PHOTO: Century 21 NZ.
“It’s time for the Reserve Bank to look at further softening its loan-to-value ratios, particularly for Auckland first-home buyers,” says Geoff Barnett, National Manager of Century 21 New Zealand.
His call follows REINZ’s release of January’s real estate data, as well as QV’s latest House Price Index showing that the Auckland market has normalised over the past year, with commentators noting that RBNZ’s higher deposit requirements have had their expected effect on Auckland.
“The LVRs were introduced a few years ago to help cool what was a crazy Auckland housing market, and they have worked. A review on the LVR restrictions now needs to happen as too many Auckland first-home buyers are missing out because of this outdated measure,” says Mr Barnett.
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