Echoes of past cycle - ANZ
ANZ has just released its latest Property Focus report and it states that the clear take-away, from recent data, is that Auckland is bearing the brunt of the recent slowdown in housing market activity
The bank’s chief economist, Cameron Bagrie, said recent LVR restrictions have had a direct impact on investor lending and Auckland’s House Price Index (HPI) is now moving backwards, with prices lower than they were six months ago.
“When compared with the rest of New Zealand, it looks like 2004-2006 all over again, with Auckland underperforming the rest of the country.”
However, there is still daylight between the median sales price in Auckland and the rest of New Zealand, he said.
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