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

 

Reserve Bank: Policy Lessons From A Year Of Covid-19

The Reserve Bank of New Zealand – Te Pūtea Matua was in a sound position to continue to meet its mandate in the face of the COVID-19 induced economic shock. However, we must continue to transform so as to remain relevant and effective in addressing longer-term challenges, Reserve Bank Governor Adrian Orr said... More>>


Transport Industry Association: Feb 2021 New Vehicle Registrations Strongest On Record

Motor Industry Association Chief Executive David Crawford says that the February 2021 figures are the strongest for the month of February ever. Registrations of 12,358 were 8.0% up on February 2020. Year to date the market is up 7.1% (1,735 units) compared to the first two months of 2020... More>>

Paymark: Lockdown Equals Slowdown For Some

The three days of lockdown for Auckland earlier this month made a clear impression on our retail spending figures. While only Auckland moved into Level 3 lockdown, the impact was felt across the country, albeit at different levels. Looking at the ... More>>

Infrastructure Commission: Te Waihanga Releases Report On Water Infrastructure

The New Zealand Infrastructure Commission, Te Waihanga’s latest discussion document highlights the importance of current reforms in the water sector. Its State of Play discussion document about water infrastructure is one of a series looking at the ... More>>



Psychic Ventures: US Consumer Spending On Video Games Jumped By 42% In Jan 2021

On a global scale, there was a 15% increase in digital games revenue in January 2021, pushing the total to $11.6 billion.
In the US, gaming revenue rose to an impressive high during the month thanks to the new generation of consoles. ... More>>

OECD: Annual Inflation Picks Up To 1.5% In January 2021 While Euro Area Records Sharp Increase To 0.9%

Annual inflation in the OECD area picked up to 1.5% in January 2021, compared with 1.2% in December 2020. Following a rebound between December and January, the annual decline in energy prices was less pronounced in January (minus 3.9%) than in December... More>>


Hemp Industries Association: Could The Next Team NZ Boat Be Made Entirely Of Hemp?

With The America’s Cup due to start in a few days’ time, innovators from a very different sphere have been wondering how long it could be before New Zealand could be competing in a boat entirely built from hemp, with the crew eating high-energy, nutritious hemp-infused foods and wearing high-performance hemp kit..? More>>


ACT: Matariki Almost A Half Billion Dollar Tax On Business

“Official advice to the Government says an extra public holiday at Matariki could cost almost $450 million,” ACT Leader David Seymour can reveal. “This is a perfect example of the Prime Minister doing what’s popular versus what’s responsible. ... More>>