House prices in more than 90% of Auckland’s suburbs have dropped.

ASB has revised its house price prediction to a total fall of 25%. That’s a sizable price fall, and in inflation-adjusted terms it is nearly as large as the 1974-1980 slump.

Economist Tony Alexander has been warning about a widespread weeding out of businesses in the residential building sector since early-2021 but says he did not expect that it would take until now for the pullback in activity to really get underway.

CoreLogic, like many others, says it underestimated how deep the downturn in sales volumes would become and also how far house prices would fall this year.

Sales of residential properties across the country have sunk to a 12 year as the number of properties on the market soar.

Average asking prices for property across New Zealand are down $68,350 from record highs in March, the latest Trade Me Property Price index shows.

House values across the country fell further from January to November than they have in more than 15 years.

Colliers International, one of the biggest global real estate companies operating in New Zealand, has provided some top predictions for next year on the large, complex and shifting dynamics of the residential and commercial property sectors.

Just ahead of the Commerce Commission’s release of its final market study report on residential building supplies, Fletcher Building’s plasterboard arm Winstone Wallboards announced it was ending rebates to building supplies retailers.

The latest CoreLogic Buyer Classification data shows continued struggles for mortgaged multiple property owning investors, but a relatively high percentage share of purchases by their cash cousins.

Auckland’s  housing market sales last month were the lowest in 12 years while stock levels for Barfoot & Thompson, the city’s biggest real estate agency, hit an 11 year high.

Clarity and guidance on regulations allowing tenancy terminations for family violence or physical assault during a tenancy have been provided by Tenancy Services.

While house prices continue to fall the rate of decline halved between October and November.

The country’s biggest trading bank is now forecasting a bumpy landing for housing with a 22% peak-to-trough drop in prices, but values remaining 14% above their pre-pandemic level.

Landlords taking rent in cash and not declaring it as income is becoming a growing problem.

With another 0.75% increase in the OCR seemingly on the cards for February next year after yesterday’s not unexpected 0.75% rise, it is likely fixed mortgage rates will push towards 7% or higher in the next few months, says CoreLogic.