For years, being a property investor in New Zealand felt almost simple: buy, hold, watch the value go up. Post-Covid, that playbook has been shredded.

After an 18-month surge of around 40% in prices through to late 2021, aggressive rate hikes and a big lift in supply knocked values back by nearly 20% nationwide, and up to 30% in some cities.Prices remain below their peak, and the Reserve Bank expects only modest growth over the next few years.

As brokers, we’re seeing successful investors shift mindset:

• Less flipping, more long-term holds. Fast capital gains are no longer guaranteed. Some recent flippers have lost money instead of making it.
• Cashflow really counts. With interest deductibility changes, higher operating costs and potential vacancies, the spreadsheet matters more than ever.
• Structure is a risk-management tool. Interest-only vs principal and interest, splitting fixed terms, and using revolving credit facilities are all strategic decisions, not afterthoughts.

At the same time, easing LVR rules and lower mortgage rates are quietly tempting some investors back, especially where yields have improved.

If you’re an investor today, the question isn’t “Can I grab another 10% in 12 months?” It’s “Does this property still make sense if values barely move and my funding costs change?” That’s the lens we encourage investors to use when we run the numbers with them.