Residential land in & around Melbourne took an average 24 days after hitting the market to find a buyer in the first quarter of this year, residential marketing company Oliver Hume said in its latest research, out on Friday.
Statistics NZ said today the consumers price index (CPI) increased 2.2% in the year to the March quarter.
Infometrics chief forecaster Gareth Kiernan said yesterday the economic consultancy saw “scope for a 12% drop in property values by the end of 2020”. A 12% price fall in 3 years – or a multitude of trend changes? I interpolate.
BNZ senior economist Craig Ebert asked in the bank’s Strategist economic outlook report on Thursday: “How are folk affording such unaffordable homes?”
The Reserve Bank released a consultation paper yesterday proposing changes to loan:value ratio (LVR) restrictions to further mitigate risks to financial stability arising from the current boom in house prices.
BNZ chief economist Tony Alexander set out an extensive road map on housing yesterday, Reserve Bank deputy governor Grant Spencer mentioned these courses then feebly said the bank “is closely considering measures that could be progressed in the coming months”, and Property Institute chief executive Ashley Church warned of a burst of investor buying before decisions are made.