New Zealand is in a terrible position in terms of the real estate market. People have been over spending in the last few years as explained in the previous post. But this is about to come to head. The financial hard times are starting to catch up with us and this will be starting to hurt…
Tag: mortgagee
New Zealanders Are Struggling To Hold Onto Their Investment Properties.
‘Buy a few investment properties. The rent will pay the mortgage, then later you can enjoy the capital gain’. Well – it seemed a good idea at the time. But the current recession is bringing things home to roost for many who speculated on property in the years leading up to 2007. Unprecedented numbers of…
Mortgagee Sales In New Zealand Are Steadily High
Aucklanders hit hardest as forced property sales quadruple Mortgagee sales in Auckland are the highest in New Zealand, with more than four times as many forced sales than a year ago. The sheer volume of residential housing in the city, high median house prices and people being laid off are being cited as factors in…
Westpac The First New Zealand Bank To Give New Zealanders A Mortgage Holiday
Finally there seems to be a little relief for those who are becoming financially stressed by this global economic downturn. Westpac is the first bank in New Zealand to follow Australia’s lead and offer 12-month mortgage holidays.The decision is part of the bank’s new set of measures to help financially stressed customers. Australia’s biggest banks…
Mortgagee Sales are up – Whats happening out there?
Today I read a very interesting article on stuff.co.nz about an Auction that a good friend of mine Roland Lina conducted last night in New Plymouth. It highlights a good point about what is happening in the market. The article reads as follows. Three words are dominating Taranaki’s real estate pages “sell, sell, sell”. As…