In 2024, the average weekly household expenditure on mortgage repayments in New Zealand came to around *** New Zealand dollars. This marked a signficant rise in average weekly mortgage repayment expenditure from the previous year.

In June 2025, the value of mortgage lending to owner-occupier borrowers (excluding first-home buyers) in New Zealand amounted to around **** billion New Zealand dollars. Residential lending to investors was approximately *** billion New Zealand dollars in comparison. Housing affordability in New Zealand Many people across New Zealand have discarded the homeownership dream due to the country’s unaffordable housing supply. While average residential house prices fell across some of New Zealand’s regions in 2024, first-home buyers are still largely priced out of the market due to high mortgage repayments, interest rates, and average home deposit values. The monthly residential mortgage lending value to first-home buyers in New Zealand in December 2024 came to around *** billion New Zealand dollars, marking a slight rise from the previous month. The highest monthly value of mortgage lending to first-home buyers across the country was recorded in March 2021, during a year when average residential mortgage rates were at their lowest. Where are residential mortgage interest rates heading? According to a survey conducted in May 2023, rising interest rates were the leading property market concern among New Zealanders, with over 54 percent of respondents expressing their concern. New Zealand’s average new residential mortgage interest rates were at their lowest in 2021 but have inflated greatly over the past few years. In June 2021, the average 1-year fixed interest rate for a new standard residential mortgage in New Zealand was at **** percent, with this rate rising to over *** percent by December 2023. Nonetheless, mortgage rates showed signs of leveling out at the end of 2023, and began declining in 2024.

As of December 2024, the average interest rate for a new standard 1-year residential mortgage in New Zealand was *** percent. In comparison, the average 5-year interest rate for a residential mortgage was **** percent. Average interest rates for new standard residential mortgages in the country started to trend upward from mid-2021. Rates peaked toward the end of 2023 and have begun trending downward.

This report analyses mortgage affordability in New Zealand, which is presented as the proportion of a household's monthly earnings left over after a mortgage repayment. This is calculated using the average monthly repayment for a standard 30-year loan on the median house price with a 20% deposit. An increase in the percentage indicates the average mortgage becoming more affordable for households. The data for this report is calculated from information sourced from Statistics New Zealand (Tatauranga Aotearoa) and the Reserve Bank of New Zealand (Te Putea Matua) and is presented as a percentage of average household earnings.

Key information about New Zealand Long Term Interest Rate

• New Zealand Government Bond Yield: 10 Years was reported at 4.58 % pa in Feb 2025, compared with 4.55 % pa in the previous month.
• New Zealand Long Term Interest Rate data is updated monthly, available from Jan 1985 to Feb 2025.
• The data reached an all-time high of 18.90 % pa in Mar 1986 and a record low of 0.46 % pa in Sep 2020.
• Long Term Interest Rate is reported by reported by Reserve Bank of New Zealand.

CEIC calculates monthly Long Term Interest Rate from daily 10 year Government Bond Yield. The Reserve Bank of New Zealand provides 10 year Treasury Bond Yield. Long Term Interest Rate prior to March 1985 is sourced directly from Reserve Bank of New Zealand.. The ten-year benchmark for New Zealand Government bonds with a fixed interest coupon paid semi-annually in arrears. The bonds are redeemable at par on maturity.


Related information about New Zealand Long Term Interest Rate

• In the latest reports, New Zealand Short Term Interest Rate: Month End: New Zealand: Bank Accepted Bills: 90 Days was reported at 5.71 % pa in Jun 2023.
• The cash rate (Policy Rate: Month End: New Zealand: Official Cash Rate) was set at 5.50 % pa in Jun 2023.
• New Zealand Exchange Rate against USD averaged 1.63 (USD/NZD) in Jun 2023.

New Zealand Household Economic Survey: Average Weekly Household Expenditure: Others Expenditure: Interest Payment: Mortgage data was reported at 95.000 NZD in 2016. This records an increase from the previous number of 73.200 NZD for 2013. New Zealand Household Economic Survey: Average Weekly Household Expenditure: Others Expenditure: Interest Payment: Mortgage data is updated yearly, averaging 71.150 NZD from Jun 2001 (Median) to 2016, with 6 observations. The data reached an all-time high of 95.000 NZD in 2016 and a record low of 61.400 NZD in 2010. New Zealand Household Economic Survey: Average Weekly Household Expenditure: Others Expenditure: Interest Payment: Mortgage data remains active status in CEIC and is reported by Statistics New Zealand. The data is categorized under Global Database’s New Zealand – Table NZ.H010: Household Economic Survey: Average Weekly Household Expenditure.

Average House Prices in New Zealand decreased to 906977 NZD in August from 909671 NZD in July of 2025. This dataset includes a chart with historical data for New Zealand Average House Prices.

The benchmark interest rate in New Zealand was last recorded at 3 percent. This dataset provides - New Zealand Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

As of September 2023, the average home deposit for first-time buyers who had to pay a ** percent deposit in Auckland, New Zealand was ****** New Zealand dollars. For buyers who had to pay a ** percent deposit for a house in Auckland, the average was ******* New Zealand dollars.

New Zealand Loans Fully Secured By Residential Mortgage data was reported at 253,247.000 NZD mn in May 2018. This records an increase from the previous number of 251,697.000 NZD mn for Apr 2018. New Zealand Loans Fully Secured By Residential Mortgage data is updated monthly, averaging 172,114.000 NZD mn from Dec 2004 (Median) to May 2018, with 162 observations. The data reached an all-time high of 253,247.000 NZD mn in May 2018 and a record low of 99,476.000 NZD mn in Dec 2004. New Zealand Loans Fully Secured By Residential Mortgage data remains active status in CEIC and is reported by Reserve Bank of New Zealand. The data is categorized under Global Database’s New Zealand – Table NZ.KA010: Residential Mortgage Loan: Registered Banks: BBS.

The price of residential property in New Zealand was the highest in the Auckland region in June 2025, with an average sale price of around ******* New Zealand dollars. The most populated city in the country, Auckland, has consistently reported higher house prices compared to most other regions. Buying property in New Zealand, particularly in its major cities, is expensive. The nation has one of the highest house-price-to-income ratios in the world. Auckland residential market The residential housing market in Auckland is competitive. Prices have been slowly decreasing; the Auckland region experienced an annual decrease in the average residential house price in March 2025 compared to the same month in the previous year. The price of residential property in Auckland was the highest in the North Shore City district, with an average sale price of around **** million New Zealand dollars. Home financing Due to the rising cost of real estate, an increasing number of New Zealanders who want to own their own property are taking on mortgages. Most residential mortgage lending in New Zealand went to owner-occupier borrowers, followed by first home buyers. In addition to mortgage lending, previously under the KiwiSaver HomeStart initiative, first-home buyers in New Zealand were able to apply to withdraw all or part of their KiwiSaver retirement savings to assist with purchasing a first home. Nonetheless, the scheme was discontinued in May 2024. Furthermore, even with a large initial deposit, it may take decades for many borrowers to pay off their mortgage.

New Zealand NZ: Price to Income Ratio: sa data was reported at 117.981 2015=100 in Sep 2024. This records a decrease from the previous number of 120.692 2015=100 for Jun 2024. New Zealand NZ: Price to Income Ratio: sa data is updated quarterly, averaging 79.512 2015=100 from Mar 1986 (Median) to Sep 2024, with 155 observations. The data reached an all-time high of 143.218 2015=100 in Dec 2021 and a record low of 46.765 2015=100 in Mar 1987. New Zealand NZ: Price to Income Ratio: sa data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s New Zealand – Table NZ.OECD.AHPI: House Price Index: Seasonally Adjusted: OECD Member: Quarterly. Nominal house prices divided by nominal disposable income per head. Net household disposable income is used. The population data come from the OECD national accounts database.

Portugal, Canada, and the United States were the countries with the highest house price to income ratio in 2024. In all three countries, the index exceeded 130 index points, while the average for all OECD countries stood at 116.2 index points. The index measures the development of housing affordability and is calculated by dividing nominal house price by nominal disposable income per head, with 2015 set as a base year when the index amounted to 100. An index value of 120, for example, would mean that house price growth has outpaced income growth by 20 percent since 2015. How have house prices worldwide changed since the COVID-19 pandemic? House prices started to rise gradually after the global financial crisis (2007–2008), but this trend accelerated with the pandemic. The countries with advanced economies, which usually have mature housing markets, experienced stronger growth than countries with emerging economies. Real house price growth (accounting for inflation) peaked in 2022 and has since lost some of the gain. Although, many countries experienced a decline in house prices, the global house price index shows that property prices in 2023 were still substantially higher than before COVID-19. Renting vs. buying In the past, house prices have grown faster than rents. However, the home affordability has been declining notably, with a direct impact on rental prices. As people struggle to buy a property of their own, they often turn to rental accommodation. This has resulted in a growing demand for rental apartments and soaring rental prices.

New Zealand has *** of the highest house price-to-income ratios in the world; nonetheless, since the first quarter of 2022, the country's house price-to-income ratio started to trend downward. In the fourth quarter of 2024, the ratio was *****, a slight decrease from the same quarter of the previous year. This ratio was calculated by dividing nominal house prices by nominal disposable income per head, and is considered a measure of affordability. Homeownership dream New Zealand has been in what is widely considered a housing bubble. The disproportionately large increases in residential house prices have placed the dream of owning their own home out of reach for many in the country. In 2024, around ** percent of residential properties were sold for over a million New Zealand dollars. The majority of mortgage lending in the country went to owner-occupiers where the property was not their first home, with first-home buyers often struggling to secure a loan. In general, only New Zealand residents and citizens can buy homes in the country to live in, with new regulations tightening investment activity in that market. Rent affordability Due to New Zealand's high property prices, many individuals and families are stuck renting for prolonged periods. However, with rent prices increasing across the country and the share of monthly income spent on rent trending upwards in tandem with a highly competitive rental market, renting is becoming a less appealing prospect for many. The Auckland and Bay of Plenty regions had the highest weekly rent prices across the country as of December 2024, with the Southland region recording the lowest rent prices per week.

The highest average cost of building a new house in New Zealand as of 2023 was in the Otago region, with an average value of about ***** New Zealand dollars per square meter. The average cost of building a new house in New Zealand that same year was around ***** New Zealand dollars per square meter.

Home Ownership Rate in New Zealand decreased to 64.60 percent in 2018 from 64.70 percent in 2013. This dataset provides the latest reported value for - New Zealand Home Ownership Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

New Zealand Household Inflation Expectation: House Price: 1 Year - Mean data was reported at 2.700 % in Mar 2025. This records an increase from the previous number of 2.200 % for Dec 2024. New Zealand Household Inflation Expectation: House Price: 1 Year - Mean data is updated quarterly, averaging 4.050 % from Jun 2011 (Median) to Mar 2025, with 56 observations. The data reached an all-time high of 6.400 % in Mar 2021 and a record low of -0.500 % in Jun 2020. New Zealand Household Inflation Expectation: House Price: 1 Year - Mean data remains active status in CEIC and is reported by Reserve Bank of New Zealand. The data is categorized under Global Database’s New Zealand – Table NZ.I027: Household Inflation Expectation.

New Zealand Residential Sales: Median House Price data was reported at 560,000.000 NZD in Jun 2018. This records a decrease from the previous number of 562,000.000 NZD for May 2018. New Zealand Residential Sales: Median House Price data is updated monthly, averaging 292,500.000 NZD from Jan 1993 (Median) to Jun 2018, with 306 observations. The data reached an all-time high of 562,000.000 NZD in May 2018 and a record low of 113,000.000 NZD in Apr 1993. New Zealand Residential Sales: Median House Price data remains active status in CEIC and is reported by Real Estate Institute of New Zealand. The data is categorized under Global Database’s New Zealand – Table NZ.EB001: Residential Sales.

New Zealand NZ: Standardised Price-Rent Ratio: sa data was reported at 181.586 Ratio in Sep 2024. This records a decrease from the previous number of 185.423 Ratio for Jun 2024. New Zealand NZ: Standardised Price-Rent Ratio: sa data is updated quarterly, averaging 61.688 Ratio from Mar 1970 (Median) to Sep 2024, with 219 observations. The data reached an all-time high of 233.963 Ratio in Dec 2021 and a record low of 44.296 Ratio in Dec 1970. New Zealand NZ: Standardised Price-Rent Ratio: sa data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s New Zealand – Table NZ.OECD.AHPI: House Price Index: Seasonally Adjusted: OECD Member: Quarterly. Nominal house prices divided by rent price indices. The long-term average is calculated over the whole period available when the indicator begins after 1980 or after 1980 if the indicator is longer. This value is used as a reference value. The ratio is calculated by dividing the indicator source on this long-term average, and indexed to a reference value equal to 100.

New Zealand NZ: Standardised Price-Income Ratio: sa data was reported at 146.477 Ratio in Sep 2024. This records a decrease from the previous number of 149.843 Ratio for Jun 2024. New Zealand NZ: Standardised Price-Income Ratio: sa data is updated quarterly, averaging 98.716 Ratio from Mar 1986 (Median) to Sep 2024, with 155 observations. The data reached an all-time high of 177.810 Ratio in Dec 2021 and a record low of 58.060 Ratio in Mar 1987. New Zealand NZ: Standardised Price-Income Ratio: sa data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s New Zealand – Table NZ.OECD.AHPI: House Price Index: Seasonally Adjusted: OECD Member: Quarterly. Nominal house prices divided by nominal disposable income per head. Net household disposable income is used. The population data come from the OECD national accounts database. The long-term average is calculated over the whole period available when the indicator begins after 1980 or after 1980 if the indicator is longer. This value is used as a reference value. The ratio is calculated by dividing the indicator source on this long-term average, and indexed to a reference value equal to 100.