30 years ago ago, an average house cost 2-3 times the average income. When property prices were at their peak in 2007 an average home cost over 6 times the average income
It has taken six years for the economy to recover from the recession that hit after 2007. The longest recession New Zealand has had since the great depression
In 1991, 76% of homes were owner/occupiers but by last year (2013) that was down to 63%
It is often talked about in the media, that it is foreign buyers buying up most of our properties. In reality, it is estimated that ownly 8% of NZ home purchases are made by overseas buyers.
For the remaining 92% of sales:
- 45% are property investors
- 28% are people moving between homes
- 19% are first home buyers
It's interesting to note too that approximately 8% of homes are being purchased with cash only.
The typical purhaser in New Zealand is a property investor, often with multiple properties who is looking for capital gain.
If you are looking at purchasing a Christchurch rental property then contact us today to discuss how we can support you with your investment/s
Selwyn Property Management Ltd
Christchurch Property Management & the Rolleston and Lincoln Specialists