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Housing market close to significant turning point after Govt s investor crackdown
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Housing market slows, but prices unlikely to drop
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Lock, stock and pork-barrel: Reserve Bank to leave asset purchases to Govt Newsroom 17 hrs ago © Provided by Newsroom
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Warnings of top-of-the-range 3 percent inflation through winter and into spring, emboldening central bank to finally pull back from stimulus
ANALYSIS: Lock in those low mortgage rates. Stock up the pantry with essentials. And ready yourself for politicians, not central bankers, to decide where to put public money.
True, 3 percent rates of inflation and interest won’t blow most budgets, but the increases do mark a turning point. After years of low interest rates and low inflation, New Zealanders are warned it’s time to lose their complacency.
Why house prices have not stopped rising
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An expert s signalling a potential end to Wellington s housing boom
An expert s signalling a potential end to Wellington s housing boom 7 July 2021
CoreLogic chief property economist, Kelvin Davidson, has delved into the Capital s market.
He says property prices have risen 123 percent - or 564-thousand dollars - in the past six years in Wellington, Porirua, Lower Hutt and Upper Hutt.
He says even the cheapest market, in Upper Hutt, has an average value of more than 850-thousand dollars.
Davidson says demand from first home buyers, low supply, and high-paid jobs in the region have fuelled prices.
He says Wellington s geography also makes it harder to build as quickly as places like Canterbury.