Property Boom Shows Signs Of Easing
Monday 26 January 2004
There are fresh warning signs the property market could be about to come off the boil.
By The LandlordIt became harder to buy a house in the three months to December.
A quarterly survey by AMP shows homes were almost six percent less affordable, as rising prices outstripped any increase in salary.
AMP says the outlook for housing this year is uncertain, despite low interest rates.
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Uncertainty continues to cast its shadow over the housing market but economist Tony Alexander has put together a list of reasons which offset the negatives and mean the market remains well-supported.
Global ratings agency Standards & Poors is the latest to join the chorus of predictions around potential house price falls in New Zealand – and they’re picking a 10% drop.
Auckland ’s long-term future is sound as well situated residential developments will always sell and demand for affordable housing remains strong, a leading non-bank property financier says.
New mortgage borrowing rose by roughly $1.6 billion in May as the property market showed signs of recovery from the Covid-19 lockdown.