- Unemployment rate reaches 4%. Interest rates are likely to hold.
Statistics NZ released Labour Market Statistics for the December 2023 quarter on 7th February. Unemployment Rate. Lifting wages. Migration. Will interest rates be affected? - Housing affordability outlook.
Affordability measures are still above historical averages. Kiwis are spending 49% of their gross annual household income on mortgage repayments. Properties in NZ are now valued at seven times the average household income. - More Kiwis are falling behind on their repayments.
According to the latest report from Centrix, approximately 12 percent of Kiwis are in arrears, equating to 439,000 individuals or 20,800 mortgage accounts past their due dates. - A year on Auckland Anniversary weekend floods and Cyclone Gabrielle.
The importance of insurance and regularly updating insurance coverage to reflect property prices and the rapidly rising costs of rebuilding.
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