The sales figures for residential property in Auckland December 2011 are impressive. Twenty eight percent more properties were sold than the previous December and that in itself is a positive outcome let alone the other statistics presented by the REINZ. The latest Real Estate Institute of New Zealand data also confirmed an increase property prices. The average sale was up by $28,000 and while this ‘mini boom’ is said to be seasonal – the rise in prices is set to continue in 2012 – a reasonable assumption given the population growth forecast.
Auckland residential property market had its busiest month in December since 2006 according to the Real Estate Institute of New Zealand. Other parts of the country did well too. This may be the news we needed to realise our economy is moving in the right direction. Often it’s said that the state of New Zealand’s economy is linked to the property sector. Now we need to hear of improved housing construction figures.
Auckland’s population is expected to hit 1.5 million mark next week! Property rental rates have increased in major centres around the country and in particular Auckland as supply of property fails to keep up with demand. Auckland is one of the fastest growing regions of New Zealand and already its stretched both in roading infrastructure and housing. The good news the Government is investing in roading and transport infrastructure where outer areas are more attractive places to live.
Property Investment in Auckland appears to be rosy based on the data from the Real Estate Institute of New Zealand – with increasing property values and rental incomes and a growing population. Less affordability to own your own home results in higher demand for rental properties.