New Zealand’s Biggest Economic Hub
Discover Auckland's Real Estate
New Zealand's biggest city, it is located in the country's North Island. The population of the city is about 1,570,100, which makes it the most populated urban region in the country. It is also among a few cities in the globe to have a harbor on its two main water bodies.
Culture, History, and Business
Before the establishment of Auckland, the isthmus it is located on had earlier settlements around 1350. The area was famed for its rich and fertile land. After the invasion of the British, Auckland was set up as the capital of New Zealand in 1840. It was, however, replaced by Wellington in 1865, but the city remained the nation’s most significant economic hub.
It is the principal financial and economic hub of its country. Their advanced comic market strengths come in commerce, finance, and tourism, with major global companies having an office in Auckland. As of 2016, the Auckland region has a sub-national gross domestic product of NZ$93.5 billion, making up 37.2% of the entire country’s economy. Per capita GDP the same year was at NZ$58,717, making it the country’s third-highest behind Wellington and Taranaki.
Primary employers of labor include retail trade 9.7%, manufacturing 9.9%, education and training 8.3%, scientific and technical services 11.4%, and healthcare and social assistance 9.1%.
Real Estate Appeal
Rents in Auckland have recently not been performing as well as the property prices but have kept pace with the general property market. Both the median rent and property prices have been slow-paced. The median rent for a three-bedroom house as of October 2019 was $630, which was less than $30 in the same period in 2018, which had median rent set at $660. The median rent in October 2014 was $440, which appreciated to $540 by that same period in 2014 and has recently hit $630 in 2019. These figures show that over the past decade, rent has increased annually by a rate of 3.65%, which is almost half of the growth rate recorded by house prices over the same period.
Homeowners are also expecting profitable periods ahead. The median house price in Auckland between the Q4 of 2014 and Q4 of 2019 has risen from $620,000 to $848,000.
The gross median rental yield of Auckland in 2019 was 3.3% lower compared to the national average of 3.9%. However, recent trends suggest that the Auckland real estate market is gearing up for a massive boost as 2020 progresses.
The population residing in this city takes up 40% of the entire national populace, which will grow by 30% in 20 years.
If Auckland is an appealing investment destination for you, then we recommend that you find out more about the city before investing. Read our subsequent articles to find out why you should invest in Auckland and its hottest neighborhoods.
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