The housing market in parts of New Zealand is benefitting from the tough economic times abroad, according to a recent article in the New Zealand Herald newspaper. Expats living abroad, particularly New Zealanders in the UK, have been looking for a place to invest their money, and property back home has benefitted.
According to Brendon Skipper of Trade Me Property, expats are “looking for a job, looking for a car and looking for a property.” Another broker says that expats are driving sales to high end houses down under and that things are better than they have been in a while. Megan White, owner of a Ray White real estate brokerage franchise, says that sales rose 44.1 percent in March. Activity is hot in the Auckland area on the North Island and Christchurch on the South Island.
Additionally, BNZ’s latest confidence survey indicates the buyers are feeling better about buying. Jaffe says that “The investors are back, open homes are full, listings are short – and there’s buyer competition.”
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