Nationally, price growth was expected to slow because this year’s tax changes reduced the profitability of property investment. The market had been less busy in April than in March, with fewer home appraisals and valuations, he said.
Debi Pratt, who owns a branch of Tall Poppy Real Estate in Christchurch, said demand dropped off suddenly when the changes were announced. Auctions were also not clearing as many homes, she said.
“I’ve noticed a marked reduction in attendance at open homes, and offers on property.”
KIRK HARGREAVES/Stuff
New tax rules for property investors are expected to cool the market.