There’s more to real estate than property in capital and major city markets although so much of the investor focus still seems to be there. At times, even the outer suburbs are overlooked.
Buyers might be doing themselves a disservice by not looking at regional centres and the extremities of the larger cites.
After some twists and turns, New Zealand has settled into a steady market and stable pricing. Buyers and sellers are acting with more confidence and realistic expectations.
And with Auckland averaging prices of in excess of $860,000 and Wellington averaging above $600,000, there are markets that may provide greater opportunity for less cashed-up buyers.
A look at April listings, for example, showed RE/MAX Go For Sold marketing a number of good homes with asking prices under $500,000 in and around Palmerston North. Similar was RE/MAX Team Realty’s listings in New Plymouth and surrounds. In Rotorua, the home of RE/MAX Central, the median house price for suburbs such as Fairy Springs and Western Heights was under $400,000.
It is possible for regional markets to offer stable property values and long-term high returns.
Factors influencing property growth include the health and diversity of local economy, population and jobs growth, the level of housing supply and housing affordability.
Recognising the importance of gainful employment for the home owner, and critical to any one with home loan repayments, suburbs well away from the city centre, outlying towns and regional centres often have appeal through lifestyle as well as affordability.
Employment opportunities and essential infrastructure are boxes to tick for both the owner occupier and the investor, but if buyers do their research and look at each market based on its own merit, they may open themselves to some wonderful opportunities.
Lyn Cox, Public Relations – M. +61 418 793 096, E. [email protected]
About RE/MAX: RE/MAX was founded in 1973 with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. With more than 125,000 agents and almost 8000 offices globally, nobody sells more real estate than RE/MAX.