There is no doubt that New Zealand’s breathtaking scenery draws a lot of tourists there. Those who are thinking about moving here may find the New Zealand real estate market to be a source of concern. In terms of property, it has developed an image of having sky-high costs in places like central Auckland.
In this article, we’ll take a conservative glance at the country’s residential market as it appears right now to see what type of home could be affordable.
Housing rates in 2022
The nationwide mean cost of a house is NZ$810,000, based on the most recent real estate statistics from Reinz. While homes elsewhere have seen an increase in average price, the typical house valuation in Auckland has dropped by 5.6%. Nevertheless, as per two of the largest financial firms, the price of real estate in New Zealand will decline by 20%. This is encouraging for foreigners who plan to relocate to New Zealand in the upcoming years.
Property guide in New Zealand
Here are the property rates in different areas of New Zealand
Wellington
When compared to Auckland, Wellington has a more inexpensive real estate market and healthy job prospects. The average cost of a home in Wellington is $895,200. First-time purchasers and people wishing to relocate to New Zealand can consider this area.
Detached houses in Wellington do fit within the budget range of NZ$500-$600. There are now a shocking number of independent properties available in Wellington’s suburbs that are only accepting offers beyond a certain amount.
Auckland
Auckland is the top option if you’re seeking property in the upper end. The average price of a home in Auckland, where housing costs are particularly high, is $112,000.
If you are looking for affordable family homes, Waitakere City in Henderson is a great location for you. The property here ranges around NZ$795,000.
Hamilton
Although housing costs here are a little higher, if you take the time to explore around, you can find plenty of affordable homes. The average cost of a home here is $800,000. However, there are, of course, cheaper homes available in Hamilton.
Tauranga
The picturesque Bay of Plenty, which lends this area of New Zealand its title, is where Tauranga is situated. This region of the North Island is radically different from the others in terms of its residential options, with movable homes and big, contemporary brick houses being the most popular options. There are many beautiful views of the bay and the nearby hinterland to be had from this location. There is a wide range of housing available to fit every price range. This region’s typical home value is $905,000.
Christchurch
The regional capital of Canterbury is situated in Christchurch, which is approximately midway down the South Island’s eastern coast. The cost of homes here doesn’t frequently change too much.
Christchurch provides some of the finest choices regarding comfort and cost for individuals who genuinely appreciate the bustle of living close to a City. For instance, Canterbury’s median home price is $685,000.
Queenstown
The best outdoor vacation spot in the country is widely acknowledged to be Queenstown and the Central Otago/Lakes region around it. Otago, on the other hand, has an average house value of $720,000 and is a well-liked market for individuals wishing to invest in real estate.
Dunedin
Although they haven’t quite hit the average costs you might see in other parts of the South Island, home values in Dunedin are also rising. There ought to be many options here that fit your wallet. The property rates here range from NZ$500,000 to NL$800,000.
Nelson
The principal city in the same-named region is Nelson. The region, which was founded in 1841, has a lengthy connection to England. The average house price in this area is $750,000, and homes are extremely affordable and have increased more slowly than in other parts of New Zealand.
