Friday, 24 August 2012

Still a Large Demand for New Zealand Property

There’s still a huge amount of interest in Luxury New Zealand property (especially in Auckland) as demand continues to be larger than supply. At the beginning of August the quantity of available homes for sale in the high end sector was at it’s lowest amount for almost 7 years, a New Zealand estate agent has reported.

The agent’s average selling price was $591,444 over 998 individual house sales. They stated that the relatively small number of house sales is due to a large turnover instead of houses not being listed. There was a 23.3% increase in property listing in July, compared to the same month of last year, as well as a sales increase of 28.3% between the same time period.

For 5 consecutive months this estate agent has viewed falling house sale rates, helping to establish a market where people are eager to take action in as short a time as possible. When taking into account the stable house prices, the amount of house being sold is incredible.

The average sales price increased by just over $2,000 in July compared to June, and the overall price difference between May and July is around $9,000, an increase of less than 2%. Sales of properties costing in excess of $1 million are continuing to increase, as 82 properties were sold within this price range in July compared to 50 during the same month last year. Although higher value properties are proving to be extremely popular, around half of all sales are for homes costing less than $500,000.

If you are interested in the New Zealand property market, want to buy a house in New Zealand or if you want to take out a mortgage in New Zealand, get in touch with Conti - Mortgages Overseas either  by exploring our website or via telephone 08009700985

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