PHOTO: Property Crash. Where is it?
We have commented previously as to the property correction that must come to the New Zealand residential property market:
The consensus from a many market commentators is that a Property Market correction is long overdue.
The last property crash was in 2008, and it is amazing ( 11 years on) – we are yet to see another one.
The Property Clock – indicates the BOOM is over but where is the CRASH?
The Property Crash is on the horizon – and we are certainly seeing the Auckland property market struggling
This always comes with other cities riding the last wave of the BOOM
https://www.propertynoise.co.nz/previously-unfancied-suburbs-facing-brunt- of-housing–boom/
Mortgage Interest rates – has been the savour for many – wanting the Property Market correction to abate. Historically low rates – mean that there has been no
pressure on many first home buyers in the Auckland market that have taken our $800,000 mortgages. If the rates moved to 6% – there would be ‘blood on the streets’.
The Labour Governement – are a socialist one.
1/ They have taken letting fees away from real estate agents and given them back to tenants
2/ They will bring in a Capital Gains Tax in 2021
3/ All property, businesses, shares and intellectual capital – will be taxed. They are now – but they will keep on taxing
4/ They have intervened with the housing market and decided to be become a housing developer AKA – KiwiBuild
The Tax Working Group’s proposal for a Capital Gains Tax (CGT) – and its detail will send the market/economy into a preemptive protective phase that will ensure we
head into a recession. Forget about US trade sanctions, Brexit and the China slowdown – the Labour Government are about to take NZ into a recession and market turmoil all on it’s own
Property Noise Group Opinion Piece