Latest video giving a brief update on the mortgage and interest rates in NZ.
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Michael Anastasiadis – Mortgage Broker Wellington | Mortgage Adviser | Mortgages made easy
Another article you should find interesting: Mortgage Calculator – Debt to Income and more
Okay, good evening everybody. It’s Michael Anastasiadis here from Bozinoff Mortgages, mortgage advisor, mortgages made easy coming to you here from a bit of a gloomy day here in Wellington.
Look, I just wanted to jump online and just basically say a big thank you. You might’ve seen my earlier post that I’m now ranking on the first page on Google and the first couple of three, I got to be humble, you don’t want to over say it, but yeah. So that’s a big thank you to be ranking so high on Google for Wellington mortgage broker.
I just wanted to say thank you to everyone for your likes, for all your support, for all your Google reviews, for all the videos that I’ve done especially with Lance and Renee and other real estate agents as well and just giving you these updates. The likes that you guys give have helped me get such a good spot on Google.
I just want to say a big thank you to everyone because Corey Hinde and the team at Good Oil Marketing as well for helping me, for giving me tips, and for telling me to keep going with my video contents and helping people and give and give these sort of updates. Hopefully you guys are finding them more useful and I think the results are showing. I wanted to take a minute to say a big, thank you.
The other thing while I’m here, I just thought I’d give you a quick update that probably you’ll see on the 6:00 news that the Real Estate Institute of New Zealand’s announced another record year, year on year.
From May to May, May last year to May this year, it’s been another record in terms of house price growth. I think the medium house price now in New Zealand’s well over 800,000 and the ones that I saw out of all the stats that they blacked out today, for me, the most interesting thing was that this is the lowest number of houses on the market in New Zealand, the second lowest since records began.
I’ve been going on about it for a year here, even more, why house prices won’t drop in New Zealand, and that’s because we have such a massive supply and demand imbalance. I think in Wellington alone, there’s probably 50,000 people looking to buy a house. To have 15,000 only in all of New Zealand available, it shows you how stretched we are now.
Now, of course they can’t build them fast enough but there’s so many thousands of people looking to buy a house and if they’re not looking to buy, they’re looking to rent and when there’s only 15,000 houses available in the country, it just shows you why prices are not dropping. Yes, the government’s put a hold on immigration so that means there’ll be even less people looking to buy but those few Kiwis that are here looking to buy, there’s just not enough properties out there.
That’s why prices are holding and I don’t see any of that changing. I do think that government missed the trick, instead of extending the bright line test for investors, maybe they could have done an amnesty and allowed landlords not to have the bright line test applied to them if they sold the existing rental property to a first-time buyer. Something like that would have been much better to see a bit of a transfer of wealth in the country, especially why the borders are closed, right? That would have been a great opportunity.
Anyway, if you’re out there looking, I know it’s hard, but to be fair, there are still a lot of investors that aren’t looking at the moment. They are slowly coming back into the market so now’s a time for first time buyers to buy because it’s not going to get easier. We all know what happens come spring, come summer loving, people are looking to buy again, new couples, people looking to upsize.
That’s just not going to change. Demand is only going to grow as we come out of winter and into spring.
In terms of interest rates, yes, the three, four, and five year rates have gone up a little bit so you’re looking at late threes, late twos, early threes now, but your one year rate is still record low at 2.25 or 2.19. There could be some for them to drop even further because usually the banks like to do some sort of spring special at some stage. I know we’re not in it spring yet but there’s probably room in there for another cut at some stage.
There you are, I just thought I’d jump online, say a big thank you to everyone. A big thank you for your support. Please. If you’re watching this video, do press that like button, press that cheer button because the more confidence we can put out there in these times of uncertainty that best for everyone.
That’s a little update what’s happening in the world of mortgages. It is tough to get your mortgage approved so if you know anyone that needs a hand feel free to tag them in this post or share my details with them and I’ll be more than happy to reach out and help them out.
Like I say, if you’ve got a mortgage coming up for renewal again, we’re also happy to help take a look at that to make sure you’re on the right fixed mortgage rate for your circumstances.
Right, I’m going to sign off, guys. God bless us all and have a great evening. I’ll be live again soon. Definitely got a few open homes I’ve been invited to again this weekend so it’s just a matter of balancing getting to the open homes and I’ve got some family stuff on, but I’ll definitely be if not at one or two of them over the weekend. All right, guys, have a great afternoon and we’ll be in touch soon. Cheers, guys.