According to a recent report on the New Zealand property market, the number of rural and lifestyle properties’ being sold has increased by 20 per cent from this time last year.
Article written by Overseas Guides Company
The report revealed that property sold in the rural areas of Greater Auckland and Northland is experiencing similar growth in price and sales as properties located in the heart of Auckland City.
This flurry of activity could well be associated with the fact that banks are showing a similar level of interest in lending to the rural buyers as they are to those in more residential locations. In addition, interest rates have reached historical lows.
It has been suggested that the New Zealand Reserve Bank may follow through on bubbling rumours which say that they are planning on limiting banks’ loan to valuation ratios (LVRs) on home loans. Plans to do this are said to be being made in a bid to cool down an overheating housing market.
This speculation comes after the Real Estate Institute of New Zealand released figures showing that that the national median house price in new Zealand rose to a record high of NZ$372,000 in June this year, an increase of $2,000 on last year.
For details for property for sale in New Zealand, visit the NZ listings on Rightmove Overseas. When emigrating to New Zealand or buying property there, using a currency exchange specialist rather than a bank to transfer your pounds to NZ dollars could save you thousands. Smart Currency Exchange can help you do this – for more information download their free guide by clicking here.
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