City Sales Poised For Property Price Boom in 2020

Westpac economists have predicted that property prices will increase by up to 7 per cent this year, and the cancellation of capital gains tax, combined with tumbling mortgage rates would push prices higher, its economists say. The bank predicts the turnaround of the market will be most pronounced in Christchurch and Auckland, where markets have been weakest.

Last week, the Herald reported Quotable Value finding Auckland property values making their biggest quarterly jump in two years, and not since September 2017 had the price index jumped so much in a quarter, as it rode a boost in expensive property sales in the inner city and North Shore.

Reinz figures show Auckland house sales at four-year high according to recent Real Estate Institute data, and predictions of Auckland's rebound were also being borne out. City Sales’ Scott Dunn said, “Sales are up to a level higher that we’ve seen in recent months and we’re seeing more bidders on the auction room floor” The results are in line with the REINZ House Price Index where Auckland property values rose 4 per cent annually to a new record high, Scott said.

Auctions were used in 14 per cent of all sales nationally last month: 883 properties sold under the hammer, up from the same time last year, when 10.5 per cent of properties or 589 places were sold via auction. Auckland had the second-highest number of properties selling by auction as a percentage of total sales: 27.7 per cent or 515 properties.

City Sales are the specialists in Auckland apartments and housing investment, so to find out more about property for sale Auckland, rental property management and apartments for sale Auckland city please visit the website at http://www.citysales.co.nz .