Auckland lags as regional markets outperform
Auckland led the property market’s regional split to the downside, recording the weakest annual performance nationally at -3% year-on-year, while Southland (+6.3%) and the West Coast (+5.5%) continued to outperform.
Foster said the divergence reflects deeper structural pressures in the country’s largest city.
“Auckland recorded the weakest performance in the country at negative three percent year-on-year, reflecting softer demand, elevated housing supply, and deep ongoing affordability constraints,” he said.
Unsecured lending shows the sharpest strain
Personal loans remain the standout area of stress. Hardship volumes in that category are running 27.3% above last year, even after a 5.7% month-on-month improvement, and arrears among non-major lenders have climbed above 5.7% — more than double the rate at the big five banks.
Foster said this points to where genuine financial pressure is concentrated.