New Zealand’s runaway house prices could be brought back to earth by low net migration if the coronavirus pandemic keeps the country’s borders closed, according to the central bank’s deputy governor.
Geoff Bascand told the Financial Times that if house prices cooled down faster than expected, it could affect the Reserve Bank of New Zealand’s forecast for rapid interest rate rises next year.
If New Zealand was slow to reopen its borders and more of its residents moved abroad, that could put a check on population growth and reduce demand for housing, he added.
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