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Buying in New Zealand Its a good time!

Discussion in 'Buying Overseas Property' started by nickmarr, Sep 28, 2007.

  1. nickmarr

    nickmarr New Member

    Good Time To Buy Luxury Homes In New Zealand

    While news from New Zealand indicates the overall market is fairly quiet, homes at the high end of the spectrum are selling as well as they ever have.
    Many people in the existing home market have noticed that sales are slowing, and Auckland has been hit the hardest, it seems. On speaking to some New Zealand estate agents it seems that in the eastern suburbs of Auckland sales were down 30% in August from the previous month

    The slowdown means that it is a good time to be looking to be looking for property in New Zealand . First-home buyers need to see the opportunity.
     
  2. Gerry Pridham

    Gerry Pridham New Member

    Nick,

    I disagree with your synopsis. The kiwi dollar is at an all time high. In 1993, I worked overseas and had a stack of USDs. We bought into Cambridge at what turned out to be the bottom of the market (just lucky) but in USD terms, the property was 50% below its 1989 peak. At that time, the USD was $1.50 to £1.00. I have a long memory.

    You are suggesting the opposite - buying into a strong capital growth market in a currency which is at its historical peak. So kiwi interest rates are through the roof, prices are historically high, and the exchange rate is. For the exit strategy, if the kiwi dollar has depreciated by the time you sell out, it looks like it's not the right time to buy in NZ. Now the USA is a different kettle of fish :)
     
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