Just before Christmas CoreLogic Senior Research Analyst Nick Goodall took time to review ‘the year that was’ in the property market and consider what 2017 may hold. Watch the video here.
It was a year that saw many factors influence the property market to varying degrees, and 2017 will also bear the flow on effects of both international (Brexit and Trump) and local (a new Prime Minister, RBNZ restrictions and earthquakes) influences.
We experienced record low interest rates, significantly constrained supply and record net migration consistently throughout the year.
We saw the average Auckland property value exceed $1m and centres in the top half of the North Island experience record rates of growth, with Hamilton peaking at 31.5% p/a in July and Tauranga at 28.5% p/a in August.
Wellington also jumped aboard the bandwagon with the annual growth rate peaking in September at 21.2%.
There remains a feeling of "surely this can’t go on forever?", but despite influencing factors such as migration, interest rates and construction turning around it is still looking strong for growth to continue throughout 2017.
Check out the video for Senior Research Analyst Nick Goodall's full break down.