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Thread: NZ vs UK for Property Prices

  1. #1
    vixen123 is offline Junior Member
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    Default NZ vs UK for Property Prices

    Can somebody help me!

    A few months ago I was advised the property prices are much lower in NZ than in the UK but now after watching BBC's programme "Wanted Down Under" it appears that both NZ and Australia's property prices are becoming very similar to those in the UK, if not a little more expensive. Is this fact? My Family and I are considering emigrating to NZ but would find it very difficult if we were unable to have a better lifestyle than in the UK. I do understand it is difficult to say as if you live closer to the city, or the sea property prices are more expensive anyway, as they are in the UK.

    If we were to emigrate, I would want to live in a nice neighbourhood with decent schools in the area. We have a 12 year old and a 7 year old.

    Any advice on this would be greatfully received

  2. #2
    nickydwuk's Avatar
    nickydwuk is offline God like figure
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    We are about ot leave the UK for NZ. I think house prices are relative to your income. If the house prices are converted to £ they are cheaper but if you compare them to the NZ wage they are similar to the UK. So if you have UK£ to spend then you can buy a better house. We have just bought a house in NZ for less than we sold our UK house for and it is much bigger and in a better area.
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  3. #3
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    House prices did go crazy for a couple of years but they are supposedly coming down again now, particularly in Auckland, so the newspapers say. I still wouldn't call them cheap though. Perhaps they will drop a bit more in the coming months. A lot of houses are going to auction now as a way of disposing of them, so I don't know if you would get a better bargain by going there. It would also be worth asking about mortgagee sales.
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  4. #4
    zummerzet_lou's Avatar
    zummerzet_lou is offline your flexible friend
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    A lot of it depends on how much travel you want to do also ...

    To give you an example, we sold our 2 mid, mid-terrace house in UK. It had a garage, and a teeney plot of land for 200k.

    To use a pessimistic exchange rate of 2.5, that gives us a house in NZ of $500k. Now, if we look about a 20-30 min drive from Christchurch city centre, that can buy us a large 4 bed, with an acre or so of gardens (if not more).
    If I look at the same price, in a good suburb, that will buy us a 3-4 bed with virtually no garden. It is worth noting that nearly all houses in the cities have teeney sections as everyone has sold their gardens .. and now have houses on top of houses!

    ps. I'm only looking at Christchurch - if you're off to Auckland, or Wellington, house prices are dearer!
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  5. #5
    Cliff's Avatar
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    The market here is slow, very slow. Prices haven't come down much but they aren't rising. People are beginning to finally get the idea they are going to have to drop their prices if they want to sell their house.

    they did climb for a few years and got unaffordable for most people. If you were already in a house you went with so not much of an issue but for people who weren't in a house they couldn't buy in. A correction was inevitable.

    One thing that kept house prices up here was overseas buyers. Due to the world financial issues this has all but halted. This has educed demand which is further pressure for prices to fall. Even the experts are saying it is a good time to rent.

    House prices may come down but don't expect the same for land. there is still demand for income producing land so this will keep those prices up.
    Cheers

    Cliff

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  6. #6
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    Quote Originally Posted by Cliff View Post
    The market here is slow, very slow. Prices haven't come down much but they aren't rising. People are beginning to finally get the idea they are going to have to drop their prices if they want to sell their house.

    they did climb for a few years and got unaffordable for most people. If you were already in a house you went with so not much of an issue but for people who weren't in a house they couldn't buy in. A correction was inevitable.

    One thing that kept house prices up here was overseas buyers. Due to the world financial issues this has all but halted. This has educed demand which is further pressure for prices to fall. Even the experts are saying it is a good time to rent.

    House prices may come down but don't expect the same for land. there is still demand for income producing land so this will keep those prices up.

    I agree with the slow market here it is a buyers time to move in, lots of people have dropped the price by $30k + just to sell their house.

    There is a lot for sale in my area, Rolleston, but with so much new builds its a hard time to sell here but a great time to buy
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