price of property abroad in new zealand is fair
News Posted On: 27 April 2009
The cost of property in New Zealand is now at a "fair" value, it has been claimed.
According to the Westpac Bank, the value of real estate in the country is expected to drop a further five per cent during 2009.
This could mean that now is an ideal time for investors to acquire a home in the country, reports Shelter Offshore.
The bank said that this is the first time that property prices have been at a level at which investors should consider since 2006.
Average sale prices of properties over the last three months has averaged 325,000 New Zealand dollars (£126,000), which Westpac Bank said is under the "fair value" for homes.
Falling interest rates are also helping to attract more buyers to the country, with long term capital gains estimated to be around six per cent per year.
Earlier this month, Shelter Offshore stated that buyers might wish to consider a lease option when buying a home in New Zealand.
Written by Jamie Arthur
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Overseas Property - serving the overseas property market since 1992
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