Navigating New Waves in Kiwi Real Estate

Denese Konowe

Kia ora everyone, and welcome back to another episode of Kiwi Real Estate, Inside Out. This is Denese Konowe, and as always, I'm joined by my favorite tagalong, Dr. Lee Konowe. Lee, you ready to surf the latest waves in the New Zealand property market?

Dr Lee Konowe

Always, Denese—though I can't promise I won't get my feet wet with some tangents. So, where are we starting? Ah, right, the recent shifts. It's wild, I mean, take Auckland and Wellington—just in the past six months, we've seen serious urban migration. People are still flocking to those cities, despite what you might expect, though there's a bit of a twist with prices steadying and buyers getting picky.

Denese Konowe

Spot on, and it kind of reminds me of what we talked about last year, all those stressors compounding, especially with supply and demand pinging off each other. Like, even with building consents slowing, there's still pressure—just not the same fever pitch we saw post-pandemic. Wellington’s inner suburbs, though, still have that pull for younger professionals, and Auckland’s sprawl seems to know no bounds, but inventory’s thin in both places.

Dr Lee Konowe

And then there’s the impact of governmental reforms. For instance, Healthy Homes Standards—landlords have to keep their rentals up to snuff now, which is, what, insulation, heating, ventilation required? That’s made waves. Agents I've spoken to feel it’s shifted their conversations, whether representing landlords or tenants. There’s more paperwork, sure, but it’s also a nudge to agents to level up their compliance game.

Denese Konowe

And it gives buyers and renters more confidence, right? I mean, not that compliance is always simple—we’ll get into that later—but it does nudge the entire market toward better standards. Agents have to adapt, which, honestly, is par for the course in this business!

Dr Lee Konowe

It’s all changing so quickly, and—speaking of adapting—the digital transformation for agents is maybe the starkest change. Every open home used to mean a printed brochure, now it’s all Trade Me Property and realestate.co.nz. It’s click first, view later.

Denese Konowe

And don’t forget about the virtual tours! I still get a kick out of seeing agents in VR goggles—Barfoot & Thompson leaped on that trend here, didn’t they? I remember, gosh, back in our Virginia days, we moved to online listings before people were even comfortable with digital photos. Clients thought we’d lost the plot! But the upside—well, suddenly buyers could shop for homes in their pajamas. Completely changed the funnel.

Dr Lee Konowe

It’s almost nostalgic, Denese. I mean, now in New Zealand, things like remote auctions and live-streamed open homes are standard—whereas that would’ve sounded like sci-fi a decade ago. There’s a learning curve though. Some agents I know still, uh, struggle with the tech. There’s always that tension between innovation and “that’s not how we’ve always done it.”

Denese Konowe

But the market doesn’t wait! I always tell new agents: you snooze, you lose—especially online. And for buyers, especially the younger ones, if a listing isn’t digital and interactive, it’s almost invisible. The lesson I learned from all those stumbles in the U.S. is, you have to lead your clients through the chaos, not just react to it.

Dr Lee Konowe

Yeah, and if we needed another layer of complexity, here comes the Reserve Bank with rate increases. Mortgages are harder to get, approvals are fussier, and a lot of buyers, especially first-timers, seem skittish. I’ve seen folks waffle for months, wondering if the next rate hike is around the corner.

Denese Konowe

It’s tough out there, especially when you're trying to cobble together a deposit. But it’s sparked a bit of creativity, too. Christchurch has seen a boom in those shared ownership schemes—kind of like splitting the mortgage with a mate or family member. It’s not exactly new, but it’s definitely back in vogue. For some, it’s the only way onto the ladder.

Dr Lee Konowe

Let’s talk about auctions, though. Are they still the best play with budgets stretched thin? I mean, when we bought our first Kiwi home—wow, what a ride. There’s a frenzied energy, but with buyers having less to play with, some auctions stall or get passed in. I did love the buzz, though—reminded me of bidding for a rare book, except, you know, with life savings on the line.

Denese Konowe

I remember that day! But yeah, auctions can work in this market though it does depend on the seller’s expectations. Sometimes, private negotiation makes more sense when interest rates are pinching everyone’s budgets. Either way, agents have to manage those expectations on both sides—it’s never just about the hammer falling anymore.

Dr Lee Konowe

Spot on. More than ever, compliance and professional development are non-negotiable. The Real Estate Authority’s CPD requirements have gone up again this year, haven’t they? I feel like they keep us on our toes—core modules, electives, keeping pace with digital risks. It’s not just ticking boxes; it really shapes what’s expected of agents now.

Denese Konowe

Absolutely. And you know, we just had an REA investigation shake things up—one of the big agencies had to rewrite some of their processes after getting caught out with missing disclosures. It’s a wake-up call: one slip and your whole brand gets tagged. I helped a newer agent through a similar situation last month—tricky spot, accidental non-disclosure, but we talked through the ethics, double-checked the paperwork, and it sorted itself, but talk about nerves! It comes down to, are you safeguarding your client, your licence, and your own reputation?

Dr Lee Konowe

That’s it, and actually, building on what we talked about in Episode 7, with CPD isn’t just a box-ticking exercise—these real case studies, these investigations, they push agents to do better. Everyone can have a bad day, but the challenge is making sure those slip-ups don’t become habits. Professionalism in tough spots, that’s the real test.

Denese Konowe

Lee, you know, one thing that still fascinates me is how much global trends seep into the Kiwi market—sometimes in ways we barely notice. Like, the 2018 foreign buyer ban? It really did change dynamics, especially in Auckland and Queenstown. Less outside cash, a bit less speculation, though it didn’t stop the market from being creative with local buyers.

Dr Lee Konowe

True, and the disclosure rules here are, well, honestly a breath of fresh air compared to some places I’ve worked. I mean, before moving here, I was floored by how upfront Kiwi agents are about, say, property history. In some U.S. states, you practically need a subpoena to get the same info. Still, I do sometimes get caught by surprise at how casual things can be here, but that’s the local flavour, right?

Denese Konowe

It is, and it’s part of what makes this industry so resilient. Despite all those outside pressures—whether international investors, rule changes, tech shifts—there’s this Kiwi knack for blending what works elsewhere with their own, well, commonsense and community angle. The agent down the road still knows your name, and neighbours help each other out. Kind of keeps us honest, if you ask me.

Dr Lee Konowe

Exactly. Maybe that’s why, even when things get tough, the New Zealand market keeps moving. It’s less about just riding global trends and more about making them work, with a local twist. That community-centric approach—it’s kind of the Kiwi X-factor.

Denese Konowe

Couldn’t have put it better myself, Lee. Well, that’s us for today’s deep dive on navigating new waves in Kiwi real estate. If you've got questions, or want us to cover specific topics, flick us a message. We’ll be back next episode, riding whatever wave comes next!

Dr Lee Konowe

Thanks for joining us, Denese—and everyone tuning in. Catch you next time, and don’t forget: keep learning, keep adapting, and enjoy the ride. Ka kite.