High home prices in New Zealand causing anxiety

Aug 22, 2012 | Posted by: roboblogger | Full story: WTOP-FM Washington

In this Aug. 20, 2012 photo, a two-bedroom house at 23 Watea Rd, Sandringham, Auckland, New Zealand, has a sold sign displayed on the lawn.

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williamsheridan

Hamilton, New Zealand

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#1
Aug 24, 2012
 
This place is in a 1970s developmentof 8 in Auckland's "hot" suburb of Onehunga. http://www.trademe.co.nz/property/residential...
The 8 places are all very similar and three years ago one went for $290,000. two years ago one went for $345,000 and this year one went for $430,000. This one is likely to go for late $400s and it's considered a bargain as there is nothing else in the area that is standalone for near that price. At this end of the market in suburbs like this, demand is outstrippping supply massively. Anything of reasonable quality under $500,000 is in demand
TravelExplosion- Dot-Com

Bronx, NY

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#2
Aug 24, 2012
 
It's not until I visited the Travel Explosion website did I realize the beauty that New Zealand has to offer!
Tweeter

Tokyo, Japan

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#6
Oct 29, 2013
 
I can buy a place in Tokyo much cheaper . Fact in point.

http://www.foreclosedjapan.com/

NZ and Aus are both over priced and will come crashing down soon
arkie guide

Clarksville, AR

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#7
Apr 3, 2014
 
Home prices will rise in any area of the world = more people, rise in population, higher prices for materials & labor = less house's being built.
Supply & demand get out of balance so prices increase. It does seem to me prices in N.Z. are to high RE: wages. I guess every one wants their area to grow, but N.Z. is a beautiful place to have it overbuilt.
Take care - Arkieguide - Arkansas, USA.
My bet

Sydney, Australia

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#8
Apr 3, 2014
 
Be half the price in 3 years.

“What a wonderful world....”

Since: Dec 12

Location hidden

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#11
Apr 17, 2014
 
I bought my house in Aussie but prefer to rent my home in NZ.
I cant wait for capital gains tax to come in, then you will see a huge sell off of investment properties and prices will plummet.
Chicken George

Auckland, New Zealand

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#12
Apr 18, 2014
 

Judged:

1

My bet wrote:
Be half the price in 3 years.
Not going to happen,will level off and become more stable maybe a %10 dip on overvalued homes in less desirable areas,we have invited 1000000 or 1million more people to this country in the last 20 years,in this time we have only built about 30000 new homes,we have ridiculous restrictive building regulations and have not made land available for new homesites,the house prices in N.Z will never again be affordable,don't kid yourself

Since: May 14

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#15
May 10, 2014
 
There are really some areas where houses are much cheaper than that. The increasing prices could lead to more people renting than owning a house. There are increasing prices for transaction fees too.

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