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We have noticed reduced numbers through the open homes, very understandable with the cold weather however of those coming through the quality of the buyer is higher. New Zealand is rapidly becoming a place for Build-to Rent. This is due to the increasing participation of institutional parties in Build-toRent development. This investment should significantly increase supply. Retail could be a surprise story in 2022. Many Australian retailers are targeting New Zealand as an expansion target and planning larger store networks. More than 60% of Australian retailers in CBRE’s survey last October expect to increase store numbers and upgrade to better locations. Combining Auckland, Wellington, and Christchurch, the net absorption of Prime Space exceeded 50,000sqm by 2021. Already-strong industrial absorption has become even stronger, and retail centre absorption has also remained positive through the last two years.
The global decline in interest rates, and restrictions on land supply were key to house price rises over the last 20 years, a new Treasury report says. A new survey has shown that first-home buyers are seeing an opportunity as house prices drop and competition eases. It can be confusing to follow the Fed rates and predict when mortgage rates will rise or fall. To help sort through all of the information and make the best decisions for you, talk to a home.com by Homefinity mortgage loan officer. “The possibility of mortgage rates increasing that high exists, of course. However, an 8% interest rate by 2023 is unlikely,” says Ralph Mclaughlin, chief economist at Kukhan, a real estate and data analytics firm.
This, combined with strict restrictions on how many people can view a property per day, means that properties spend more time on the market. Properties that were once rented in 6 days now rent in an average of 11 days. Even though rents are not falling significantly, those looking to quickly secure a tenant are reducing their rents in order to do so quickly.
Why are Auckland’s house prices so high?
Buyers have the biggest concerns Long stated is the fact that there aren’t enough listings. Now stocks are running 80% ahead of a year earlier and this concern has faded away to virtually nothing. Many buyers have a wide range of options now, which means that they should be actively looking for homes rather than waiting until prices drop to save money. Businesses are facing record-breaking or near-record levels of difficulty in finding skilled and unskilled labor.
Interest Rate Forecast
And that doesn’t allow for the money she spent renovating it, and the real estate agent’s commission when she sold it. That’s the highest rate though still low compared with the longer term. “At the very least, it’s another indicator that the market has passed its peak,” says CoreLogic chief property economist Kelvin Davidson.