Source: Landlords.co.nz

11 December 2008

New Zealand has long been a popular relocation spot with UK nationals looking for a new life abroad. However, New Zealand has not traditionally been on the property investor’s radar, but with its property market showing promising monthly growth, it may be time to take a look at homes down under.

New Zealand’s average house price rose from NZ$330,000 to NZ$335,000 from September to October this year and according to the Real Estate Institute of New Zealand (REINZ), properties in 5 out of the country’s 12 regions increased in price during October 2008. Prices in the region of Taranaki, in the west of North Island, saw an increase of 8.67%, rising from NZ$262,250 to NZ$285,000. Prices in Northland (the northern part of North Island) also saw a rise in excess of 8%.

According to REINZ, the uncertainty that surrounded the last general elections has now been dispelled and the recent falls in both interest rates and fuel prices mean that confidence has returned to property investors. The latest rises in house prices would seem to confirm this tendency.

New Zealand is world-renowned for its spectacular scenery and high quality of life, and is a popular holiday destination. Recent accolades confirming New Zealand’s tourist potential include Golf Destination of the Year 2009 (for the region of Asia and Australasia), and the winner of Virgin Holidays’ Responsible Tourism Award as the world’s greenest destination.

In addition, New Zealand regularly hosts world-class events, particularly when it comes to sailing competitions. The forthcoming Louis Vuitton Pacific Series, a 2-week sailing competition to be held in Auckland during January 2009, is just one example.

“At a time when property markets in many countries are suffering a series of set-backs, the news from down under is surprisingly good,” comments James González, Market Analyst at Obelisk. James believes that New Zealand may well be the next place to investigate for property investment.

10 November, 2008

Real estate experts are saying that there is no better time to buy property than right now. Prices have dropped, mortgage rates are down and there are some bargains out there.

More and more buyers are searching the web to buy and one of New Zealand’s leading real estate websites has one of the most comprehensive portfolios of listings of properties of any website in the country.

Every month there are over 270,000 hits and over 111,000 listings, but just what are the most popular areas that buyers have been looking for property in across the country?

“One would assume the most active suburbs would be the elitist suburbs, the most expensive suburbs,” Alistair Helm said. “But what we found was it was guineen interest and that speaks to people using the website who are actively looking for property.”

The fifth most popular suburb is Westmere in Auckland, which is a sought-after inner city suburb where older people are moving out and the younger generation moving in.

The proximity to the CBD is the most appealing element of it. As Auckland grows it makes it an attractive area.

Average sale price in the last six months according to quotable value is $803,676.

The fourth most popular suburb for buyers looking for property is Maori Hill in Dunedin, which is an affluent suburb that features some of the city’s largest and most established homes, along with some of the city’s most breathtaking views.

The average price for a home in Maori Hill $417,375.

Cashmere Hills which overlooks Christchurch, is another established suburb with older-style large homes and home to many professionals.

The average sale price for a house in the Cashmere Hills is $572,983.

The second most popular suburb for buyers is Dunedin’s St Clair, which is a lifestyle suburb by the sea with views over the city.

A house in St Clair would set a buyer back around $344,738.

The number one suburb in New Zealand for home buyers is Dallington in Christchurch. The suburb is close to the city centre and sits near the Avon River. The housing are mostly Bugalows and are affordable for many families with an average price of $317,038.