Is Now A Good Time To Buy Property NZ?
Buying real estate NZ has certainly been quite a difficult time for people looking to buy houses for sale over the last few years. House prices have risen so dramatically. Property for sale in the main cities like New Plymouth, Wanganui, Palmerston North, Levin, Masterton, Kapiti Coast, Lower Hutt & Wellington has certainly been in short supply.
New Zealand real estate was booming. All real estate agency salespeople have been climbing all over each other to get new listings and homes for sale. The Real Estate Institute of New Zealand (REINZ) has announced record breaking figures month after month.
Those searching homes co nz or trade me property or one roof and through agencies like Property Brokers, Harcourts Real Estate NZ, Professionals Real Estate and on the real estate nz app have seen property value NZ climb towards the clouds.
The Real Estate Market Has Turned
• Housing stock has now nearly doubled in just a few months
• Properties are taking longer to sell
• There has been an influx of price reductions
There is now far more property for sale from New Plymouth – Wellington than there have been for quite some time. But there is no doubt that good, well priced real estate in these areas is still being snapped up fast.
Are house prices dropping in NZ?
Prices don’t appear to be dropping at this point, but that could easily change. At this stage, one would suggest that perhaps expectations have dropped!
There are usually seasonal variations now that the season has changed, but buyers should start to hear even better news about home prices as interest rates increase.
Do real estate agents get a salary NZ?
There may be some real estate agents around the country that get a salary but the vast majority are on commission only. So as prices rise, so do commissions.
Prices in the area we cover at MyMansion.co.nz have become sought after because property in the major centres like Auckland has simply become unaffordable and people are also looking for a better lifestyle, which regional centres offer.
Can foreigners buy new homes in NZ?
Generally speaking, you need to be a resident of New Zealand citizen to buy real estate in New Zealand. But the government does have options for those wanting to invest.
Especially if you are prepared to build a new home. The Government has a tool for checking these options and more information can be found here.
A really good reason that it may be a good time to buy a house in New Zealand right now is that the real estate market has continued to perform strongly throughout the last decade. You can feel safe knowing there is not going to be a crash any time soon, even though there may be a dip.
This seems to be a trend with no signs of stopping as these regional areas continue to be popular and prosper after a long time of decline.
House For Sale
Another good reason is the relatively low cost associated with investing in regional New Zealand real estate as investment property yields are generally much higher here than in the major centres. You can often buy multiple units and have them for the same price as a house in some instances.
If you were making a property investment, there is always land for sale in Wanganui, New Plymouth, Palmerston North & Wellington regions. But you would need to find a developer or a builder to build, which is always an option.
But there have been several new subdivisions coming onto the market in recent times. This presents an opportunity for you to invest in your future, create wealth for your family and give them a lifestyle they will enjoy.
With that in mind, is now still a good time to buy property in New Zealand? Well we certainly think so!
About the Author
Steve Baron is the Founder & CEO of MyMansion.co.nz. He is a former successful real estate agent and property investor when based in Auckland and formerly the Managing Director of Baron Marketing Ltd, an advertising company he founded and ran for over 20 years.
He is a past mentor for Business Mentors NZ and holds a Bachelor of Arts Degree from the University of Waikato, Majoring in Economics & Political Science. He also holds an Honours Degree from Victoria University of Wellington in Political Science.
He is a published author of three books and a prominent guest editorialist for newspapers throughout New Zealand. In his spare time, Steve is the Clerk of the Scales for New Zealand Thoroughbred Racing, is a Bridge Grandmaster and enjoys walking, running and cafes.