Otago Property Investors Association Inc
Phone: 03 477 6220
Renters are hurting as much as homeowners - national average rents are up by just over 7 per cent, the average rental now costs %300 per week.
Mortgage rates are continuing to rise. Even over five year-terms, rates from some lenders are now priced at well over 10%.
President of the NZPIF appreciates the aim of the Minister of Building and Construction to ensure renters have more stability but says there are downsides to long term leases of 15-33 years
Concern over the long-term increase in families renting rather than owning homes has prompted Minister for Building and Construction, Shane Jones to propose providing stable rental rights, for the benefit of both landlords and tenants.
Mortgage lenders have continued to raise home loan rates over the past week and there are suggestions from some commentators that they could go higher still.
Mortgage rates are continuing to rise even though the Reserve Bank held the official cash rate (OCR) at 8.25% last week.
Don't buy yet, don't sell right now and polish the nugget you're sitting on .
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