Monthly Market Update – April 2018

By Robert Carter

Steady, Stable & Sustainable Market Indicators

Primary indicators point towards a steady, stable & sustainable Real Estate market moving forward.

The latest statistics released by the Real Estate Institute of New Zealand showed  the median house price nationwide has increased by 1.8% in March, year on year. Auckland saw a minor decrease of 2.2% to $880,000 during the same period – this was due to a record high in the previous year and a 4% increase in properties sold under $750,000. Days on the market remain relatively consistent at 36 in Auckland, compared to 35 days last year. Sales volumes in Auckland decreased 12% in March compared to the same period last year.

A recent analysis of over 450 sales completed between January & March 2018 by Harcourts Cooper & Co showed an increase in activity from first home buyers and investors, with these two groups making up 46% of buyers. A further 38% was made up by those ‘trading up or trading down’.

When buying or selling Real Estate ensure you obtain experts advice. The ‘Bright-line property rule’ has changed? From 29th March 2018, people who sell a house in New Zealand within five years of buying it must pay income tax on any gains, unless it’s their main home or another exemption applies. If you bought a house between 1st October 2015 to 28 March 2018, the original two year bright-line rule still applies. For full details refer to the IRD website.

Are you interested in discussing current market trends further? Considering buying or selling and would like to discuss the best options. We invite you to contact your preferred Harcourts Cooper & Co consultant for an obligation free chat.