Ongoing low interest rates makes it good time to buy

Published: Thu 9 Nov 2017 12:45 PM
Century 21 New Zealand
Thursday, 9 November 2017
Ongoing low interest rates makes it good time to buy
National Manager of Century 21 New Zealand, Geoff Barnett, says with the Reserve Bank keeping the Official Cash Rate at 1.75% and interest rates set to remain relatively low in the foreseeable future, now is a good time for many Auckland renters to run the numbers on a mortgage calculator.
“Many could be pleasantly surprised when comparing their weekly rent commitment to mortgage repayments, and realise it may be the best time for them to buy in recent years if they can come up with a deposit,” he says.
Mr Barnett’s comments follow reports that overall residential rents have gone up this year in Auckland, while house prices have plateaued, and interest rates remain low.
He says more houses are now coming on the market too, meaning more choice for buyers than there has been over much of this year.
“Things are settling down to a more normalised real estate market where vendors with realistic expectations will achieve good prices while buyers won’t be forced to rush their purchases.
“In one word, summer is set to be ‘steady’ and with interest rates remaining low, it’s arguably a great time to get into the market,” says Mr Barnett.

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