Category: Business

Source: Radio New Zealand

If you’re in the market for a new house, you might be wondering what to offer on any you’re interested in.

Do you offer the asking price? Try to cut 10 percent off? How hard do you negotiate?

As new data from Realestate.co.nz shows a 1.5 percent dip in average asking price in January, Cotality has confirmed that the gap between what sellers are asking and buyers are willing to pay appears to be shrinking.

Chief economist Kelvin Davidson said, excluding auctions, the median discount that buyers paid on the original list price of properties sold in 2025 was 3.8 percent.

It was 4.2 percent in 2024, 4.6 percent in 2023, 5.1 percent in 2022 and 2.9 percent in 2021.

Gisborne had the biggest discount, at 5.9 percent. That was followed by Northland at 5.5 percent and the West Coast at 5 percent. Taranaki had the smallest, at 3.1 percent.

Davidson said that could be affected by sellers in Taranaki setting more reasonable asking prices to start with.

“In some ways it’s a marketing tool. You’re never quite sure if someone is just hoping for too much of whether they’re actually setting a reasonable asking price or what their true motivations might be.

“Over time the availability of information to both sellers and buyers has widened. Any time, anybody can look up a free valuation estimate or you could come to Cotality, for example, and pay for a higher grade one but either way that information is widely available. It suggests that the chances vendors can sneak an above-market asking price in there have probably reduced because everybody’s got the same information and they are going to know what’ s unrealistic.

“I guess it applies to buyers as well …the chances putting in a sneaky 10 percent under offer and getting it accepted are also reduced because maybe asking prices are more realistic to start with.

“The scope for an excessive price is probably reduced but at the same time the scope for buyers to get a sneaky deal is probably reduced.”

The data does not include properties that went to auction.

Property prices have been broadly flat in recent years even as vendor discounts have reduced, suggesting it is sellers who have shifted their expectations.

“The longer the flat patch goes on the more people are saying ‘I just want to get this done I’ll set a more reasonable asking price’,” Davidson said.

“I think if you’re a market watcher, maybe you’ve been thinking about selling, maybe you held back because you thought ‘oh the market might pick up I’ll wait’. Now you might not necessarily be… you have to sell at some point. I think in general the fact those discounts have been slowly trending down suggests people are just being a bit more realistic than they might have been a few years ago.”

Realestate.co.nz said national stock levels rose 2.3 percent year-on-year in January, the first time the number of available properties for sale hit more than 33,000 in January since 2014.

Gisborne led the pack, with a 15.1 percent increase in available stock.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

Toyota Aquas are New Zealand’s most stolen car – but how can you keep your insurance costs down if you own one?

AMI Insurance said it received more than 9000 vehicle theft and attempted theft claims in 2025.

Toyota Aquas were 8 percent of all stolen vehicle claims, it said, followed by Toyota Corollas at 7 percent and Nissan Tiidas at 6 percent.

The data also showed Toyota Aquas were disproportionately targeted, with a theft rate nearly four times that of the country’s most insured vehicle, the Toyota Corolla.

For every 1000 insured Toyota Aquas, 54 had a theft claim, compared with 15 per 1000 Toyota Corollas.

Auckland had the most vehicle theft, followed by Canterbury and Waikato.

Executive general manager of claims Steph Ferris said claim numbers had been lower recently, after a peak in 2023.

“Lower crime rates, improved security systems in newer vehicles, and New Zealanders adopting security practices – including being more mindful about where they park – likely play a part in this.”

AMI said older cars were more likely to be stolen. Nearly nine out of every 10 stolen vehicles was more than 10 years old.

“Older vehicles often lack modern, electronic encrypted locking systems, making them easier for thieves to compromise,” Ferris said.

Justin Lim, spokesperson for insurance comparison site Quashed, said a Toyota Aqua was typically 37 percent more expensive than a Corolla to insure with a comprehensive policy and 47 percent more expensive for third-party fire and theft policies.

“Insurance providers price their policies very differently.

“There is a difference of up to $1262 [a year] for a comprehensive policy. This means that on the higher end, insurance providers are charging $2000-plus for a policy, while on the lower end, they are charging $1000 or less. The same is true for third-party fire and theft, where we see a data variance of $667.

“Car owners should compare at least four to five providers to find the most competitive deal and policy for them.”

One Auckland woman said the cost of insuring her Aqua was a major factor in the decision to sell it.

“Last year we were thinking about freeing up some cash to put towards buying a house and realised we didn’t really need two cars for our household, so decided we should sell one. Although we actually used the Aqua more frequently and it was more fuel-efficient than our other car, the insurance costs made getting rid of the Aqua a better financial move,” she said.

“When we first got the Aqua in 2019 the insurance costs weren’t too bad, but it increased dramatically in 2023.”

In December 2022, the car was $71.78 a month to insure. The next year, it jumped up to $143.65 and then in 2024 it was $183.54 a month.

“In May 2025 we switched insurance companies for both cars and our contents. With the new insurer, we paid $136.07 per month for the Aqua. That was a better deal, but I still thought the premium was ridiculous given that the market value was about $7500 at the time. We’re currently paying $67.49 per month for our other car.”

Insurance and Financial Services Ombudsman Karen Stevens said models that were more frequently stolen were likely to be more expensive to insure.

“Insurers look at risk-based pricing. If it’s likely to be a higher risk in terms of theft, the premium will take that into consideration. That’s why consumers are always asked about modifications – they’re likely to make the vehicle more attractive to thieves.”

Consumer NZ insurance specialist Rebecca Styles said insurers might add a higher excess for high-risk cars, too.

“Where you park your car is likely to factor into the price of your premium, too.”

Ferris said people could protect themselves by parking down a driveway or in a garage if possible. If they could not, they should look for a well-lit area.

Car alarms, immobilisers, fuel cut out switches, steering locks or car tracking systems could also be used.

Ferris said people should always lock their car doors when driving and consider keeping the windows up, especially in low-speed areas.

AMI said about 64 percent of stolen vehicles were recovered and 40 percent were repairable.

AMI’s top 10 stolen cars list

• 1. Toyota Aqua
• 2. Toyota Corolla
• 3. Nissan Tiida
• 4. Mazda Demio
• 5. Toyota Vitz
• 6. Toyota Hilux
• 7. Subaru Impreza
• 8. Mazda Atenza
• 9. Toyota Mark X
• 10. Mazda Axela

Most stolen vehicle by region (regions ranked by claims volume)

• 1. Auckland – Toyota Aqua
• 2. Canterbury – Toyota Aqua
• 3. Waikato – Toyota Corolla
• 4. Wellington – Toyota Corolla
• 5. Bay of Plenty – Toyota Corolla
• 6. Manawatū – Nissan Tiida
• 7. Northland – Toyota Corolla
• 8. Hawke’s Bay – Mazda Atenza
• 9. Gisborne – Mazda Demio
• 10. Taranaki – Toyota Corolla and Nissan Tiida
• 11. Otago – Toyota Aqua
• 12. Southland – Suzuki Swift
• 13. Nelson – Nissan Tiida
• 14. Tasman – Mazda Demio and Toyota Corolla
• 15. West Coast – Toyota Hilux
• 16. Marlborough – Honda Jazz

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

Demand for consumer credit rose 9.4 percent last month, reflecting an increase in the number of mortgage applications and an elevated number of personal loans.

Credit research firm Centrix’s January Credit Indicator showed the increased demand for credit was somewhat offset by mixed number of credit arrears, and rising business liquidations.

“Arrears on the consumer side continue to follow the seasonal patterns. But that’s 0.8 percent down on last year. So that’s a really good sign that the tides are starting to turn, which is fantastic,” Centrix chief operating officer Monika Lacey said.

New household lending also rose in the December quarter, with lending for new mortgages up 14 percent, while non-mortgage lending rose 12 percent.

Arrears

Mortgage arrears were steady, though vehicle loans were under pressure.

The South Island had the lowest number of arrears, while the central North Island and East Cape had the highest level of arrears.

Company failures highest since 2010

“On the business side, they’ve also seen an increase in demand, but liquidations have definitely hit their highest peak since 2010 largely impacted by hospitality, retail, transport and construction, and this is largely as a result of IRD (Inland Revenue) increasing their activity following a softer approach over the Covid time,” Lacey said.

The number of company failures rose to its highest annual level since 2010, with liquidations unevenly seen across sectors, with rises in hospitality (+50 percent), retail trade (+34 percent) and transport (+27 percent) accounting for most of the failures.

There were also increases in construction (+13 percent), manufacturing (+12 percent) and property/rental (+17 percent) recording liquidations, even as credit defaults declined and average credit scores improved in many areas.

In contrast, agriculture stood out as the most resilient sector, with liquidations down 11 percent year-on-year, supported by stronger credit demand and improving financial health.

“Agri has definitely had a bit of a turnaround. There’s been a lot of positive news in the agricultural sector. So long may that continue,” she said.

“We’re hearing a little bit more about other good economic signals filtering through onto the market, so I think we are starting to see some signs of recovery.”

Credit demand

Overall business credit demand edged slightly higher, rising 0.7 percent year-on-year over the period.

Growth was highly concentrated in a few sectors, led by a 38 percent increase in hospitality credit demand, reflecting improving trading conditions and funding needs.

Education and training (+17 percent) and retail trade (+13 percent) also recorded solid gains, while demand elsewhere remained subdued.

“I think the increase in mortgage activity is largely attributed to refinancing,” she said.

“And personal loans, we would tend to see an uptick at this time of year anyway, but I think it’s certainly a sign that consumers are feeling a little bit more confident and perhaps have a little bit more cash in their pockets.”

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

Interest rates might have started to rise but what home loan borrowers pay in interest is likely to keep falling through this year.

BNZ chief economist Mike Jones said while 2025 was the “year of the refix” – with 81 percent of fixed-rate mortgage borrowers refixing, the highest percentage in 13 years – there was still more activity to come this year.

Over 2026, 68 percent of fixed rate loans were due to come up for renewal.

“It’s the coming six months in which mortgage term expiries are the most pronounced relative to average,” he said.

“There’s approximately $132 billion worth or 34 percent of total borrowings. The long-run average is 27 percent.”

He said there would mean cash flow improved for many borrowers.

“A hypothetical one-year $300,000 loan locked in a year ago at 5.74 percent could currently be refixed for another 12 months at a rate of around 4.5 percent. That would result in an interest saving of a little over $300 a month.”

He said, in November, the average rate being paid was 5.17 percent.

“It has been a slow 14-month descent from the 6.39 percent peak in October 2024.”

He expected it could get to 4.5 percent by the middle of the year.

“It’s kind of a weird time because you’ve got mortgage rates seemingly bottoming, starting to turn higher but for the average person coming up for renewal they will still most likely be experiencing or be facing a menu of options lower than what they were previously paying, just by virtue of the slow-moving nature of the refixing beast.

“That is obviously a key plank of the economic recovery last year and also this year… we think we’re about 80 percent of the way through that process of refixing on to lower rates with roughly 25 points’ worth of easing still to come through that pipeline over the next six months.”

He said many people were choosing to pay off their mortgages more quickly rather than using their savings to spend.

“There’s a strong element of that, keeping your repayments perhaps similar to what they were but applying the extra relief from lower interest rates just to principal. We’re seeing quite a bit of that. I think there’s quite a lot as well that’s just been soaked up more or less immediately by the higher costs that households are staring into.”

Some was going into discretionary spending, he said.

“It’s helping turn that retail sector but it’s certainly not turning with any great force which I think speaks to the fact of some of those pressures that households are still under.”

The reduction in debt would be good for long-term sustainability, he said.

He said the average home loan rate being paid by households would probably hit the bottom of this cycle in the middle of the year.

“It take some time to turn and it will stay at a relatively supportive level for a period of time and probably all of 2026.”

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

Central Otago District Council (CODC) has granted road access to an Australian company planning an open-cast gold mine near Cromwell.

Santana Minerals will be able to use two roads linked to the Bendigo-Ophir Gold Project in exchange for an annual payment of about $1.25 million, adjusted for inflation, once gold production begins.

The company submitted a fast-track consent application for the open-cast-mine in November.

Panel convenors have indicated a decision could take 120 working days.

In a message to shareholders on Monday, Santana Minerals described the access agreement as endorsement from the council and said it would deliver multi-generational benefits to the district.

However, Central Otago district Mayor Tamah Alley said the council had not taken a position for or against the project and acknowledged the community was divided.

“This agreement ensures that if the project goes ahead, the Central Otago community receives tangible, long-term benefits, while maintaining transparency and public accountability,” she said.

“Our focus is on ensuring decisions are made objectively, lawfully and with full consideration of the information available.”

Santana Minerals said the agreement covered Thomsons Gorge Road and Shepherds Creek Road – a paper road – including a 20-metre strip on either side of each.

Any future road stopping – where the roads cease to exist as public roads and become private use only – would still require Public Works Act or Local Government Act approval, the company said.

“If any roads are stopped, replacement routes would be built to ensure continued public access,” Santana said.

Santana Minerals chief executive Damian Spring called the approval a material step forward for the project.

“This agreement resolves a long-standing statutory access requirement, provides durable clarity around roading and access arrangements and establishes a transparent framework for long-term community benefit.”

Council excluded the public – advocacy group

In a statement, advocacy group Sustainable Tarras said the access agreement was disappointing.

“We believe there are considerable legal pitfalls to granting such access and we have repeatedly pointed these out to CODC and cautioned them to take time to consult, consider the consequences and involve the wider community. Today, in announcing this behind-closed-doors decision, they’ve made it clear that community is secondary to their private negotiations with Santana.

“We do not understand the urgency with which CODC has decided to conclude this agreement with Santana. From the information we have so far, it again excludes the public and local community impacted and fails to take into account what Santana has clearly stated it will do with these roads.”

On Saturday 150 people attended a lunch to raise money to fight the mine, including actor Sam Neill and artist Grahame Sydney.

The Wine not Mine event organised by Sustainable Tarras was supported by 12 local wineries and held close to the proposed mine site.

Neill described the mining plans as ruinous for the region and said a growing community of ordinary, hard working people were joining together to fight a “very large, very powerful, very well-funded Australian mining company”.

Sydney spoke of the “breathtaking, mystical, pristine and ever-changing” landscapes of Central Otago and urged people to fight against the “madness” of an open-cast gold mine.

Sustainable Tarras said funds from the event would cover expert fees and legal support costs as the group made submissions to the fast-track process.

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Source: Radio New Zealand

The former owner of the luxury Fiordland Lodge near Te Anau is relieved a weekend fire did not completely destroy the building.

Guests were evacuated when the fire broke out late on Saturday night, with crews from across Southland battling the blaze.

Fire and Emergency investigators were examining the cause of the fire although it was not being treated as suspicious.

Former owner Robynne Peacock and her late husband Ron, built the lodge in 2002 and ran the luxury accommodation for years until Peacock and her business partners sold it late last year.

Peacock arrived at the lodge on Sunday afternoon where a fire inspector showed her the damage.

She said most of the building was intact, despite part of the roof collapsing and damage to the kitchen and conference room, where the fire was believed to have started.

“I did not want to see it burning,” she said.

“It all looks quite fixable and some of the lodge hasn’t been touched at all so we were pleasantly surprised and thrilled to see it’s not catastrophic.

“The fire inspector assured us that the structural integrity of the building was good in most areas.”

Peacock said it was a terrible blow for the new owners and she wished them well as they recovered from the fire.

Owner Vicki Onions previously confirmed no one was injured but all guests were moved to local hotels in Te Anau as a safety measure.

She was grateful for the swift response and support of emergency services, Onions said.

A Fire and Emergency spokesperson said the fire had badly damaged the building.

“However, firefighters were able to contain the fire which prevented some of the structure from being destroyed,” they said.

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Source: Radio New Zealand

A long-running hole-in-the-wall fish-and-chip shop in Wellington is closing its roller door for the last time at the end of this month.

Rice Bowl Burger Bar’s current owner, Wawa Shen, said the small kitchen and serving counter – which opens out onto Riddiford Street near Wellington Hospital – had run since the early 1970s.

She said her family had owned the business since 2009, but now the building’s landlord planned to redevelop the site.

On a notice posted to the shop’s Facebook page, they thanked their customers for their “continued love and support over the last 17 years” .

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Source: Radio New Zealand

A number of concerns have been raised about proposed changes to the Commerce Act which could disadvantage consumers, deter investors and increase the cost of doing business.

Law firm Chapman Tripp said some of the changes to the Commerce (Promoting Competition and Other Matters) Amendment Bill were positive, but others were problematic.

“Setting aside the several changes that we think have the potential to be really positive, for the ones we have concerns about, there are probably two categories,” Chapman Tripp competition and antitrust partner Lucy Cooper said.

“One is that they will add unnecessary uncertainty, time and cost to the Commerce Commission processes.

“And the other one … is the Commerce Commission will get a lot more discretion or power without solid process protections, or the ability to really scrutinise its work.

“I don’t intend that to be a criticism of the current commission at all. It’s more that in general, as you know, proper process is absolutely critical to making sure we can see that the service we are getting from the Commerce Commission is robust and fair.”

Mergers and acquisitions

She said a specific concern dealt with the commission’s ability to retroactively take action against a series of acquisitions that would, in hindsight, be found to have a cumulative effect of lessening competition.

“The focus should remain on the lawfulness of the marginal transaction, rather than allowing the commission to retrospectively impugn earlier transactions that would otherwise be lawful if considered in isolation.

“Allowing the commission to treat a sequence of separate transactions as a single transaction and find them all unlawful on the basis of their combined effect could also undermine investor confidence.”

Cooper said the commission had an existing power to block a transaction, when it had potential to put a company or organisation in the position of becoming a dominant player in a particular market.

“The commission already enforces against serial acquisitions, as demonstrated by successful action against Wilson Parking in local parking markets. We see no evidence that the commission is unable to intervene in serial acquisitions.”

Predatory pricing

Another proposed change would automatically see any below-cost pricing, that lasted for a period beyond three months, in a year, as predatory pricing.

“This is a change to the current position,” it said.

“The current regulation kicked in when a dominant player offered low prices as a means to price rivals out of the market or to deter a new entry.

“We consider that this test should remain.”

The proposed change could also act as a deterrent to pro-competitive low pricing and disadvantage consumers.

“We urge a rethink.”

The closing date for submissions on the bill is Wednesday 4 February.

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Source: Radio New Zealand

KiwiSaver members are withdrawing from their funds in record numbers, but one financial services complaints resolution service is warning that some people don’t realise how difficult it can be.

RNZ reported last week that more than 10,000 more withdrawals were made from KiwiSaver for hardship reasons last year than in 2024.

Inland Revenue data shows there were 58,460 withdrawals for hardship reasons in 2025, 10,000 more than were made for a first home.

In total, $514.8 million was withdrawn from KiwiSaver because of hardship, and $2.1 billion for a first home.

Financial Services Complaints Ltd, an ombudsman service for financial services, said it dealt with a 41 percent increase in disputes in the first half of its reporting year.

Ombudsman Susan Taylor said KiwiSaver withdrawal rejections were the biggest contributing factor.

People were seeking help with their bills but unaware of how hard it could be to meet the hardship requirements of the KiwiSaver Act.

“People often don’t realise how strict the KiwiSaver rules are, leading to complaints about declined applications,” Taylor said. “We see people with ideas about using their KiwiSaver for longer-term financial relief.”

In one recent case, she said a woman wanted to withdraw KiwiSaver funds to buy a tiny home, rather than renting, but was only able to secure a smaller, short-term financial solution.

“We understand this is frustrating when you need financial security, but KiwiSaver savings are meant for your retirement,” she said. “You can’t access your funds before retirement, except for a few limited exceptions, and this is reflected in the act, rules and industry guidance.”

People who want to get their KiwiSaver savings out due to hardship reasons usually need to be in a situation where they cannot meet minimum living expenses, cannot pay the mortgage on their home, need to modify their home to meet special health needs or need to pay for medical treatment.

The decision about the withdrawal is made by the scheme’s supervisor.

Earlier, a woman who contacted RNZ said any suggestion accessing funds was easy was false.

“The process is invasive and onerous. You cannot apply, until you are effectively destitute – less than $3000 cash to your name.

“You must open your entire life to scrutiny, including providing the financial details of a partner. There is no guarantee that the hardship withdrawal will be approved, so as you watch your savings dry up, your stress levels ramp up, your mental health suffers and dark thoughts often crowd your mind.”

Taylor said the increase in complaints more generally reflected the wider economic challenges New Zealanders faced.

“We expect high dispute levels to persist as long as economic conditions remain difficult for many”. The rise also signals consumers’ growing awareness of dispute resolution services and their willingness to challenge financial providers and demand accountability.”

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

A wet spring season filling hydro storage lakes looks set to deliver bumper half-year earnings to the country’s big four generator-retailers.

A preview by investment firm Forsyth Barr suggests the four major companies – Contact, Genesis, Meridian and Mercury – will make combined operating earnings, before hedging and one-off costs, of $1.86 billion for the six months ended December.

That compares with a combined $1.28b in the same period in 2024 when the sector was struck by dry hydro conditions, a lack of gas and the need to rely on coal, sending wholesale prices surging.

Genesis has benefited from a marked reduction in burning coal and gas for generation, Contact from taking over Manawa Energy, Mercury from the full hydro lakes, and Meridian simply from not having a repeat of its dismal 2024 half-year.

“The key takeout is that the sector performs best financially when hydro generation is abundant,” Forsyth Barr said.

But no relief for consumers

Forsyth Barr director Andrew Harvey‑Green said lower wholesale electricity prices would not mean lower household power bills.

“North of 95 percent of all energy bought across residential as well as commercial customers is purchased at a fixed price, so what happens in the wholesale market in the short-term has no impact on those prices,” he said.

“It’s the same reason why, when prices were incredibly high in winter 2024, you didn’t see big profit increases for these companies.”

He said abundant hydro and renewable generation this year meant gentailers would not need to rely on high‑cost thermal generation, reducing wholesale costs – but not consumer prices.

Profit upgrades possible, dividends less so

While first‑half operating earnings were forecast to rise by an average of 45 percent, Forsyth Barr expected dividends to increase by only about 4.5 percent.

It noted that long‑dated wholesale electricity prices remain high at $159/MWh, still well above the cost of building new wind and solar generation – a clear signal from the market that more capacity was needed.

All four gentailers had major investment commitments under way or planned, and Harvey‑Green said most of the extra earnings would be earmarked for building new generation, rather than boosting shareholder returns.

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