New Zealand housing is a significant bellwether for other markets, seeing as pricing peaked early due to excessive stimulus associated with COVID, and then the Central Bank started to lift the cash rate ahead of other central banks. Now we are seeing the impact spilling out into the housing sector.
Westpac, the last of the main banks, has now moved to raise home loan rates. Though like two other rivals, Kiwibank and BNZ, they have refrained from raising their 3.99% one year fixed rate.
The QV House Price Index has experienced its largest drop in more than a decade, with the main centres currently taking the brunt of the impact of rising interest rates and tightening bank credit.
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