LVRs hurt regional NZ: Harcourts
Provincial New Zealand is still struggling under the loan-to-value restrictions, while Auckland and Christchurch have recovered from their winter lull, Harcourts says.
Wednesday, October 15th 2014, 12:00AM
by The Landlord
The real estate agency’s latest statistics show the northern region, including Auckland and Northland, had 3.25% more sales in September than in 2014. The average sales price increased by 11%, to $683,101.
Christchurch’s sales were up 3.3% and its sales price up 16%.
But elsewhere, price rises were more subdued – 7% in the central North Island region, 2% in Wellington and a 2% drop in provincial South Island areas.
Chief executive Hayden Duncan said it would be beneficial to the regions if the LVR restrictions were lifted this year.
“This would be a much-needed respite for the struggling real estate market. In Christchurch and Auckland, LVR restrictions have done little to dampen demand for housing and the resulting price increases.”
He said the limited impact in Auckland and Christchurch was because demand outstripped supply. “As the cities’ populations show no sign of slowing down, the only answer is rapid and quality construction of new homes,” he said.
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