First home buyers and multiple property owners with a mortgage continue to be the key players of interest in the market, according to CoreLogic.
CoreLogic NZ head of research Nick Goodall said first home buyers with a mortgage account for 24% of residential property purchases across NZ in Q3 2018, and that they now have the same share as mortgaged multiple property owners. According to Goodall, this has not happened before.
He also highlighted that the high share of purchases accounted for by mortgaged multiple property owners, at 24%, shows investors still see value in the market despite extra pressures such as the looming removal of negative gearing and a potential long-term tax on capital gains/income.
According to the latest CoreLogic Quarterly Property Market and Economic Update, the overall property market outlook may be one of future uncertainty – with factors including the foreign buyer ban and loan to value ratio rules announcement in the year or the next.
The report shows the latest figure for NZ-wide average residential property values was $676,427, up 4.6% ($30,049) from a year ago.