| 525813 |
2007-02-26 07:03:00 |
I'll never be able to find the source (Tony Alexander at BNZ.....?) but at least until recently, the average mortgage was paid off in New Zealand in 7 1/2 years. In other words despite borrowing on 20 - 25yr terms, Kiwis paid off their homes as fast as they could.
It will take longer at the moment but everything trends back to average. Houses might not fall much in value but they'll probably stagnate. We have had a huge gain over the past 4 years and at some point it will all go quiet. |
Winston001 (3612) |