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Every week seems to be coming with a little bit more hope of relief for mortgage holders and this week is no different. Following the change in tone of the RBNZ's OCR statement last week, we can now add weak economic data in the form of the NZ Activity Index for June, migration turning negative and further weakness for the property market.
The construction industry continues to go through tough times too, though at least from a consumers perspective this means the cost to build is decreasing - as the Cordell Cost Construction for Q2 illustrated.
All up it's been a busy week of property data, including Reserve Bank data on the tenure of loans chosen by borrowers in May, rental price figures, CoreLogic Buyer Classification for June and hot off the press REINZ sales for June.
Plus, Nick supplied RNZ with some data on 'accidental landlords'.
That's it on a tough weekend for the English (rugby, football) and a good one for the Spanish (tennis, football, Sail GP)…
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