The Election is having an affect on the property market
It's an interesting time in the property market with elections drawing near, it'll be interesting to see how the market reacts post-election.
The latest in from realestate.co.nz shows the demand nationwide has decreased by 8.5%. Asking prices are at an all-time high in five regions across the country: Waikato, Wellington, Taranaki, Central Otago/Lakes and the Wairarapa.
The Auckland average asking price fell 1% in August to $933,502 compared to July 2017.
Of the 19 regions, demand for Auckland property sat at -23.9%, placing the country’s largest city at the bottom of the table. The Auckland region also registered a 22.7% fall in the number of new property listings compared to August 2016. The number of new listings fell 17.5% nationally.
This shows to me that people are waiting until the election has been decided before making any major financial decisions.
Below are graphs showing how Papatoetoe, Mangere East and Manukau are tracking against the Auckland region in general.