News Australasia Investment opportunities as rates rise in New Zealand Investment opportunities as rates rise in New Zealand |
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| Friday, 07 March 2008 | |
 NZ interest rates high Property prices in New Zealand are falling as the country takes a serious hit by housing market slowdown. Many are worried about the falling prices in New Zealand property, including property owners who are facing increases in inflation and the high interest rates. Yet, some looking to buy in New Zealand are happy with the falling rates. According to TV3.co.nz, property investors here are happy to see property prices fall. Property owners looking to sell are often required to sell for much lower prices because properties are selling so slowly. Sellers are not able to see the profits they saw just a year ago. The real estate agency Barfoot and Thompson reported that the average property price in Auckland's real estate market fell by 4% in February alone this year. Property prices in New Zealand have been called some of the most unaffordable in the world. More worrisome is the fact that the interest rate here, set by the Reserve Bank of New Zealand, is high. In a recent announcement, the Reserve Bank of New Zealand determined it would not need to change the rate from its current 8.25% level. Still, these rates are so high that first time home buyers are unable to get into the housing market at all. For established property investors here, though, the drop in prices has allowed more investment opportunities that could help them to cash in on the rental market. This story relates to: [SEE ALL] BOOKMARK THIS PAGE (What is this?) |
- First time buyers hit hard in New Zealand with tax increase 14/03/2008
- Property loan approvals increase in Australia 13/03/2008
- Growth in New Zealand property prices declines 10/03/2008
- Landlords and tenants struggle as Australian rates rise 10/03/2008
- Hard landing in store for New Zealand property market 09/03/2008
- New Zealand mortgage enquiries fall 06/03/2008
- Australian rates rise as homeowners struggle 06/03/2008
- New Zealand owners try to ride out the storm 05/03/2008
- Australian PM warns of harsh months ahead 05/03/2008
- Incentives in Australia for affordable home builders 03/03/2008
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