It’s a good idea to observe property price trends off-shore, particularly when these have been parallel to New Zealand in the past few years. Sydney property market has dropped 5% recently, whilst Toronto’s hefty stamp duty acted like a foreign buyer ban and resulted in a 5% drop.
New Zealand has a softened and gradual approach, with buyers from Australia and Singapore unaffected. Foreign buyers would also be able to purchase 60% of the units or more in new property developments of 20 units or more, pushing them into the apartment market. The heat will be off residential houses for now.
The strong economy and low OCR are expected to keep interest rates low for another two years and could see a short spike in buyer activity at the start of next year, as banks are poised for lower fixed term rates.
Spring is a great time to sell your house because everything is starting to look greener and more inviting, so your house looks its best. With the highest number of new listings in a September since 2011, competition can result in fewer views and longer marketing periods.
Call me now for your best option.
Geraldine Zareian MREINZ,
Barfoot & Thompson, Browns Bay Office
Free dial: 215 2773 M: 021 184 0312, E: firstname.lastname@example.org