Brent Westland

June 04, 2012 09:30 ET

Brent Westland-New Zealand Property Sales Rise 13% During Recession

AUCKLAND, NEW ZEALAND--(Marketwire - June 4, 2012) - Today, Statistics New Zealand issued the latest real estate trends in the residential housing market in New Zealand. Surprisingly, residential property sales have risen by 13% since the same period last year, despite New Zealand fighting off the symptoms of a continuing recession.

"Last month, there were 5,676 residential housing sales in New Zealand" says Brent Westland from Prestige Realty in Auckland. This is compared to 4,987 for the same month in 2011. This is a real sign that New Zealand is starting to come out of the recession, as consumer confidence usually equates to a rise in residential housing sales."

The New Zealand housing market boomed between 2006 and the end of 2007, however in 2008 residential sales were down by as much as 30% due to the global economic crises. This trend continued until early 2009 when a slight respite hit the market with a gradual increase in sales until early 2012. This year has seen the fastest growing residential sales market in five years.

"Last year sales certainly levelled off across New Zealand. The retail industry was hit hard by the recession hard and the lower economic spent resulted in a conservative outlook for many potential residential buyers. But this year with retail spending slightly up and a refreshed start the new year, residential sales have certainly taken off in the Auckland area."

Brent Westland is a real estate agent with Prestige Realty in Auckland. He specialises in selling houses on the North Shore valued between $500,000 and $2 million. With over 10 years experience in selling real estate and expertise in valuing difficult houses in a difficult market, he has seen the full cycle of the real estate market from boom to recession and back to boom again.

"It's fair to say what New Zealand was hit by the recession, however the population over the last five years has seen steady growth, especially from immigrants to New Zealand. According to Statistics New Zealand, we currently have 4,432,317 residents in New Zealand and unemployment is a relatively low 6.7%. due to our relatively low level of unemployment, New Zealand has seemed to bounce back quickly from economic crisis that has taken place overseas. Also being a producer of raw materials and our strength in the farming industry keeps the economy alive" says Brent Westland.

"The million-dollar question is where is the market going from here? I think that with the trend this year of an increasing consumer confidence, the New Zealand property market is likely to continue to improve at a rate of 10 to 20% annually over the next 3 to 5 years," says Brent Westland.

For more information on Brent Westland, visit Prestige Realty in Auckland.

Contact Information