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International Property Investment News
Kiwi property booming
Property in New Zealand is experiencing double-digit growth, according to a new price index.
The Quotable Value index, a monthly survey from the country's biggest property company, revealed that housing prices have risen month on month in 2007.
The average annual growth rate has continued to soar, rising to 11.1 per cent in May, compared to 10.6 per cent the previous month and 9.8 per cent in March.
Property across the country has performed strongly, but the southernmost city in New Zealand, Invercargill, sits atop the pile, with 24.2 per cent property value growth as of May.
Blue Hancock, a spokesman for Quotable Value, said: "Sale prices in the main urban areas keep rising, driven by significant activity in the lower value localitiesâ¦high levels of employment continue to contribute to sale price increases."
He told the Nelson Mail: "New Zealand has one of the highest home ownership rates in the world, but the current situation is global and this country has been in catch-up mode for a while.
"The advent of Internet use has meant that people can see on a global basis what properties are really worth and we're just part of a global movement."
The price index rated the average New Zealand property sale price as NZ$372,552.
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