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April 2015

Auckland Property Prices Continuing To Boost National Growth

Published: Wednesday 15 April 2015

Steep increases in Auckland’s property prices are continuing to boost New Zealand’s national average house prices, new figures show. Real Institute of New Zealand data for March shows that NZ’s national average house price increased by 8 per cent in the year to March 2015, with prices in Auckland alone surging by 13 per cent. However, when Auckland is excluded from the equation, the national median house price increased by 1.4 per cent to NZ$350,000 compared with a year earlier, unchanged from February, the REINZ said. Over the past 12 months, house prices in Auckland have risen by roughly NZ$83,000 taking the average value of a property in the region to around NZ$720,000. The national average house price now stands at NZ$475,000 – NZ$35,000 higher than it was a year ago. The figures also showed that some 8,803 residential properties were sold in March, 20 per cent more than the number sold a year earlier and the highest level since 2007. If you are looking into emigrating to NZ, with a view to one day buying a home in the country, then given the still-rising prices in Auckland – by far and away the country’s most popular destination for new immigrants – then it is arguably more essential than ever to make sure you get the best currency exchange rate possible with which to start your new life. When exchanging large lump sums, even only slight fluctuations in the currency exchange markets can have a huge impact on the money you’ll have available to start your new life. After a period of sustained growth earlier in the year, the Pound-New Zealand Dollar exchange rate has fallen considerably in the past month or so. For example back on 4th February £1 would have purchased you NZ$2.084, while by the 10th April the rate was down to NZ$1.954. Therefore, if you were exchanging £150,000 – say from the sale of your UK home – then this would equate to a huge difference of NZ$19,500 in just over two months. To find out how you can make sure you can get the best exchange rate possible, take advantage of positive fluctuations in the markets and make sure you start your new life with the most purchasing power possible, visit www.halofinancial.com