– ‘Must sell’: Faded ‘House of Pain’ pub on the market after 162 years of pulling pints<\/a><\/p>\nThe post-Covid housing market slump has put the brakes on New Zealand’s movers, with many homeowners preferring to stay put rather than risk selling at a loss or for a lower price. <\/p>\n
\u201cWhen times are uncertain, people often delay big decisions like moving house or building new,\u201d ANZ senior economist Matthew\u202fGalt said, citing the 20% drop in house values since market peak in 2021.<\/p>\n
Galt added: \u201cRenovations tend to be one of the steadier parts of the housing market through economic ups and downs.” <\/p>\n
While the number of consents for newbuilds had fallen by around 33% since peak, the drop in consents for residential alterations and additions had declined only 21%. <\/p>\n
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ANZ general manager homeowners Emily Mendes Ribeiro: “The housing market has been a little bit slower, and so people might want to renovate the place they live in to get some joy out of it.\u201d Photo \/ Supplied<\/p>\n
\u201cThere are now early signs that interest in renovations is increasing following the fall in interest rates,\u201d Galt said. <\/p>\n
Rachel Radford, a spokesperson for Builderscrack, an online marketplace that matches tradies with jobs, agreed that cost was the biggest barrier to home renovations. However, its own survey of homeowners found that most used their savings to fund renovations rather than borrowing.<\/p>\n
\u201cIt suggests many homeowners are planning and setting money aside before getting started,\u201d she said.<\/p>\n
Squirrel Mortgages South Island managing adviser Nathan Miglani told OneRoof that cost-of-living pressures might put off Kiwis from adding to their debt.<\/p>\n
\u201cI don\u2019t think people will be jumping onto this one straight away, and that\u2019s just cost of living, the uncertainty.\u201d<\/p>\n
Miglani said most of the major banks were still offering a 1% interest rate for sustainable upgrades such as solar panels and double glazing, so he expected people would look to utilise this first.<\/p>\n
However, he said it could be an attractive option for homeowners who had good job security and wanted to upgrade their bathroom or kitchen, especially as home loan rates were starting to jump up.<\/p>\n
– Click here to find properties for sale<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"– ANZ is offering a low-interest Reno Loan for homeowners to borrow up to $50,000 at 2.5%. –…\n","protected":false},"author":2,"featured_media":341875,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[138,1258,111,139,69],"class_list":{"0":"post-341874","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-latest-news","10":"tag-new-zealand","11":"tag-newzealand","12":"tag-nz"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/341874","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=341874"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/341874\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/341875"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=341874"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=341874"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=341874"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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