The average value of residential properties in Auckland has declined for five months in a row and value growth is slowing in other areas, according to the latest figures from Quotable Value.
Gareth Vaughan questions whether the relatively high floating mortgage interest rates being charged by banks can be justified in an otherwise low interest rate environment, and ANZ’s latest Business Confidence Survey shows firms are mainly on the pessimistic side.
It’s probably just as well the Government decided not to introduce a capital gains tax because the latest data from Quotable Value (QV) shows property values declining in Auckland and value growth slowing in much of the rest of the country. Which means that by the time a CGT might have been introduced there’d be a good chance there would be no capital gains to tax anyway.
Most banks currently have their floating rates around 5.80%.
Business confidence and firms’ expectations of their own activity remained low in April, according to ANZ’s latest Business Outlook Survey.