Categorized | International

Real Estate Sales in New Zealand Remain Steady

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The residential real estate market in New Zealand continues to remain strong. Over the past six months, the number of sales has increased time and time again. The consistent sales have now led to a depressed inventory of residential properties in the nation, thus increasing overall demand.

As a result of the increased demand, sale prices are up more than three percent of last year, and are closing in on record-highs. The average sale price for a home in New Zealand is now over four hundred and twenty-five thousand dollars.

With prices continuing to rise, there has been an increase in the number of homes that has gone up for sale in New Zealand. The nation has seen a five percent increase in the number of homes being listed for sale, which can largely be attributed to the overall increase in demand.

While seasonal factors contribute slightly to the overall increase in home prices, the general consensus is that New Zealand’s residential real estate market remains one of the strongest across the globe. The success is expected to continue into the near future, and as such, prices will likely rise even further.

Only two regions in New Zealand experienced declines in overall home values. Marllborough and Southland both saw home prices fall more than one percent. On the other hand, the rest of the regions experienced growth greater than five percent.

New Zealand has clearly established itself as a strong seller’s market. There has been no indication as to whether or not a housing bubble is forming in the nation, though for most real estate officials, that is not a great concern at this time. As long as demand continues to outpace supply, New Zealand’s property market will remain strong.

 

 

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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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