Auckland Not A Small Town Anymore17th Jun 2016
Melbourne and Sydney have its unique pickings for distinction land. But across the trench, Auckland is one of the most fastest and developed growing high-end market.
There has been an international demand which has driven about 63% growth in sales which is about $1 million plus properties in Auckland according to global network of Christie’s International Real Estate.
Australia’s supremacy property market is favorable with listings drying up in Sydney and the sales slowing down in Melbourne’s blue ribbon belt.
New Zealand has the most luxuries real estate in world rather than any other country or place.
Across the Tasman there is prosper economy and population growth which have combined the propel Auckland in to a rare company among the world’s top cities for deluxe real estate.
Toronto Canada, which has topped the Christie’s list in 2015, was second this year with 48% growth followed by Victoria in Canada’s British Columbia, San Francisco in US and Valencia in in Spain. Sydney, the only Australian City in the top 10 was ranked ninth.
More mankind is moving to New Zealand from Australia for the first time since 1991. Figures shows that New Zealand broadcast 25,273 people moved to New Zealand in 2015 compared to 24,504 who settle west to Australia.
Kiwis, however have not kept any records on how many foreigners are purchasing their lands.
New Zealand Banks are generous with loans, real estate says and the Kiwi Dollar against Austrian currency is going strong.
The low interest rates and no stamp duty, land tax or capital tax gains, the property of the long white cloud is increasingly captivating Aussie residency hunters, a New Zealand mortgage broker said.
Broker Mary O’Brien who works between Auckland and Sydney said Queenstown and Auckland that it is one of the strongest hawk for Australian Purchaser.
The expensive residences tend to be company transfers said MS O’Brien.
They want a peaceful lifestyle. But when it comes to area you can’t get ample for $900,000 in Auckland. Ms. O’Brien said the whole areas for land holding in Auckland are on the north shore and has seaside postcodes of mission Bay and St Heliers.
The chief economist Tony Alexander estimates 6% of New Zealand Residential are bought by Foreigners and Aussies likely account for a quarter of that.
He also added that the prices in Auckland were torpedo across all the stratas of the market, due to insufficiency of supply limited development and construction with overall economic prosperity in the country’s largest city where 40% of the population have been abroad.
Mr. Alexander said the distinction market rise was because of general growth. The standard price of a resident in Auckland as lifted to between $800,000 and $900,000 which is about nine times the standard resident income he said.
Uniformed you have a lot of high priced residential reflecting the overall average price listing said Mr. Alexander
Personally, I would not buy in to an argument that for some reason we have got a whole of people deciding. That he is not going to get flat in Monaco or Acapulco, I am getting a 2 BHK - 3 BHK residence in Auckland.
Mr. Alexander said Auckland’s populace grew about 3% last year with a boost of 42,000migrant houses.
There has been an increased growth in Australians coming to New Zealand but it is not driving the force.
Kiwis said that they are not leaving like they were, because we are not going to get the high- paying mining jobs in Australia. They have estimated 1 million people overseas who could come back tomorrow.
Auckland is becoming a proper big city it is no longer just small townswith gardens and few residenciesthat happen to be in place, with small town thoughts. It is becoming an international city.
The agent Pat Regan Auckland based agent of Bayleys agency said population growth had outpaced residential construction.
Mr. Regan has listed a posh 3.8 hectare waterfront estate on WaihekeIsland a short traghettotrip to central Auckland for about $NZ5 million, in these elite area properties sell for $2 million to $10 million he added.
There is a lot money- New Zealand is on a pretty good move on an economy aspect and you look at that with all of way flayer and a lot of Kiwis coming back to their residence he added.
The expat market combined with all the newcomers in the market, combined with baby thrive shift in and the general shortage of real estate at all level here is what is driving the market.
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