Published in NZ Herald Property Report, 8 September 2014. We are now nearly a year on from when the Reserve Bank signalled Loan to Value (LVR) limits and interest rate rises to cool down the property market. The changes we have witnessed since are not necessarily what has been widely reported.
The latest monthly house price index confirms a slowdown in values. The nationwide increase in values is now 6.9%, down from the 10% annual increase last December. The last three months is more indicative with an increase of 1.7% considerably less than the 2.9% for the same three months last year.
This housing market slowdown hasn't just hit first home buyers, the effects are far more wide ranging than that. But before we look at who is winning and losing, let's put some context to the situation.
Jonno Ingerson, CoreLogic's Director of Research, spoke on National Radio this morning about the state of the property market, especially in reference to Auckland.
The latest QV House Price index for July shows that the speed of property value growth is slowing. This time last year nationwide property values were increasing 8.1% year on year, now they are 7.6% year on year. However, it is in the last three months that the slowdown is more evident as nationwide values...
The latest analysis by Jonno Ingerson, Head of Research, CoreLogic. There has been some talk that the LVR speed limits have caused a dramatic drop in sales at the lower end of the market. It seemed to me that in the current rising market the actual number of properties worth less than say $400k would be...
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Stephen Mitchell has been appointed as Country Manager to CoreLogic NZ, a property information, analytics and geospatial services provider in New Zealand.