Westpac report says the good times in the residential property market will "end very soon".
The housing market is facing a looming slowdown, according to Westpac's chief economist Dominick Stephens.
In a Home Truths Report on the housing market Stephens said although the market was positive for now, it will soon slow.
"In our view the good times for the market are going to end very soon," he said.
"We are forecasting a small decline in house prices in the second half of 2018.
The report pointed to six factors that would likely cause a market slowdown:
- Foreign buyers will be banned from buying existing residential properties, probably by the middle of this year.
- Ring fencing tax losses on residential investment properties, which means investors won't be able to offset any tax losses from a property against other income.
- The Tax Working Group will probably recommend a Capital Gains Tax, although the family home will likely be exempted.
- Mortgage rates are more likely to rise than fall
- Net migration is expected to keep slowing while home construction will keep rising.
"This is a prodigious set of negative factors, but for a few reasons we are forecasting only a slight house price decline, rather than anything dramatic," the report said.
Poll: Do you think NZ should ban social media for youth?
The Australian Prime Minister has expressed plans to ban social media use for children.
This would make it illegal for under 16-year-olds to have accounts on platforms including TikTok, Instagram, Facebook and X.
Social media platforms would be tasked with ensuring children have no access (under-age children and their parents wouldn’t be penalised for breaching the age limit)
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Do you think NZ should follow suit? Vote in our poll and share your thoughts below.
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85.6% Yes
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13.2% No
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1.1% Other - I'll share below
What's your favourite recipe for courgettes?
Kia ora neighbours. If you've got a family recipe for courgettes, we'd love to see it and maybe publish it in our magazine. Send your recipe to mailbox@nzgardener.co.nz, and if we use it in the mag, you will receive a free copy of our January 2025 issue.
BLACKHAWK CORGI RACES SUNDAY NOV 17
Who is the fastest Corgi in NZ?
This will be decided on Sunday, November 17 at Belmont Domain, Lower Hutt with racing starting at 2pm.
Thirty Pembroke and Cardigan Corgis will take to the 60 metre track for racing like no other.
Competition comes from as far away as Auckland and Whanganui and if you want to stretch it a little - Scotland - with the very recent arrival of Skye and his owners from the other side of the world.
The youngest to compete is 7 month old, Atlas whilst Bonnie at 14 years is part of the seniors (nine and over) event.
Spectators very welcome to this sixth annual championship organised by the Wellington Welsh Corgi Club.
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