Gap Widens between Auckland and Regional New Zealand Property Prices
The NZ Herald (Monday 4th June) printed significant data and statistics which reveals that Auckland property boom is causing a widening gap from the rest of the country. They go on to state that many provincial towns have not fully recovered from the national housing boom in 2007, before the global financial crisis hit.
This is backed up by reports from regional First National offices that some provincial towns are still struggling to achieve the ‘boom’ prices. Prices were pushed up during this time and many vendors still have these expectations. Provincial towns such as Tauranga, Rotorua and Taupo are still down on the prices received during 2007 between 10-13 %.
Median house pricing across the country does not provide an indication of where the market is for many regional and provincial towns and cities. However, with a general shortage of listings at the moment, you have an opportunity to achieve a better sale price.