by The Landlord
The bank’s property gauges are a mixed bag in the latest month. Housing affordability is starting to improve as prices fall and mortgage borrowing becomes cheaper though it still has a way to go, according to the September edition of the report.
Migration, a source of housing demand, and supply-demand balance are treading water. On a global view, New Zealand property prices are not that cheap though they’re coming down.
Reserve Bank Governor Alan Bollard is set to lower the official cash rate by 50 basis points to 7% next month, ANZ predicts. Figures today showed home-building approvals fell to a 22-year low in August, reflecting an economy that probably in its third quarter of contraction.
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