C21 NEW ZEAL AND NEWS
C21 NZ PERFORMS STRONGLY DESPITE LOCKDOWNS & RESTRICTIONS It’s no surprise that the Reserve Bank stands by its forecast that house price growth will likely ease. It will also get a bit tougher to borrow money. Nonetheless, the New Zealand property market remains an attractive proposition for those taking a longer view.
BY TIM KEARINS,
CENTURY 21 NEW ZEALAND
Hence, the central bank has said
In other news, Papakura’s Century
it will consult on the merits of
21 Local Realty has again won Top
implementing debt servicing
Office for the Quarter in our third
restrictions and expects banks to be
quarter awards. Our central city
more cautious about high debt-to-
franchises in both Wellington and
income loans.
Auckland also had some key wins,
No one wants to see young Kiwis
which we cover in this issue.
over commit and then get caught.
Let’s not forget that the third
In that regard, the Reserve Bank’s
quarter saw New Zealand go into
soundings and possible actions are
Level 4 lockdown, with the entire
designed to minimise such risk.
Auckland region in lockdown for the
Early last month, the Reserve Bank
second half of the quarter.
lifted the Official Cash Rate by 25
Despite this, and ongoing
basis-points to 0.50% - the first
restrictions in real estate, Century
OCR hike by the central bank in
21’s salespeople and offices up
over seven years. Interest rates
and down the country have done a
remain low, with all eyes on the next
phenomenal job. This all bodes well
stability. That has helped underpin
OCR review on 24 November.
for a strong summer, with activity
a relatively prosperous housing
Mortgage rates are still very
market over the years.
low, rents are at record highs,
The likes of 25% annual median
housing demand remains strong,
While it is a time of turmoil in many respects, let’s not forget that New Zealand enjoys great political, financial, economic, and social
house price growth was never sustainable, but the good news is any easing will likely be sure and steady. The Reserve Bank is not predicting a sharp correction, but it does raise some concerns about recent buyers borrowing more to their relative income, making them more vulnerable to higher mortgage rates.
and despite the pandemic and lockdowns, economic confidence and unemployment are in relatively
SELL YOUR HOME WITH CONFIDENCE
already on the rise.
www.century21.co.nz Contact: Tim Kearins - Century 21 New Zealand - (0274) 495-547
After 50 years we know what it takes to achieve a great result each time we sell a property.
good shape. All things considered, we’re not expecting a red-hot summer, but it will be a busy one.
Talk to your local C21 agent today to discuss how we can help you achieve the best sale result.
Yes, there are massive stresses in certain sectors and regions, but history shows us that residential housing in New Zealand is a safe
Get started by requesting your FREE market appraisal today.
and proven medium to long-term
CELEBRATING 50 YEARS
investment. C21 MARKET PULSE
02
CENTURY 21
Visit: C21.co.NZ
