Auckland Housing Market Shows Signs of Life Amid Global Economic Uncertainty
The New Zealand economy is showing signs of improvement, according to Treasury's pre-election economic and fiscal update. The report points to higher tax revenue and an improved fiscal outlook, driven by inflation being estimated at 1.9% next year. However, the government's financial outlook remains delicate due to ongoing risks.
Residential construction in Auckland may be on the upswing, with new housing completions starting to rise after a period of decline. Despite this, ANZ is not optimistic about the overall housing market, predicting that house prices will likely remain stagnant over the next year in response to higher interest rates and uncertainty.
Meanwhile, Revolut has named Ryan Brosnahan as its New Zealand CEO, taking over from Georgia Grange who has been promoted to Chief Operating Officer. The fintech company is seeking banking registration from the Reserve Bank.