Bank of New Zealand (BNZ) stories
The Business Improvement District levy will stay flat as Takapuna’s board backs a new chair and incoming members for the year ahead.
Nationwide house prices climbed 1.3% in October as low rates and scarce listings kept demand ahead of supply.
Record-low rates have lifted first home buyers to a 25% market share, but reimposed lending curbs could force many out again.
Nationwide property values rose 0.8% in September as low rates and scarce listings kept demand firm despite the economic downturn.
Record house prices and strong sales are fuelling doubts over Treasury’s forecast of a 5% fall by June next year.
Tighter lending criteria and renewed virus restrictions are likely to cool mortgage demand after July’s NZD $6.6 billion peak.
Pent-up demand is expected to lift sales as Aucklanders return to the market after nearly three weeks in lockdown.
Auckland and Dunedin buyers are skewing towards mortgaged investors, as July's share hit a four-year high despite fresh Covid-19 uncertainty.
House prices and sales could weaken in September unless the Government extends mortgage deferrals as the wage subsidy ends and election looms.
Property values have already slipped nationwide, with tourism-dependent centres like Queenstown hardest hit as the recession starts to bite.
Sales momentum remains firm in Auckland, with first-home buyers and investors still active despite claims the city has tipped into a buyers’ market.
Lower deposit rules and weak bank returns are drawing small investors into housing, helping keep prices elevated across New Zealand.
Affordable townhouse projects in Auckland will get a lift as the non-bank lender commits GBP £75 million to new residential developments.
Lower deposits and record-low borrowing costs are giving first-home buyers their strongest opening in more than a decade this winter.
With mortgage rules easing, the Government is being urged to soften New Zealand's foreign buyer ban to help revive property sales and investment.
Queenstown looks most exposed, with tourism reliance and Airbnb saturation making its property market vulnerable to a COVID-19 downturn.
Easing loan-to-value rules is only part of the fix, with commercial landlords warning wider support is needed to prevent a deeper downturn.
First-home buyers could face lower deposit hurdles as the Reserve Bank weighs scrapping mortgage loan-to-value rules for a year.
Lower borrowing costs are expected to bolster New Zealand property demand, with record-low interest rates giving buyers greater certainty and confidence.
Economic worries are deepening as COVID-19 threatens recession, job losses and delayed launches across New Zealand's fintech sector.
