Christmas and New Year has been and gone, I trust you all had the opportunity to rest and relax and enjoy the company of friends and family. It is now a case of embracing the challenges of the new year with a fresh mind and enthusiasm.

Sales for the past month showed 28 house sales at a median price of $995,000 and 8 sections with a $513,000 median price. I believe everyone is sitting with baited breath waiting for further section releases, there is definitely a pent-up demand particularly amongst first home buyers who still find it easier to get into the market with a new build rather than established property, simply because the Reserve Bank loan to value rules are not as restrictive.

The year has started with some easing in restrictions, the LVR for investors for existing properties has increased to 70% meaning they have to fund or secure only a 30% deposit. For owner occupied also an easing with the LVR restrictions meaning banks can now provide mortgages in excess of an 80% loan to value to 20% of applicants. A slight easing which we are already seeing having a positive impact. I believe the fly in the ointment is what will come out from the tax working group and the possibility of capital gains tax of some description and more importantly in this area the ongoing impact of the Government restrictions on overseas buyers and how that may impact the high-end market and possible flow on effect.

Interesting to see a report from Trade Me today that Wellington is the most expensive area for rental properties, all I can say is that perhaps they have not done any research on our little corner of New Zealand.

Enjoy this month read, if there is anything that Michelle or I can do for you don’t hesitate to contact.

Cheers

Charlie & Michelle

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