Now could be the perfect time to invest in property in New Zealand. A lack of supply of properties saw home sales in the country rise by a quarter in March 2012 as prices reached new record highs.
The country is seeing a rise in demand for homes and the market is strong. If youÃ¢â¬â¢re considering buying a property in New Zealand, buying now could see you get on board at the beginning of the recovery. Keep reading to learn more.
Property sales and prices rise in New Zealand
Figures from the Real Estate Institute in New Zealand found that the number of property sales rose to 7,330 in March compared to 5,848 in March 2011. Sales rose from 6,168 in February.
In addition, the national median house price in New Zealand rose by 1.4 per cent to a record $370,000 (ÃÂ£186,500), up from $355,000 (ÃÂ£178,940) in February.
Real Estate Institute chief executive Helen OÃ¢â¬â¢Sullivan said: Ã¢â¬ÅThe real estate market has had a strong March with the largest number of sales in a month since November 2007 and a new record national median price.
Ã¢â¬ÅOutside of the Auckland and Canterbury regions most of the country is seeing an upward trend in sales volumes, although price gains outside of these centres are relatively modest.Ã¢â¬Â
The figures come after the house price index published by Quotable Value, the state-owned valuer, rose by 1.9 per cent in March, gaining 4.2 per cent on an annual basis.
Property in Auckland performed particularly strongly, with prices rising to an average $495,200 (ÃÂ£249,600) Ã¢â¬â up 5.4 per cent in a year. The number of property sales in the city rose by 17 per cent to 2,848.
The National Business Review reports that Ã¢â¬ËChristchurch sale prices jumped 11 per cent to $354,250, while the number of sales surged to 542 from just 193 in March last year, just after the February earthquake.Ã¢â¬â¢
The amount of time taken to sell a property also fell Ã¢â¬â from 46 days in February to just 35 days in March.