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NZ Property Investors' Federation Welcomes Rate Cut
"Today's rate cut is welcome news for landlords and tenants," said Matt Ball, spokesperson for the NZ Property Investors' Federation. "It won't result in immediate rent cuts, but it is a sign of better times ahead."
"Today's small cut will take time to work through the system as many property investors are on fixed rate mortgages. However it is a sign that inflation has been beaten, and it will encourage investors struggling with high costs to stay in the business. Better still, it will encourage investors who have been holding off buying new properties to get back into the market, increasing the number of properties available for rent.
"The main driver for rents is supply and demand, so having more rentals in the market should take pressure off rent increases.
"We hope that there will be more interest rate reductions ahead. Landlords have had an incredibly tough time of it over the last few years as with tax, interest, rates, insurance and maintenance costs all increasing rapidly. This has driven some investors out of the market and caused rents to go up as a result. It is great to see this malign environment start to turn around," he added.
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