Mortgage demand in New Zealand fell sharply in the final quarter of 2021, according to credit reporting company Equifax:
“Credit inquiries are a lead indicator of housing turnover and price movement, and despite the increase in house prices across New Zealand in the December quarter, the recent reduction in mortgage demand may indicate cooling prices in the coming quarters,” [said Equifax New Zealand’s managing director, Angus Luffman].
Demand for loans in the current year looked likely to be subdued thanks to the continued pandemic, but Luffman said new lending laws, supposed to protect vulnerable borrowers from unscrupulous lower-tier lenders, were expected to have an impact on lending levels…
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Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
