With only 7% of Auckland properties on-sold in 2016, it only shows that the two year Bright Line Test is working well.
• Recent CoreLogic data shows that flipping or rapid on-selling of houses is not as common as people may believe.
• Data shows that Auckland sales of houses dropped from 11.7% at the peak of the last boom in mid-2000s to 7% in 2016.
• The reason for this decrease is the Inland Revenue crackdown on property traders & the introduction of 2 year Bright Line Test.
• Majority of the properties were sold by homeowners since they can buy, do up & sell their homes or properties they live in without having to pay any tax.
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