Auckland unattractive to investors - ANZ
ANZ has just released its latest Property Focus report and it suggests that with the steam taken out of the Auckland market, price pressures there are likely to remain subdued.
A key headwind for Auckland is affordability as its eye watering prices are holding the market back from resurgence, the bank’s economists say.
“But this is not true everywhere. And now that the Auckland market has cooled, the rest of the country is playing ‘catch up’.
“While there are reasons to expect Auckland house prices to rise faster than elsewhere on average over time, a large and unsustainable divide was created by Auckland’s recent astronomical rise.”
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