Housetalk 166

Dear Resident,

West Auckland median prices rose by a further 1.9% in June, making the increase since June 2014 33.2%, the largest rise in any of the Auckland regions. Central Auckland showed a 31.0% increase by comparison.

The number of sales fell to 373 compared to 410 in May. The average time to sell was the same at 29 days. The reserve bank dropped the official cash rate by 0.25% in June which lead to a fall in residential mortgage rates.

The Chinese communist CCP party intervened in the Chinese stock exchange in June preventing any investor with more than 5% shareholding in a company from selling any of their shares for 6 months.

Hardly a democracy and little wonder many wealthy Chinese are moving a lot of their money offshore, out of the grips of the CCP. I would buy NZ houses too under those conditions if I could.

It is likely that the NZ government controls will be brought in to limit foreign purchase of NZ houses beyond those introduced earlier (overseas buyers must have an NZ bank account and IRD number) but that will probably will not happen quickly—perhaps 1-2 years away unless things get really out of hand.

Capital Gains May 2010 - 2015 - Median Prices

Henderson 86.6%

Glen Eden 92.5%

Te Atatu Peninsula 99.9%

Massey 94.2%

Do you want to know the value of your property? Its probably worth more than you think. Contact me for a free no obligation value update.

Best wishes,

John Goodrum