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PHOTO: Tony Alexander/REINZ Report – July 2022
There are many negative forces in play in the housing market currently — ranging from 3% to 3.5% increases in fixed mortgage rates, shortages of credit, shortages of construction staff and materials, net negative migration outflows, collapsed FOMO and soaring FOOP (fear of over-paying). The impact so far is an 86% rise in the stock of property listings from a year earlier, a decline in annual sales from 100,000 to 76,000, and an average 7.7% fall in prices.
The results of our latest survey of licensed real estate professionals throughout New Zealand have shown conditions to be broadly as weak as they were last month. Certainly not stronger.
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