Ray White Now 2022 - May New Zealand - Page 11

In the area of sale prices , there has been a reduction in the overall sale price of 0.8 per cent . The average sales price is $ 1,035,216 . While the change in the last 12 months has seen property increase by 18.8 per cent , you can see on the following graph supplied by CoreLogic that there is now a plateau and decline in house prices since February 2022 .
Source : www . realestate . co . nz
Looking regionally across main urban areas , Nick Goodall , CoreLogic New Zealand Head of Research , made comment , “ Affordability remains a key constraint on the market as increasing interest rates impact the number of eligible borrowers and the amount they can borrow . This is on top of tighter credit availability by way of greater scrutiny on borrower expenses through the CCCFA changes as well as tighter loan-to-value ratio ( LVR ) restrictions continuing to bite .
“ Proposed changes to the CCCFA may provide some respite , and the latest data from the Reserve Bank of New Zealand ( RBNZ ) shows banks are still staying well below ( 3 per cent in March ) their allowed speed limits ( 10 per cent ) on high LVR lending so credit flows may open up in the coming months . Debt to income restrictions have been pushed back too ( more on the following page ).”
Source : www . corelogic . co . nz / news /