“Kiwi” is a common nickname used for New Zealanders, proud citizens from the great country of New Zealand. New Zealand is an island country. Located in the southwestern Pacific Ocean. It consists of two main landmasses which are the North Island and the South Island. Over 700 smaller islands are also parts of the country. Altogether they cover a total area of 268,021 square kilometers. New Zealand is east of Australia across the Tasman Sea and south of the islands of New Caledonia, Fiji, and Tonga.
The country’s beautiful sharp mountain peaks and natural wonders, in general, are inspirations for many nature enthusiasts. New Zealand’s capital is Wellington but the most populated city is Auckland.
The fortune accumulated in New Zealand has been growing since the Second World War. They emerged from manufacturing, and the “deal-making” industries such as merchant banking, brokerage, insurance, real estate. Almost three-quarters of the whole fortunes in New Zealand were self-made. Let’s look into Real Estate in the New Zealand genesis.
Real Estate in New Zealand is a property bubble and is a major national issue. From the 1990s, house prices in New Zealand have risen faster than incomes which resulted in fewer households having access to housing on the private market.
House prices in New Zealand are still increasing. The national average house price is reaching $922,421, and it is not looking to stop any time soon. This is a record high price. House price in Auckland was $1,283,895 on average in the middle of 2021.
Prediction from New Zealand bank is that house prices will fall, probably in the second half of 2022. The reason is logical. When supply meets demand, interest rates will increase and credit conditions will change enormously. The amount of cumulative fall of four percent next year is not a reason for panic. Just be careful, contemplate the market fluctuation, and be ready to engage in Real Estate in New Zealand opportunities. Trust me, there are plenty of them all over this land of great contrasts and diversity.