The Registered Master Builders Federation (RMBF) has released survey results showing 15-20% of all new home builds come from buyers borrowing more than 80% of the value of the house and land package.
The Reserve Bank has given more detail on its hopes for its high LVR speed limit and rebutted some of the early criticisms around first home buyers in its half yearly Financial Stability Report and a long appearance before the Finance and Expenditure Select Committee.
The first hard house price data seen since the October 1 imposition of the Reserve Bank's high LVR speed limit showed it had yet to slow house price inflation in the hot Auckland market, but there were signs of a flood of new listings as home sellers look to 'pick the peak'. New listings hit a 10 year high in October.
The Government's response to Auckland's housing un-affordability and the resulting nationwide threat of rising interest rates is focused on increasing housing supply in Auckland, but it's not having much effect yet. Statistics New Zealand reported just 489 dwellings were consented in September, down from 503 in August and a high of 628 in May.
The Reserve Bank of New Zealand has detailed more of its thinking behind its 'speed limit' on low deposit lending, saying in a briefing paper it is 'learning by doing' to some extent and may look at fresh 'targeted interventions', including at rental property investors.
ASB has announced its customers with pre-approvals for low deposit mortgages must 'use them or lose them' within 10 days in its most drastic measure yet to slow lending to meet the Reserve Bank's new 'speed limit'.