Mortgages Auctioned Online
ASB reports in its quarterly that “the housing market is showing stronger signs of recovery: having been the first part of the economy to succumb to downturn in 2007, it is also the first to turn the corner. Housing construction looks set to have a solid pick-up from late 2009.”
The dreaded ‘R’ word (Recession) is showing signs of retreat on the housing market - with prices up and sales turning around faster. However, indications from the Reserve Bank are that significant further falls must follow if we are to rebalance the coffers.
ASB says 6 in 10 surveyed on Housing Confidence think that now is a good time to buy property. The recent boost in housing sales supports this sentiment, likely triggered by the sharp fall in interest rates over the past year.
Record numbers of mortgagee sales have been recorded by Terralink - with forced-sales of 201 homes in March 2009, compared to 42 in March 2008. The 378% increase highlights the fact that the economic climate has had serious repercussions for many Kiwis invested in residential property.
New research from QV suggests that property price falls may have bottomed, having at least stabilised in the last month. “We may be near the bottom of the market,” according to QV Valuations spokesman Blue Hancock.
To buy now or later? There are many views on whether or not now is the right time to buy, or whether there is more downside to come in property prices. Adrian Chang (SST 12/04/09 ” Why now’s a good time to buy a home“) summarises the views of Tony Alexander, BNZ’s chief economist who [...]