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Auckland Mayor PANICS After Families DEFAULT on Mortgage!

Auckland families defaulting on mortgages at 8-year highs as NZ non-performing loans hit $2.448 billion (May 2025)—250% surge from 0.2% (late 2022) to 0.7% now. $534 million classified "impaired" (up 6% May alone, +$285m since December). January 2025: $165m monthly jump (biggest since pandemic). Auckland Mayor acknowledges crisis as 15,000 families enter hardship (46% mortgage-related), ages 30-50 hit hardest, 40% mortgages repricing Dec-Mar onto rates double what families budgeted.

This investigation reveals Auckland's default crisis scale ($2.4B non-performing, 250% surge), 15,000 families in hardship (46% mortgage-related), why Auckland uniquely exposed ($810k mortgages, 7.7x income, +33% liquidations), and whether defaults peak at 0.7% or climb as 40% reprice.

What You'll Discover:
✅ $2.448B non-performing loans, $534m impaired (up 6% in month, 250% surge in 3 years)
✅ January 2025: $165m jump—biggest since pandemic
✅ 15,000 hardship (46% mortgage, up 14.4%), ages 30-50 defaulting most
✅ Auckland: $810k mortgages, 7.7x income, +33% liquidations, 40% repricing Dec-Mar

The Default Crisis Explained:
$2.448B non-performing loans (May 2025). $534m "impaired"—banks expect losses. Up 6% in May, +$285m since December (+13.2%).

Three years ago: 0.2%. Now: 0.7%—250% increase. Banks project 0.7% through end 2025, possibly higher.

January 2025: $165m monthly surge—biggest since June 2020 pandemic. Defaults accelerating.

0.7% = 1 in 143 loans non-performing. Nationwide: 24,000 arrears (March 2025)—8-year high at 1.58%.

Families in Crisis:
15,000 households in hardship (up 14.4%). 46% mortgage-related.

Ages 30-50 hardest hit. Buy $1.1m 2022, $880k mortgage 2.8% = $3,300/month. Refix 5.8% = $5,800/month. Extra $2,500. On $140k income, 66% take-home. Unsustainable.

Options: sell at loss (down 20-23%), extend to 40 years, or default.

Auckland Exposure:
$810k average mortgage. Rates double = extra $2,000-2,500/month. 7.7x income (threshold 3.0x). Liquidations +33%. 40% repricing Dec-Mar.

Bought peak $1.3m, now $1.05m—lost $250k. Trapped.

What's Next:
Banks project 0.7%. Headwinds: unemployment, repricing. Stabilisers: OCR cuts, banks avoid foreclosure. Likely: plateau 0.7-0.8%, or hit 1%+ if shocks.

📍 SOURCES:

Reserve Bank of New Zealand (RBNZ) - Non-performing loans, impaired loans, 0.2% to 0.7% data, January $165m surge
https://www.rbnz.govt.nz/
Centrix - 24,000 arrears, 1.58% rate, 15,000 hardship cases, ages 30-50 data
https://www.centrix.co.nz/
Real Estate Institute of New Zealand (REINZ) - Auckland median prices, 20-23% decline from peak
https://www.reinz.co.nz/
Stats NZ - Auckland company liquidations +33%, household income data
https://www.stats.govt.nz/
Quotable Value (QV) & CoreLogic NZ - Auckland property values, affordability metrics
https://www.qv.co.nz/ | https://www.corelogic.co.nz/

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⚠️LEGAL DISCLAIMER:
We’re real estate enthusiasts—not licensed agents, appraisers, or financial advisers. All content is based on publicly available data, market observations, and personal opinions, shared for entertainment and general information only. Accuracy isn’t guaranteed. Always consult a qualified New Zealand real estate professional, lawyer, or financial adviser before making any property, investment, or relocation decisions.

#newzealand #auckland #mortgagecrisis #realestatenz #housingmarketcrash