New Zealand households are particularly concerned about the outlook for their own finances and the general economy over the next year, Westpac chief economist Dominick Stephens says.
First-home buyers are increasingly jumping back into the housing market as near-record low interest rates and predicted price falls help them rekindle the Kiwi dream of home ownership, experts say.
Queenstown and Auckland house prices will "clearly" be hurt by the upcoming foreign buyer ban, Westpac says.
New Zealand's house prices have been ranked the most overvalued in the developed world behind only Hong Kong.
Annual growth rates in house values around Otago and Southland continue to climb, but growth over the most recent quarter reveals an easing to 3% or less for most places.
House price caps for Queenstown Lakes will be increased to enable more first-home buyers to get on to the property ladder, the Government announced today.
Record median house prices were struck in Dunedin, Queenstown and Clutha during July, as demand continued to outstrip supply in the South.
Thousands of homes across Dunedin will be affected by new building rules designed to protect against the damaging effects of liquefaction during a major earthquake.
Dunedin is the darling of the property market in New Zealand, leading the country in increases in value and the speed of sales. But can the buzz continue?
Otago residential housing consents eased in June, with the overall value flat at $73million, while nationally consenting was up 9.1% against last year.
Housing value growth rates around 10% across Dunedin, Central Otago and Queenstown remains about double the national annual average, as much of the rest of the country is in single-digit growth.
Dunedin flats are being snapped up by first-home buyers, amid concerns from landlords it will be too costly to meet the Government's new housing requirements.
Central Otago Lakes remains the least-affordable region in the country, despite a $67,000 decline in house prices in the past quarter.
The annual growth in the average value of a house in Dunedin is almost double the 5.7% of the country's national figure. It is closely followed by rising house values across Central Otago and Queenstown.
Nearly half of young Kiwis believe they won't own a home by the time they retire, and most want the Government to force them to save more during their working life, research shows.
New Zealand house prices have set a national price record of $562,000, up 5% or $27,000 annually, driven by strong growth in areas like Tasman.