Just because the market is cooling doesn’t mean it is bursting. It’s merely returning to the healthy activity levels of prior to 2014-15.
• Despite talk of property market turning, a record migration of 70,600 in 2016 released by Statistics New Zealand showed no sign of slumping.
• Harcourts CEO says it shows the key forces that fuelled the market – high levels of immigration & low interest rates – remain unchanged.
• The market may not remain at the same speeds in 2015-16, but a market cooling isn’t the same as saying a bubble is bursting.
• The thirst for property in the market won’t end given our net migration levels & resulting demand, Kennedy says.
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