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Median prices for residential property across New Zealand increased by 24.3% from $665,000 in March 2020 to $826,300 in March 2021, a new record high for the country, according to the latest data from the Real Estate Institute of New Zealand (REINZ).

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As the industry becomes more specialised, are we seeing the end of the DIY landlord in New Zealand? Early in April, the government released new tax policies that specifically targeted the housing sector. The new laws are intended to slow down house prices growth rates across New Zealand in an effort to make it easier for first home buyers to get into the market. 

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We continue to see strength returning to New Zealand's rural market, particularly with dairy farm sales in 2021, and this is mirrored in Property Brokers' sales performance too.

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Southern Wide Southland will be combining under the Property Brokers brand from the 1st of April. They are well respected, and we are excited to have them on board!

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The Government has confirmed that it will double the bright-line test, and the new rule will apply to property acquired on or after March 27th. Doubling the capital gains tax-esque bright-line test from five to ten years means that any gains on a residential property (that is not a family home) will be taxed if the property is sold within ten years of purchase.

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The number of residential properties sold in February across New Zealand increased by 14.6% when compared to the same time last year (from 6,951 to 7,964) – the highest for the month of February in 14 years, according to the latest data from the Real Estate Institute of New Zealand (REINZ).

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