What can we expect after the lockdown?
The first lockdown in March 2020 showed erratic behaviour in many sectors. House prices were no exception and it was widely touted for values to decrease by 5 – 15%. Interestingly, this didn’t transpire.
2020 Lockdown vs 2021 Lockdown
Last year in March 2020 the Reserve Bank cut interest rates by .75% and removed the ‘Loan to Value Ratio’ restrictions in order to assist first time buyers. This had a positive effect on the sales figures and market value.
Lockdown and the Housing Market
The impact the Corona Virus lockdown has had on New Zealand’s housing market is that of accelerated growth. Higher demand.Higher prices.
Banks Holding Back Buyers
Many banks shy away from supplying lending for apartments. A 50% deposit is often required therefore making it incredibly difficult for a first home buyer.
First Home Buyers Must Change their Mindset
Even at the bottom end of the scale finding a house and land package for under $650k is like finding a needle in a haystack, even in the furthest outskirts in Auckland.
Aucklanders, Considered Apartments yet?
It wasn’t that long ago that we all had our sights firmly set on a typical quarter acre section. The ‘Kiwi Dream Home’. Nowadays a quarter acre fills many dreams. With property prices steadily increasing apartments have become a popular option for many Kiwis. The upgraded building code, material selection and clever architectural design mean […]