Hi All,
I recently went to NZ for the weekend. I hadn't been there in almost three years and I was quite surprised by what I saw. Compared to Australia, sentiment in their property market is very poor.
The media and property magazines are all bemoaning the current situation: medians are falling as are new building starts as are most year on year figures. On top of that the NZ government is introducing some new property tax laws (unknown as yet but probably taking away depreciation benefits or also making their market similar to many other nations ie CGT,stamp duty,) on May 20. The consensus is that these will be negative and will result in falls between 5-20% (according to one magazine).
Add to this higher interest rates, lots of stock on the market, leaky building and BlueChip scandals and it seems all negative.
So, I'm wondering if it is a good chance for a counter cyclical purchase or two?
Anyone have any opinions on the NZ market?
I recently went to NZ for the weekend. I hadn't been there in almost three years and I was quite surprised by what I saw. Compared to Australia, sentiment in their property market is very poor.
The media and property magazines are all bemoaning the current situation: medians are falling as are new building starts as are most year on year figures. On top of that the NZ government is introducing some new property tax laws (unknown as yet but probably taking away depreciation benefits or also making their market similar to many other nations ie CGT,stamp duty,) on May 20. The consensus is that these will be negative and will result in falls between 5-20% (according to one magazine).
Add to this higher interest rates, lots of stock on the market, leaky building and BlueChip scandals and it seems all negative.
So, I'm wondering if it is a good chance for a counter cyclical purchase or two?
Anyone have any opinions on the NZ market?