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The property bubble in New Zealand is a major national economic and social issue. Since the early 1990s, house prices in New Zealand have risen considerably faster than incomes, [1] putting increasing pressure on public housing providers as fewer households have access to housing on the private market.
This is the lowest rate of home ownership since 1951. This is partly due to the increase in New Zealand house prices which since 1990 have increased faster than any other OECD country. [56] Housing in New Zealand has been classified as 'severely unaffordable' with a score of 6.5 under the median measure housing affordability measure. [57]
Desperation among homebuyers is pushing New Zealand house prices to record highs, overpowering the government's efforts to rein in the red-hot market and putting in jeopardy a key policy promise ...
House prices have nearly doubled in the last seven years thanks to super-low interest rates, slashed from 3.50% to 0.25% over that period, leaving first-time homebuyers and low-income earners ...
Global price level (% of world average) [2] Year 1 Bermuda: 193.5 2021 2 Barbados: 188.9 2021 3 Cayman Islands: 184.7 2021 4 Switzerland: 181.4 2021 5 Israel: 179.1 2021 6 Iceland: 177.1 2021 7 Turks and Caicos Islands: 172.8 2021 8 Australia: 168.6 2021 9 Norway: 165.3 2021 10 New Zealand: 163.2 2021 11 Faroe Islands: 160.7 2021 12 United States
The New Zealand government has passed a ban on foreigners buying existing homes in the country in a bid to tackle soaring prices and rising homelessness.
Since 2009, house prices in Wellington have increased significantly. In May 2021, the Real Estate Institute of New Zealand (REINZ) reported the median house price was $1,057,000 in Wellington City, $930,000 in Porirua, $873,500 in Lower Hutt and $828,000 in Upper Hutt, compared to a national median house price of $820,000. [119]
On 1 February 2022, an annual report released by the Organisation of Economic Cooperation and Development (OECD) identified the country's border restrictions and declining house prices as the main risks facing New Zealand's economy that year.