The Auckland property market ended last year edging towards its first decline in prices for ten years, with the last few months seeing the tide turning towards it becoming a buyers’ market. A range of factors contributed to market uncertainty at year end, including non New Zealand residents being restricted from buying certain categories of property, the reported major decline of property prices in the major Australian cities and the potential for capital gains to be applied to investment properties in the future. There are also concerns over world economic stability, in part caused by the trade friction between the United States and China
The last few months of 2018 is the first time the median price has fallen since 2008, the year the impact of the Global Financial Crisis affected house prices. Sales under $500,000 rose, and this this increase can be linked directly to the higher number of apartments, terraced housing and town houses hitting the market, giving first time buyers and those on limited incomes far better access to property.
A fuller, more complete picture of the Queen City market will need to await the REINZ data in about two weeks, so for more information on selling apartments, real estate agents Auckland, property managers Auckland and studio apartments please go to http://www.citysalesco.nz .