The NZ Property Market Podcast CoreLogic NZ

One for the hopeful first home buyers

In this guest special, Nick speaks to Geri Fraser and Heiko Jonkers from Westpac. Geri is the Product lead for Housing and Heiko the Social and Affordable Housing Guru!
The main topics of interest discuss are the shared equity and leasehold options which are often misunderstood or simply not known about. Listen in to hear about what these options are and how Westpac have dedicated considerable commitment to ensure more New Zealanders can take that first step into the housing market. 
This includes understanding the international experiences and lessons learned to bring unique opportunities to life and how local councils, Government agencies and Iwi provide support for those prospective buyers to make their first purchase a reality.
As always the key is to speak to someone in the know and the Westpac first home loans page is a great start with plenty of passionate mobile mortgage managers keen to pass on their knowledge and help navigate what is so often a daunting process and huge life decision.
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There’s always plenty to talk about in the property market, but this week’s discussion basically sets the scene for a big week of data and announcements which could potentially mean a meaty pod next Monday!
The guys start by discussing the latest Buyer Classification data, which showed that first home buyers (FHBs) remained a key presence in March, and that also ties in to the latest mortgage lending figures from the Reserve Bank. Low deposit lending remains relatively restricted – certainly well under the maximum speed limits – but FHBs are still making good use of the system.
Attention then turns to the next few days …. CoreLogic House Price Index for April set to go public on Wednesday, just before the Financial Stability Report at 9am the same day, and the Q1 labour market figures at 10:45. Could the FSR finally detail the rules for debt to income ratio caps? On the labour market, the unemployment rate has probably risen further in Q1, but it might be about more labour supply, rather than mass job losses.
There's some great stuff in this week's episode, but also brace yourselves for a lot to talk about next week!
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Despite last week's well-received reactionary pod to the latest CPI inflation data, Nick and Kelvin can't help but dig a bit deeper into the data to get a steer on where things, in particular the OCR, are going. 
Other topics this week include the CoreLogic monthly chart pack, which focussed on borrowers preference to fix their mortgages short as well as the patchy nature of this recovery. 
That patchiness, and arguably weakness was backed up by the release of the REINZ index and sales tracking. 
On the flip side of all the negativity, Kelvin reports that early calcs from the NZAC indicate we may have re-exited the recession, but we all know high net migration (new data on that front too) has a large part to play in that too.
Lastly, there's a mention of the CCCFA announcement - not much detail to analyse and even less impact likely, due to high interest rates being the key constraint on funding lines right now. 
Check out the monthly video and Kelvin's appearance on Tova O'Brien's Stuff podcast.
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In this quick podcast Nick and Kelvin give their reaction to the just-released CPI inflation data.
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After quickly passing over the latest OCR decision from the RBNZ and one more construction release to add to last week's construction heavy chat, Nick and Kelvin delve into the current and future rental market.
There's rental price change to discuss, the reversal of some tenancy laws and the latest buyer classification data to assist.
Add in a bit on the economy and inflation ahead of the Q1 CPI data out this week and you've got a comprehensive review of the market. All in less than 40 mins. 
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The dominant theme this week is construction – from the Cordell Construction Cost Index showing subdued cost growth to start 2024, through to new dwelling consents in February (still falling), to Stats NZ’s experimental dataset looking at completion timeframes and the number of code compliance certificates issued (dwelling completions) – we have it all!

Not only that, but the Government also announced its intention to allow more imported building products to be used in NZ dwellings, with the aim of controlling cost pressures.

The guys also cover off last week’s CoreLogic House Price Index for March, and filled jobs data for February – both releases were a little mixed.

It’s another busy one this week too, with more mortgage lending data due, along with CoreLogic’s Buyer Classification figures and Stats NZ rent figures for March. The Reserve Bank will top it off with another cash rate decision on Wednesday, which is likely to be no change at 5.5%.
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