Buying Property in New Zealand More Affordable

Recent news from the New Zealand property market has been interesting to say the least – and if you have your heart set on expatriating to live in New Zealand or you plan on investing in real estate in the nation the time seems to be getting better and better for you to make your move as buying property in New Zealand is becoming more affordable.

Do not expect miracles on the price front however, although they are dropping they have not plummeted to reach the lower ranges buyers will find in emerging markets like Bulgaria or Morocco for example.  Still the downward price trend in the New Zealand property market is starting to bode well for investors who want to save on the inflated prices of only a few months back.  In this article we’ll take a look at what is happening on the home sale front right now and look at expert predictions for the future of New Zealand real estate.

The New Zealand Herald is reporting that average home sale prices plunged more than NZD 14,000 in Auckland alone during the month of September.  The paper also reports that the inventory of unsold homes is starting to add up.  Overall the northern region of the nation which includes Auckland realised 25% fewer home sales over the course of the year to date.

Although analysts are calling it a “correction,” the slow down could signal the perfect time for more frugal investors to pay attention to property in New Zealand.  With prices and sales both slumping and the trend predicted to last for at least the next a few years, chances are the cost of homes will continue to decline and become more affordable.

Don’t get too excited just yet though!  The New Zealand Herald reports that average sale prices are still in the NZD 530,000 range despite this average figure having dropped by roughly NZD 30,000 since March of this year – and this is still a high figure, there’s no denying it!  But the better news is that it is possible to find smaller three-bedroom homes in the NZD 300,000 range.
New Zealand’s unique landscape, British-friendly culture and large expatriate communities make New Zealand a nation many choose to explore.  Although the real estate market trends show substantial drops in the pricing, expect to pay a fair amount more for a home in New Zealand than you would in emerging destinations.

The pricing trends do make this an interesting country to watch, when it comes to destinations for expatriates New Zealand has long been a favourite.  With more than 200,000 Britons already living in New Zealand it is likely that the pricing decline will entice more to join them.  Right now, New Zealand is considered the sixth favourite destination for British expats, it trails other locations like France and Spain but could that be about to change as it becomes more affordable?

If you are sold on buying New Zealand real estate now is the time to watch for potential bargains.  Don’t expect “cheap” prices by any means, but it is possible to now save thousands over prices advertised from just a few months ago!