Reserve Bank Publishes Response to Deposit Taker Core Standards Consultation

Source: Reserve Bank of New Zealand

1 May 2025 – The Reserve Bank of New Zealand – Te Pūtea Matua has today published its response to submissions on three of the four core standards that set the prudential requirements deposit takers will need to meet in order to be licensed under the Deposit Takers Act 2023 (DTA).

Jess Rowe, Director Prudential Policy, says the response covers liquidity, disclosure, and Depositor Compensation Scheme (DCS) related requirements.  

“The DTA standards give us a significant opportunity to create a coherent, modern and proportionate prudential framework,” Ms Rowe says.  

“The three core standards covered in this release ensure deposit takers can manage their liquidity, provide timely prudential disclosures to the market, and meet data and disclosure requirements for the DCS.”

Public consultation on the proposed core standards generated 26 submissions from banks, non-bank deposit takers and industry groups.

“In response to comprehensive submissions and engagement from industry, we’re making changes to further support a proportionate approach, reduce compliance costs, and improve regulatory efficiency,” says Ms Rowe.  

“This shows our focus remains on ensuring prudent management of risk, in a manner that also supports an efficient, competitive and inclusive financial system.”  

Read the response document
 

Response to capital standard to be published later

A fourth standard, the capital standard, was also included in the core standard consultation.  This standard generated a significant number of submissions.  To ensure we address these submissions, and the matters raised at the Finance and Expenditure Committee inquiry into banking competition, we have announced a more comprehensive review of key aspects of our deposit takers capital settings.  The response to submissions on this standard will, therefore, not be published at this time.  

Deposit Takers Act background

The Deposit Takers Act 2023 (DTA) modernises our regulatory framework to help ensure the safety and soundness of deposit takers and support a stable financial system that New Zealanders can trust.  

Once the DTA is fully in force (expected to be in 2028), the Reserve Bank will begin regulating and supervising credit unions, building societies and finance companies (known as non-bank deposit takers or NBDTs), together with banks, under a single, consistent, and proportionate framework.  

The Act also introduces a new Depositor Compensation Scheme (DCS), effective from 1 July 2025.

The Reserve Bank ran a consultation on the four core standards from May to July 2024 and on the nine non-core standards from August to November 2024.

More information

Deposit Takers Act : https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=e438a4a08b&e=f3c68946f8

Implementation timeline : https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=f89e60d59f&e=f3c68946f8

Proportionality Framework : https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=2a63751296&e=f3c68946f8

Depositor Compensation Scheme : https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=80b599c069&e=f3c68946f8

Economy – RBNZ research investigates why the ‘natural interest rate’ has fallen in New Zealand over recent decades

Source: Reserve Bank of New Zealand

1 May 2025 – The fall in New Zealand’s natural interest rate has been driven mainly by declining labour productivity growth and a lower natural interest rate globally, a Reserve Bank of New Zealand Discussion Paper finds.

Pushing in the other direction, high population growth and increasing labour force participation among older households have kept the natural interest rate higher than otherwise.

This ‘natural rate of interest’ is closely related to the ‘neutral rate of interest’ and is an important benchmark for monetary policymakers when considering the level of the Official Cash Rate.

The decline in the natural interest rate among advanced economies has been widely studied. New research from the RBNZ explores the factors that have contributed to this decline in New Zealand over time.

To better understand the natural interest rate, the authors build a model capturing how households’ savings decisions change over their lifetimes. The model also accounts for the impact of changes in New Zealand demographics and government debt levels, as well as global trends.

A key driver of the decline in New Zealand’s natural interest rate is labour productivity growth, which fell in New Zealand after the Global Financial Crisis.

As captured in the model, people tend to save more as productivity growth falls, because they don’t expect incomes to rise as much in future. In turn, more savings in New Zealand flow through to a lower natural interest rate.

The natural interest rate across many advanced economies has fallen in recent decades, with the world natural rate falling about 1.5 percentage points in the post-GFC period. With New Zealand integrated into global financial markets, this lower world natural interest rate has flowed through into a lower natural interest rate in New Zealand.

The impact of these drivers has been partially offset by higher population growth and increasing labour force participation among older households. This is because households who expect to work for longer tend to save less for retirement. Higher population growth means more younger households in the population, who tend to save less than older households. Lower domestic savings means a higher natural rate of interest.

Understanding the drivers of changes in the natural interest rate is important for central banks and helps inform expectations on where the natural rate will move in future.

“If the natural and neutral rates of interest remain low, this would suggest an ongoing need for alternative monetary policy tools when encountering the effective lower bound (close to zero interest rates) on central bank policy rates,” the authors say.  

The model developed in this research has a wide range of potential extensions which future work may explore. These extensions could include modelling different types of households in more detail or introducing a risk premium between the return to safe and risky assets.

More information

Read the Discussion Paper: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=03b47f37a3&e=f3c68946f8

Authors: Robert Kirkby, Trent Lockyer, Andrew Coleman

Definition of natural rate of interest: The long-run return to capital. The level of the natural rate of interest reflects the underlying balance between the amount of savings (from households or overseas investors) and demand for capital (from businesses and the government).
Definition of neutral interest rate: The nominal neutral interest rate is the level of the Official Cash Rate consistent with inflation being sustainably at target and the economy running at its potential output. When the OCR is above neutral, monetary policy restrains demand and inflation pressures. Below neutral, it is stimulatory. The level of neutral interest rates shapes expectations of where the OCR is likely to settle in the long run, in the absence of future shocks.
RBNZ’s Additional Monetary Policy toolkit: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=562a64b2ba&e=f3c68946f8

Appointments – SAP Appoints Peter Moore as Head of Partner Ecosystem in Asia Pacific

Source: Botica, Botica Butler Raudon

Auckland – 1 May 2025 – SAP SE (NYSE: SAP) today announced the appointment of Peter Moore as Head of Partner Ecosystem for SAP Asia Pacific (APAC), effective immediately. Moore takes over from Utkarsh Maheshwari, who held the position since 2021 before transitioning to the role of Senior Vice President and Head of Global Partner Sales and Services, SP, earlier this year.

In his new role, Moore will be responsible for leading and expanding SAP’s vibrant partner ecosystem across the APAC region. His remit includes driving partner recruitment, enablement, and co-innovation to deliver exceptional value to customers. He will focus on strengthening strategic alliances, fostering collaboration, and empowering partners to deliver transformative digital solutions leveraging SAP’s industry-leading technologies.

“The partner ecosystem is crucial to SAP’s success in Asia Pacific, especially as we experience rapid cloud adoption and increasing demand for specialized industry solutions,” said Simon Davies, Regional President, SAP APAC. “Peter brings a wealth of experience and a proven track record in building and managing successful partner programs. We are confident that his leadership will further elevate the value we deliver to customers through our partners and drive continued growth across the region.”

Moore brings over twenty years of experience in the technology industry, with a deep understanding of the Asian market. Since joining SAP twelve years ago, he has served in multiple leadership roles and is an active executive sponsor for many strategic SAP customers and ecosystem partners.  By prioritizing customer success, he has helped drive innovation and thought leadership in many industries across Asia Pacific, Japan and Europe.

“I am thrilled to take on this new role to lead the partner ecosystem in Asia Pacific,” said Moore. “The opportunity to work with such a dynamic and innovative partner network is incredibly exciting. I look forward to collaborating closely with our partners to help businesses across the region achieve their digital transformation goals and realize the full potential of SAP’s solutions.”

Local News – Minor changes proposed to Porirua bylaws and policies involved in collective review

Source: Porirua City Council

A group of bylaws and policies were agreed to be reviewed at a full meeting of Porirua City Council today, with public feedback sought for the next month.
Four bylaws and two policies are being reviewed, with only minor changes proposed as Council believes they are working as intended. All will be available to review on the haveyoursay.poriruacity.govt.nz website.
The bylaws are the Transport Bylaw, Alcohol Control Bylaw 2018, Water Supply Bylaw 2019 and General Bylaw 1991 (Part 9 Reserves Bylaw), while the policies with minor alterations are the Litter Infringement Policy 2019 and the Dangerous, Affected and Insanitary Buildings Policy 2020.
As part of this review process, we have also revoked one policy – the Psychoactive Substances Policy (Local Approved Products Policy 2015), as no retailers in New Zealand are currently allowed to sell psychoactive substances, and there are no psychoactive substances approved for sale in New Zealand.
Nic Etheridge, General Manager Policy, Planning & Regulatory Services, says while these changes are largely process-driven and minor in nature, it’s important the public have their say to ensure we’re aware of any concerns our community has.
“It’s an important part of the process for Council to engage with our community. We encourage anyone who is interested to make comment during the consultation period to do so,” she says.
Once the public consultation period closes on 6 June, deliberations by Council and adoption of the updated bylaws and policies will take place on 31 July.

Hunters across the country get set for Opening Weekend for game bird season

Source: Fish and Game NZ

Tens of thousands of Kiwis from the Far North to the Deep South are preparing for the start of the 2025 game bird season this Saturday (May 3).
Fish & Game New Zealand chief executive Corina Jordan said a strong breeding season has set the stage for an exciting Opening Weekend for hunters.
“We know the anticipation is building in communities nationwide as hunters gear up for the big day. Opening Weekend is a popular event on the calendar for New Zealanders from all walks of life.”
Jordan, who will join Minister for Hunting and Fishing James Meager at a maimai in Otago on Saturday, says New Zealand offers a wide range of hunting opportunities beyond just the Opening Weekend.
“New Zealand is a haven for game bird hunters, offering more than just the Opening Weekend. Hunters in many parts of the country have the opportunity to go game bird hunting all through winter.
“As much as game bird hunting is about the challenge, it’s also about the camaraderie with friends and family, the connection to nature, and the valued tradition of hunting, which has been passed down through generations.
“There’s nothing quite like the feeling of standing alongside fellow hunters on Opening Weekend and the opportunity to provide wild, sustainable food for family, friends, and communities up and down the country.”
The forecast for the Opening Weekend shows cloudy skies and mild temperatures across many regions, says Jordan.
“While the dry summer had raised concerns for game bird hunters in some parts of the country, recent rainfall has brought much-needed relief. This should lift the spirits of the approximately 60,000 hunters heading out this weekend. 
“We also want to thank those farmers who are generously opening their farms to hunters — many of whom are hunters themselves. Their support helps ensure that the tradition of game bird hunting continues.”
Game bird hunting regional wrap
Region Details Northland Region In the last two weeks of April, some areas of Northland received three times the average expected rainfall for the month. Heavy and persistent falls have landed on much of the region’s east coast, causing widespread flooding. The west coast has been less affected but has still received some rain. This has been a relief for some who have had their wetlands and duck ponds replenished after a long dry spell but it is a cause for frustration for others. Hunters that have been feeding ponds may find that the ducks have dispersed around the floodplains to take advantage of the floodwater and the abundance of protein rich food that it brings. Many hunters are also unable to reach their maimai due to floodwater submerging their access tracks and, in some cases, their entire maimai. Whether the floodwater will subside by the weekend will depend on how much rain remains to fall. Opening Weekend is forecast to be fine and sunny, although a reasonable wind on Saturday will help keep the ducks moving. Hunting prospects are expected to be reasonable this season. Mallard/grey numbers look good, although there is likely to be a higher proportion of adults and fewer juveniles than last year, considering that the dry spring period will have resulted in lower-than-usual juvenile recruitment. Paradise duck numbers remain high, and with an increased bag limit of 25 birds, there will be an opportunity for some exciting hunting and taking home lean protein. Swan numbers are significantly lower than in previous years due to the large population from Lake Ōmāpere dispersing, with many leaving the region. Shoveler numbers remain stable, and pūkeko are as prevalent as ever. Upland game numbers are good this season and will provide an excellent opportunity to add some diversity to hunting activities and get more value out of the licence purchase with the longer season that is offered for pheasant and quail. Hunters that adapt to the change in conditions will do well this Opening Weekend. Those hunters whose maimai is unreachable are encouraged to hunt the margins of floodwater on or near the main flight lines of the river systems. Tactics normally used mid and late season — such as scouting for shallow floodwater and bird concentrations, will pay off — particularly for evening hunting. Fish & Game rangers will be out both days and look forward to seeing hunters enjoying the great tradition that is opening weekend. 
Eastern region The Opening Weekend weather is looking promising for hunters in the Eastern Region. Given the forecast, the region predicts that Opening Weekend bags should be similar to last year. Eastern Council has decided to increase the season length for the 2025 mallard, grey, and shoveler duck season to six weeks, providing keen hunters with an additional opportunity. Paradise shelduck and black swan populations are on par with the last few years and pukeko are plentiful. Upland game hunting should be better than last year. Rangers will be out and about checking hunters’ bags and will be accompanied by police and Firearms Safety Authority staff in areas. 
Hawke’s Bay region With a good amount of rain forecast in the days leading up to opening day, windy, cold conditions for Saturday and Sunday, and a good chance of more rain on Saturday morning, the prospects are good for Opening Weekend. There are good numbers of mallards and high numbers of paradise ducks; the rain should help keep the birds flying, the wind should keep them from flying straight out to sea, and the cold weather should make them hungry — maximising hunting opportunities for all hunters, particularly those who have put in good pre-season work. The upland prospects are looking equally good. The local Fish & Game team has seen good numbers of Quail and Pheasants on river margins and in forested areas, no doubt helped by a large number of donated cock pheasants released after last year’s upland season and the great breeding season with no major rain events, minimising juvenile mortality. We expect a good season with game birds in great condition. We wish all licence holders a happy and successful season while reminding them to carry their hunting licence and read and comply with the regulations. 
Taranaki region Summer drought periods have finally broken with recent rainfall, which has been happily received throughout the region. As water returns to ponds and wetlands that have been dry or at a low ebb over summer, birds will be congregating in these areas to feed on concentrations of worms and bugs. Recent trend counts have shown gamebird numbers are strong throughout Taranaki, Wanganui and the Waimarino. As we head into the wetter months and water starts to accumulate in paddocks of maise stubble and newly sown grass, productive hunts can be had, particularly for paradise shelduck, which, according to January moult counts, are currently in record-high numbers throughout the Taranaki ring plain. As a result of these higher numbers, the bag limit has been increased from 10 to 15 shelduck for opening weekend in Area C, with the rest of the season returning to the usual 10 birds. Recent monitoring has shown that mallard, black swan, and pūkeko populations remain stable in good numbers, providing plenty of hunting opportunities. The weather forecast is a mixed bag for the weekend, with sun and clear skies forecast from Saturday onwards, with strong southerly winds that ease on Sunday. 
Nelson Marlborough region The regions mallard monitoring programme indicates numbers in the Marlborough area are up 20 percent the average. Also the regions paradise shelduck numbers are very v strong in the Tasman and Golden Bay area. This bodes well for hunters in the region in the coming months. 
West Coast region West Coast game bird populations are in excellent shape. A wet spring provided ideal breeding conditions, leading to strong duckling and chick survival rates. Recent monitoring confirms that mallards, grey ducks, paradise shelducks, pūkeko, shoveler, and black swans are all in healthy numbers across the region. Though summer has been dry, the strong start to the breeding season means bird numbers remain high. Waterfowl have adapted to the changing conditions, with many concentrating around the most reliable water sources. This makes preseason scouting crucial, as identifying where birds are feeding and roosting offers hunters the best chance of success. Farm ponds and spring-fed creeks are often key feeding areas, while wetlands, riverbeds, and estuaries are expected to continue holding significant numbers of roosting birds. 
North Canterbury regionHunters in North Canterbury should have plenty of opportunities this opening weekend. This week’s rain, however, will disperse birds by providing plenty of new habitat for the ducks to feed on so be prepared to move around to hunt your ducks. Te Waihora/Lake Ellesmere, regarded as one of New Zealand’s Waterfowlers’ bucket list hunting locations is looking fantastic. The Lake will be opened to the sea in the coming weeks, but it is at a perfect level for opening weekend. Elsewhere in the region, duck numbers are good following a mild summer, and with a three-month-long season, hunters will have lots of opportunities to hunt over the coming weeks. 
Central South Island region Overall, the relatively wet summer on the Plains and foothills has set up water levels nicely at hunting ponds; however, further inland, it has been much drier. Central South Island Fish & Game’s game bird population surveys suggest that, in general, the relatively wet summer on the Canterbury Plains has supported a productive breeding season, which bodes well for the 2025 season. A Canterbury Plains survey of mallard duck and paradise shelduck population undertaken in March observed healthy numbers — the third highest count since records began for mallard duck and the highest on record for paradise shelduck. Annual population monitoring shows black swan numbers are currently high in the Wainono Lagoon area and the Mackenzie Basin. The Central South Island Region game bird season is open until July 27th for waterfowl species: mallard duck, grey duck, NZ shoveller duck, black swan and pūkeko. 
Otago region Game bird hunters across the Otago region are gearing up for what looks to be an encouraging start to the 2025 season. Despite a change in monitoring approach this year, Otago Fish & Game officers are optimistic about duck numbers throughout the region following favourable breeding conditions. Anecdotal reports from across the region suggest promising populations in multiple areas. Reports from South Otago and West Otago note substantial bird numbers, while good numbers have been observed in the Taieri and the Maniototo areas. Five ranger teams will be checking compliance at both private and public hunting locations across Otago on Opening Weekend. Hunters are reminded to make firearms safe, present game bird licences when requested and follow rangers’ instructions. 
Wellington region A period of settled conditions across the lower North Island will come to an abrupt end just in time for the start of the season with rain and a strong southerly moving through late on Friday. While Opening Weekend weather looks a little calmer – cloudy with showers and westerlies – the forecast big southerly system will certainly stir birds up and get them moving for Opening Day, which is excellent news for hunters in the lower North Island. Our recent aerial trend counts for mallards in the Wellington Fish & Game region reveal a strong population, with higher numbers recorded in both the Wairarapa plains and Manawatu areas than this time last year. Large congregations of birds have been observed on small ponds and dams near recently harvested maize crops. The later-than-normal harvest means there is plenty of crop still to come in, and this will likely have kept ducks localised. Good numbers of mallards have also been holding on the big water, such as Lake Wairarapa, and loafing on the larger rivers in the region, like the Manawatu. 
Southland RegionThe Southland region is expecting a strong season this year. The spring breeding season was productive, with favourable conditions leading to higher duckling survival. This has resulted in a good number of younger birds in the population, which are generally easier to hunt. Southland Fish & Game has recently completed pre-season mallard monitoring flights. While some areas, particularly Northern Southland, showed higher counts, mallard numbers across the region are sitting around the long-term average. This is good news for hunters, as it points to a typical Southland season with steady numbers, plenty of opportunity, and the prospect of a memorable opening weekend followed by a rewarding season overall. At this stage, the forecast is pointing toward still, calm conditions.

Transport – Road freight industry gloomy about economy

Source: Ia Ara Aotearoa Transporting New Zealand

New Zealand’s road freight industry is painting a gloomy picture for business, with only a minority expecting their financial situation to improve over the coming year.
The results are contained in the 2025 National Road Freight Industry Survey, a major survey of 194 respondents across 128 road freight businesses, conducted in March this year by Research NZ on behalf of advocacy group Transporting New Zealand.
The survey was also promoted by the New Zealand Heavy Haulage Association and Groundspread NZ and represents the most extensive industry snapshot in over a decade.
Transporting New Zealand says the survey offers sobering insights into business conditions, the deteriorating road network, and challenges around driver safety and wellbeing.
Only 34 per cent of those surveyed expected their financial situation to improve over the next 12 months, and only one in four respondents reported having sustainable operating margins. Just under half (47 per cent) believed the government was on the right economic track, while 25 per cent disagreed and 27 per cent were unsure.
Transporting New Zealand says the findings echo the concerns it has heard from members and align with wider economic indicators.
“Company liquidations in the transport sector were up by 79 per cent last year, and the ANZ Truckometer Heavy Traffic Index for June 2024 recorded its biggest monthly drop on record, excluding Covid-19 lockdowns.” says Billy Clemens, Transporting New Zealand’s Head of Policy and Advocacy.
“The survey results, combined with the tough economic data, really highlight the need for infrastructure investment from the Government to support growth, as well as resource management reform that helps support new jobs and overseas investment”.
Health, safety, and wellbeing and workforce challenges were also priorities. A total of 78 per cent of respondents called for more purpose-designed rest stops for drivers, and 72 per cent said it was important for drivers to have a good work-life balance.
Finding new drivers was also a big issue. Almost one-half of industry respondents (47 per cent) indicated that “up to 25 per cent” or more would retire or leave the industry in the next five years. This highlighted the ageing workforce.
Concerns about the state of New Zealand’s roads were nearly universal. The vast majority (93 per cent) agreed that poor road maintenance is putting truck drivers and other road users at risk. A significant number (84 per cent), believed that regional roads and bridges are neglected, and that delays in replacing the Cook Strait ferries pose a major risk (79 per cent).
One bright spot in the survey for truck drivers was that while the those in the industry believe the public have a negative perception of professional drivers, that is not the case.
Nearly half of industry respondents (49 per cent) believed the public holds a negative view of professional drivers, while only 20 per cent believed the public viewed them positively.
However, a poll of 1000 New Zealanders conducted by Research NZ painted a more favourable picture, with 52 per cent saying they view professional road freight drivers positively; and only 7 per cent expressing a negative view.
“It’s encouraging to see such widespread public support for truck drivers, and Transporting New Zealand will be highlighting this in our advocacy – especially as we push for better public facilities for drivers and policies that support the long-term sustainability of freight businesses,” says Clemens.

Property Market – NZ property market bucks the trend of global uncertainty

Source: RealEstate.co.nz

New Zealand Property Report April 2025 – NZ property market bucks the trend of global uncertainty

  • Respite for Kiwis as property prices remain stable in latest data from realestate.co.nz
  • Stock up, buyer choice strong, but no sales boom
  • Is it a buyer’s market or a seller’s market?

Is there ever a right time to buy or sell property? Yes – and it’s now! The latest data from realestate.co.nz shows stock levels are high, and prices are stable, giving buyers and sellers the advantage of time.

Sarah Wood, CEO of realestate.co.nz, says that while global uncertainty persists, New Zealand’s property market remains remarkably steady, giving buyers and sellers a rare advantage in an otherwise uncertain environment:

“We’re in something of a holding pen at present. With global economic turmoil, US tariffs, and employment uncertainty, New Zealand is a bit stuck as we wait to see how these pressures play out.”

“But there’s a silver lining: today’s well-stocked and stable property market offers buyers and sellers time, choice, and flexibility. A fast market is stressful for buyers and sellers; a slower, stable market brings real positives. If you want to have certainty around your buying and selling price, now’s a great time to make your move.”

Respite for Kiwis as prices remain stable

While the financial markets are volatile, the national average asking price has held steady. In April 2025, the national average asking price dipped 1.7% year-on-year to $852,364 — still well within the narrow range of roughly $850,000 to $890,000 that has defined the past two years.

“It’s been more than two years since the national average asking price was above $900,000. Over that time, prices have fluctuated by less than 6.0% within a tight $50,000 band. We are in a period of rare stability,” says Wood.

Despite the stability, pockets of the country reported year-on-year average asking price growth during April. Most significant were Gisborne (up 17% to $724,168), Central North Island (up 12.6% to $779,099), Wairarapa (up 8.5% to $733,735), and Hawke’s Bay (up 8.1% to $778,039).

High stock levels give buyers more choice

National stock was up 6.2% year-on-year in April 2025, continuing a trend of elevated listings across the country.

“There’s plenty of stock available, but we’re not seeing a boom in sales activity to move it through yet,” says Wood.

Sales data from the Real Estate Institute of New Zealand (REINZ) shows steady movement but not at peak historical levels. Across the first quarter of 2025, residential sales increased month-on-month, from 3,774 in January, to 6,287 in February, and 7,640 in March.

Vendors cool their jets as the weather turns

The change in seasons and the arrival of shorter days saw new listings fall, down 29.2% from 12,029 in March to 8,518 in April. Wood says it’s typical to see a seasonal dip in new listings at this time of year but notes that new listings were also lower compared to April 2024.

“New listings were down 11.6% compared to last year, but there is still strong interest across the market. We’re seeing the highest level of enquiries from buyers in three years. That’s a positive sign.”

Some of the biggest year-on-year lifts in stock were seen in Gisborne (up 75.0% — though actual listing numbers remain small, rising from just 82 to 144 properties), Central Otago / Lakes District (up 28.2%), West Coast (up 28.0%), Otago (up 22.4%), Central North Island (up 19.6%), Canterbury (up 14.5%), Marlborough (up 11.0%), Wellington (up 10.8%), and Coromandel (up 10.3%).

So, is it a buyer’s or a seller’s market?

In today’s slower but stable market, both buyers and sellers have real opportunities.

For buyers, the current climate offers time to act carefully rather than under pressure. Wood encourages buyers to take full advantage of this breathing room.

“My advice? Visit 50 properties before you buy. You need to know the market, know what’s selling, and know what buyers are paying — and right now, you have the time to do exactly that,” she says.

“This market also allows buyers to negotiate terms, like longer settlement periods, and complete thorough due diligence before making decisions.”

Wood adds that buyers today have access to more data than ever before: “Our insights page gives real-time suburb trends and recent sales information, which simply wasn’t available five years ago.”

Sellers, too, can benefit from stability. Well-priced properties are still moving, and many vendors will soon become buyers themselves.

“If you accept a slightly lower sale price than your original expectations, you’re also better positioned to negotiate sharply when you purchase your next property. It’s a two-sided opportunity,” says Wood.

  

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?

  • Market insights: Search by suburb to see median sale prices, popular property types and trends over time.
  • Sold properties: Switch your search to sold to see the last 12 months of sales and prices.
  • Valuations: Get a gauge on property prices by browsing sold residential properties, with the latest sale prices and an estimated value in the current market. 

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.  

A booming good summer for male kākāpō on the North Island mainland

Source: Police investigating after shots fired at Hastings house

Date:  01 May 2025 Source:  Released by Ngāi Tahu 01/05/2025

11-year-old Taeatanga, one of the three male kākāpō currently living within the sanctuary as part of a fenced habitat trial, started booming in December and 6-year-old Tautahi followed suit. It’s unknown if Bunker, the third and youngest male at the site, boomed this year.

Booming is one aspect of the elaborate breeding behaviour of male kākāpō, designed to attract the attention of potential mates.

Te Rūnanga o Ngāi Tahu representative on the Kākāpō Recovery Group Tāne Davis says that this occurrence is a significant milestone for the iwi involved in caring for and protecting these precious taonga.

“The iwi ki te iwi (iwi to iwi) transfer of these kākāpō from Ngāi Tāhu to Ngāti Koroki Kahukura, Raukawa, Ngāti Hauā, and Waikato was a commitment to share kaitiakitanga of these manu,” Tāne Davis says.

“While males booming does not necessarily mean that the maunga will be a successful breeding site in future, it is a clear sign that the manu are feeling at home and comfortable to exhibit their natural behaviours,” he says.

Ngāti Korokī Kahukura representative and Sanctuary Mountain Maungatautari Cultural Advocate and Educator, Bodie Taylor says having these manu at Maungatuatari is an honour and mana whenua continues to take the role of whāngai (fostering) of these taonga very seriously.

“Hearing the booming of kākāpō back on Maungatautari is a privilege and a testament to the importance and success of our relationship with Ngāi Tahu. We are looking forward to the next steps in this journey to hopefully welcoming female kākāpō to Maungatautari one day, and the opportunity of being able to contribute to the population growth of these precious manu,” he says.

Sanctuary Mountain Maungatautari Chief Executive Helen Hughes wholeheartedly supports this, saying that this incredible step in the journey of kākāpō at Sanctuary Mountain Maungatautari is to be truly celebrated.

“It has been a wonderful, and at times challenging, 18 months of learning, both for the birds and for everyone involved in this ground-breaking recovery effort. Our team of dedicated sanctuary rangers, who care for these birds daily, are gaining and sharing vital knowledge about their behaviour on Maungatautari and the booming is an extremely positive sign for the future of kākāpō at Sanctuary Mountain Maungatautari,” she says.

DOC’s Kākāpō Recovery Programme Operations Manager Deidre Vercoe said the news was an encouraging early indication that the habitat may be suitable for the males, however it was still too early to know whether the site could one day support a breeding population.

“There are a lot of factors at play. These males have been supplementary fed over the last six months to help with the challenges of keeping them settled inside the fenceline. It is likely this has helped them reach booming condition, so we don’t know if they would boom on the maunga without this feeding. Males have also been known to boom without the presence of females before, at island sites that didn’t support a breeding population. It will be many years before we know enough about this site and its future for kākāpō.”

Deidre said the sound of kākāpō booming would have been prolific throughout the country before the arrival of humans and mammalian predators. She dreams that will be true again one day.

“Knowing we have helped return that sound to mainland Aotearoa after decades of kākāpō existing only on offshore islands is very special. There is a long way to go, but milestones like this offer an exciting glimpse into the future we are striving for, when kākāpō can live safely amongst us once again.”

Background information

About the fenced habitat trial

The site trial at Sanctuary Mountain Maungatautari began in July 2023. Ten male kākāpō were introduced to the trial in total, but seven have since been returned to the southern islands to help reduce the significant monitoring workload following multiple breaches of the fence.

Three males continue to live at the site, helping provide crucial lessons for the future of this critically endangered species. The trial is run by DOC’s Kākāpō Recovery Programme, with support from its National Partner Meridian Energy, together with Treaty Partner Te Rūnanga o Ngāi Tahu, Sanctuary Mountain Maungatautari, Ngāti Koroki Kahukura, Ngāti Hauā, Raukawa and Waikato.

Kākāpō breeding behaviour

For more information on the elaborate breeding behaviour of male kākāpō see Kākāpō behaviour.

Contact

For media enquiries contact:

Email: media@doc.govt.nz

Release: Still no ferries as first of old fleet retire

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Two old and ageing ferries are going to have to work double time because of this Government’s failure to get a ferry deal.

“Nicola Willis botched the original ferry deal, failed to secure a new deal and then ran away from the mess she made,” Labour transport spokesperson Tangi Utikere said.

“Winston Peters now has to watch the current rail-enabled ferry retire four years before he’s promising replacements. He hasn’t even secured a new contract, we are no clearer on cost, but he’s claiming replacements will arrive in 2029. How can New Zealanders trust that without any details?

“I feel for the workers set to lose their jobs because of this Government’s ferry failures, but job losses seem to be run-of-the-mill under this Coalition.

“Labour’s ferries would have arrived next year. In time to replace the ageing fleet so taxpayer’s money wasn’t being spent on ongoing maintenance of the old fleet and job losses would’ve been avoided.

“Winston Peters claiming he doesn’t want to pay to maintain use of the rail-enabled Aratere, when he’s getting two decades-old ferries to do double the work is ridiculous.

“At this rate we’ll have no ferries left before he even signs a contract for new ones. Who will retire first, the current fleet of Cook Strait ferries, or Winston Peters?” Tangi Utikere said.


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News media, new media, who’s media?

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We’ve been grappling with a difficult question recently, and one that’s featured in New Zealand’s courts too. What is and isn’t news media and when should the Privacy Act apply?

This is a difficult question because its answer can have a real impact on privacy. If we decide that a person is exempt from the Privacy Act, people have no recourse to our office. While there are self regulatory industry bodies like the Online Media Standards Authority, the Press Council and the Broadcast Standards Authority, there are gaps in the regulation of online media content.

A major rationale for exempting various bodies from the Privacy Act is the availability of more appropriate forms of regulation. The Law Commission noted the problem and recommended that new forms of media regulation could be developed to address this uncertainty in the law (particularly to address issues posed by digital communications).

Traditional news media is easy to recognise – newspapers, television broadcasters, magazines – we know it when we see it, right? What about journalists who publish news in other ways – in blogs or books? Let’s take books in this discussion because this has been our recent focus.

To be considered news media in the Privacy Act, a person or agency must have news activities as their core business. News activities are defined as the gathering and disseminating of news, observations on news, and current affairs. The grey area comes with the method a journalist uses to disseminate this news. The Privacy Act requires that news is disseminated in an “article or programme”. This seems rather limited. Does it really reflect the way the news media works today?

Where a journalist is seeking to disseminate news that they believe is in the public interest, and they can establish that this is a major part of what they do, then we think a broad interpretation of the exemption is warranted. There is some support for this in the Bill of Rights Act. Section 14 of the Act enshrines the right to freedom of expression. Section 6 of the Act states that, where an enactment (such as the Privacy Act) can be given a meaning that is consistent with the freedoms contained in the Bill of Rights Act, that meaning shall be preferred to any other meaning. We must bear this in mind.

Taking that as our starting point, we’re fairly comfortable that, in the case of a book, an “article” should be broadly interpreted in a way that is consistent with an established journalist’s right to freedom of expression, provided that what they’re writing in the book is news.

After all, it seems untenable to conclude that if a journalist published each chapter of a book as a separate article in, say, a magazine or newspaper, it would be news but if those articles were compiled in a book, it would not.

Rather than look to the length of a piece of journalistic writing, we need to look to the general business of the journalist, the content of what is written and the general means that journalist uses to disseminate their work. Such an interpretation recognises that news media today use more varied means to disseminate news than they did in 1993, when the Privacy Act was passed.

We haven’t come to this view lightly. Recent High Court cases have approached the issue in completely different ways: the Chief Justice in the Kim Dotcom litigation suggested that book publication could not fall within the exemption while the High Court in Slater vs Blomfield has recently found that blogging could be a journalistic activity that attracted some elements of legal protection. This strongly suggests there is room for disagreement.

We’ll tread carefully in this area but we see a need to ensure that the Privacy Act is not interpreted in a way that unjustifiably restricts the freedom of New Zealand’s media to disseminate news, express opinion and act in the public’s interest.

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