Soaring Property Prices

Once again house prices are on the rise in New Zealand. According to an article published in the Herald on 15 February, the national average is up 9.6% from last year. In major centres, buyers can be expected to pay a median price of between $380,000 and $550,000. The reason for this, according to one ASB Economist, is an imbalance between supply and demand: there's a high number of buyers, and a low number of listings. For this reason many sellers have chosen to go to auction with their listing; in fact, one out of every five houses in Auckland is now sold this way. This news doesn't bode well for property investors. Not only will they being paying a high price for property, but they'll oft…
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