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Update on December selected prices indexes (SPI) release 2024 – exclusion of December 2024 rental data

Source: Statistics New Zealand

Update on December selected prices indexes (SPI) release 2024 – exclusion of December 2024 rental data – 10 January 2025 – The December 2024 SPI release, scheduled for publishing next week (16 January 2025), will not include actual rentals for housing data for December 2024.  

The administrative dataset for this information is provided by the Ministry of Business, Innovation & Employment. MBIE has recently completed upgrades to their tenancy bond lodgment system and Stats NZ requires additional time to integrate this data for the rental price indexes.
 
This dataset also contributes to the consumers price index (CPI).  For the December 2024 quarter CPI, which will be released on 22 January 2025, we will produce a quarterly movement for rental prices using the two months of data already published for October and November 2024.
Stats NZ is confident in this approach.
   
We are working to integrate this dataset in time for the January 2025 SPI release in February 2025.

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Property Sector – Construction conditions look set to improve in 2025 – CoreLogic

Source: CoreLogic

The cost to build a ‘standard’ single storey three bedroom, two-bathroom standalone dwelling* in NZ increased by 0.6% in the three months to December, half the 1.1% growth seen in the third quarter of 2024 and also below the long-term average quarterly rise of 1.0%.
CoreLogic’s latest Cordell Construction Cost Index (CCCI) shows that the annual growth over the past 12 months has also slowed to just 1.1%, down from 2023’s rise of 2.4% and also well below the spike of 10.4% in 2022.
CoreLogic Chief Property Economist Kelvin Davidson said it was little surprise that construction cost growth has slowed in the past 12-18 months.
“The previous COVID-related pressures on materials supply chains such as plasterboard are no longer an issue, and there’s also been a wider slowdown in the number of new dwellings consented and actual residential construction work being undertaken,” he said.
“As a result, there’s been reduced pressure on the industry’s capacity, which naturally dampens cost growth, both for materials and labour.”
He pointed out that although the downturn in the construction sector has been deep and prolonged, it started from a very high base, meaning that over the longer-term recent levels of dwelling consents and construction activity have remained above previous troughs – including from right after the GFC.
In terms of specific product lines, the cost trends in Q4 remained mixed.
For example, carpet saw a 3% increase in the three months to December, with wall insulation up by 3% and plasterboard rising by 4%. On the other hand, external timber products dropped by -5%, and kitchen joinery costs were down by -3%.
Looking ahead, Mr Davidson said construction sector activity is unlikely to suddenly surge higher, especially with the slowdown in population growth due to the decline in net migration.
“Construction conditions look set to improve in 2025 as mortgage rates drop, but overall cost growth may still remain relatively controlled.”
“There are also signs in the new dwellings data from Stats NZ that a floor may have been reached and that a rise in construction is likely in 2025.”
Elsewhere in the market, Mr Davidson noted the loan to value ratio (LVR) rules continue to incentivise property buyers to look at new-build dwellings, while the debt to income (DTI) ratio restrictions do the same.
“DTIs aren’t having much impact right now, but with mortgage rates falling they’re set to become a greater consideration in 2025, and could result in a relative shift in property demand away from existing dwellings and towards the new-build segment.”
CoreLogic NZ is a leading, independent provider of property data and analytics. We help people build better lives by providing rich, up-to-the-minute property insights that inform the very best property decisions. Formed in 2014 following the merger of two companies that had strong foundations in New Zealand’s property industry – Terralink Ltd and PropertyIQ NZ Ltd – we have the most comprehensive property database with coverage of 99% of the NZ property market and more than 500 million decision points in our database.
We provide services across a wide range of industries, including Banking & Finance, Real Estate, Government, Insurance and Construction. Our diverse, innovative solutions help our clients identify and manage growth opportunities, improve performance and mitigate risk. We also operate consumer-facing portal propertyvalue.co.nz – providing important insights for people looking to buy or sell their home or investment property. We are a wholly owned subsidiary of CoreLogic, Inc – one of the largest data and analytics companies in the world with offices in New Zealand, Australia, the United States and United Kingdom. For more information visit corelogic.co.nz.
About Cordell Building Indices
The Cordell Building Indices (CBI) are a series of construction industry index figures that are used to monitor the movement in costs associated with building work within particular segments of the industry. The CBI indicate the rate of change in prices within particular segments of the New Zealand construction industry.
The changes in prices are measured daily through the use of detailed cost surveys, and are reported on a quarterly basis. This ensures the most current and comprehensive industry information available. Each index is based on a combination of labour, material, plant hire and subcontract services required to construct buildings within the particular segment being measured. The CBI measure the change in the cost of constructing buildings, and as such do not provide the actual costs.
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Oxfam – Richest 1% burn through their entire annual carbon limit in just 10 days

Source: Oxfam Aotearoa

The richest 1 percent have burned through their share of the annual global carbon budget -the amount of CO2 that can be added to the atmosphere without pushing the world beyond 1.5°C of warming- within the first 10 days of 2025, reveals new Oxfam analysis.
In stark contrast, it would take someone from the poorest half of the global population nearly three years (1022 days) to use up their share of the annual global carbon budget.
This alarming milestone, dubbed “Pollutocrat Day” by Oxfam, underscores how climate breakdown is disproportionately driven by the super-rich, whose emissions far exceed those of ordinary people. The richest 1 percent are responsible for more than twice as much carbon pollution than the poorest half of humanity, with devastating consequences for vulnerable communities and efforts to tackle the climate emergency. To meet the 1.5°C goal, the richest 1 percent need to cut their emissions by 97 percent by 2030.
“The future of our planet is hanging by a thread. The margin for action is razor-thin, yet the super-rich continue to squander humanity’s chances with their lavish lifestyles, polluting stock portfolios and pernicious political influence. This is theft -pure and simple- a tiny few robbing billions of people of their future to feed their insatiable greed,” said Oxfam International’s Climate Change Policy Lead, Nafkote Dabi.
Oxfam’s research shows that the emissions of the richest 1 percent since 1990 have caused -and will continue to cause- trillions of dollars in economic damage, extensive crop losses, and millions of excess deaths.
– The economic damage suffered by low- and lower-middle-income countries over the past 30 years is about three times greater than the total climate finance provided by rich countries to poorer ones.
– By 2050, the emissions of the richest 1 percent will cause crop losses that could have provided enough calories to feed at least 10 million people a year in Eastern and Southern Asia.
– Roughly eight in every 10 excess deaths due to heat will occur in low- and lower-middle-income countries. Around 40 percent of these deaths will occur in Southern Asia.
“Governments need to stop pandering to the richest. Rich polluters must be made to pay for the havoc they’re wreaking on our planet. Tax them, curb their emissions, and ban their excessive indulgences -private jets, superyachts, and the like. Leaders who fail to act are effectively choosing complicity in a crisis that threatens the lives of billions,” said Dabi.
Oxfam calls on governments to:
  • Reduce the emissions of the richest. Governments must introduce permanent income and wealth taxes on the top 1 percent, ban or punitively tax carbon-intensive luxury consumptions -starting with private jets and superyachts- and regulate corporations and investors to drastically and fairly reduce their emissions.
  • Make rich polluters pay. Climate finance needs are growing rapidly, especially in Global South countries bearing the brunt of climate impacts. While rich countries agreed to mobilise $300 billion a year to help Global South countries cope with warming temperatures and switch to renewable energy, this amount falls drastically short from the $5 trillion climate the Global North owes in climate debt and reparations.
Ton CO2 per capita per year Ton CO2 per capita per day Annual carbon budget, ton CO2 per capita Days to use up share of annual carbon budget Richest 1% 76 0.209 2.1 10 Poorest 50% 0.7 0.002 2.1 1022
Oxfam’s research shows that the richest 1 percent –comprising 77 million individuals, including billionaires, millionaires, and those earning over $140,000 per year in PPP terms– were responsible for 15.9 percent of global CO2 emissions in 2019. The bottom 50 percent (3.9 billion people with an average annual income of $2,000 in PPP terms) accounted for 7.7 percent of all CO2 emissions during the same year. “ Climate Equality: A Planet for the 99%“ draws on research by the Stockholm Environment Institute (SEI) and assesses the consumption emissions of different income groups in 2019, the most recent year for which data are available.
Between 2015 and 2030, the richest 1 percent are set to reduce their per capita consumption emissions by just 5 percent, compared with the 97 percent cuts needed to align with the global per capita level compatible with the 1.5°C goal of the Paris Agreement.
The first-of-its-kind study, Oxfam’s ” C arbon Inequality Kills,” tracks the emissions from private jets, yachts and polluting investments and details how the super-rich are fueling inequality, hunger and death across the world.
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First Responders – Whangārei vegetation fire update #5

Source: Fire and Emergency New Zealand

Fire and Emergency New Zealand now has the vegetation fire in Whangārei under control, and is standing crews down for the evening at 8pm.
Incident Controller Denis Cooper says several crews will be back in the morning to extinguish the remainder of the fire and damp down hotspots.
“It’s been a big effort for our firefighters – who are both career firefighters and volunteers – and they’ve done a great job,” he says.
“We also appreciate the support of our community, and all the kind messages.”
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New Zealand Flag half-masting to mark the funeral of Senior Sergeant Lyn Fleming, NZ Police

Source: Ministry for Culture and Heritage

To action: New Zealand Flag to fly at half-mast for Funeral of Senior Sergeant Lyn Fleming, New Zealand Police on Thursday, 16 January 2025, 8am – 5pm (or building hours).
At the request of the Minister for Arts, Culture and Heritage, the Honourable Paul Goldsmith, the New Zealand Flag is to be flown at half-mast on all Government and public buildings on Thursday 16 January 2025 to mark the funeral of Senior Sergeant Lyn Fleming of the New Zealand Police.
The New Zealand Flag should be flown at half-mast all day on Thursday 16 January 2025. This instruction applies to all Government Departments, buildings and naval vessels which have flag poles and normally fly the New Zealand Flag. The Flag should be returned to full mast at the close of business hours on Thursday 16 January 2025.
The flag is half-masted by first raising it to the top of the mast and then immediately lowering it slowly to the half-mast position. The half-mast position will depend on the size of the flag and the length of the flagpole. The flag must be lowered to a position recognisably “half-mast” to avoid the appearance of a flag which has accidentally fallen away from the top of the flagpole. As a guide, the flag should be more than its own depth from the top of the flagpole. At the end of the day, the flag should be raised again to the top of the flagpole before being fully lowered.
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First Responders – Whangārei vegetation fire update #3

Source: Fire and Emergency New Zealand

The two homes that evacuated yesterday have now returned home. While yesterday our crews focused on structure protection, today the focus turns to getting a containment line around the fire.
Incident Controller, Graeme Quensell, says “The fire is still approximately 20 hectares and we have multiple ground crews on site today. We have two helicopters working on the fire today, and this work started at first light. They will be operating around Whangārei airport flight times and will be grounded around arrivals and departures to make sure there’s no disruption to the public.
“Te Tai Tokerau Northland moves into a restricted fire season from 8am today, Friday 10 January. This means that anyone who wants to light an outdoor fire will need a fire permit authorised by Fire and Emergency, which can be applied for at checkitsalright.nz. As we have seen with this fire, it takes a large number of fire brigades, many of them volunteers, with supporting resources and aircraft to contain and control fires in Northland, so it’s hoped introducing these restrictions now will help us avoid further wildfires.”
We don’t anticipate any road closures today but please take care driving through the area where there will be multiple firefighters working in the area. 
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Property Report – Exceptionally lukewarm: property market hits record December lows

Source: RealEstate.co.nz

  • Record-breaking new listings slump – lowest for any December in 17 years 
  • 11 of 19 regions see average asking prices decline year-on-year 
  • National average asking price back to April 2021 levels.

The New Zealand property market typically slows down in December, but the latest data from realestate.co.nz reveals that December 2024 was more than just a seasonal cooldown—it was ‘exceptionally lukewarm.’

New listings hit a record low for any December since realestate.co.nz tracking began, with nine of 19 regions also reaching their lowest-ever December levels. The national average asking price was also its lowest since April 2021 at $842,476.

Vanessa Williams, spokesperson for realestate.co.nz, said: “The property market always cools in December, but the end of 2024 was record-breakingly quiet.”

Despite this, healthy stock levels and some regional ‘hotspots’ meant opportunities remained for buyers and sellers.

New listings plunge to lowest-ever December levels

As 2024 came to a close, new listings hit a record low for any December since realestate.co.nz records began 17 years ago. Nine of 19 regions also reached their lowest-ever December levels: Northland, Auckland, Waikato, Bay of Plenty, Hawke’s Bay, Taranaki, Wellington, Central Otago/Lakes District, and Manawatu/Whanganui.

Williams noted that the seasonal slowdown continues a trend of fewer properties being listed in December.

“Over the past 17 years, we’ve observed a steady decline in the number of properties listed in December. Historically, December listings were about 30% lower than November. That drop has grown to 50% or more in recent years.”

In December 2024, new listings fell by almost 60% month-on-month (11,129 vs. 4,767)—an even steeper drop than the 50% decline between November and December 2023 (10,712 vs. 4,828).

“The market usually comes off the boil in December, but this year has been exceptionally lukewarm,” said Williams.

Even Auckland wasn’t immune to the December sluggishness. Auckland recorded an all-time low for new listings in any month over the last 17 years, including during COVID-19.

Stock takes a dip – but the market’s still swimming with options

Stock was also down 13.3% month-on-month during December to 29,478 properties for sale. This seasonal dip saw stock levels below 30,000 for the first time since August 2024.

Year-on-year, however, stock was up 18.5%, offering buyers significantly more choice than in December 2023.

National asking price at 2021 levels, with regional highs and lows.

The national average asking price in December 2024 was $842,476, a level last seen before the market started to boom in April 2021, when it was $839,717. While the national figure reflects a return to 2021 levels, it has remained relatively stable year-on-year, with a slight decline of just 0.3% compared to December 2023.

Regionally, there were significant variations between markets. 11 of 19 regions saw average asking prices decline year-on-year. The biggest drops were in Central Otago/Lakes District (17.3% to $1,324,754), Nelson and Bays (13.4% to $829,412), Central North Island (11.0% to $708,350), and Bay of Plenty (10.9% to $823,926).

In contrast, Southland bucked the trend with a 15.3% year-on-year increase to $549,211 – a record-high for December. Additionally, Gisborne, Taranaki, West Coast, and Coromandel hit their highest average asking prices ever recorded for the month of December.

“We often see stark regional differences like this across the country, highlighting how critical local market knowledge is when buying or selling,” said Williams.

About realestate.co.nz

We’ve been helping people buy, sell, or rent property since 1996. Established before Google, realestate.co.nz is New Zealand’s longest-standing property website and the official website of the real estate industry.

Dedicated only to property, our mission is to empower people with a property search tool they can use to find the life they want to live. With residential, lifestyle, rural and commercial property listings, realestate.co.nz is the place to start for those looking to buy or sell property.  

Whatever life you’re searching for, it all starts here.

Want more property insights?

Glossary of terms:

Average asking price (AAP) is neither a valuation nor the sale price. It is an indication of current market sentiment. Statistically, asking prices tend to correlate closely with the sales prices recorded in future months when those properties are sold. As it looks at different data, average asking prices may differ from recorded sales data released simultaneously.

New listings are a record of all the new residential dwellings listed for sale on realestate.co.nz for the relevant calendar month. The site reflects 97% of all properties listed through licensed real estate agents and major developers in New Zealand. This description gives a representative view of the New Zealand property market.

Stock is the total number of residential dwellings that are for sale on realestate.co.nz on the penultimate day of the month.

Rate of sale is a measure of how long it would take, theoretically, to sell the current stock at current average rates of sale if no new properties were to be listed for sale. It provides a measure of the rate of turnover in the market.

Seasonal adjustment is a method realestate.co.nz uses to represent better the core underlying trend of the property market in New Zealand. This is done using methodology from the New Zealand Institute of Economic Research.

Truncated mean is the method realestate.co.nz uses to supply statistically relevant asking prices. The top and bottom 10% of listings in each area are removed before the average is calculated to prevent exceptional listings from providing false impressions.  

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First Responders – Whangārei vegetation fire update #2

Source: Fire and Emergency New Zealand

Fire and Emergency was alerted to the fire in Whangārei at approximately 12.30pm this afternoon. Crews from both Whangārei and Onerahi responded, but the fire escalated quickly
Incident Controller, Graeme Quensell, says, “We currently have five helicopters on site, four with buckets and one acting as observation and they will be operating until sundown.
“The fire is approximately 20 hectares, and we have a large number of resources on site. Two properties have evacuated, one of these self-evacuated while the other property is threatened and continues to be. Our crews will be doing structure protection for the property overnight.
“If at any point residents in the area are worried about their property, they should self-evacuate and call 111.”
No roads are currently closed but Whangarei Heads Rd will be slow. Motorists should be aware helicopters will be back operating at first light tomorrow and drive carefully, particularly where there’s smoke.
If residents in the area are impacted by smoke, please keep windows and doors closed and stay inside. Call your GP or Healthline for health advice.
It is not known how the fire started at this stage. An investigation will take place to determine the cause.
Fire and Emergency estimates the fire will take around three days to be extinguished.
Incident Controller, Graeme Quensell, appreciates the support of Fire and Emergency’s partner agencies, NZ Police, DHB, and Whangārei District Council in assisting with the safety of our communities during this incident.
Our next update will be around 7.30am Friday 10 January unless anything changes overnight.
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Anti-poverty groups say amendments to Social Security Act will remove job seekers’ human rights

Source: Child Poverty Action Group

Anti-poverty groups say amendments to Social Security Act will remove job seekers’ human rights.
9 January 2025 – Anti-poverty groups say that changes proposed in the Social Security Act Amendment Bill currently before Parliament would result in more jobseekers and their dependents unable to buy food, pay rent and other basic bills – and at a time when unemployment is at a four year high. [1]
Child Poverty Action Group’s Executive Officer, Sarita Divis, says “This Bill will put at risk the fundamental human rights and wellbeing of people, including many of our most vulnerable. We are particularly concerned about the so-called non-financial sanctions in this Bill, which in reality would have financial consequences and are targeted towards people with children.”
Sanctions proposed in the Bill include a ‘Money Management’ system where 50% of a person’s benefit is placed onto an MSD payment card that can only be used to buy certain items at approved stores. Divis says, “Many people on income support are paying more than 50% of their income in rent. [2] This sanction risks people not being able to make their rent payments and becoming homeless.”
“We are also concerned about the proposed ‘Community Work Experience’ scheme”, says Divis. “Official Information Act requests have revealed that people placed into this scheme – and the Money Management scheme – will not be allowed to access emergency housing, or special needs grants. Yet most benefits don’t cover living costs, and many people and their children rely on those supports for keeping food on the table and a roof over their heads.”
Citizens Advice Bureau NZ National Policy Advisor, Louise May, says that also of concern are the measures in the Bill to make people reapply for their benefit more frequently, and the extension of the period in which an obligation failure can be held against a person. The Bill proposes making people reapply for their benefit every 6 months instead of every twelve months, and that an obligation failure will be held against a person for two years instead of one year.
“These changes will increase the risk of people having their benefits cut or cancelled”, says May. “In the CAB we witness the difficulties job seekers often experience in trying to make their applications and navigate the system. We regularly help people who have had their benefits cut or cancelled through error or mishandling of their case or because they happened to miss a phone call or appointment. Increasing the interactions people must have with Work & Income and tying sanctions to those interactions exposes people to greater risk of harm.”
NZ Disability Advisory Trust’s Senior Disability Service Navigator, Nick Stoneman, says that the Bill undermines what the Social Security Act was established to do. “The purpose of our social security system is for protecting people’s basic human rights – ensuring people can feed and house themselves, keep warm in the wintertime, live a dignified life free from deprivation”, says Stoneman. “Threatening people’s access to the support they need for meeting their basic costs, or actively removing that support, are not things that any Government should do.”
“No matter how people come to need the support of our welfare system, whether it’s because of illness or disability, relationship breakdown, bereavement, being made unemployed – everyone should be guaranteed enough income to live with dignity”, says Stoneman.
May says that the Government must move away from using sanctions against people who need income support. “From the work CAB does with thousands of job seekers every year, we know that the best way to help people improve their lives is through genuine care and support – punishment is counterproductive. Rather than the Government taking a punitive approach, we would like it to focus on working better with people, in positive ways that are actually helpful to them.”
The groups are calling for the Bill to be dropped and for the Government to take the following steps [3] to unlock people and whānau from the constraints of poverty:
1. Increase core benefit levels to the standard of liveable incomes
2. Raise the minimum wage to the living wage
3. Increase the Disability Allowance
4. Overhaul relationship rules
5. Remove sanctions
6. Wipe debt owed to the Ministry of Social Development
7. Improve supplementary assistance and urgent grants
The deadline for written submissions on the Bill is 11.59pm on Friday, 10 January 2025.
The anti-poverty groups supporting this press release are:Child Poverty Action Group, Citizens Advice Bureau NZ, NZ Disability Advisory Trust, NZ Council of Christian Social Services, Parents of Vision Impaired NZ, Disabled Persons Assembly NZ Inc, United Community Action Network, Action Station.
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First Responders – Whangārei vegetation fire update

Source: Fire and Emergency New Zealand

Evacuations are underway for a number of homes near a large vegetation fire south of Whangārei.
Fire and Emergency New Zealand crews were called to the fire on Whangārei Heads Rd between Onerahi and Tamaterau around 2.15pm on Thursday.
Ten trucks and five helicopters are currently on the scene.
A number of houses are under threat from fire. 
Whangārei Heads Rd is closed between Edward Rd and Tamaterau. People are advised to avoid the area while firefighters and helicopters work. 
There is a large amount of smoke in the area. 
People affected by the smoke should close windows and doors and reduce outdoor exercise.
For health advice contact your GP or call Healthline on 0800 611 116.
Remember to:
– Keep your windows and doors shut.
– Switch your air conditioning to ‘recirculate’ or turn it off if that is not an option.
– Air out your house when the smoke clears.
– Look out for children, older people, and others at risk.
– Keep pets inside with clean water and food. Keep pets’ bedding inside if possible.