The past five years have been turbulent for property markets internationally, not just housing in New Zealand. Prices saw an incredible rise around the country leading up to 2008 before the bubble burst leaving many investors and home owners trying to recoup massive losses. After nearly three years of gradual improvement and hesitation by both buyers and sellers, property markets in every region of the country are stabilizing.
2011 has seen a higher level of activity in Auckland, the largest market in the country, with sellers becoming more comfortable with median sales prices and buyers becoming more active. The effects of the recession have worn off promising a bright future ahead with plenty of investment opportunities. Buyers have more chance to purchase Auckland real estate for sale as sellers are far more optimistic about the current direction of real estate sectors. 2011 values are close to 2.7%; more than what they were at the 2007 market peak.
Down south, the earthquake has had a huge impact on the Christchurch market. With so many businesses put out and a number of families choosing to move to different parts of the country, the activity taking place in what is one of the New Zealand's main centers has declined dramatically. Despite the events of September and February, median property prices are remaining reliably stable in the less affected parts of the city.
This has meant more activity in some of the smaller South Island cities; Dunedin, Timaru and Nelson have all experienced some increase with new buyers and renters entering the market. This ripple effect of businesses and families relocating is sure to have some impact in almost every region, meaning more opportunities for sellers through the country. The news is not all bad for Canterbury; rebuild plans and the outer suburbs should see plenty of increased activity over the next few years.
Overall, property market values have increased to.7% more than what they were last year, with Auckland being responsible for a majority of that growth. While there are definitely improvements across the board, both Wellington and Dunedin remain at 1.1% and 7.1% below the peak 2007 price; although both markets are lending off and starting to see improvements.
There are opportunities in every region to buy permanent sellers remaining cautious. The Auckland market opening up is a great reflection of the future direction of the country. There is more strength in the market than there has been in recent years, creating plenty of new opportunities.