November 2023 NZ Property Market Overview
As we approach the end of 2023, the New Zealand property market continues its trajectory of steady recovery. Norfolk Mortgage Trust remains committed to providing our clients with the latest insights and trends, crucial for informed investment decisions. This update delves into the most recent data from the QV House Price Index, offering a comprehensive view of the market’s current state and future prospects.
National Market Trends
The latest QV figures show a consistent, albeit modest, uptick in the property market. The national average home value has seen an increase of 2.3% over the last quarter, reaching $914,017. This growth, following four months of modest improvement, signifies a gradual strengthening of the market.
Main Center Highlights
- Auckland: Marking its fifth consecutive month of growth, Auckland’s average home value rose by 0.8% in November to $1,287,201, although it’s still 3.9% lower than the start of the year.
- Wellington: Demonstrating resilience, Wellington saw a 3.2% increase this quarter despite ongoing job security concerns in the public sector.
- Christchurch: The average home value in Christchurch increased by 2% this quarter, now sitting at $742,401, showing a nominal improvement.
Market Outlook
The outlook for the New Zealand property market in 2024 is one of slow yet stable growth. High interest rates are expected to continue influencing the market, with economic factors also playing a significant role in shaping market dynamics.
Implications for Norfolk Mortgage Trust Clients
At Norfolk Mortgage Trust, we prioritise professional and prudent management, understanding these market trends to make informed decisions that benefit our clients. We keep a close eye on the property market’s cyclical nature, managing risks effectively and identifying potential opportunities.
Conclusion
The November 2023 update of New Zealand’s property market presents a landscape of gradual recovery and emerging opportunities. For our investors at Norfolk Mortgage Trust, we are dedicated to leveraging these insights to support your financial goals. Staying informed is crucial in this evolving market, and we are here to guide you through these conditions.
For more information and the opportunity to discuss Norfolk’s approach to lending contact Norfolk Mortgage Trust today.
Data Source: QV House Price Index, November 2023