The latest data from Statistics New Zealand shows the easing in Government immigration policy is delivering population growth at a rate exceeding 140,000 people per annum.
It isn’t easy to imagine a New Zealand where annualised population growth of 2.7 per cent (off the back of net population loss) does not add some element of housing demand. Regardless of whether the pressure on house prices come directly from new entrants purchasing homes, the incoming population needs somewhere to live, and someone must own the homes in which these new Kiwis live or rent.
Looking to the months ahead, we are fast approaching October and New Zealand’s general election. Various political parties are slowly unveiling their housing policies, and we look forward to covering these in greater depth in future editions of Ray White Now.For now, factors like an easing in lending criteria, stabilising mortgage lending rates, the broad acknowledgement that the market has passed peak pessimism and immigration-fuelled housing demand are not expected to set the property market alight immediately.
But, we can see an upside from the sluggish performance over the past 12 months.
Opportunities for buyers and sellers continue to increase, and our residential sales experts based in branches across the country are available to support your requirements when the time comes to make the most of current market dynamics.