The NZ Property Market Podcast S3.E8 - Buyers market arrives sooner than expected
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It’s another busy week in the property market, with a huge range of data and topics to cover. But first the guys had to cover off the sickness and accidents that hit the Goodall household over the weekend.
In the property market itself, one key point of discussion from last week was February’s CoreLogic House Price Index, which confirmed the slowing trend for values – reflecting fundamental drivers such as higher mortgage rates and reduced credit availability, but also possibly a change in mindset, as the pricing power shifts towards buyers.
In turn, part of that reflects the changing listings situation, which the guys also run through. With more choice on the market, buyers are probably getting some sneaky offers accepted, with that pattern coming through a bit sooner than we were anticipating.
Meanwhile, the economic news has been a little mixed – with filled jobs still rising in January, but dwelling consents dipping, and business and consumer confidence now looking very weak. There’ll be some headaches at the Reserve Bank, as they try to balance the need to control inflation (with a higher official cash rate) while at the same time not damaging the economy. This ‘stagflation’ risk – i.e. a stagnant economy but high inflation – is one to keep an eye on.
There’s also a look ahead to upcoming data, and a heads-up about CoreLogic’s new Women & Property Report, which is timed for International Women’s Day (8th March) and takes a detailed look at female ownership in the NZ property market, as well as a look at Australia.
Check out all our regular CoreLogic research insights at https://www.corelogic.co.nz/research-news and get in touch on LinkedIn, twitter @NickGoodall_CL or @KDavidson_CL or send us an email on nick.goodall@corelogic.co.nz or kelvin.davidson@corelogic.co.nz
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