Investing in New Zealand Property is one of the preferred investment options for the residents of the country. The New Zealand property investment is also becoming popular amongst the foreign investors. The domestic properties in New Zealand are becoming more lucrative over the passage of time.
The tourism sector of New Zealand is attracting tourists from all over the world. Because of this booming tourism sector, the demand for rental properties in New Zealand is rising sharply. The real estate market of New Zealand faced minor depression in the year 2005 but the economy of the country maintained its stability.
The job market and the personal income level maintained a steady growth even in the period of depression. All these factors helped the housing market in New Zealand to recover from the depression period and at present the New Zealand real estate sector is maintaining a steady growth rate.
The New Zealand property market has a lot to offer to the investors. At present short-term purchasers dominate the market. On the other hand, the potentiality of profit making through the property investment is also growing at a rapid rate.
Besides the tourism industry boom, the development in the trade and commerce has created high demand for the residential and commercial properties in New Zealand. At the same time, the high rate of migration in the country is also providing immense support to the housing sector. Because of all these the demand for the residential properties are rising very rapidly.
The increasing demand for the property has carried the median price of the property to $300,000 and the annual growth of the properties was estimated to vary between15-17%. The property value in Hamilton grew at a rate of almost 28% in the same period. As per the 2006 data Wangauni, Whangarei Gisborne and Rotorua were at the top of the list in terms of growth in the property value and the trend has remained the same till date.
Last Updated on : 5th July 2013