Property Klondike grips the nation in 2003
Monday 5 January 2004
Residential property was a gold rush-like investment in 2003, but Andrew Macdonald finds change could well be in the wind for the housing bonanza.
By The LandlordThere were plenty of winners as the nation this year embraced a property Klondike fuelled by low interest rates and population growth.
Real estate agents were circling, banks were rubbing their hands and home buyers were queuing up.
But change is in the wind.
Deutsche Bank senior economist Darren Gibbs says the residential property boom that engulfed most of this year may have peaked.
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There’s a major housing market downturn coming and it’s likely to reduce the number of investors in the market, according to ANZ economists.
Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
Tales of strife and problems abound in the commercial property world these days, but the impact of the Covid-19 pandemic has not been as devastating for all commercial players.
Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.