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Foreign buyers pushing up house prices in NZ

Posted on 3 May at 9 AM Tags: Property,

House prices in New Zealand are being pushed up by an influx of wealthy buyers coming in from abroad, according to the country’s estate agents. Many feel the skyrocketing prices will push out local buyers and send younger citizens abroad, but the agents say it’s good for the country’s economy.

Speaking to the New Zealand Herald, real estate agent Graham Wall said he has had interest from a number of Chinese business people who are looking to buy property in Mission Bay, Queenstown, Hawkes Bay and Auckland, adding that many of the potential buyers are looking for luxury properties on the waterfront. He went on to say that Russia and American buyers had also expressed an interest in a $5 million property on his books.

Ross Hawkins from Southeby's International also said that 30 per cent of the inquiries they receive about New Zealand homes are coming from foreigners. He added that Chinese executives are setting up homes for their families in the country, with many of the next generation choosing to live there permanently.

Despite an asking price of just $580,000, a home being sold at auction by Barfoot & Thompson has just gone under the hammer for a whopping $851,000. Steve Koerber of the agency took to his Twitter account to say that the buyer was Asian and that many are willing to pay way over the odds to secure the property they want. He added that this is why property prices in the country are so high.
The NZD exchange rates on 03/05/2012 were as follows: GBP NZD = 2.0225, EUR NZD = 1.6436, USD NZD = 1.2499, AUD NZD = 1.2824, CHF NZD = 1.3679, INR NZD = 0.0233, AED NZD = 0.3406, MXN NZD = 0.0962, CAD NZD = 1.2645, ZAR NZD = 0.1617, RUB NZD = 0.0424, . See today's New Zealand Dollar Exchange Rate
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