Auckland Housing Market Trends July 2024
Summary
- 📅 Brightline Test Update (1st July): Reduced from 10 years to 2 years. Sellers of investment properties within 2 years still pay tax on gains.
- ⛽ Auckland Petrol Tax Removal (1st July): The 11.2 cents per litre tax ends after 5 years, but major rate hikes (6.8% overall and 7.2% on water) may dampen the benefit.
- 🏠 EQC Disputes Resolution Scheme (1st July): Independent process for disputing natural hazard claim outcomes.
- 🏕️ Great Walks Hut Price Hike: Prices increased by 18% across most walks, except for Papamoa (6% increase).
- 📉 Interest Rate Prediction: Expected to decrease to 6.5% by March 2025 and 5.5% by March 2026 (personal prediction).
- 🏡 Granny Flat Rule Changes: New rules in 2024 allow building up to 60 sqm without consent (must still inform council).
- 📊 National Property Stats (June):
- Average price: $861,216.
- Homes for sale nationally increased by 28.6%.
- Auckland: 33% increase in homes for sale.
- Rentals up by 26.9% year-on-year, with a potential softening in rental rates predicted.