Property market still restrained

CoreLogic suggests new government has further stalled housing market

Property market still restrained
The protracted nature of the government coalition negotiations appeared to have further stalled the property market, with market activity staying restrained right through to mid-October, according to CoreLogic.

CoreLogic’s latest property market report shows that nationwide first home buyers have increased their share to the highest level of activity (21.6% of sales) since Q3 2007.

Those multiple property owners purchasing with mortgage however increased only marginally from 24.1% in Q2 to 24.7% in Q3, the report showed.

Values have continued to gradually slide in Auckland – down 0.6% over the last 3 months – while values in Hamilton are slowly regaining the loss incurred in late 2016.

CoreLogic said there are a few suburbs growing by more than 1% over the last 3 months and none by more than 3%.

In East Auckland, the suburbs of Cockle Bay and Mellons Bay have experienced steep drops in value in the last 3 months, down by 3.5% and 4.8% respectively. The North Shore’s Schnapper Rock has also experienced a similar drop of 4.7%.

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