Kiwi House Prices No. 2 In The World
If you thought Kiwi house prices were going up an eye-wateringly rapid pace, you’d be right.
8 October 2021
New Zealand houses were the second-highest for price growth in the world, Knight Frank’s Global House Price Index showed in June 2021, with growth of 22.1 per cent.
That puts us only after Turkey, which had a 32 per cent price increase.
The report says global housing prices increased on average 7.3 per cent round the globe in the 12 months to March, its fastest pace since 2006.
The top five countries for price growth are Turkey (32 per cent increase), New Zealand (22.1 per cent), Luxembourg (16.6 per cent), Slovakia 15.5 per cent, and the US (13.2 per cent)
The figures have sparked fears of a property bubble, says Bloomberg, which noted that several countries, New Zealand included, had taken steps to take the heat out of the market.
We’ve already cut out the favourable tax incentives property investors enjoyed, followed by bringing in stricter new Loan to Value Ratio (LVR) rules.
Then this month, the Reserve Bank signalled Debt to Income ratios for new lending could be next on the horizon.
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