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Property market report

The buying splurge housing investors went on after the lifting of loan to value ratio (LVR) limits last year has seen their share of the mortgage market heading back towards the high levels seen in mid-2016 prior to them being hit by deposit restrictions the first time around.

Figures released in the Reserve Bank’s latest bank loans by purpose monthly release show that in the six months to the end of March 2021 investors increased their share of the mortgage ‘stock’, the total amount outstanding for mortgages, by $6.713 billion. That made up some 36.6% of the $18.346 billion increase in the total bank mortgage ‘pool’ during the six month period. Total bank mortgage debt outstanding has now topped the $305 billion mark. There’s been a recent string of record monthly additions to the overall stock total, with more than $3.7 billion (new record) added in March.

It’s worth taking a snapshot of where we are with these various figures at the moment because the recent re-imposition of LVR limits and policy changes by the Government could see things changing quickly in the months ahead.

In terms of the overall share of that mortgage stock, investors now have $84.323 billion outstanding in mortgages, which makes up 27.6% of the total outstanding mortgage stock. In the six months to the end of March that share increased quite sharply from 27.1%. But it is still some way shy of where it was at the end of 2016 (which is as far back as this data series goes), when it stood at 29%.

Through the early part of 2016 the investors had regularly been accounting for about a third of new mortgages every month. But that was stopped when the RBNZ clapped 40% deposits on them in mid-2016.

As of the start of May, we officially have 40% deposit rules for investors again, and a lot of talk from the Finance spokesperson that more regulation will follow. It seems that this crowd have one hand on the helm and the other on the Rum bottle and seem incapable of understanding the simple premise of supply and demand. On that note, let’s have a look at last month’s sales volumes:

Herald Island                           $1,701,000 to $2,150,000

Hobsonville                              $650,000 to $1,865,000

Massey                                    $590,000 to $2,600,000

Swanson                                  $1,020,000 to $2,100,000

Waitakere                                 $1,880,000

West Harbour                           $880,000 to $2,400,000

Westgate                                  $735,000 to $930,000

Whenuapai                               $1,100,000 to $1,290,000

If you would like a better real estate experience from a proven professional with over 16 years in market at the highest level, contact me today, Graham McIntyre, phone 027 632 0421 or - Mike Pero Real Estate Ltd Licensed REAA (2008).

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June 2021

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