First signs of New Zealand housing market slowing - report
4 May, 2021 06:55 AM
5 minutes to read
CoreLogic s latest report has found a reduction in demand of valuations, down 11 per cent compared to the previous 6 months. Photo / RNZ
CoreLogic s latest report has found a reduction in demand of valuations, down 11 per cent compared to the previous 6 months. Photo / RNZ
RNZ
By Eleisha Foon of RNZ
New data has found a reduction in demand in nationwide housing valuations, which could be the first signs of the housing market slowing.
CoreLogic s House Price Index tracks property value changes and its latest report has found a reduction in demand for valuations, down 11 per cent compared to the previous six months.
First signs of New Zealand housing market slowing - new report Wednesday, May 5, 2021 Eleisha Foon for RNZ
New data has found a reduction in demand in nationwide housing valuations which could be the first signs of the housing market slowing.
CoreLogic House Price Index tracks property value change and its latest report has found a reduction in demand of valuations, down 11 percent compared to the previous 6 months. There are signs that there are fewer buyers talking to banks about issuing them mortgages to buy another property, CoreLogic Head of research Nick Goodall said.
From now until the rest of the year, the impact of the official reimplementation of the LVR is expected to cool the market.
No sign of property investors releasing equity yet
No sign of property investors releasing equity yet 5 May 2021
CoreLogic s House Price Index shows nationwide house values increased by 3.1 per cent over April, with annual growth up 16.2 per cent.
Head of research Nick Goodall says it was expected investors may list their property off the back of recently announced government restrictions.
But he says there were fewer properties for sale at the end of the month, compared to the beginning.
Goodall says there s been no sign of any investors trying to get out of the market, because they can t afford it anymore.