Later, older, elsewhere- The new shape of home ownership
ATOM GO TIAN ECONOMIST, RAY WHITE GROUP
Census data shows New Zealand’ s home ownership rate rose in the five years to 2023- the first increase since the early-1990s peak.
It’ s a positive headline, but in today’ s market, getting on the ladder doesn’ t feel any easier- so, what’ s changed?
Among Kiwis aged 25 to 49- the cohort most likely to be entering or establishing themselves in the market- ownership fell in every single bracket between 2018 and 2023.
The steepest declines were among 40 to 44 year olds(-3.50 percentage points) and 45 to 49 year olds(-3.50 percentage points). Those in their mid-thirties also slipped, with the 35 to 39 cohort down 2.50 points.
At the same time, ownership rates among those aged 70 and over rose substantially. The 80 to 84 cohort gained 5.90 percentage points, and those 85 and more than eight points. The 75 to 79 bracket added 3.50 points.
This pattern doesn’ t indicate a single cause.
Older New Zealanders may be staying in their homes longer rather than downsizing or moving into retirement housing. Younger cohorts may be entering ownership later, pushed back by affordability pressures and high deposit requirements.
Both can be true at once. What the data makes clear is that the national improvement was driven largely by the oldest cohorts rather than a broad-based increase in access for working-age New Zealanders.
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