Latest forecast for New Zealand property values displeases mortgage holders.
• A new forecasting report reveals that property values could drop by 12% in the next 3 years, which is a grim news for NZ mortgage holders.
• Moreover, chief forecaster says growth would not continue at the rapid rate currently enjoyed by property owners.
• However, ANZ’s chief economist says a 12% drop was unlikely, saying it would take a recession & halt in migration to spark a fall in property values as rapid as Infometrics predicted.
• Bagrie said the fundamental shortage of property, particularly in Auckland, would keep house prices firm.
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