The downturn in the property market is expected to continue, despite some signs that prices are stabilising. CoreLogic NZ’s fourth quarter (Q4) Property Market & Economic Update showed the quarterly drop in national home values was the smallest since May, at 0.9 per cent, with a monthly drop of just 0.2 per cent in December. Photo / Peter Meecham, OneRoofSales volumes remained low in the final quarter of last year, he said, with some buyers finding it difficult to secure finance, while others shopped around for a good deal. In addition, he said there were no signs of widespread forced sales, as unemployment levels remained low and households adjusted to the new and higher interest rate environment. “The rise in the unemployment rate this year could be more about a larger labour force,” he said, adding that people already in a job should be able to ride through the downturn.
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