The popularity of the recent Property Masters events proves New Zealanders’ love of property investment is alive and well and here to stay. Our interest in property and it’s market movements is so vast that our media channels have responded this year by feeding us with copious titbits on a daily basis.
Topping the headlines has been the lack of supply, too much demand, foreign investors and property investors for a drop off in property sales to first home buyers. By mid way through 2015 the Government was under immense pressure to take some sort of action and eventually they did but not before the RBNZ imposed a higher LVR restriction on investment property purchases in Auckland from 1 October 2015.
This impending rule became big news in the media and coupled with the Government’s bright line test proposal, the Auckland property market became hotter than ever before. Property values rose as the rush was on to buy up more property. Had property values peaked around the time the media reported the average property in Auckland was earning more each day than the average wage earner? No, Auckland property values still increased by an average 18.1 percent the month of October 2015.
For much of the year the rest of the country has not followed in Auckland’s footsteps. The Wellington region reportedly grow by just 0.7 percent growth in twelve months – whereas Auckland was up 20+ percent. Property investors do however rave about Wellington and the Property Masters one day events held in Auckland and Wellington suggest property investment is in demand now more so than every before. The events in both locations were very well attended by an audience that included people with no experience to investors with large property portfolios. Such was their interest in PropertyTutors’ mentoring program it’s full until the May 2016 intake. Pre-register now.