|New figures show that nationwide residential property values for New Zealand increased by 12.4 per cent in the year to November.
Property values are now 50.8 per cent above the previous market peak of late 2007, although the latest annual rise is the second lowest recorded increase this year.
The Auckland market has increased 12.8 per cent year on year which is the slowest rate since January 2015. property values in the country’s rose by 3.7 per cent over the past three months and are now 92.4 per cent higher than the previous peak of 2007.
However, according to QV National Spokesperson Andrea Rush, Auckland is not only city recording big price rises.
“The latest QV House Price Index figures show the Queenstown District has followed the Auckland Region to post an average value over NZ$1 million dollars, after recording a massive 32.2 per cent rise in residential property values over the past year,” she said.
Bearing in mind that Auckland is by far and away the most popular region in New Zealand for newcomers to settle in, if you’re planning on calling the country’s largest city your home in the near future, the you are going to need to do everything you can to make every pound – or NZ Dollar – towards your house purchase count.
One simple way you can make a substantial saving – or rather gain – is to get the best exchange rate possible when the time comes to changing your Pounds to NZ Dollars.
Put simply, when exchanging large lump sums, only small fluctuations in exchange rates can have a huge impact on how much money you’ll end up with.
For example, imagine you managed to sell your property in the UK three months ago and had £150,000 to spend. If you had exchanged immediately, then on 7th September you would have received NZ$1.815 for every £1 exchanged – making a total of NZ$272,250. However, if you had waited until early November to see if the rate would rise, then you will have been disappointed. As of 4th November, the rate was down to £1=NZ$1.691 – or just NZ$253,650; a not unsubstantial NZ$18,600 less.
However, had you then decided to wait to see if the rate would rise again then as of last Friday (2nd December) you would have received NZ$1.749 for £1.
Of course, there is no guarantee of choosing the absolute best time to exchange. But taking expert advice from a specialist currency exchange firm like Halo Financial can certainly help.
Foreign exchange companies understand why the exchange rates are moving and just what impact this has on your currency transaction so can give you at least some indication of when the market could move favourably. What’s more, they can also provide you with a range of options on when you should consider exchanging, and how much you should exchange at a time.
To find out how you can make sure you can take advantage of positive fluctuations in the market and exchange your currency at the right time to get the best possible, visit www.halofinancial.com
Article published 6th December 2016