New Zealand Tourism to Take a Hit in 2009

  • 16 years ago
  • Uncategorized
With the worldwide economic crisis hitting everywhere, the Bank of New Zealand is predicting that the country will lose 32,000 jobs in the tourism sector alone in 2009. The finance sector has already lost 4,600 jobs and the tourism industry has lost over 10,000 this year so far. Additionally, real estate agents have taken a large hit, and expect to see more losses in the coming year.
 
New Zealand’s largest real estate company, Harcourts, has 180 offices but expects to cut employees in the coming months if things don’t pick up. It indicated that the average sales price of homes has dropped 11% this year. The Real Estate Institute of New Zealand Inc. indicates that prices for properties in November held strong, despite the slow market.
 
The number of homes sold in New Zealand in November was 4,279, a drop from 4,469 in October. The national median price of housing was actually up in November to NZ $337,500 from $335,000 in October, though that is a drop from $352,000 for the same period in 2007.
 
 
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