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Reading back over this thread, I would add that we've been shocked by how much house prices have risen since we started planning our move to NZ in 2004. ?Our next door neighbour bought their section eighteen months ago for $90,000. ?The same sized sections just across the road were advertised last week at $225,000 and beyond. ?:o ?
We can't afford to buy at the moment, so I've started a rumour that NZ house prices are going to crash in 2007. ?All the indicators are there... rising interest rates, spiralling debt, lower migration.... ? ;D
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This is very true. You only have to read through the
Property buyers?info thread on here to see how prices have gone up and up. There have been several wobbly bits where they thought the rise was slowing down or stopping, but I don?t think it?s actually happened.
Unfortunately they tend to blame the likes of us expats for the rise because we?re coming into the country with big bucks from house sales in the UK and buying up a storm. It?s happening here in the Middle East as well because property is now available to outside buyers and is being snapped up as holiday or second homes. It?s gone really crazy. It was the same in Spain, too, although that has cooled a little now.
I feel very sorry for those struggling to get on the property ladder. Whereas I wouldn?t want to see our house price drop dramatically, I feel there should really be some help for first time buyers.