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Property market report

Housing confidence was knocked backed substantially in the three months to June. It seems the economic fallout from COVID-19 has dashed expectations of the big housing upswing moving on through 2020. Confidence is low and this is certainly dampening demand in high value housing stock.

House buying sentiment also continues to stutter however sales in the sub $1m category is still running buoyant and prices holding. Perceptions of whether it’s a good time to buy are generally closely linked to housing affordability and banks are taking three to four weeks to process applications and being over opinionated about risk profiles.

Household interest rate expectations are that interest rates will fall and House prices will be volatile. We have an unprecedented situation facing the NZ economy and Reserve Bank. The Bank’s key policy rate (wholesale money rate) has been lowered as far as it can go and government bond purchases are now the Reserve Bank’s weapon of choice. We expect the Reserve Bank’s policy rate to remain at 0.25% for many years although banks will continue to stress test their clients to as much as 7.9% based on mortgage approvals.

Our suggestion to struggling home owners remains the same, squeeze your bank but get your assets ready. If you need to create cash-flow, make decisions early. With an election and the potential for more economic outfall you are best to act sooner than later, lead the conversation and stay positive.

Let’s look at the sales results:

Hobsonville Residential                           $599,000 to $1,410,000

Massey Residential                                  $600,000 to $1,200,000

Swanson Residential                                $788,000 to $1,325,000

Waitakere Residential                              $805,000 to $961,000

West Harbour Residential                        $680,000 to $1,241,000

Westgate Residential                               $833,000 to $903,000

Whenuapai Residential                            $875,000 to $2,275,000

Call Graham McIntyre on 0800 900 700, text 027 632 0421 or look me up at - Mike Pero Real Estate Ltd Licensed REAA (2008).

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September 2020

the Westerly September 2020

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