Property in New Zealand
You don't buy a holiday home in New Zealand, you up sticks and move out there for good and it's easy to see why so many of us are doing just that: a paradise for lovers of the great outdoors, the lifestyle on offer is healthy, fun and affordable, while the property is much better value than in the UK
Prices for New Zealand properties from £69,000
Key facts
- Population: 4,100,000
- Capital: Wellington
- Approx. exchange rate: £1=NZ$3.03 (New Zealand dollars)
- Visas: Required to work there
- Time difference: +12 GMT
- Flight time from UK: 24 hours
- Major airports: Auckland, Wellington, Christchurch
- Dialling code: 00 64
Property in New Zealand
The Market: North or South Island?
The appeal of New Zealand as a place to start a new life continues to grow: last year an estimated 15,000 people from the UK gained permanent residency there and around 18,000 are anticipated to do the same during 2006. If you’re a skilled professional, particularly in the medical and construction fields, you’re welcomed there with open arms, especially since many of New Zealand’s graduates disappear overseas and there is a skills’ shortage due to a growing economy.
The rate of property price growth has slowed since peaking in 2003, but the market remains strong and for investors coming from the UK, the strength of the pound against the New Zealand dollar is favourable.
With no language barrier and a legal system based on Britain’s, buying there is hassle-free compared to other foreign destinations. Generally, a non-resident who can demonstrate they can afford mortgage repayments for a property can get an 80 per cent mortgage.Favourite spots among British buyers on the North Island are Wellington, Tauranga and Auckland. Wellington and Auckland – New Zealand’s largest city – are both favoured for their employment opportunities and diversity, while Tauranga is one of the fastest growing centres in the country, popular for its beaches.
On the South Island, it’s Nelson, Queenstown and Christchurch where most expats are investing. Nelson offers the most sunshine hours in the country and a proximity to national parks, Queenstown is the hub of New Zealand’s adventure tourism and Christchurch the South’s largest city – offers employment opportunities and has an English feel to it.
David Boyd of relocation specialist NZ Property Finders picks out future hotspots: “Two of the most exciting areas are the outskirts of Auckland in the Rodney District and Christchurch. As the largest centre in the South Island, Christchurch is continuing to expand, with new towns being built. The Rodney District has benefited from huge infrastructure improvements including motorway development.”
