Property a productive investment: Newland
Wednesday 16 January 2013
Hundreds of thousands of jobs rely on the turnover of housing stock in this country, says property commentator Olly Newland.
By The Landlord
He says those who say that investment in property should be discouraged because it is not productive for the country’s economy are wrong.
"Every time a property changes hands, there’s carpets, blinds, drapes to be done. Slowing the market would have a huge knock-on effect to unemployment. Maybe it’s not exports but if someone has a $50,000 or $100,000 deposit, what can they do in the export market? I don’t know.”
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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.
Vacancy rates in the commercial property sector are set to increase as changing economic conditions dampen demand.
LVR restrictions were never meant to be a permanent feature of New Zealand’s housing market and ANZ economists argue that some further relaxing of them could soon be on the cards.