Election Year 2014 And Housing Is The Key Issue

January 12, 2014

Tips & Ideas

Election year has rolled around again and housing is always a key issue.

The National party have clear goals for housing and none of them include adding capital gains tax (CGT) on second homes.  This is obviously pleasing news to property investors and home owners with the kiwi bach.

Labour say they will bring in CGT on second homes if they are elected.

The building of new homes is key issue for both Labour and National.  How many new homes are to built and in what time frame.  Where these homes are located is also contended.   Labour want them within existing urban areas and National is forging ahead with new development in newly released land on the urban fringe and in ‘special housing areas’.

Voters will need to keep a close watch on what both parties do over the coming months leading up the Election.

Some of the key challenges in the property market in 2014:

  • The continuation of the RBNZ  LVR loan restrictions which have taken a lot of would be First Home Buyers (FHB) out of the market
  • Rising Interest rates
  • The ‘rental WOF’

The other big challenge for New Zealand is resource – do we have enough builders and construction workers to forge ahead with thousands of new homes?

While we all keep an eye on what these parties are saying they’ll do if they win the Election, the time is ripe for property investors to continue to focus on their own property portfolios and PropertyTutors mentors Sean Wood and Steve Goodey say their mentoring business has never been so busy.

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