Covid be damned – the market is booming
So goes the headline from this article
National median house increase by 16.4% year-on-year for July.
Half of the regional markets saw double-digit year-on-year increases and hit record median prices.
Auckland’s median house price increased by 16.0% to a new record high of $950,000 from $819,000 at the same time last year.
The number of properties sold nationwide in August increased by 24.8% from the same time last year.
Economists retract their estimates of sharp declines in property values.
Reasons cited, record low interest rates, the removal of LVRs and the lack of listings. One might also add that money is chasing worthwhile gain - something that is not possible by bank deposits. Moreover, I also imagine some of the $3 billion that will hit the market after the wind up of Bonus Bonds will find its way into property.
So goes the headline from this article
National median house increase by 16.4% year-on-year for July.
Half of the regional markets saw double-digit year-on-year increases and hit record median prices.
Auckland’s median house price increased by 16.0% to a new record high of $950,000 from $819,000 at the same time last year.
The number of properties sold nationwide in August increased by 24.8% from the same time last year.
Economists retract their estimates of sharp declines in property values.
Reasons cited, record low interest rates, the removal of LVRs and the lack of listings. One might also add that money is chasing worthwhile gain - something that is not possible by bank deposits. Moreover, I also imagine some of the $3 billion that will hit the market after the wind up of Bonus Bonds will find its way into property.
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