On average over the past decade there have been around 81,000 dwellings sold each year all around New Zealand, but the way things are tracking we look set to see a fall to around 65,000 within the coming year. How will we know when things are going to turn around?
The long-awaited return of choice to the housing market isn’t the only good news for first home buyers to be feeling positive about right now - changes to Kāinga Ora First Home schemes and CCCFA legislation add to the good news.
I saw a newspaper headline recently along the lines that house prices have now bottomed out because some banks have cut their two year fixed mortgage interest rates. But interest rates aren't the only factor causing house prices to go down.
Independent Economist Tony Alexander gives us a breakdown of what is happening in financial markets and the housing market.
So, the tables have turned and we've finally entered a buyer's market - but how do you navigate the apparent minefield of increasing mortgage rates and falling house prices?
Between all the news of increasing interest rates and falling house prices, it's an intimidating market to be in right now. But what aren't the headlines telling us?
When will house prices stop falling? No-one knows. But it looks like we are quite a long way off the bottom being reached for a number of reasons.
How do I know when a downturn in the market is serious, entrenched, and likely to last for some time? There are a number of measures I look at including data on prices and results from my surveys, but one special factor is the blame game.
Recently, I wrote a lengthy article listing the main things I am saying about the NZ residential property market at the moment – some of which I have been warning about for 12-18 months. Here are most of those points in summarised form.
Independent Economist Tony Alexander gives his take on the factors that are playing into falling house prices. Will things be easier for first home buyers with the housing market softening and easing CCCFA rules?
With so many different forces playing out in the market right now - interest rates, inflation, the border reopening - how far might they go?
The expectation held by most of us is that average prices will fall about 10%. That sounds reasonable. But before anyone gets fixated on that number it pays to note something very important.