New figures show that property prices in New Zealand reached a record high in March 2014.
According March’s NZ Property Report which is based on figures compiled by Realestate.co.nz , the current average asking price of a New Zealand home reached NZ$484,263 last month.
This increase was largely driven by new record asking prices in Auckland (NZ$683,169), Wellington (NA$469,487), and Waikato(NA$393,612).
Realestate.co.nz Marketing Manager, Paul McKenzie, said that seller confidence in the major centres is rising, buoyed by strong demand from migrants and overseas buyers, suggesting that asking prices will continue to rise in the foreseeable future.
Over the past year the NZ government has been urged to do more to stop non-residents buying up homes in the country, as many experts believe it is interest from overseas that is pushing prices up and out of the reach of many locals. So far these pleas have fallen on deaf ears.
If you yourself are hoping to become a resident of NZ in the near future, then news of rapidly rising property prices may not be all that welcome. It also places increased importance of getting the most from the currency exchange process that you possibly can.
The Sterling-NZ Dollar exchange rate fluctuates throughout the year, and knowing when to turn your pounds into Dollars could lead to you having a significant more amount of money with which to make the biggest purchase of the entire emigration process – a new house.
For example, at the start of this year, £1 was worth NZ$2.02 so exchanging a large lump sum, say £200,000 accrued from the sale of your UK property, would have netted you NZ$404,000. As of the 1st April, a single pound was worth just NZ$1.90, so an exchange of the same amount would have been worth NZ$24,000 less!
For more immigration advice, please visit www.emigrate2.co.uk/New-Zealand