Yes, our housing market’s slowing, but so is everyone else’s
Our housing market has become less road runner and more sloth. And we’re not the only country seeing a slowdown. So, do we blame global events outside our control?
According to the latest ANZ research probably not, but maybe… We’ve had a mix of policy changes and skittish investors retreating to shares and cash.
Plus, affordability is starting to bite. Auckland’s crazy growth is finally too crazy and people just can’t pay those prices. Fun fact — it’s probably worse for our cuz’s across the ditch. Especially in Sydney and Melbourne. At least here, credit is still easily available, so if you decide to go for it, you can borrow. Not so in Oz, where there’s a credit squeeze. And here, if worse comes to worst, the RBNZ has a little interest rate ammo in the barrel and can drop rates to spur growth.
Don’t sneer —the experts at ANZ really think the next RBNZ move could be down. Either way, they’ve crunched the numbers and found that for the next few years, our economy will be a tad beige at best.