Will you be Mortgage-free or Mortgage-stressed?

Monday 4 March 2019

4 March 2019 – The first OneRoof Property Report for 2019 was released today, providing New Zealanders the latest suburb valuations for the whole of the country.

The figures point to a continued softening in New Zealand’s biggest market – Auckland – and highlight the continued scope for growth in smaller urban markets, such as Whangarei, Rotorua, Hawke’s Bay, Whanganui, Dunedin and Invercargill.

Wellington is pushing ahead but Tauranga and Hamilton, the first regions to feel the ripple effects from Auckland’s boom, are starting to slow.

With affordability and debt dominating conversations in New Zealand, the report also examines what effect mortgage stress is having on different parts of the country and reveals the areas with the highest proportion of households with no mortgages.

The analysis shows that the number of mortgage-free properties has declined in over half of New Zealand’s territorial authorities between 2014 and 2018.

OneRoof editor Owen Vaughan says, “There is a growing number of people aged over 55 who are heading into retirement with a mortgage still on their home. Five years ago, 80% of Kiwis retired mortgage free. Now, it's down to 70% and looking even dimmer for the 55 to 64 age group”.

The report also looks at what would happen to Kiwis’ mortgage repayments if interest rates went up.

“It wasn’t that long ago that homeowners in New Zealand faced interest rates of up to 10 percent. But back then, house prices were lower and the size of people’s mortgage debt was smaller.

“We’ve found that Auckland home-owners may have to pay more than $1000 extra a month on their existing mortgage repayment if interest rates creep up to seven percent.

“Wellingtonians could pay nearly $800 extra a month more and borrowers in Tauranga, $600 extra a month.”

The OneRoof Property Report is a quarterly publication that provides market insights and the latest valuation data. Visit oneroof.co.nz/propertyreport or pick up a copy in The New Zealand Herald, Northern Advocate, Bay of Plenty Times, Rotorua Daily Post or Hawke’s Bay Today.

About OneRoof

OneRoof.co.nz's material advantage over other listing sites is its deep understanding of Kiwis' property needs and their need for convenience and simplicity - everything they need to make a decision is under one roof.

"As part of NZME OneRoof can reach a huge audience of over 3.2 million Kiwis1]. each month across radio, print and digital. This allows BNZ and OneRoof.co.nz to reach a new audience across New Zealand and benefit from Kiwis love of property across a wider range of audiences and platforms," Laura Maxwell, Chief Digital Officer at NZME, says.

OneRoof is an all-inclusive hub, connecting prospective buyers and renters with information, agents, potential properties and the tools they need to make the best property decision for them. The wealth of information, bringing the latest news and trends in the industry together in one place alongside property listings, plays an important role in the consumer decision making process when it comes to property.

Powered by NZME, OneRoof boasts strong editorial credentials, a dedicated editorial team and the radio and digital platforms in the NZME power house, ensuring OneRoof is connecting with people at various stages of their property journey from their first home though to growing their portfolio.

Visit OneRoof at www.oneroof.co.nz, or download the app on iOS and Android.

About NZME

NZME is a leading New Zealand media and entertainment business that reaches more than 3.3 million kiwis[1]. Whether reading, listening or watching, our audience gets the content they want - where and when they want it. NZME offers advertisers a unique opportunity to access its growing audience via a fully integrated multi-platform presence. NZME is listed on the NZX Main Board (code NZM) with a foreign exempt listing on the ASX (code NZM).www.nzme.co.nz

[1]Nielsen CMI Fused Q4 17 – Q3 18. November 2018 AP10+. Based on unduplicated weekly reach of NZME newspapers, radio stations, and monthly domestic unique audience of NZME’s digital channels.

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