Speaking to Real Estate Talks, GM of Sales & Marketing - Peter Bromley, provides an overview of what's happening in the NZ property market, with a particular focus on what's happening outside of Auckland. You can listen to the original podcast here .
NZ Property Values outside Auckland
This month we discuss the relatively weak property value data coming through, especially in Auckland, while also stressing the need not to panic. We also cover hot topics such as the impact of the foreign buyer ban, investor activity and check out how the regions are performing.
Amongst other things, the CoreLogic Buyer Classification data for January shows that mortgaged multiple property owners (MPOs, i.e. investors) continued their return to the market, now accounting for 25% of purchases – up from the LVR III-induced trough of 22% in late 2017. That’s despite the government...
The Reserve Bank (RBNZ) has kept the official cash rate (OCR) on hold at 1.75% for the 15th consecutive time. They’ve also suggested that a nearer term OCR cut may just about be back on the cards, having back-pedalled from that in November. For the property market, this points to continued low mortgage rates.