Housing market will have a softer landing than expected - ASB

Thu, 27 Aug 2020

ASB Bank believes national property prices will fall 2.8 percent by March - less than half its April forecast - as Reserve Bank data shows a $680 million spike in borrowing pushed mortgage lending last month to a July record. The resurgent mortgage lending - to almost $6.6 billion last month - continued to be led by sales to first home buyers. They borrowed $1.34 billion, or 20.4 percent of the total, while investors signed up for $1.45 billion, up from $1 billion in June. ASB had been picking a 6 percent decline in house prices by the Ma...

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