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Confidence up in Auckland property market due to low interest rates, expert says

Record low interest rates are providing first home buyers a chance to get onto the property ladder.

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REINZ chief executive Bindi Norwell spoke to TVNZ1’s Breakfast about a potential long-term property trend. Source: Breakfast

That's according to Real Estate Institute of New Zealand chief executive Bindi Norwell who shared her analysis of the property market on TVNZ 1’s Breakfast today.

“It’s a direct correlation with low interest rates and house prices,” Ms Norwell said.

“Mortgage interest rates are the lowest they’ve ever been in this country.

Ms Norwell is upbeat about the Auckland housing market, saying: “What we’re seeing from our data is there is definitely more confidence in the market particularly in Auckland.

“Last year was extremely quiet if we’re talking about Auckland."

"Some areas, the more affordable areas like Papakura District, Manukau District there is lots of energy around there and we’re seeing some first home buyers coming into the market".

But in terms of the rest of New Zealand she says, "other parts of the country it is very different".