HIBISCUS COAST MARKET UPDATE – DECEMBER 2018
In the news last month…
- Investors should note that from the 1st of July 2019, ceiling and underfloor insulation will be compulsory in all rental homes across New Zealand. REINZ is warning landlords that if they don’t comply, they could face a fine up to $4,000 from the Ministry of Business, Innovation and Employment.
- Anti-Money Laundering Act is now in place in the real estate industry as of the 1st of January 2019. This requires us to carry out Client Due Diligence before taking on a new listing and includes obtaining a copy of a passport for each Vendor as well as a utility bill that is addressed to their current residential address. For trusts, we need further information so if you are contemplating selling, it is best to let your agent know sooner rather than later to ensure all the paperwork is in order.
- The Real Estate Institute of New Zealand’s monthly statistics were released today which has revealed that December had the lowest number of properties sold for the month of December for 7 years. In Auckland, the number of properties sold decreased by -24.3% year-on-year and was the lowest for the month of December in 10 years.
- There is commentary that the Auckland real estate market is going through a flat period. History suggests that the last two pauses in the market lasted 5 years and going by that theory, there may be another three years of low sales volumes and no price gains. However it is unusual for the NZ housing market to be flat in good economic times. Interest.co.nz latest article outlines more of this in detail (click here to read).
- To read the full REINZ Monthly Report for December<<< Click here
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If you would like to have a no obligation chat about real estate, please contact Anita Dobson on 021 337 093 or email anita.dobson@harcourts.co.nz. Your #1 choice for real estate on the Hibiscus Coast!