February already and we are still experiencing a great summer.

The property market still seems to be holding as far as prices are concerned and very much still a supply and demand driven process.  Highest demand seems to be for sections and at present supply just isn’t there with many waiting for new developments to come on line. Unlike other perceived historic hotspots like Auckland where average prices are in decline, Queenstown is holding its own, again likely to be a result of a smaller more concentrated market.

Interest rates continue to be a topic of conversation, we have many instances of quote 1 year to 2-year rates being in the 3.75% to 3.99% range so breaking that magical 4% mark. All lenders are quoting for new and retention of existing business. Yes, for new business where loan to value is 80% or below, they are also offering a cash back although just about all lenders are now placing a “clawback” condition on that. This means that you are really signing up to stay with that lender for a period of time, generally 2 to 3 years.

The easing of the Reserve Bank policy on loan to value for owner occupied and also investors has had some positive spin off although it has to be said that the hardest mortgage to secure is where it is owner occupied, established property over 85%. These are still a struggle and the frustrating thing is that this is often the first home buyer and they are having the highest hurdles to overcome.

Enjoy our ongoing summer, remember if we can help, be it rate review, top up advice or simply discussing options, don’t hesitate let us know we are here to assist.

Cheers

Charlie & Michelle

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