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In this special guest edition of the New Zealand Property Market Podcast, Head of Research Nick Goodall is joined by Ryan Hannigan and Ben Grant from Loan Market Dunedin. Together, they explore the unique dynamics of the Otago and Southland property markets, where housing values and sales activity continue to outperform many northern regions.

Ryan and Ben break down the on-the-ground drivers in Dunedin, including how the multi-billion-dollar Dunedin Hospital build is attracting families, why first-home buyers are actively targeting the $600,000 to $700,000 price bracket, and how infill townhouse developments are transforming traditional suburbs. They also expose a key financing hurdle: why trading banks apply strict boarding house lending criteria to room-by-room student rentals, creating friction for investors despite high demand and steady yields.

The conversation also covers broader mortgage trends across New Zealand, highlighting that over 50% of buyers in June purchased with less than a 20% deposit. Ryan and Ben share practical advice on navigating 2–3 year fixed rate terms (4.99%–5.19%), managing test interest rates, and avoiding common pitfalls when refixing online or relying on unverified AI mortgage advice.

This week we discuss:

• Dunedin Market Resilience: Why median values around $623,000 keep the region highly accessible for first-home buyers and relocating families.
• Student Rental Financing: Why banks enforce boarding house rules on room-by-room student lets and how parents are stepping in to buy for studying children.
• Infill Development Growth: How developers are acquiring older homes to build modern townhouses, mirroring Christchurch’s urban densification model.
• The Southland Boom: Why Invercargill and broader Southland continue to buck national trends with strong job security and affordable $400,000 starter homes.
• The Low-Deposit Reality: Unpacking data showing more than half of recent borrowers entered the market with under a 20% deposit, including Kāinga Ora 5% options.
• Mortgage Structuring Strategy: Why clients are locking in 2–3 year fixed rates for budget certainty rather than chasing short-term rate dips.
• Advisor Insights: How to secure a "real estate pre-approval" to stand out in multi-offer scenarios, and how to filter out social media mortgage advice.

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This podcast is for educational and entertainment purposes only and does not constitute financial, legal, or tax advice. The hosts are not licensed Financial Advice Providers in New Zealand. All information is of a general nature and does not take into account your personal situation or goals. Please consult a qualified professional before making any financial decisions.

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Residential property transactions across New Zealand have recorded six consecutive months of year-on-year declines. This week on the New Zealand Property Market Podcast, Head of Research Nick Goodall and Chief Economist Kelvin Davidson unpack the latest monthly Chart Pack data, revealing that first-half 2026 sales volumes reached 43,183 - down 4.2% compared to the same period in 2025. We explore why high listing stock and broader economic caution are keeping buyers and sellers in a stalemate, while noting that a lack of distress selling continues to keep the market anchored.

The guys also dissect the Q2 CPI inflation release, which landed at 4.1% annually. While slightly above the Reserve Bank's revised 3.9% forecast, the print landed directly in line with commercial bank expectations. We break down the stark divergence within the data: tradable inflation spiked to 4.9% off the back of global fuel pressures, while domestic non-tradable inflation eased slightly to 3.4%. Furthermore, annual rental growth has slowed to just 0.5% - the weakest rate of increase in more than two decades.

Finally, we discuss Stats NZ's official roadmap to introduce a monthly CPI release by August 2027, preview the upcoming July Home Value Index, and evaluate why the RBNZ remains firmly on track for an Official Cash Rate increase at the September 2nd statement.

This week we discuss:

• Six Months of Falling Sales: Why H1 2026 transaction volumes contracted 4.2% year-on-year, missing early expectations of a 5% to 10% recovery.
• Regional Sales Dynamics: Analysing the rolling three-month volume trends, from Dunedin’s 7.4% rise to Auckland’s 7.8% drop.
• The 4.1% CPI Reality Check: Breaking down the Q2 inflation print and why headline numbers drive consumer inflation expectations.
• Tradable vs. Non-Tradable Divergence: How fuel costs drove tradables to 4.9% while non-tradable domestic pressures softened to 3.4%.
• 20-Year Low for Rent Growth: What annual rental growth of just 0.5% means for residential landlord yields.
• The Path to September 2nd: Why the Reserve Bank is expected to push the OCR closer to its neutral target (~3.25%) despite weak consumer activity.
• Official Monthly CPI Roadmap: Stats NZ's timeline to transition from quarterly inflation tracking to monthly Tier-1 reporting by August 2027.

Sign up for news and insights or contact on LinkedIn, X @NickGoodall_CL or @KDavidson_CL and email [email protected] or [email protected]

This podcast is for educational and entertainment purposes only and does not constitute financial, legal, or tax advice. The hosts are not licensed Financial Advice Providers in New Zealand. All information is of a general nature and does not take into account your personal situation or goals. Please consult a qualified professional before making any financial decisions.

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Construction output costs are tracking upward, but residential builders are absorbing the financial hit. This week on the New Zealand Property Market Podcast, Head of Research Nick Goodall and Chief Economist Kelvin Davidson analyse the newly released Q2 Cordell Construction Cost Index (CCCI). 

The data shows an annualised cost acceleration to 3.5% for the second quarter, up from 3.0% in Q1. We break down the structural reasons why these rising input costs - driven by steel and fuel surcharges - are not being passed on to consumers, as flat residential values and high existing listing volumes force builders to sacrifice their margins.

The guys also preview the critical Q2 CPI inflation drop. Backed by the latest June Selected Price Indexes (SPI) data, which covers roughly 45% of the consumer basket, major trading bank economists have upgraded their near-term inflation projections to between 3.9% and 4.1%. 

We discuss what this means for the Reserve Bank’s targeted return to neutrality and why the upcoming September 2nd Official Cash Rate decision remains firmly aligned for another baseline increase.

Finally, we explore the highly volatile net migration metrics, detailing the staggering 23% downward revision to April’s population data, and look at the sharp 1.4% drop in June electronic card spending that signals ongoing consumer caution.

This week we discuss:

• The Q2 CCCI Acceleration: Why construction output costs rose to 3.5% annually and why the long-term sector average remains well below the post-COVID peak.
• The Margin Squeeze: How high volumes of competing existing housing stock prevent builders from passing input inflation through to consumers.
• The Selected Price Indexes: Analysing the mixed signals from June's fuel and food metrics ahead of tomorrow’s official CPI release.
• The 3.9% Inflation Floor: Why the RBNZ adjusted its baseline inflation forecast down from 4.2% at the recent Monetary Policy Review.
• Population Revisions: The macro implications of Stats New Zealand erasing 5,000 people from April’s net migration figures.
• The Sports Wrap: Spain’s football World Cup victory, Ryan Fox’s historic Open Championship win, and the All Blacks’ dominant performance against Ireland.

Sign up for news and insights or contact on LinkedIn, X @NickGoodall_CL or @KDavidson_CL and email [email protected] or [email protected]

This podcast is for educational and entertainment purposes only and does not constitute financial, legal, or tax advice. The hosts are not licensed Financial Advice Providers in New Zealand. All information is of a general nature and does not take into account your personal situation or goals. Please consult a qualified professional before making any financial decisions.

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First-home buyers are occupying a larger share of the New Zealand property market than at any point in the last two decades.

This week on the New Zealand Property Market Podcast, Head of Research Nick Goodall and Chief Economist Kelvin Davidson dive into the June Buyer Classification data to complete a full wrap of the second quarter. The numbers reveal that first-home buyers secured a record-breaking 28.3% market share across Q2, capitalising on lower house prices, KiwiSaver access, and high-LVR bank lending allowances.

Meanwhile, the landscape for investors is fracturing. While small-scale "mum and dad" buyers holding two properties are steady, large-scale investors owning ten or more properties saw their market activity fall in Q2 down to 2.3%. We break down the combination of high bank serviceability testing, debt-to-income (DTI) restrictions, flat rents, and growing election anxieties regarding interest deductibility that are driving this retreat.

The guys also look at the sudden breakdown of the Iran-US peace deal and the re-closing of the Strait of Hormuz, analysing how renewed global supply chain uncertainty impacts the path toward the next Official Cash Rate review on September 2nd.

Sign up for news and insights or contact on LinkedIn, X @NickGoodall_CL or @KDavidson_CL and email [email protected] or [email protected]

This podcast is for educational and entertainment purposes only and does not constitute financial, legal, or tax advice. The hosts are not licensed Financial Advice Providers in New Zealand. All information is of a general nature and does not take into account your personal situation or goals. Please consult a qualified professional before making any financial decisions.

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The Reserve Bank has delivered an unexpected baseline shift. This week on a special reactionary episode of the New Zealand Property Market Podcast, Head of Research Nick Goodall and Chief Economist Kelvin Davidson dissect the RBNZ’s unanimous decision to hike the Official Cash Rate (OCR) from 2.25% to 2.5%.

Despite a fracturing market consensus on Monday, the Monetary Policy Committee voted with total consensus to remove some economic accommodation. We break down the structural reasons behind the hike, including the RBNZ’s strategic pushback against recent easing in wholesale interest rates and a dropping exchange rate that threatened to undo their inflation-fighting progress.

The guys look past the headline figure to analyse the increased transparency under Governor Anna Bremen, exploring how individual committee members view current inflation balances. We map out what this means for a flattening housing market - currently down 0.9% annually at the end of June - and preview the five pillars of macro uncertainty that will dictate the next interest rate decision on September 2nd.

This week we discuss:

• The Unanimous Decision: Why the committee completely abandoned its previous 3-all split to push the OCR to 2.5%.
• The Financial Conditions Pushback: How dropping wholesale market interest rates forced the RBNZ to intervene to prevent premature economic stimulus.
• The Committee Split: Dissecting the internal RBNZ friction between members warning of structural inflation risks and those viewing them as balanced.
• The 3.9% Inflation Reality: Why the RBNZ downgraded its near-term Q2 CPI expectations from 4.3% while simultaneously lifting interest rates.
• The Housing Impact: Why retail mortgage rates are unlikely to shift aggressively despite the higher OCR baseline.

Sign up for news and insights or contact on LinkedIn, X @NickGoodall_CL or @KDavidson_CL and email [email protected] or [email protected]

This podcast is for educational and entertainment purposes only and does not constitute financial, legal, or tax advice. The hosts are not licensed Financial Advice Providers in New Zealand. All information is of a general nature and does not take into account your personal situation or goals. Please consult a qualified professional before making any financial decisions.

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Does high climate risk actually destroy residential property value, or does it create a structural entry point for desperate buyers? 

This week on the New Zealand Property Market Podcast, Head of Research Nick Goodall and Chief Economist Kelvin Davidson unpack a groundbreaking new analytics release tracking the long-term price impacts of Cyclone Gabrielle across Hawke's Bay and Auckland. 

The data exposes a fascinating climate paradox: high-risk homes are retaining immense price resilience purely because their discounted entry points attract intense demand from affordability-squeezed buyers. Check https://www.cotality.com/nz/insights from Tuesday morning.

The guys also deliver a full, high-stakes preview of Wednesday's structural Official Cash Rate (OCR) decision. With major trading banks split down the centre, we map out the exact economic crosswinds - including a sharp rebound in business confidence, marginally increasing filled jobs, and a structural potential oversupply of global oil - that will decide the outcome. 

Plus, Kelvin reports back on his live experience under the roof at Christchurch's brand-new Te Kaha stadium for the All Blacks' season opener.

This week we discuss:

• The June HVI Breakdown: Assessing the national 0.2% monthly dip and the ongoing underperformance of Auckland and Wellington City.
• The Cyclone Gabrielle Audit: Unpacking the data proving why flood-prone properties hold their values stubbornly against natural hazard warning systems.
• The Government Insurance Backstop: Why the days of automated state buyouts are ending and what it means for long-term un-insurability.
• The July OCR Split: Analysing the 3-2 bank economist division and the voting mechanics required to break a three-all committee deadlock.
• The Green Electrification Shift: How the permanent structural drop in global fossil fuel demand is quietly putting downward pressure on domestic inflation.

Sign up for news and insights or contact on LinkedIn, X @NickGoodall_CL or @KDavidson_CL and email [email protected] or [email protected]

This podcast is for educational and entertainment purposes only and does not constitute financial, legal, or tax advice. The hosts are not licensed Financial Advice Providers in New Zealand. All information is of a general nature and does not take into account your personal situation or goals. Please consult a qualified professional before making any financial decisions.

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The underlying data is flashing clear warning signs of economic consolidation. This week on the New Zealand Property Market Podcast, Head of Research Nick Goodall and Chief Economist Kelvin Davidson dissect the latest New Zealand Activity Index (NZAC) and the Reserve Bank’s weekly updated Kiwi GDP Nowcast. The metrics reveal a stark economic slowdown in Q2, dropping bank expectations for a July Official Cash Rate (OCR) increase into a decisive holding pattern as major institutions pull back their forecast increases.

The structural highlight of the week centres on the newly released Reserve Bank mortgage lending data for May. For the first time in two solid years, year-on-year lending growth has ground to an absolute halt, printing a flat $8.6 billion line. We look past the national figures to uncover the real structural landscape: a massive $1.67 trillion asset baseline backed by just $398 billion in total debt. While an aggregate LVR of 24% suggests immense national stability, we expose the distribution trap masking the reality that one-third of New Zealand households carry 100% of the entire country's mortgage debt burden.

This week we discuss:

• The GDP Proxy Pivot: Why the Reserve Bank's dynamic, weekly updated Kiwi GDP Nowcast is eclipsing the traditional NZAC index as a truer indicator of a flatlining Q2 economy.
• The Lending Streak Snapped: Dissecting May’s flat $8.6 billion lending print and what it means for forward real estate velocity.
• The 24% Equity Illusion: Why a $1.67 trillion asset class hides the severe debt concentration weighing exclusively on the mortgaged third of the population.
• First-Home Buyer Domination: The raw deal metrics proving first-time buyers are actively expanding transaction volumes while movers collapse by 11%.
• The Landlord Tax Premium: How evolving political rhetoric from Labour and the Green Party regarding interest deductibility is shifting the long-term investor baseline.

Sign up for news and insights or contact on LinkedIn, X @NickGoodall_CL or @KDavidson_CL and email [email protected] or [email protected]

This podcast is for educational and entertainment purposes only and does not constitute financial, legal, or tax advice. The hosts are not licensed Financial Advice Providers in New Zealand. All information is of a general nature and does not take into account your personal situation or goals. Please consult a qualified professional before making any financial decisions.

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Are you sitting tight in a three-bedroom home waiting for the property market to "improve"? You might be missing a massive strategic window.

In this episode of the New Zealand Property Market Podcast, Head of Research Nick Goodall and Chief Economist Kelvin Davidson unpack the latest "trade-up premium" data. They reveal why a softer housing market has actually made it significantly cheaper to upgrade to a four-bedroom home right now, with value gaps shrinking by up to 12% across major New Zealand regions.

The guys also dive into a massive week of economic shifts. Between lower-than-expected Q1 GDP growth (0.8%) and cooling monthly inflation numbers, the previously "guaranteed" July OCR rate hike has suddenly hit a 50/50 standstill. Could the Reserve Bank hold off until September?

Plus, we look at why property investors are showing early signs of election nervousness in the upcoming Chart Pack, and celebrate an epic weekend of Kiwi sport - from the Hurricanes' masterclass Super Rugby victory at the Cake Tin to the All Whites' tactical run.

This week we discuss:

• The Shrinking Value Gap: Suburb-level shifts in the 3-to-4-bedroom price premium (and why downturns favour the bold buyer).
• The Macro Shift: Why 0.8% GDP and falling Q2 CPI projections (down to 4.0%) are giving the RBNZ pause.
• The Mechanics of the OCR Vote: Dissecting the 3-all split committee and the likelihood of one voter flipping back to a hold.
• Chart Pack Teaser: First-home buyer resilience vs. shifting investor sentiment ahead of the election.
• The Sports Wrap: A massive weekend for the Canes, the Black Caps, the Warriors, and the All Whites.

Sign up for news and insights or contact on LinkedIn, X @NickGoodall_CL or @KDavidson_CL and email [email protected] or [email protected]

This podcast is for educational and entertainment purposes only and does not constitute financial, legal, or tax advice. The hosts are not licensed Financial Advice Providers in New Zealand. All information is of a general nature and does not take into account your personal situation or goals. Please consult a qualified professional before making any financial decisions.

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Welcome to a special regional guest edition of the New Zealand Property Market Podcast. This week, Head of Research Nick Goodall returns to his hometown roots to interview Jemma Scott-Davidson, owner and mortgage advisor at Loan Market. 

With over 20 years of commercial banking experience before launching her independent advisory firm, Jemma provides an invaluable, boots-on-the-ground temperature check of the winterless north.

Moving past the mainstream media's "boom or bust" narratives, Jemma explains why the current environment is actually a return to a "normal" market driven by fundamental life choices. 

We analyse the distinct activity occurring within the $650,000 to $750,000 sweet spot, expose the pricing standoff affecting properties purchased at the late-2021 peak, and break down the three clear interest rate fixing strategies currently emerging among New Zealand borrowers navigating the post-MPS landscape.

This week we discuss:

• The Whangārei Sweet Spot: Why properties priced between $650,000 and $750,000 are seeing steady, healthy transaction volumes from regular families.
• The Million-Dollar Value Gap: Navigating the lack of quality stock in the $800,000 to $1,000,000 bracket and why overpriced listings are distorting buyer expectations.
• The Peak COVID Standoff: Why un-capitulated vendors who bought in late 2021 are stalling market velocity.
• Three Emerging Fixing Behaviours: 1. The Confident Can-Kickers: Rolling on 6-month fixes to capture short-term savings while waiting for geopolitical oil conflicts to settle. 2. The Long-Term Securers: Locking in 5-year terms to protect fragile household cash flows from further volatility. 3. The Risk Splitters: Tranching debt across 2 and 3-year terms to avoid total structural exposure.
• Why DTIs are Stalling: Why high bank test rates are capturing debt-to-income limits by default, leaving equity and deposits as the primary hurdles.
• Innovation in Commercial Lending: Real-world examples of Northland businesses navigating tight cash flows through clever asset diversification and labour hoarding.

Sign up for news and insights or contact on LinkedIn, X @NickGoodall_CL or @KDavidson_CL and email [email protected] or [email protected]

This podcast is for educational and entertainment purposes only and does not constitute financial, legal, or tax advice. The hosts are not licensed Financial Advice Providers in New Zealand. All information is of a general nature and does not take into account your personal situation or goals. Please consult a qualified professional before making any financial decisions.

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The structural shift in the New Zealand property market is cementing itself in the data. While the latest Mapping the Market release reveals a highly patchy horizontal flatline across the regions, the newly updated May Buyer Classification data exposes a deep divide in buyer behaviour. Mortgaged multiple property owners (MPOs) have taken a decisive step back in the second quarter, dropping to a 22.4% market share as the compounding realities of tight yields, capital growth re-evaluations, and shifting political polls weigh on investor confidence.

This week, Nick Goodall and Kelvin Davidson break down why first home buyers continue to defy gravity, capturing a near-record 28.5% market share. We also deliver regional deep dives into the shifting demographics of Hamilton, Tauranga, and Dunedin, preview the upcoming Q1 GDP metrics alongside Tuesday’s crucial Selected Price Indexes, and analyse how an economic slowdown across the ditch in Australia could quietly reshape New Zealand's net migration baseline.

This week we discuss:

The Investor Retraction: Why mortgaged investors have pulled back for two consecutive quarters, hitting a soft 22.4% market share in Q2 so far.

First Home Buyers Target Records: Inside the relentless 28.5% market share run and the mechanics driving low-deposit entry pathways.

Regional Centre Disruption: Analysing Tauranga’s equity-rich mover surge (33%) and a surprising jump in first-time buyers to 25%.

The Dunedin Yield Matrix: Why gross student accommodation yields look attractive, but aging housing stock is widening the gap between gross and net returns.

Net Migration Rebound: Tracking the steady climb back to 22,800 annual net arrivals and why high rental listings are keeping a ceiling on structural rent spikes.

GDP vs. Selected Price Indexes: Previewing the consensus 1.0% Q1 GDP growth figure and explaining why Tuesday’s monthly inflation data holds the real key to the July OCR decision.

Sign up for news and insights or contact on LinkedIn, X @NickGoodall_CL or @KDavidson_CL and email [email protected] or [email protected]

This podcast is for educational and entertainment purposes only and does not constitute financial, legal, or tax advice. The hosts are not licensed Financial Advice Providers in New Zealand. All information is of a general nature and does not take into account your personal situation or goals. Please consult a qualified professional before making any financial decisions.