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A report published by Goldman Sachs predicted that New Zealand had a 40% chance of a "housing bust" over the same period. [114] Financial commentator Bernard Hickey described New Zealand's property market in 2014 as "too big to fail", and supports a deposit insurance scheme in the event of a banking collapse caused by a property crash. [115]
When records began in 1974, new homes in New Zealand had an average floor area of 120 m 2 (1,290 sq ft). Average new home sizes rose to peak at 200 m 2 (2,150 sq ft) in 2010, before falling to 158 m 2 (1,700 sq ft) in 2019. [17] In 1966 the New Zealand Encyclopedia recognised seven basic designs of New Zealand houses. [18]
After the New Zealand sharemarket crash on 20 October 1987, the Chase Corp share price continued to drop and it effectively never recovered from that point, as the New Zealand property market collapsed. On 4 July 1989, the NZ Government appointed statutory managers to run the NZ property interests of Chase Corp.
US house price trend (1998–2008) as measured by the Case–Shiller index Ratio of Melbourne median house prices to Australian annual wages, 1965 to 2010. As with all types of economic bubbles, disagreement exists over whether or not a real estate bubble can be identified or predicted, then perhaps prevented.
The 2007–2008 financial crisis had a flow on effect in the New Zealand economy causing a downturn in the property market and precipitating a credit crunch. These macro-economic factors and subsequent "run on the funds" sparked the collapse of most of the finance companies; Credit began to tighten in the market and loan defaults became more ...
The major capital market is the New Zealand Exchange (NZX). As of February 2023, NZX had a total of 338 listed securities, equity, debt and funds with a combined market capitalisation of NZD $226 billion. [30] New Zealand's currency, the New Zealand dollar, also circulates in four Pacific Island territories. The New Zealand dollar is the 10th ...
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QV was originally established as a Crown-owned company on 1 July 1998 as Quotable Value New Zealand Limited. [1] [2] [3] It was formed out of a former government department, Valuation New Zealand. The original department's main role was the establishment of land values for local authority rating purposes. As part of reforms associated with its ...