Press Release – realestate.co.nz
· Soft start to spring with the lowest new listings for any September on record in nine regions
· How will opening up the $2 million market to overseas buyers affect Kiwis?
A pre-election snapshot of the New Zealand property market reveals a softer-than-expected “spring swing” has begun. September saw new listings down year-on-year in most regions as Kiwis face increasing interest rates and the looming election.
The latest data from realestate.co.nz also showed the national average asking price stayed flat during September. As New Zealanders await Election Day on 14 October, it appears that the property market is also waiting for the result.
Vanessa Williams, spokesperson for realestate.co.nz, says it is typical for Kiwis to hold off on making significant financial decisions in the face of uncertainty:
“We see it all the time that Kiwis hold off on making big decisions ahead of an election while they wait to see who comes into government and how expected policies might impact them.”
Would opening the $2 million market hinder Kiwi property dreams?
‘Election promises’ that would make it easier for overseas investors to purchase property over $2 million has left some Kiwis asking what that could mean for their homegrown property dreams.
There are currently more than 23,500 homes for sale on realestate.co.nz, with only around 7.0% priced at $2 million or above. Vanessa suspects that given how niche this part of the market is, it’s likely the majority of property seekers will be unaffected by this change if it goes ahead:
“We are talking about the higher end of the market, where there is less demand. Homes priced over $2 million tend to spend more than twice as long on our site than those priced closer to the national average asking price, telling