John Paine of Global Pacific predicts a turnaround in the residential property market next year. "Annual net migration continues to fall from its peak in May due to fewer non-resident arrivals and an increase in resident outflow," he says. "The New Zealand Reserve Bank - albeit, I believe, pessimistically - expects net migration to fall to 10,000-15,000 in about two years. This doesn’t mean people
Monday, November 10th 2003, 12:46AM
by The Landlord
aren’t coming here. Short-term visitor arrivals continue to improve and tourism competes with dairying as New Zealand’s largest export sector. In all, expect a good summer. It’s on the cards that by winter interest rates and inflation will rise and prices for the average residential properties in average locations will stagnate or fall. There’ll be some bargains where these new residential investors have stretched themselves."
