New Zealand’s property market has continued to dominate headlines in 2015 and rightly so as a lot has happened this year; most of it in our largest city. The most notable property market ‘low’ throughout 2015 has been lack of supply of property in Auckland. Rising net migration to the area has been good for economy but it’s added to the existing housing woes.
The growing disparity between supply of and demand for property in Auckland has seen values rise to meteoric levels this year with media reporting the average property in Auckland is now earning more a day than an average worker!
For Auckland property owners increasing property values has been a high point. There are now hundreds more equity millionaires. In recent months due to the recently introduced RBNZ 30 percent LVR restriction on Auckland property for investment, property investors have set their sights elsewhere.
Outside of Auckland, the provinces, particularly those surrounding Auckland have seen their property sales prices rise in recent months most likely due to investor activity. Discussion on PropertyTalk confirms it’s been a good year for property investors throughout the country. Low interest rates and areas offering good yield have keep investors active.
While Wellington in the past twelve months has been one of most sluggish regions, there are good capital growth suburbs and Wellington has provided investors with high yielding properties throughout the region.
Overall it’s been a year of more highs than lows for property investors. We have witnessed it too with our Property Masters events more popular than ever before.