Brent Westland

October 07, 2011 06:42 ET

Brent Westland-New Zealand Property on the Rise

AUCKLAND, NEW ZEALAND--(Marketwire - Oct. 7, 2011) - After the recession first New Zealand in September 2008, new figures have just been released which show that in New Zealand property market is on the rise the first time in 3 years.

"The market has been fairly stagnant for the past two years, however in the last six months we've certainly seen an up lift. New published figures show that there has been a significant increase in the price expectation of their customers, up by $10,000 to $525,565. This goes against the trend experienced in the US and the UK where price expectations have dropped consistently over the past three years" says Brent Westland, Sales Consultant for Prestige Real Estate.

New Zealand property prices took a tumble after the world financial crisis in 2008. They then took a further dive at the end of 2010 at the start of 2011 with the Christchurch earthquake crisis. Prices in Christchurch plummeted to an all time low. This recent surge in prices shows the strong value of property in the New Zealand market against worldwide asset values.

"We've seen an increase in listings on the market in September 2011. Overall, 11,117 new listings came onto the market which shows an amazing 5% year-on-year increase. This is further helped by the hosting of the Rugby World Cup in New Zealand, as it has attracted even more attention from overseas property investors. New Zealand has always been an attractive place for people to visit and live because of its climate, dramatic landscape and keep-green philosophy. These most recent figures prove that New Zealand property is on the rise once again." says Brent Westland.

The recent rise in price expectations was not only in the Auckland region, but in fact 17 of the 19 regions in New Zealand saw an increase in price expectations above the market average. Auckland, Manawatu, Canterbury and the West Coast of the South Island saw the largest increase. Over the past six months, 12 of the 19 New Zealand regions also had strong listings flowing into the market. It appears that although the market still favours buyers, the past month has shown the trend of a shift in power to the seller, forcing prices up further.

"Interestingly, house prices rose from an average of $403,474 in July 2011 two $425,565 in September 2011. This represents a 5% growth in house prices and just two months. Over the next 12 months we should see further price increases showing the strengthening of the New Zealand economy against the worldwide financial crisis. It's wonderful news for New Zealanders." says Westland.

Brent Westland is a Sales Consultant for Prestige Realty. Figures are based on the New Zealand Property Report published on 1st October 2011. For further information, email brent@prestigerealty.co.nz

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