Mark Harris, Co-Founder and Managing Director of New Zealand Sotheby's International Realty, is a property market expert having been through every cycle of the past 15 years and overseeing the growth of the company across the country.
He takes us through the current state of the New Zealand real estate market during the election period.
"Historically the argy bargy of an election lead up can have a cooling effect on the property market, but this year has been somewhat different due to labor’s increased migration targets, low housing stock and loosening of borrowing rules. Prices have tentatively started climbing again around the country."
For the full commentary, watch Perspectives October 2023 here.
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Historically the argy bargy of an election lead up can have a cooling effect on the property market, but this year has been somewhat different due to labor’s increased migration targets, low housing stock and loosening of borrowing rules. Prices have tentatively started climbing again around the country.
Historically when nationals win elections, there’s a we’ve seen a more significant boost to the market and this year would be no different due to the raft of investor-friendly policies they’ve promised like shortening the bright line test to 2 years and restoring interest deductibility for rental properties.
They’re also looking at rolling back the foreign buyer ban which means a larger pool of buyers for sellers of homes above a $2 million dollar threshold.
So with more buyers and investors entering the market and a stabilizing rates environment we expect a strong run into Christmas. The ANZ is predicting a 4% increase in house prices over the remainder of the year and continuing into 2024.
And it’s times like these a company like ours, with our unmatched global audience, comes into its own for vendors. Sotheby’s International Realty has a network of 26 thousand sales associates across the world all working together to your benefit.
Today’s feature property is this impressive Auckland penthouse. Located in Remuera’s golden mile, it has a chic modern decor and panoramic city views from almost every room.
Currently if you have your home appraised with us, you go into the draw to win an escape in luxury in Queenstown. There’s two weekend stays to be won, just have your home appraised by one of our local experts by October 27. Visit nzsothebysrealty.com forward slash escapeinluxury
Our latest Property Style is out now, with the businesswoman and farmer, Nadia Lim on the cover. Pick one up at any of our 29 offices across the country.
That’s all for now, we’ll see you next time.