Auckland property market edges towards first price decline in a decade
“In the past few months the tide has turned towards it becoming a buyers’ market,” said Peter Thompson, Managing Director of Barfoot & Thompson.
“The over-riding market sentiment at present is indecision as to the direction the market is heading.
“A range of factors contributed to market uncertainty at year end. These included non New Zealand residents being restricted from buying certain categories of property, the reported major decline of property prices in the major Australian cities, the potential for capital gains to be applied to investment properties in the future and concerns over world economic stability, in part caused by the trade friction between the United States and China.
“The sales data for December masks that trend but it shows up clearly in the year-on-year figures between 2018 and 2017.
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