OneRoof Property Report out, property flipping in New Zealand not as popular as believed
More than 14,000 New Zealand homes were flipped within six months of purchase during the last property market boom.
That represented less than 3% of total sales, new research by OneRoof shows.
National and Labour politicians blamed “flippers” for pushing up house prices, and introduced legislation to crush property speculation.
But data published in OneRoof Property Report shows house-flipping in New Zealand was not as as popular as once believed.
Of the 647,133 homes sold between 2013 and 2018, OneRoof and its data partner Valocity identified 14,588 that were bought and then resold within six months.
In Auckland, of the 193,698 properties sold between 2013 and 2018, 6631 (3.4%) were flipped within six months.
The research showed that, between 2013 and 2018, 25% of residential sales (165,098) were bought and then resold within five years. The median holding period for houses in New Zealand since the year 2000 is 3.45 years, and 9% of those resale properties were flipped with six months.
Housing and Urban Development Minister Phil Twyford said the Government needed responsible property investors who were committed to providing high quality, long-term service to tenants, rather than making a “quick buck”.