House price recovery sputtering along in 2024

Written By Kim Manunui

Since the rampant property and everything else price hikes post Covid fuelled by low interest rates, high demand and low supply, once interest rates climbed back up and demand waned, we then saw property prices drop back down to pre Covid levels and now interest rates are steadily returning there as well.

With the property correction having plateaued and late last year started to curve back up in some main centres with the expectation of further growth, we’ve so far this year seen that momentum sputter and almost stall while things sort themselves out re inflation and interest rates. THIS however, will be just a moment in time before things start to once again steadily recover in earnest … at the steady hand of the Reserve Bank keeping things under control.

Since December and out of 935 suburbs analysed by Corelogics ‘Mapping the Market’ tool, 549 or 58.7% saw a slight rise with only 27 rising over 5%, mostly in Auckland, Wellington and Queenstown with Sunshine Bay in Queenstown the standout at 10.6% and out of the 386 in decline only 152 saw falls of 1% or more.

I can almost hear you yawning from here when we start talking stats, suffice to say the ‘Property Market Forecast’ from Corelogic states ‘the recovery having started late last year mostly in main centres is spreading to more parts of the country but not nationwide yet’ and reiterates the view that ‘the markets recovery is unlikely to be a straight line from month to month or region to region and an underwhelming upturn remains on the cards for 2024’ … thank you Corelogic.

So we can expect things to sputter along for a while until the cobwebs get blown out and we see some earnest recovery happening in due course … this will be the likely scenario for the rest of the year anyway according to a range of economists.

As licenced financial advisers we have paid subscriptions to the likes of economists and research houses to access real time data and information relevant to our profession so the information we are giving is a collective from multiple sources of research and not just a point of view. Corelogic, as a research house has some wonderful data if you’re interested to keep up with what’s happening with monthly reports available to the public and further in depth analysis on paid subscription … just got to www.corelogic.co.nz

For every else finance, mortgage and insurance related just hit the tab below for contact details.

Kim Manunui

Hi, I’m Kim and I work with a great team to help individuals, as well as small and not so small businesses get their message, product and services to the world using digital media and creating wonderful websites that don’t cost the earth.

I was born in Canada, and grew up around Vancouver and the mountains of British Columbia. My love of pristine environments led me to New Zealand and eventually to the mountains, lakes and rivers of the central North Island which is home. My family’s heritage is here, and it’s from here that Korio traverses the planet.

The digital world is never static and neither are we.

And I say ‘we’ because I work with an awesome group of talented people who I gather together as required to complete a project.  Whatever your business, not-for-profit or individual needs are we gather the best team to get the job done.

Collaboratively we are creative, share sustainable values and work hard for great outcomes because that’s the buzz of satisfaction that drives us.

If you have an audience and market to reach, we can make that happen. Creative design, words that work and smart behind the scenes stuff that cuts through the online noise. We’ll design your website and then build it. We’ll manage the content as well as all your hosting needs. We can handle your online advertising so you get noticed,
and we’ll manage your social media presence so you get the clicks, likes and engagement to grow your business. All within the budget you set, because none of this needs to cost the earth.  And the job doesn’t stop when your website goes live. We are your virtual business partner.

https://www.korio.co.nz
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