Uncertain time for house sales and values

The residential property market is facing an uncertain year as the country strives to recover from the recession and investors react to the sector's tax changes, the latest New Zealand Herald Property Report says.

Property writer Bruce Morris says in the liftout in today's paper this year "could be the shocker" that property experts inaccurately predicted for last year.

The report contains comprehensive data from Quotable Value on average estimated values, median sale prices, and changes over preceding months and years for nearly 400 suburbs and localities in the North Island.

Bayleys Real Estate managing director Mike Bayley said the residential property market had mostly been flat this year in the upper North Island. Sales volumes traditionally picked up in February.

"That trend never happened this year, as investors sat on their hands waiting for last month's Budget announcement on residential investment tax changes."

Owner-occupiers had followed that trend.

But he said there were signs in Auckland City's inner suburbs, such as Remuera and Ponsonby, that the market was poised to recover sooner rather than later.

To read the full NZ Herald article, click here

Posted: 8 Jun 2010

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