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Tighter lending among factors slowing house price growth
Tighter lending among factors slowing house price growth

15 February 2022, 9:12 PM

The rate of house price growth is slowing, as tighter lending limits and changes to credit rules prevent some buyers from getting into the market.The Real Estate Institute's (REINZ) house price index, which measures the changing value of property in the market, rose 19.9 percent in the year ended January to 4164.Positivity Matakana However, this was a 1.5 percent decrease from December and the index was down 2.6 percent from its peak in November.The national median house decreased 2.2 percent month-on-month but is still 20.5 percent higher than a year ago at $880,000. In seasonally adjusted terms, prices rose 1.4 percent."While we do note a deceleration in the rate of price growth, it does follow a particularly strong year," REINZ chief executive Jen Baird said."Historically low interest rates and a supply deficit saw heightened demand and kept house prices rising through 2021."However, with the Reserve Bank increasing interest rates, inflation rates being at their highest in 30 years, tighter lending conditions, and government regulation, market dynamics are shifting."The number of properties sold in January fell 28.6 percent when compared with the same month a year ago.In seasonally adjusted terms, sales were down 5.3 percent.At the same time, the number of properties available for sale increased 28.5 percent to 19,897, as higher values enticed more people to sell.Baird said it was normal to see sales slow in January but feedback from agents suggest that there are fewer first home buyers in the market with some pointing to recent changes to the Credit Contracts and Consumer Finance Act which had made it harder for some people to access credit."While hard evidence is lacking in terms of the impact of the CCCFA, data from Centrix, a New Zealand credit reporting agency, found the percentage of home loan applications that were approved dropped from 39 percent in October to 30 percent after December."The longer-term effects would be seen in the number of buyers in the market in the coming months, Baird said."Looking forward, we would expect sales volumes to increase as we head into February and March."The median number of days to sell a property across the country rose by two days to 37 days.January saw 14.5 percent of all properties sold by auction across the country, which is down from 15.6 percent the same month a year ago.This is a substantial change compared to December, when auctions accounted for nearly a third of all sales."Anecdotally, feedback in the regions suggests that current prices and access to finance has seen fewer buyers in the market," Baird said.

Politicians react as protest continues
Politicians react as protest continues

11 February 2022, 12:15 AM

Inside Parliament, Minister for Covid-19 Response Chris Hipkins stressed that the pandemic is not over.Hipkins made the comments in the debate of the Prime Minister's statement in the House this afternoon.He referred to the number of protesters outside Parliament and the number of Covid-19 deaths experienced overseas."More people are dying of Covid-19 in Australia than were on the Parliamentary forecourt. Each week, more people die from Covid-19 than have been standing on the Parliamentary forecourt each week."Hipkins also thanked police officers for protecting those working on the Parliamentary precinct.Speaking after visiting a Covid-19 vaccination centre in Albany, Auckland, Prime Minister Jacinda Ardern told the group of anti-vaccine mandate protesters to 'move on'.Ardern said it was ultimately an operational matter for police."Obviously every New Zealander has a right to protest, but there are also rules around what is able to happen on Parliament's forecourt and of course we would expect that people have behaviours that don't disrupt the ability of others to go on with their lives as well."She said the majority of New Zealanders shared a similar sentiment, to keep one another safe and do as much as they could to ensure we could continue to live our lives as we did before the pandemic."It is not unusual to have protest activity at Parliament, that is part of our democracy, but we do need to make sure that we keep that balance with people being able to live their lives - particularly people who live in the Wellington region or work in the Wellington region. So that is of course what the police are endeavouring to do."I'm not going to question those who have the expertise around how to manage situations like this."She said she had seen a number of protests in her time in Parliament and this was certainly not the largest.The National Party confirmed it did not support the convoy protest, despite one of its MPs posting on Facebook that she wanted to thanks the protesters.Maureen Pugh edited the post before deleting it entirely, saying she didn't know the protesters were anti-vaccination.The party's Covid-19 spokesman Chris Bishop said he did not see the post before it was deleted.Bishop said Pugh has apologised for her actions and that there are no anti-vaxxers in the National caucus.

120 arrests made at protest
120 arrests made at protest

10 February 2022, 5:22 AM

RNZPolice made more arrests this afternoon as they continued to hold the line.Police said it was disappointing that despite the grounds being officially closed to the public earlier today, a number of protesters are still refusing repeated requests to leave the precinct."We continue to acknowledge people's rights to protest, however those who behave unlawfully will face arrest."Some protesters responded with abuse, haka and hurling objects at officers.At an unprecedented media briefing this afternoon, Wellington District Commander Superintendent Corrie Parnell said the health and safety of police staff and the public was paramount.Parnell said two police officers who had been assaulted in today's confrontation with anti-mandate protesters were now recovering.Police had twice deployed OC spray after officers were pulled into the crowd. He said they were not seriously injured and such behaviour was unacceptable.WIN! A dinner for two at Bam Boo asian canteen here: Valentine's CompetitionParnell said that earlier today police saw some weapons such as placards and sticks, as well as a knuckle duster which signalled the sentiment of some of the occupiers.He said the presence of children was a significant risk factor and that some protesters had placed children in front of adults.He said police could not control that but could control how they dealt with the children."There has never been an occupation of this scale, it's unprecedented and there has to be a measured approach," he said.Asked how long the occupation would continue Parnell said "my intention is it won't be here for another week".

Convoy continues to Wellington
Convoy continues to Wellington

07 February 2022, 1:04 AM

Police are monitoring Covid-19 protest convoys heading towards Wellington from both ends of New Zealand.A spokesperson said they are not following the convoy, but are watching out for any issues using CCTV and units already on the ground.All kinds of motor vehicles from trucks to cars and campervans are travelling the length of the country to meet in Wellington in protest against Covid-19 vaccine rules and public health measures."We are fighting for New Zealand's freedom," read a poster on the Convoy 2022 NZ Facebook page.Supporters on foot are seen holding up signs on overbridges in Auckland including Wilks Rd and Bawden Rd on Sunday.Vehicles set out from Cape Reinga in the North Island and from Bluff in the south, starting 6.30am on Sunday, according to the poster.A Spotify playlist the convoy organisers made for others to add "good tunes to drive to" was taken over by people who opposed the protesters."Some people are adding some really disgusting music (don't think you can call it music). I'm guessing [it's] people that don't agree with the convoy because they have nothing better to do," one person said.Songs that were added by those opposing the convoy included 'Redneck Piece of White Trash' by Rebel Son, 'Why Don't You Get A Job' by The Offspring, and 'Dumb F**k' by Peaches.The North Island convoy is due to arrive in Wellington on Monday night and the South Island group is scheduled to reach Picton sometime that same day before getting the ferry across.

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