If a recession hits, property gets cheaper, right?
Unfortunately, there’s no guarantee that a declining economy automatically means declining house prices. However, it’s certainly possible. No one truly knows what the future holds.
Other factors, especially credit availability (how easy it is to get a loan) can affect prices a lot more than negative growth in the broader economy.
The sad fact is, property prices are high in New Zealand and wages haven’t grown that much. Waiting for a recession to hit and then scooping up a property bargain is probably an unrealistic dream.