New Zealand property gaining value

Overseas property investors who have bought homes in Auckland, New Zealand, will have seen a gain on their outlay last month, with the average price of a home increasing to NZ$487,229 (£159,272).

Figures from real estate company Barfoot & Thompson show that this is an increase of 3.3 per cent compared to June, as well as being the highest average price recorded in 2006 and the second highest the company has seen in its 83-year history.

As well as increasing in value, properties are also becoming more readily available on the market, with the company reporting 1,354 new listings in July.

Peter Thompson, director of Barfoot & Thompson, said: "New listings were ahead of the same period last year which shows vendors continue to have confidence in the market."

He added that, overall, the picture of the New Zealand property market is "healthy", according to news agency Scoop, and bodes well for the coming season.

Overseas property investors interested in the rental market could also benefit from current conditions, with the real estate company reporting that its average weekly rental reached $354 (£119) – its highest level since the beginning of the year.

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