The pre Christmas real estate market begins!
Well that’s Labour Day out of the way then and the pre Christmas real estate market begins. At the time of writing there are 195 properties on real estate.co.nz, a sharp increase on the 181 of last week but sales are still strong with little sign of the Loan Value Restrictions (LVRs) affecting the market so far.
A growing belief that an expected reduction in official interest rates next week will be the last for some time has been reinforced by results of the Reserve Bank's latest New Zealand Survey of Expectations. The key finding - and one that the RBNZ pays a great deal of attention to is the expectation of the level of inflation two years into the future. In the latest survey the expected rate of inflation in two years’ time has edged up to 1.68% from 1.65% in the last survey.
I’m not seeing this as bad news as the rates are currently at historic lows and there is no doubt that they have helped fuel the market this year.
At this point, I’m not making any predictions about 2017 but low interest rates are expected to be the norm in most western countries for the next 5 years or so. This and high immigration levels mean nothing's changing soon in our market.
If you are thinking of selling your home, would like an appraisal, or want more information on the Upper Hutt property market please call me on the numbers below or contact me via email firstname.lastname@example.org alternately fill in your details here on my website.
(04) 212 6787
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