Housing Market Ends 2023 on a High Note, But Patchy Future Ahead

The CoreLogic House Price Index, recently released, shows the third consecutive rise in average property values in December, with momentum building.

Key Points:

December saw the 3rd consecutive rise in property values, with a 1% increase nationally.
Average value now at $924,489, up 2.1% since September.
Gains strongest in main centres like Tauranga, Auckland, and Christchurch.
Despite the upturn, values are still down 3.3% from last year and 11.4% from 2 years ago.
Expect a “patchy” 2024 with month-to-month and regional variations.
Rising sentiment, stable mortgage rates, and strong employment could fuel further gains.
Affordability remains a major concern, especially with shorter fixed mortgage rates still high.
Debt-to-income ratio caps could be introduced in 2024, affecting borrowing capacity.
Regional markets may see more varied performance, with tourist hotspots like Queenstown thriving.
Overall, 2024 will likely see moderate property value growth (around 5% nationally) and increased sales activity (around 10%).

In essence, while the housing market is bouncing back, expect a bumpy ride with uneven growth and continued affordability challenges.

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As the leading provider of property data and analytics in New Zealand, CoreLogic acts as a compass, helping you navigate this complex realm with confidence. Established in 2014, they’ve amassed a wealth of knowledge and expertise, drawing on forty years of curated property data and cutting-edge technology. This allows them to offer a comprehensive toolkit for understanding, analysing, and ultimately making informed decisions about your property journey.

Whether you’re a seasoned real estate professional, a first-time buyer, or a savvy investor, CoreLogic provides the tools and insights you need to succeed. From tracking market trends and property values to uncovering hidden gems and assessing investment potential, they empower you to make the right choices with data-driven confidence.

So, buckle up, and let CoreLogic be your guide. Their in-depth reports, detailed analyses, and real-time market updates will equip you with the knowledge and confidence to navigate the New Zealand property market with finesse. (Along with MyMansion of course!)

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