everything is coming up roses in the new zealand property market
News Posted On: 04 January 2010
As property markets around the world try to put the pieces back together, and some even finding that so many pieces are missing that rebuilding is the only option (Dubai, Spain), the picture is looking rather rosy down under.
In New Zealand more properties sold in December than in any December for 10 years, and the average price of New Zealand property is now higher than it was at the 2007 peak, according to National Real Estate Institute figures.
NREI President Peter McDonald said:
"For the first time we are over the peak of prices in 2007 which is a very reassuring milestone. Prices rose in seven out of 12 regions and it took only 31 days to sell, down on 33 days in September and 47 days this time last year."
Realtors in New Zealand have pointed out that this growth is coming mainly from the main population centres, while housing bodies are cautioning against allowing property prices to boom once again.
"Compared to the dark days of 2008 there has been significant improvement in the residential real estate market in the main centres this year but in other locations and segments of the market things have continued to be challenging," said Bryan Thompson, chief exec of realtor Harcourts.
"If this housing juggernaut continues, there is a very real of threat the economy will experience another, perhaps more severe, recession. Prices are high compared with income and because of a shortage of listings," said NZIER chief economist Shamubeel Eaqub.
From a foreign buyers perspective; the time for getting bargains in New Zealand is rapidly coming to an end, and anyone who wants to buy and isn't already in the process of doing something about it will likely miss out.
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