Rate cuts lure back property investors

Landlords are back in the market, prompted to hunt for properties because of cheap interest rates, according to a recent survey.

Shaun Riley, chief executive of Mike Pero Mortgages, said the poll had found landlords looking once again.

The survey of more than 550 investors was conducted by the mortgage business and landlords.co.nz, a website run by Tarawera Publishing and the NZ Property Investor magazine which that firm owns.

Falling interest rates were making residential property investment more attractive, people said.

"It is a good time to buy, both for investors and for private buyers. House prices are cheaper than they have been for a number of years and with falling interest rates, home affordability has improved considerably over the past year," Mr Riley said.

Neil Harris, an Auckland landlord and property manager, said he planned to buy after Christmas but was shutting down for the holidays.

To read the full NZ Herald story click here

Posted: 17 Dec 2008

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