new zealand property to top 2010 overseas investment shortlists
News Posted On: 20 January 2010
New Zealand has got to be on the shortlist of any medium-large budget investor in 2010. In the third quarter of last year, when most countries were still unsure how bad the crash in their property market could get, New Zealand property was already experiencing a revival, according to Global Property Guide.
The median home sales price rose 6.1% during the year to end-September 2009, to NZ$350,000 (US$ 254,429), according to the Real Estate Institute of New Zealand (REINZ) - or 4.3% when adjusted for inflation.
“We’re seeing a slow, but steady, appreciation in sale values and we’re now back to the prices being fetched in the corresponding period in 2007 when the median was NZ$351,500 (US$260,602),” said REINZ President Peter McDonald.
In fact New Zealand's performance in the second half of 2009 put it in the top 5 property markets in the world according to various indices, which, to be fair were probably based mostly on the same datasets.
None the less, the fact that the New Zealand economy and banking system failed to see the depths of depression seen elsewhere, meant that the government stimulus fuelled somewhat of a liquidity surge similar to that seen in Asia.
Now that New Zealand has shown its economic resilience, it will surely be a big target for the larger scale buy to let operations, as well as for holiday home investors who just love it down under.
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