Wellington’ s 10.40 per cent reduction.
Christchurch’ s resilience reflects relative affordability and a more balanced supply-demand picture. It also highlights that even within a national‘ buyers’ market’, there are significant differences in trajectory depending on location and price point.
Source: REINZ, Ray White Economics
Whilst the pace of recovery may moderate without fresh monetary stimulus, the fundamentals support continued gradual improvement. The regional divergence, with affordable South Island markets leading growth whilst expensive urban centres adjust, indicates this recovery will be uneven but sustainable, driven by affordability thresholds rather than speculative momentum.
This is a more sustainable type of growth – driven by genuine demand, not speculation, and as spring approaches, all eyes will be on whether this stability turns into momentum.
RAY WHITE NOW NEW ZEALAND | 13