21 Mar 2023
There will be two more of these updates this year, so we look forward to finding out more in July about the ‘year of two halves’ that Goodall predicts for 2023.
It can be challenging to sort through how the economy and property market are really faring with so many different voices and stories in the media.
To get the latest from those in-the-know our own Daniel Brown, planning manager for our Auckland office, attended the latest UDINZ and Beca hosted Macro-Economic Update with Nick Goodall, head researcher at CoreLogic NZ late last week.
Overall, he took away that while times are tough, there are reasons for optimism:
- With interest rates steadily increasing for the past two years already, the majority of people have already transitioned from the record low rates, and it looks like interest rates are now near their predicted peak.
- While the collapse of the three banks in the US is concerning, it is not expected that there will be a financial collapse anywhere near the extent of the GFC, even with the Reserve Bank recording that we may well already be in a recession.
- On house prices, Nick predicts a prolonged period of pressure before they start rising again – potentially 5-7 years.
There will be two more of these updates this year, so we look forward to finding out more in July about the ‘year of two halves’ that Goodall predicts for 2023.
