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 been a rallying of the market with the latest REINZ data showing both sales volumes and median house prices noticeably up with the onset of Spring.
There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.
Auckland-based commercial property disrupter, Jasper, has raised $2.3 million in seed funding following investment from European asset manager M7 Real Estate.
LVR speed limits continue to have a "strong effect" on investors, according to CoreLogic, after the latest Reserve Bank data showed a drop in investor borrowing.