House price boom slowing, latest figures suggest
Interest rate rises and declining migration numbers are hitting the housing sector, particularly cheaper properties.
Saturday, August 21st 2004, 5:19AM
by The Landlord
Quotable Value's house price index released today showed price growth pulling up fast, dropping from a 5 per cent index change in the March quarter to just 1.9 per cent in the June quarter.Quotable Value spokesman Blue Hancock cited interest rates and migration as the two main factors behind the turnaround.
"Continued annual house price growth at current levels is not likely to be sustainable in the medium term, given increasing interest rates and the downward trend in net migration," Mr Hancock said.
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