new zealand property market improving slowly
News Posted On: 30 March 2011
While the Canterbury earthquake saw sales figures fall 4.3%, the property market in New Zealand is slowly improving according to data. The median price of a home is $350,000 which is unchanged February last year but is up $10,000 on January.
Figures from the Real Estate Institute of New Zealand show that there was an increase in transaction numbers in Auckland and Manawatu/Wanganui in February and that Auckland's figures were higher than February 2009.
Rents in key urban areas are rising and there is a shortage of homes on the market, particularly in the Auckland area. However, buyers are still taking their time and this is being reflected in the increased number of days taken to sell a property.
The recent cut in interest rates may increase interest from buyers, but it could also make current homeowners more likely to sit tight if they feel that property prices are too low to sell.
It's difficult to analyse the data on house sales in the Canterbury area as properties affected by the earthquake may require additional structural surveys and geotechnical assessments before sales can be completed. Another factor that will affect sales is the increased inability to get insurance cover for properties in Canterbury.
In general most experts agree that, while the bottom may well have been reached it is still a buyer’s market, and prices will likely stagnate for some time yet. Prices have dropped 5% or 6% since their 2007 peak but are expected to remain steady with stronger population and wage growth expected this year.
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