NEW ZEALAND PROPERTY PRICE GROWTH SLOWING
Date 08.10.2014 New figures released by state-owned Quotable Value New Zealand, reveal that while property prices in NZ are still rising, the pace of the growth in September was at its lowest annual level for 15 months.
The figures show that nationwide residential property values for September increased by 6.4 per cent over the past year and 1.1 per cent over the past three months. The national average property prices in New Zealand is now NZ$481,497 – 16.2 per cent above the previous market peak of late 2007.
However, the market is still being driven by extreme property price growth in Auckland. Values in New Zealand’s most populous city have increased 10.3 per cent year on year while values are 33.8 per cent up on 2007. The average price of a property in Auckland is currently NZ$731,302.
“The New Zealand index is showing an increase in residential property values but the rate of growth continues to slow,” said Andrea Rush, QV’s national spokesperson.
“Auckland, Christchurch and Dunedin saw home values increase, while Tauranga remained flat over the past three months. Wellington values continued the downward trend of recent months and Hamilton values were also slightly down over the past three months.
“Following a lull in sales activity and low listings in the lead up to the election [held in September], the election result coupled with the coming of spring and stable interest rates is bringing renewed interest and activity to the market,” added Rush.
If you are looking into emigrating to NZ, with a view to one day buying a home in the country, than given the still rising prices in cities that tend to be most popular with newcomers – particularly Auckland – then it is arguably more essential than ever to make sure you get the best currency exchange rate possible with which to start your new life.
When exchanging large lump sums, even only slight fluctuations in the currency exchange markets can have a huge impact on the money you’ll have available to start your new life.
The Pound-New Zealand Dollar exchange rate has strengthened considerably in the past month. For example back on 10th September £1 would have purchased you NZ$1.950, while by the 1st October you would have received NZ$2.089. If you were exchanging £150,000 – say from the sale of your UK home – then this would equate to a huge difference of NZ$20,850 in little more than three weeks.
Fortunately, you don’t have to be a financial whizz kid to make sure you get the best exchange rate – that’s what companies like Halo Financial are there for.
Foreign exchange companies understand why the exchange rates are moving and just what impact this has on your currency transaction. What’s more, they can also explain how to make your money go further and give you a range options on exactly when you wish to exchange, and how much you should exchange at a time.
To find out how you can make sure you can get the best exchange rate possible, take advantage of positive fluctuations in the markets and make sure you start your new life with the most purchasing power possible, visit www.halofinancial.com
To find out more information about property prices in the area of New Zealand you are interested in moving to, visit: www.qv.co.nz
Article published 6th October 2014