There was no let-up in mortgage lending flows last month, with another $7.3bn of activity taking place – almost $2bn more than the same month last year.
A fair period of time has now passed since we all went back up the alert levels to different degrees in mid-August, and the incoming data shows that the property market has largely carried on unaffected.
The latest research from Wellington Cityscope shows that commercial property sales volume has decreased significantly in total sales value from the last quarter.
More than half of property purchases in the third quarter of the year were made by either mortgaged investors or first home buyers (FHBs), with existing owner-occupiers still pretty quiet. In fact, the share going to FHBs of 25% was their highest figure on record.
There’s no denying that border closures and the loss of non-citizen migration to NZ will dampen our population growth rate and the rise in housing demand. However, it’s also worth pointing out that the citizen/kiwi side of the migration ledger could remain well above previous levels (as arrivals tick over but...
The latest research from Christchurch Cityscope shows that commercial property sales’ value in Christchurch’s CBD has increased significantly in the past three months.
Despite the extra COVID challenges that Auckland has faced over the past month or two, its property market has continued to track steadily.
According to the CoreLogic House Price Index (HPI) for September, nationwide property values are showing signs of growth once again, increasing 0.8% over the month, after generally stalling since May.
Despite August being affected by the latest round of social restrictions, mortgage lending activity showed no clear effects. Indeed, lending flows last month were again significantly higher than a year earlier.
The share of property purchases made by mortgaged investors across July and August combined was 26%, continuing their rising trend of the past few years
Even in normal years there’s never a dull moment when it comes to analysing the NZ housing market, and this year clearly isn’t normal.
CoreLogic NZ’s latest ‘Mapping the Market’ (September 2020) report released today delivers location analytics and geospatial expertise.