The latest residential housing figures from New Zealand’s largest real estate group, Harcourts shows that inventory is down in all regions except Christchurch, where property-on-hand was up a massive 25% compared to last year. Sales activity the Central Region did not take a breather for the typically quiet January month, with written sales up 22.9%.
Harcourts CEO Hayden Duncan says that stable interest rates, more competitive mortgage products being offered by lenders, and the sound economic outlook, will continue to fuel buyer activity well into the autumn months.
"New Zealand is in a situation where we have growing population numbers, a stable economy, and growing consumer and business confidence. The only thing preventing those looking to buy property is the lack of affordable housing in the areas it’s needed. With building consents lagging behind population growth, particularly in Auckland, that situation won’t change without government policy change," says Duncan.
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