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Kelvin Davidson: Cotality Chief Property Economist on stabilising property profits and
Description
New Zealand homeowners are holding onto their properties for the longest period yet.
A report by Cotality NZ reveals the median hold period for profitable re-sales hit a record 10.1 years for the fourth quarter of last year.
Resale profits have also stabilised, with 88% of homes selling for more than their purchase price.
Chief Property Economist Kelvin Davidson told Ryan Bridge the housing market is pretty flat, so if you want to make some kind of gain you have to hold on for longer than in the past.
He says there’s a stark difference between those who hold on 10-20 years and have a higher chance of making a profit, versus those who sell after only three or four years, who have a higher chance of making a loss.
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