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Property Prices

New Zealand - Property Prices


Property prices in New Zealand do vary from region to region and prices are usually more expensive in the city areas. There are no differences between the prices which are charged to expats and locals. As the majority of properties are sold auction-style it would be difficult for a seller to attempt to inflate the price unnecessarily and buyers are able to obtain reports from the government which give details on average prices on homes in the area, with examples of sale prices.

In May 2010 house prices in Auckland varied a great deal from district to district. In the Albany area the average house price was $620,000, while in the Birkenhead area prices were lower at around $535,000. Prices were higher in the Eastern Suburbs at an average of $770,000 but in the Central City area prices were an average of $350,000. The Mt Eden and Epsom areas had an average price of $652,000 and in the Henderson area the average price was $365,000. The lowest average price in Auckland was in the Papatoetoe area at $330,000. The prices show that even in one of the most expensive cities in the country a property can be found that is similar to the average prices elsewhere.

Average prices in Wellington tend not to be as high as those in Auckland. In the central district the average house price in May 2010 was $499,450 while in the Eastern area it was $525,000. In the Hutt Valley area it was $345,000 and in Northern Wellington the average house price was $457,000. Prices in the capital city are reasonable when compared with other capital cities in the world.

Across other North Island towns there are also varying house prices. Whangarei is a much cheaper area in which to purchase a property with the average house price in May 2010 at $286,250. In the city of Hamilton the average price was slightly higher at $330,000 while in Tauranga $354,000 was the average house price. The town of Napier had average prices of $295,000 and in New Plymouth the average price was $319,800. Palmerstown North had fairly low prices with an average of $265,000.

In the South Island there were still varying prices in May 2010. The city of Christchurch is the largest on the South Island and as such is a popular destination for expats. In the Avonhead area of the city the average price of $378,000 while in the Fendalton district the average price was much higher at $525,800. In the Redcliffs area the average price was $500,000 and the Hallswell area $357,500. The Somerfield and Spreydon districts had an average price that was much lower at $290,000.

In other South Island towns the average prices in May 2010 were generally much lower than Christchurch with one or two exceptions. The town of Nelson managed to match some areas of the larger city with an average price of $337,000. The town of Timaru had an average price of $225,750 and Dunedin had an average price of $249,250. The lowest average prices was Invercargill at $195,000 and the highest average was Queenstown at $510,000. The South Island has a smaller population than the North Island which means that in some areas there is not as much demand for property so prices have remained fairly low.

For expats moving to New Zealand property price may be a factor although average prices in cities such as Auckland are still much cheaper than they are in cities such as New York and London. Rural property prices, particularly in towns where there are not as many work opportunities, are much lower and very popular with retirees. Those who are not restricted by work can widen their search and find properties at very reasonable prices.

The New Zealand property market did suffer as a result of the economic downturn and prices have fluctuated but the prediction is that the market is set to grow. Recent surveys carried out show that many people in the country believe that this is still a good time to buy and that as property prices are set to increase property should prove to be a good investment. Some expats do choose to purchase property to rent out to others and good returns can be had in popular areas.


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Expat Health Insurance Partners


Bupa Global

At Bupa we have been helping individuals and families live longer, healthier, happier lives for over 60 years. We are trusted by expats in 190 different countries and have links with healthcare organisations throughout the world. So whether you're moving abroad for a change of career or a change of scene, with our international private health insurance you will always be in safe hands.

Cigna

Cigna has worked in international health insurance for more than 30 years. Today, Cigna has over 71 million customer relationships around the world. Looking after them is an international workforce of 31,000 people, plus a network of over 1 million hospitals, physicians, clinics and health and wellness specialists worldwide, meaning you have easy access to treatment.