property prices in new zealand expected to fall
News Posted On: 23 January 2009
Overseas property investors might be able to acquire a bargain residence in New Zealand during 2009, it has been claimed.
According to the Reserve Bank of New Zealand (RBNZ), there will be a drop in house prices of about 24 per cent by the end of 2010, compared to 2007 values.
RBNZ asserted that there would be a downward trend in the property market until the start of 2010.
Real Estate Institute of New Zealand figures show that in the 12 months preceding the fourth quarter of 2008, the median sale price of houses fell by 6.1 per cent.
Overseas property investors looking for a bargain or lifestyle buyers previously priced out of the market might find 2009 is the year to buy a home in New Zealand.
Prospective expats might also wish to take advantage of the cheaper housing, particularly in light of a recent Alliance & Leicester survey which found that the country offers the highest quality of life expats.
Written by Les Calvert
Property Abroad - buying property abroad made easy. 
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