Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Mortgage figures show housing market decline

Media release

Mortgage figures point to stark reality of housing market decline

4 March 2008 – Figures released by Veda Advantage, New Zealand’s largest credit reporting agency, show the extent to which the brakes have been applied to the housing market in New Zealand.

Veda Advantage has released mortgage enquiry statistics from its database that show a 27% decrease on housing loan applications from 2006 to 2007. Data from January this year points to a 14% decrease on 2007, firm evidence that the economic slowdown is biting hard on the property market. Figures also showed the largest decline in mortgage applications was from the 30-40 age group with a drop of 26%.

Veda Advantage New Zealand Country Director John Roberts says, “27% is a sharp year-on-year drop, and given the cyclical trends we’ve seen from 2000 through to 2008, it’s expected we’ll see a similar drop off in 2008, one which is likely to be exacerbated by the predicted slowdown of the economy. While house prices are dropping, consumer confidence isn’t there to match it. As such, we’ve seen a 14% decrease in the number of mortgage applications in January this year compared with 2007.


ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Crown Accounts: Slightly Softer Growth Expected In PREFU

A slightly softer growth forecast is the main feature of largely unchanged Pre-election Fiscal Update compared to the Budget forecasts three months ago, Finance Minister Steven Joyce says. More>>

ALSO:

Water: Farming Leaders Pledge To Help Make Rivers Swimmable

In a first for the country, farming leaders have pledged to work together to help make New Zealand’s rivers swimmable for future generations. More>>

ALSO:

Unintended Consequences: Liquor Change For Grocery Stores On Tobacco Tax

Changes in the law made to enable grocery stores to continue holding liquor licences to sell alcohol despite increases in tobacco taxes will take effect on 15 September 2017. More>>

Back Again: Government Approves TPP11 Mandate

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>

ALSO:

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO: