Categorized | International

New Zealand Property Sales Hit Four Year High

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The residential real estate market in New Zealand continues to enjoy great success. The market reached its highest point in four years in January, starting off 2012 in strong fashion. With limited supply, and growing demand, the market will likely continue to perform beyond expectations.

 

While prices and sales are up in New Zealand’s big cities, rural areas in New Zealand are struggling to keep up. In fact, prices and sales are actually below where they were five to ten years ago. The numbers for that sector continue to drop slightly month after month. There is hope, though, that the limited supply numbers in the urban areas will drive more people to consider both suburban and rural areas of New Zealand.

 

Prices and sales in the urban districts of New Zealand are more than compensating for the rural and suburban areas. In fact, residential property values and sales are up nearly three percent nationwide year-over-year.

 

Sales have picked up since the start of 2012, though it should be noted that many buyers are still choosing not to commit and buy until they find what they would consider the perfect residence.

 

Auckland has shown the fastest and strongest growth in New Zealand thus far in 2012. North Shore has also performed quite well. The market is expected to remain strong for at least the first half of 2012 due to limited supply. Houses continued to be picked off the market, driving many homebuyers to buy now instead of waiting for a slightly more desirable home to hit the market.

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About Nancy Raven

Nancy is the main writer for the International section of the website. Sometimes she also helps Drew out on the Finance/Mortgage section as well.

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