Monday, Jan 14, 2008
New Zealand follows the downward path
stuff.co.nz: Property price slow down
Downwards tumble here in NZ is accelerating, prices down over 4% since they peaked in September/October, although in a VI trick your all familiar with this article focuses on the now meaningless annual rise figure. When the average house price falls from NZ$406,089 in Oct 2007 to $388,253 in December (after falling to $393200 in November) you just know that if it looks like a falling knife, and cuts like a falling knife, it is, in all probability, indeed a falling knife...............
But NZ is different, shortage of housing, high immigration, blah blah blah..........
Posted by andy hamilton @ 09:31 AM (199 views) Add Comment
2 Comments
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1. tyrellcorporation said...
Hey Andy, If I'm gonna fulfil my dream of heading out that way, I need NZD to fall dramatically against GBP. Any news on what's happening to future IRs out there?
2. Andyh said...
Hi TC
We have a substantial inflation problem here and I am picking at least one more rise in IR in 2008. Westpac expect 2 more rises. Consensus is for rates on hold until early 2009, when most then expect easing. Bottom line - I doubt the NZ$ will soften much against the £ - indeed in recent weeks it has strengthened markedly (mind you the £ has its own problems). However once the NZ$ tips over it will fall VERY rapidly (as our economy is also a debt fuelled monster with a massive trade deficeit attached) -so once the first rate cut is in watch out below - but I dont see this happening till 2009 at earliest.