PHOTO: Source: 1 NEWS
The property market is holding its own in the face of the Covid-19 pandemic with rural and provincial areas faring better than the main cities.
CoreLogic’s house price index eased 0.2 per cent in the three months ended August, with rural and provincial areas faring better than most of the big cities.
The organisation’s head of research Nick Goodall said property values have been hit by lockdowns, with tourist centres in particular hardest hit.
But he said a wide range of economic and financial support measures such as wage subsidies, mortgage deferrals, government relief programmes and the Reserve Bank’s move to keep a lid on interest rates have helped to underpin the market.
“As long as significant support … remains, the chances of a significant correction in values are greatly reduced.”
The biggest fall was in Queenstown, down 7.4 per cent, while Auckland and Dunedin each fell more than 1 per cent. Most provincial centres were steady, but prices in rural areas were up more than 1 per cent.
READ MORE VIA TVNZ
