"600 or 700 [thousand dollar mortgage limits for an income of $100,000], somewhere there seems to be the indication, and I think it marks a pretty big shift. This will limit house price growth in future, and really limits how many properties people can own, because you can't shift your income massively overnight."
#KelvinDavidson, Chief Property Economist, #Corelogic
https://www.rnz.co.nz/national/programmes/morningreport/audio/2018884737/house-prices-dropping-but-still-30pct-higher-than-pre-pandemic
#mortgages #housing #HousingPrices
House prices dropping, but still 30pct higher than pre-pandemic
House prices are 30 percent higher than they were before Covid-19, according to the latest figures from CoreLogic.
But the Reserve Bank's official cash rate hikes have helped cool the housing market - prices have slumped 10.5 percent nationally in the last year, and about 20-percent in the Wellington region.
That's not great news for recent or highly indebted buyers and with a wave of mortgage re-pricing still to come, the housing market outlook is fairly subdued.
Corelogic's chief property economist Kelvin Davidson spoke to Corin Dann.
House prices dropping, but still 30pct higher than pre-pandemic
House prices are 30 percent higher than they were before Covid-19, according to the latest figures from CoreLogic.
But the Reserve Bank's official cash rate hikes have helped cool the housing market - prices have slumped 10.5 percent nationally in the last year, and about 20-percent in the Wellington region.
That's not great news for recent or highly indebted buyers and with a wave of mortgage re-pricing still to come, the housing market outlook is fairly subdued.
Corelogic's chief property economist Kelvin Davidson spoke to Corin Dann.
Strypey