Century 21 New Zealand owner Derryn Mayne has called upon the NZ government and banks to follow the lead of Australia and extend the mortgage holiday scheme, calling the decision a ‘no-brainer’.
Close to 60,000 New Zealanders had deferred their mortgage payments by the end of the financial year, while an additional 80,000 had reduced their repayments.
“Having supported over 1.7 million jobs, the hugely successful wage subsidy scheme comes to an end on September 1,” says Ms Mayne.
“We have a general election on September 19, which always sees real estate activity slow, then on September 24, the mortgage holiday scheme is due to expire. This could be a spring of discontent for thousands of Kiwis, but it doesn’t have to be.
“Industry statistics show median house prices across New Zealand are well up on last year and most regions are still experiencing price lifts month to month. REINZ also reported the highest number of new listings and properties sold for the month of June in four years.
“Real estate is defying any negativity and that’s great for overall business and consumer confidence. A perfect storm is now on the horizon, but we still have time to avoid it. The Government, Reserve Bank and retail banks acted decisively back in March.
“We need that same bold leadership again, and soon.”