Home-buying conditions best in eight years – report
Home affordability continues to improve, with the best buying conditions in eight years, according to mortgage brokerage Roost.
Roost’s monthly home loan affordability report said a fall in house prices and the prospect that interest rates would stay low for longer took affordability to levels not seen since September 2003, just before house prices surged.
Cities and provincial areas which improved included Hutt Valley, Auckland central and south Auckland, while affordability worsened in Christchurch, Otago and Southland, due to rising prices.
Roost spokeswoman Rhonda Maxwell said banks were easing their lending criteria because lending growth had dropped to record lows of about 1 per cent a year.
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