Latest News

It is always interesting to read the weekly report ofthe BNZ Chief Economist, Tony Alexander. To quote him and a small portion of the report, he mentions:

"Our oft-expressed view is that with economic woe deepening by the day offshore our country is about to be swamped with a good portion of perhaps one million Kiwis offshore coming back home to escape the downturn. Plus we expect fewer Kiwis already here to leave and seek fortune and adventure offshore. That means in teh next few months we think the annual net migration gain will easily breeze the ten year average of 10,000 toward at least 15,000 come year end. Given the continuing deterioration offshore and the reisk things get much worse, the risk is the net flow of migrants here easily exceeds 15,000 within a year.

Two housing fundamentals this week moved further in favour of prices not falling much further. The supply of new housing coming onto the market is essentially collapsing. Annual dwelling consent numbers are now running at a rate near 13,000 which is just over half the average for the past decade and down 50% from a year ago. The number of consents issued in January was the lowest on record."

A very interesting time to be working in the property market would be my own observation.

Ken Watson
Principal - AREINZ