Real estate recovery led by Auckland
According to experts the continuing recovery of the property market in New Zealand is being led by residential real estate prices in Auckland.
Figures for June showed that New Zealand property prices increased over the month and closed the gap between present prices and last year’s recorded prices to less than 1 per cent. Across the country residential property prices are now just 5 per cent below the levels reached prior to the world banking crisis.
The success of the property market in Auckland is helped by great demand for family sized homes within established communities with links to good schools and a lack of supply in some areas is driving prices higher.
Agents agree that while sales are slow in some districts well presented properties are highly sought after and fetch a good price. Demand for good quality homes has also led to an increase in new home developments as builders return to this sector of the construction industry.