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The property bubble in New Zealand is a major national economic and social issue. Since the early 1990s, house prices in New Zealand have risen considerably faster than incomes, [ 1 ] putting increasing pressure on public housing providers as fewer households have access to housing on the private market.
In response, the New Zealand Treasury forecast that New Zealand would avoid a recession due to the rebuilding programme resulting from the Auckland floods and Cyclone Gabrielle. The Treasury also forecast that New Zealand's economy would not return to surplus for another year due to declining tax revenue and the Government's 2023 budget ...
US house price trend (1998–2008) as measured by the Case–Shiller index Ratio of Melbourne median house prices to Australian annual wages, 1965 to 2010. As with all types of economic bubbles, disagreement exists over whether or not a real estate bubble can be identified or predicted, then perhaps prevented.
What, exactly, is the 2023 housing market going to look like? It's a difficult question to answer. Some may envision 2023 shaping up to follow in the footsteps of the 2008 subprime mortgage crisis...
The country dodged a recession in 2022, but plenty of ingredients remain in place. The bear market that started in June ended in the worst year for stocks since the Great Recession.
New Zealand Prime Minister Jacinda Ardern faces tough challenges as she heads into a general election campaign next year, with economic growth slowing, divisive referendums looming and a country ...
The 2023 New Zealand mini-budget generated NZ$7.5 billion worth of savings by stopping 15 programmes including 20 hours of free childcare for two-year-olds (worth NZ$1.2 billion), eliminating depreciation for commercial buildings (NZ$2.3 billion) and disestablishing the Climate Emergency Response Fund (NZ$2 billion). [2]
A year after the flooding, in August 2023, the New Zealand government and the Nelson Council, decided to buy out 14 homes that became unlivable due to the flooding. The total cost was around $12 million, where the New Zealand government paid half. The Nelson Council will vote on whether they will pay the other half in on 14 September. [7]