New Zealand is in demand as it is seen as a safe haven for all and sundry. Our annual net migration is expected to get to 60,000. Students are coming here in droves especially from India. New Zealanders continue to return home and people want to emigrate here as a result of our ‘rockstar economy’ and strong labour market.
It’s hard to see any relief in house price inflation any time soon. Property values around the country are rising, Auckland leading the way of course with double digit percentages while the rest of the country is performing better than this time last year. The TradeMe Price Index shows growth in throughout the country and in particular our major centres; Auckland, Wellington and Christchurch.
Until recently Wellington was an under performer in the property sector but that is now history. Wellington’s property owners are enjoying increases in property values with an average increase of 6.5 % in the last year Jan 14/Jan 15).
Christchurch’s property values are remaining strong with an 8.8 percent average increase during the last 12 months to January 2015. Matt Power of Property Experts says in this market it’s a good time to review your mortgages. The low interest rates have the lenders fighting it out for business so the fixed term rates are the best they’ve been for some time. The starting point for any homeowner is to get a review of their loans to identify what structure is best going to work in their favour especially if they may wish to buy an additional property or move from their existing home.
Auckland remains the first choice for migrants. The majority of jobs are there even if the supply of houses is not. Discussion and commentary on our main news sites and PropertyTalk will continue while and these inequalities remain.
This blog article was written for PropertyBlogs by Mobilize Mail.