With rates coming down and property prices still competitive (compared to a couple of years ago), it could be argued that it's not necessarily a good time to sell, but it could be a good time to buy.

Ultimately it comes down to your ability to get a mortgage, based on income and outgoings and the amount of deposit you have, but there are a number of outside factors at work that may help you decide whether or not to buy a property right now.

Interest Rates

Borrowing rates are at an all-time low and this helps keep payments as low as possible for any money borrowed. More importantly, rates are forecast to remain relatively low for the foreseeable future

Property Prices

Homes in Auckland generally rise in value over time, but many areas are currently experiencing very little growth and prices have actually fallen in some places

Immigration

Auckland, especially, continues to enjoy positive immigration. This is a combination of people coming from overseas and people moving from other parts of the country to the City of Sails. This puts more pressure on housing and supply-and-demand issues would suggest that values could go up in the future

Building Costs

The costs associated with building property continue to increase. A combination of labour and material costs as well as Council fees all contribute to putting upward pressure on values in the future, as developers and builders seek to continue to make a profit

Rental Costs

Due to a relative shortage of housing supply, rents are forecast to rise - which is frustrating if you have to continue to rent but good if you are buying property to rent out, or to live in.

None of the items above are guaranteed to continue but each contributes to the potential of value rises in the future.

If you’d like to find out how much you can borrow to buy a house or would like to talk through anything related to mortgages or finance then please have a look at our website, or simply give us a call or send an email. We are here to help.

Unlike their cousins across the Tasman, New Zealand workers have seen strong wage growth, with the biggest pay rise in a decade recently recorded. According to Statistics New Zealand, average hourly earnings have increased 4% over the past year to $32.37 an hour, which is the biggest annual percentage increase since June 2009. The seasonally adjusted unemployment rate also fell in the June quarter from 4.2% to 3.9%, with the under-utilisation rate also dropping from 11.3% to 11%.

The Reserve Bank of New Zealand (RBNZ) recently cut the official cash rate (OCR) to a historic low of 1% in an effort to stimulate the economy. The domestic economy is slowing down, with the RBNZ doing what it can to inspire people to spend money or invest in more productive investments. As the benchmark for all interest rates charged by banks and other lenders, the OCR is undeniably significant. Despite the historic nature of the current lows, however, homeowners and potential first-home buyers should only expect modest savings.

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