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Econ Talks - House price rises are obscene and ridiculous (18 June 2021) Squires said counter to what you would expect when the unemployment rate was low, average wages fell in most of the country. The Central Economic Development Agency reports put Manawatū’s unemployment rate under the national rate, at 4 per cent. But despite that the region saw the biggest drop in average wages, which fell 11.8 per cent, from $1268 to $1118 a week, over the first quarter of 2021. Squires said that didn’t even show the full effect falling wages were likely to have on affordability, since inflation was forecast to rise going forward.
RNZ
The Reserve Bank s restrictions on home loans kick in from today but those in the industry don t believe it will do much to cool the market. Hockly said a critically low level of house listings, few sales and a high level of outside interest in Palmerston North properties was worryingly similar to the lead-up to the 2008 Global Financial Crisis. He said prices rose faster over the past seven months than at any point in the two years leading to that market crash. He had to dig through paper records from the 1950s and 1960s to find a comparable rate of price increases, and he couldn’t find any time it was higher.