According to data released by leading estate agents in New Zealand, property listings in the nation surged in May and were up by 16 per cent on a seasonally adjusted basis. This represents the highest seasonally adjusted month of listings since way back in July 2010.
Prices for property in New Zealand also set a new high reaching an average of £435,887 driven by significant peaks in the suburbs of Canterbury and Auckland.
The high level of new listings seen in May was in contrast to the normal patterns that we see as winter rolls around. Normally, as would be expected, the number of properties listed slows down as the temperature drops – the fact that the opposite has happened is quite unusual.
Pattie Pegler from the New Zealand Buying Guide explained what the shift means for the country’s property market: “The fact that there has been an increase in listings and in property prices will result in increased confidence in the property market. The challenge comes now – will this surge in listings continue and if it does, will there be the buyer demand to keep things moving?”
The latest figures show that Auckland experienced the biggest increase with 1.7 per cent, setting a new record asking price of $578,533. Canterbury on the South Island saw an increase of just 0.5 per cent but set a new record asking price of $383,504.
Pattie goes on to explain why it is that New Zealand appeals to so many people who are looking to move abroad: “Australia, Spain and France are consistently popular with expats but you migt be surprised to hear that New Zealand is hot on their heels. Why? Well, each year New Zealand accepts more immigrants from the UK than anywhere else, team this with low crime rates, low unemployment levels and some serious labour shortages providing great job opportunities and you will understand why the economy and housing market continue to power on!”
To understand the full step-by-step process to buying a property in New Zealand, collect The Overseas Guides Company’s ‘New Zealand Property Buying Guide’