Property management company Barfoot & Thompson says 2019 could see Auckland property prices decline for the first time in a decade.
Managing Director Peter Thompson this morning said in a release that "the over-riding market sentiment at present is indecision as to the direction the market is heading".
"Overall, 2018 was a more active year for residential sales than 2017 with sales numbers year-on-year up 8.1 per cent," Mr Thompson said.
“However, the median price at $836,792 in 2018 was down 0.8 percent on that for 2017.
"This is the first time the median price has fallen below that for the previous year since 2008, the year the impact of the Global Financial Crisis affected house prices.
"A range of factors contributed to market uncertainty at year end ... these included non New Zealand residents being restricted from buying certain categories of property, the reported major decline of property prices in the major Australian cities, the potential for capital gains to be applied to investment properties in the future and concerns over world economic stability, in part caused by the trade friction between the United States and China."
Mr Thompson also said that 2019 will see new anti-money laundering legislation changes come into effect, which will require people selling their homes to provide more information than previously.
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