NEW ZEALAND REAL ESTATE: PROPERTIES AND PROJECTS

New Zealand is an island country located in the South Pacific Ocean that forms the southwesternmost part of Polynesia. Being a remote land, it is highly suitable for habitation to be populated and settled. It lies more than 1,000 miles southeast of Australia. The country consists of two main islands- the North and South islands. Its capital city is Wellington. New Zealand real estate market is pretty favorable for first home buyers. In some parts of Auckland, investors are likely to have overcommitted and finally, there could be a chance to get into the market.

Auckland is the hottest housing market in the world as per a new survey. One-third of New Zealanders that is nearly 1.4 million people, live here presently. A decade ago the average house price was NZ$500,000 (£277,000). Average rent prices are over NZ$500 a week that accounts for 32% of the average household income in Auckland. Foreign investment has boomed under the National party government in New Zealand. According to Core Logic in 2012, 37% of buyers were investors. Presently that proportion is nearly 50%, a significant number of whom are Chinese. Kiwis living in Auckland are now having to choose between relocating to a more affordable part of the country or giving up dreams of home-ownership and settling for a lifetime of renting, which is not that affordable. Hawke’s Bay, Tauranga and New Plymouth are common choices for people who are leaving Auckland.