Last week’s Official Cash Rate (OCR) cut combined with confirmation that capital gains tax has been axed all bode well for the New Zealand property market.
Prices continue to remain stable, although with more choice and less urgency from buyers it is vital that properties are well promoted, well presented and vendors price expectations realistic.
The uncertainty surrounding a multitude of factors at play effecting the property market is resulting in reduced sales volumes. It is yet to be seen if the further reduction in the OCR and abandonment of potential capital gains tax will assist in reigniting the market. At Harcourts Cooper & Co we have experienced a notable surge in activity following these announcements and only time will tell if this continues.
April volumes were some of the lowest on record, however there were several accentuating factors referred to above and the extended holiday taken by many around the Easter & Anzac Day holidays.
In April, Harcourts Cooper & Co had 117 properties that settled. Whilst volumes remain low, the current market is providing a stable & fair environment for purchasers & vendors to buy & sell with less pressure.