New Zealand properties becoming more affordable

Friday, November 19, 2010

New Zealand properties becoming more affordable

According to the latest data from the Roost Home Loan Affordability report New Zealand property prices are now at their most affordable in 16 months.

While New Zealand property prices have generally remained stable at an average of NZ$350,000 (£170,000) throughout 2010, net weekly wages in the country have increased by $30 (£14.50) during the same period, increasing home affordability levels in the process.

So is this a good time to start hunting for a New Zealand home to buy?

The answer is yes, if you are indeed seeking to buy a residential property in New Zealand, because it is currently a buyers' market.

Furthermore, greater affordability levels may increase demand for homes in New Zealand to buy, which in turn could push New Zealand property prices upwards, which also suggests that now is a good time to buy property in the country.

It now takes 57.6 per cent of the average working income in New Zealand to pay the mortgage on an average priced home, against 66 per cent a year ago.

The capital city of Wellington is one of the most popular places to buy property in New Zealand. Average property prices in the city have fallen by almost six per cent in the past year.


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