Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Home Ownership On The Decline In NZ

New Zealand has slipped down the international rankings of countries with a high percentage of owner-occupied housing, according to a quarterly residential market survey issued by Massey University’s Real Estate Analysis Unit.

In 1986 New Zealand had the highest percentage of owner-occupied housing in the world but now it just scrapes in the top 10.

The survey found that while less New Zealanders are buying homes, many still view paying off a mortgage on a house as their main form of wealth accumulation.

The survey found that some of those who rent accommodation choose to do so because they have alternative investment strategies, which at least equate with the returns of housing investments. Another group of renters, thought to be the majority, cannot afford to buy because they lack the necessary deposit, or have insufficient debt servicing capacity. The survey suggests this latter group will grow as the percentage of New Zealanders owning their own homes continues to decline.

Overall rents have remained static since the last quarter and the national median rent has stayed at $190 per week for the last two and a half years. Early indications that more New Zealanders are now returning home is likely to result in a demand for rental accommodation in Auckland, and therefore mean an upward movement in rents.

Singapore is a clear leader in owner-occupied housing (90%), followed by Taiwan (85%) and Spain (81%).

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news