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Property market report

July is the month of change for the property market. It is a change because many rules and restrictions change to remove red tape and restriction. Let’s take a peek:

1/ The Labour Governments Capital Gains Tax (Alias the 10 year brightline test) is being thrown in the fire and replaced with a more modest and relaxed 2 year speculation tax, which makes sense for those wanting to buy and profit from improvements or changes in a property on-sold under 24 months.

2/ The interest deductibility on rental property comes back into effect, allowing landlords to seek tax rebates on the interest paid on rental properties. Thus making it more affordable to own and operate in the rental space which may increase the number of rental properties available to the market. Based on demand and supply this may slow rent increases or at best give tenants more choice. It’s fair to say that investors have been selling down portfolios rather than increasing them under the past government.

3/ The CCCFA is in for a shake down which covers a number of areas which make it easier for banks to comply with the “reasonable inquiries” section dealing with expenses and credit summery. Reform sees the act move from the Commerce Commission to the Financial Markets Authority indicating the willingness to make it simpler and easier to get money. In a statement from Chris Bishop, “Today’s changes will still require lenders to act responsibly and ensure lending will not cause hardship, but lenders will not have to follow a prescriptive, one-size-fits-all process.”

4/ New LVR rates for investors and home buyers comes into effect allowing home owners to borrow 6x annual income and investors 7x annual income. It may not be a game changer but at least property buyers understand the rules.

A look to the interest rates in play and you’ll see ASB and Westpac have moved their 3 year mortgage rate to 6.39% and although the variable floating rate still sits at 8.64% it is a welcome sign that interest rates are coming down, albeit slower than most people wish.

So……………. What all this means is this, if you’ve been sitting on your hands and waiting for change, the tide may certainly be turning, property numbers on market are reducing and spring is literally months away. It makes it the best time to go shopping, negotiate well, and pick up a home that is a starter and affordable, as interest rates come down it will be easier to spend that extra money on renovations, debt consolidation or some treats.

Let’s look at the sales:

Coatesville                               $2,952,000

Helensville                              $650,000 to $1,450,000

Huapai                                     $1,130,000 to $1,230,000

Kumeu                                     $1,010,000 to $1,500,000

Muriwai                                    $1,800,000

Parakai                                     $695,000

Riverhead                                $1,200,000 to $2,700,000

Swanson                                  $750,000 to $1,645,000

Taupaki                                    $1,890,000

Waimauku                               $1,050,000 to $1,276,000

Waitakere                                $1,200,000 to $1,800,000

Whenuapai                              $750,000 to $1,250,000

If you are looking to achieve a great result for the sale of your property please contact me today for a free pre-sale property checklist and appraisal that will provide a starting point in your decision-making.  After 18 years working with buyers and sellers, I have a depth of knowledge and experience to share with you. No cost, no obligation, just some honest feedback.  Call me, Graham McIntyre AREINZ directly at 0800 900 700, via text at 027 632 0421, or through email at Mike Pero Real Estate Kumeu/ Hobsonville. Licensed REAA2008.


22 Jul

Sayers says it

By Rodney Councillor Greg Sayers

How are the new parking fee charges in the Auckland Central Business District (CBD) going to affect people driving from Rodney?

Auckland Transport recently announced car drivers will be stung with new 24-hour parking charges covering overnight, at weekends and on public holidays...

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19 Jul

PINC Cancer Rehab at NorthWest Physio Plus

Cancer rehabilitation is a crucial step in the recovery journey, and NorthWest Physio Plus in Kumeu offers the exceptional PINC programme to support this vital process. Led by the experienced physio Sonia Mitchell, this programme provides tailored care to help women with cancer regain their strength and improve their quality of life...

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15 Jul

What’s on at The Riverhead

There’s plenty going on at The Riverhead in July.

Our famous Sunday Roast Night has returned, every Sunday from 5pm – check our social media pages for the weekly roast offer. You might also like to enjoy it with a glass of mulled wine.

If you’re doing Dry July we have a fantastic range of non-alcoholic options and mocktails available...

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