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Central Realty North Shore's Predictions Following the Election

Friday 29 September 2017, 3:24PM

By Beckie Wright

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As we start the run into Christmas we hope the sunny weather will descend upon us and the rain will abate for a while at least. At the time of writing, the country from a political point of view is in a “holding pattern” until Winston decides who is going to form the next government.

Central Realty North Shore report that market wise, the main highlights of what happened in Auckland in Real Estate for the month of August, are as follows:

1) The actual number of properties sold in Auckland fell by 21.5%.

2) Auckland house price index decreased by only 2.9%.

3) The time to sell a house in Auckland (# of days on market) went up by 9 days to 40 days.

4) Auckland Auction based sales decreased by a massive 61%.

They also note, that in summary, prices in Auckland have been stable, decreasing slightly but overall not moving up or down too much. The other important thing to note is that the days to sell have however increased which combined with static house prices means the heat has come off. In saying all that, from their personal experience, with a lack of new listings on the market lately, they have noticed a flurry of activity in the last few weeks as buyers compete over the lack of options available. 

Where to from here…

If Winston decides to put National back in, Central Realty’s Shane Coote and Roger Simpson-Marvin say they would expect things to remain steady as she goes, with new buyers and sellers entering the market throughout Spring. If, however, Winston puts Labour and the Greens into power and if one of the coalition criteria from the Greens is their capital gains tax policy (Labour backed down on their one) then it could be a good time to sell. The reason for this is there would be a flurry of activity of investors buying before the capital gains tax is implemented. There could also be a flurry of activity from foreign buyers before heavier controls are put on them. Moving into 2018 Shane and Roger suspect a Labour/Greens/NZ First Government could have a significant slowdown effect on the market, however.

As Shane says, “Obviously, the above predictions are just that and time alone will reveal all to us. One thing to always bear in mind is that as long as you buy and sell on the same market then changes are not so impacting”.

For more information on houses for sale in Auckland, rental properties North Shore and house valuations please go to http://www.crcentral.conz .