Rates fall boosting housing market - Westpac
A change in the Reserve Bank’s stance and a fall in wholesale interest rates has led to a drop in fixed mortgage rates, with banks across the board slashing them in recent weeks.
In Westpac's latest Home Truths report, chief economist Dominick Stephens says there are now clear signs that this is leading to a housing market boost.
This week’s REINZ data shows that October saw a large 9.3% lift in house sales (once seasonally adjusted by Westpac), which was most heavily concentrated in Auckland.
Stephens says that corroborating the idea that the market has perked up, the number of days taken to sell a house fell from 38.2 to 37.2, which is about the level it was at back in April.
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