Market outlook: what economists have to say
In their latest Property Focus report, ANZ’s economists say the reopening of New Zealand’s economy has made the outlook a little bit brighter and that, recently, there have been positive anecdotes about the housing market.
But the bank’s chief economist, Sharon Zollner, says they don’t expect that positivity to last.
“The period ahead is when people on the street will feel the recession in lasting ways. Unemployment is rising and businesses are cautious. It will be a slow economic recovery.”
That means mortgage rates will be low for a long time – which will make home buying and spending more attractive – but weaker incomes and reduced job security will weigh on the housing market.
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