New Zealand home loan approvals soar

Country:  New Zealand

19 December 2008

Mortgage approvals in New Zealand have risen significantly on the back of lower borrowing costs, caused by recent interest rate cuts.

Residential loan approvals leaped 30.6% in the week to December 12 to 9,314, the highest weekly number since June 2007 when the housing boom was at its peak, according to the Reserve bank of New Zealand.

The value of home loans approved jumped 33.7% to just over NZ$1bn (£390m), the highest level since the second to last week of December 2007.

Editorial comment
It’s obviously too early to tell if the New Zealand property market is on the road to recovery. However, the jump in mortgage approvals clearly shows that activity is returning to the housing market.
 

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