Average household better off
Thursday 26 February 2004
The average household is $25,000 better off than a year ago, according to a new survey.
By The LandlordThe record annual increase comes on the back of the property boom, but borrowing is also up to record levels - and that's brought a warning.
Westpac Chief Economist Brendon O'Donovan says house prices have gone up and household net worth has gone through the roof.
The Westpac/NZIER survey shows household wealth rose by a record $12 billion over the past three months to hit $257 billion for the year. That breaks down to $184,000 per household - an increase of $25,000.
Read More - Opens in a new window
Commenting is closed
It’s full steam ahead for the Stevenson Group’s $800 million, 361-hectare industrial and residential development in South Auckland – despite the uncertainties of the post-Covid-19 era.
Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
The Reserve Bank says the commercial property sector is vulnerable to the Covid-19 crisis. But PMG Funds' chief executive believes that while there’ll be short-term pain, the biggest long-term impact will be structural change.
Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.