Auckland retirees help Northland buck trend of falling house prices stuff.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from stuff.co.nz Daily Mail and Mail on Sunday newspapers.
Jennifer Eder/Stuff
While investors are not necessarily selling, fewer of them are attending open homes. (File photo)
The March 23 changes include doubling the time the bright-line test applies to investment property, meaning tax must be paid on capital gains if the property is sold within 10 years. Interest deductibility was removed for residential investment, stopping landlords from writing-off mortgage interest costs against the tax on their rental income. Reserve Bank loan-to-value restrictions also kicked in on March 1, meaning most investors need at least 30 per cent equity in a property. The result has been some landlords selling their investment properties, and a lot fewer investors looking to buy at the moment, according to Whangārei real estate agents.