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Housing at an all-time high

Average asking prices hit an all-time high in December, while new listings sunk to an all-time low, according to the latest figures from realestate.co.nz.

New listings were 6.2% lower in December 2017 (7,133) compared to the same month a year before (7,606). Total housing stock was also 9.3% higher than December 2016. On the other hand, the average asking price hit $660,798 up 3.8% from November 2017.

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Chris Carew

I have been working with Edge Mortgages for the last 3 years and have to say that Jon, Lisa and all the team at Edge Mortgages have been nothing short of superb.

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Yep, it’s approved, best feeling

My favourite part after all these years, is the look on a first-home buyer’s face when you say: “yep, it’s approved”.

Glen McLeod, of Edge Mortgages, ranked ninth in our inaugural Top Adviser Rankings, told us that nothing beats the smile of someone who didn’t think they’d ever own their own home, and then they do.

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Mortgage borrowing declines

Overall mortgage borrowing has registered a significant fall in the year ended in October, down 14% year-on-year to $4.6 billion, according to the newest residential mortgage lending data by borrower type from the Reserve Bank of New Zealand.

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Mixed feelings about LVR changes

Property Institute of New Zealand has welcomed the Reserve Bank’s announcement to loosen loan-to-value lending restrictions (LVRs) from 40% down to 35% but remain at the same level (20%) for first-time buyers.

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Reserve Bank to ease LVRs

The Reserve Bank of New Zealand (RBNZ) announced today it would implement a “modest easing” to LVR restrictions from 1 January 2018 due to pressures on the housing market having moderated over the past six months.

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Banks not happy with RBNZ DTI tool

The proposed inclusion of a debt-to-income (DTI) ratio tool in the Reserve Bank’s toolkit was largely met with criticism in a series of submissions, with ANZ New Zealand saying it is fundamentally flawed and Cooperative Bank calling it a blunt, unproven instrument, BusinessDesk reports.

The central bank initially sought to include serviceability restrictions or a DTI tool as part of a macroprudential toolkit that includes restrictions on high loan-to-value ratio (LVR) lending aimed at curbing an overheated housing market.

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