First home buyers are the most active in the Kiwi market with a continuing slide in new mortgage registrations for investors, according to the latest Property Institute/Valocity Regional Insights Report.
According to the figures, the national median sale price has remained very stable over the past year, currently sitting at $535,000.
First home buyers are the most active, with new mortgage registrations up 4.5% year on year, now reflecting 28.4% of the market. Meanwhile, the number of new mortgage registrations for investors has continued its negative trend, now down 2.5% annually, currently 16.9% of the market.
More people have been taking advantage of the low interest rates, with refinancers up 16%, now 23.6% of mortgage registrations.
Over half of New Zealand’s housing stock is currently valued at more than $600,000, while sales volumes remain down when compared to the same period last year.
- - Represents one of the strongest movers of NZ’s main centres, with an annual change of 9.2% of the median sale price, currently $638,750.
- - The only mortgage type with a positive annual movement is refinancers, up 3.5%, occupying a 24% share.
- - First home buyers remain the strongest when it comes to new mortgage registrations, representing 33.1%
- - Sales volume are down, as are the number of buyers, however with the annual change occurring it indicates Wellington is currently a very competitive market.
- - Continues to experience soft market conditions, with the median sale price currently $830,000, down 4.6% annually.
- - 60% of sales in Auckland currently fall between $600,000 and $1,000,000
- - First home buyers remain a strong contender in the market, with mortgage registrations up 7.9% annually, occupying a 27.1% share.
- - A median sale price of $540,000 with an annual change of -0.3%.
- - Refinancers continue to have the strongest movement with new mortgage registrations, up 37.7% year on year, occupying a 27.2% share.
- - First home buyers maintain a similar share of new mortgage registrations, currently at 27.3%.
- - The area maintains its relative affordability with over 50% of the housing stock valued below $600,000.
- - Continues to remain stable, with a median sale price of $450,000 up 2.3% when compared to the same time last year.
- - More than 50% of the housing stock is valued below $500,000 therefore is considered a relatively affordable region to buy in.
- - Continues to appeal to first home buyers, currently representing 31.6% of new mortgage registrations.
- - Also represents one of the stronger cities with the median sale price annual growth of 10.4%, currently $415,000.
- - The affordability of the region seems to appeal to first home buyers and investors, with new mortgage registration up over 12% for both buyer types.
- - More than 60% of the housing stock is valued at less than $500,000.
The full PINZ/Valocity Regional Insights Report is available by clicking here. It contains regional price breakdowns for most of the major centres.