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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:

Herald Island                           $1,285,000

Hobsonville                             $615,000 to $1,775,000

Massey                                     $678,000 to $1,200,000

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

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

West Harbour                         $760,000 to $1,415,000

Westgate                                  $690,000

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.

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July 2024

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