Now is a great time to sell or buy a property in New Zealand. The RBNZ Governor Graeme Wheeler has given us the strongest indication yet that interest rates will rise in March 2014.
Any change in the Official Cash Rate (OCR) usually has a knock on effect on loans. Therefore if you are considering moving house, selling or buying property now would be a good time to do so if you want to lock in a loan on the current rates.
Auckland’s economy is bright! It’s annual growth rate was 2.4 percent last year and it has gotten off well in 2014.
Residential building is leading the way with a 24.4 percent rise in building consents for the calendar year to September 2014.
Confidence is high with job opportunities and while there are supply/demand challenges in the housing sector the construction of new homes is evidence that Auckland is sorting it out.
Unemployment remains unchanged at 6.7 percent in the September 2013 quarter according to NZHerald however there is optimism more jobs will come into the market in the coming months as more construction gets underway.
Interesting Statistics – from NZH
Annual residential building consents
* Auckland 5647 NZ 14,138
Annual house sales
* Auckland 31,833 NZ 48,707
Average private rent
* Auckland $448 a week
* NZ $314 a week
Source: Geoff Cooper, Auckland Council.
Auckland is leading the way for the other regions of New Zealand and Sean Wood of PropertyTutors confirms his property investment mentoring business is in high demand both in Auckland and Wellington.