New Zealand Real Estate Current Situation

The New Zealand real estate market situation is currently quite strong. The median sale price fell slightly to $405,235 which is a good sign as winter approaches. The median number of days to sell has increased by 5 to 40 days on the other hand but this might be due to fixed period property auctions that have been getting good results as of late. House values are firming this season and it is expected that there will be less volatility in the market.

The total value of residential sales hit $2.24 billion, with most of the sales coming from the under $400,000 price range. Overall, prices for residential properties went up by 6.1% compared to the previous year, with many of the major districts experiencing growth by up to 9.5%. As expected, the bulk of the increase in real estate prices can be found in Auckland and Wellington with many other secondary cities like Dunedin and Nelson experiencing strong growth.

In the near term, the market remains relatively subdued with sellers and buyers both mulling over their options and carefully contemplating their positions. Many are waiting for new budget information to come out before making their move and it seems this will be the case in the next few months.

Mary O’Brien established New Zealand Mortgage Solutions in Australia in 2006. Her initial aim was to assist New Zealanders and immigrants to bring their deposit and stamp duty/set-up costs into Australia to purchase their Australian house. Since then she has helped numerous Australian and international residents to invest in New Zealand by obtaining finance for them from a selection of 12 New Zealand banks financial institutions. Her clients have ranged from first home buyers, first investment property buyers and people planning their long term New Zealand retirement location, to those diversifying their investment portfolio, lifestyle purchasers and commercial property investors, as well as those refinancing existing New Zealand properties.

Mary is New Zealand-born and was a finance specialist in Auckland with her own New Zealand company, Professional Investments Limited. This was formed in 1999, four years before she moved to Sydney, Australia. She continues to work with her New Zealand clients and returns regularly for business and to see her family. Mary has her own Australian broking agency Downunder Mortgages Pty Ltd and Southern Cross Professional Investments Pty Ltd. She has been accredited with 35 Australian lenders since 2003.

* source qv.co.nz.

** source reinz.co.nz.

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