Despite The Competitive Market, NZ Real Estate Is Still Affordable

New Zealand’s real estate industry is thriving despite the Covid-19 pandemic and predicted stunting of the market. One reason for this boom is that many sales were delayed during lockdown, which meant that their eventual processing met with a surge of sales in the months immediately post-lockdown. A further reason is that many Millennials, who have been late in entering the market, are now forming a solid base of first-time buyers. Still another reason is that many individuals are opting to move to other areas – usually away from cities – as they being to reassess their priorities and embrace the improved ability to work from home.

The result has been that, throughout the country, residential real estate has seen phenomenal growth. However, with demand starting to outstrip supply, it has also meant a significant rise in housing prices. While this is great for current investors, it does make it harder for new buyers looking to enter the market. But all is not lost, and buyers on a budget who are willing to broaden their search are likely to still find affordable properties in their price bracket.

The key, though, is to consider the area. For example, Christchurch is generally more affordable than Auckland and Wellington, but can still be pricey – particularly in the city centre and areas like Sumner and neighbouring Scarborough. Buyers wishing to settle in the Canterbury area can, however, still get good value for money if they broaden their search to real estate in Kaiapoi or surrounds. While it may mean a bit of a commute to Christchurch proper, the distance is generally reasonable, and buyers can find good houses in beautiful areas with all necessary amenities. In all, then, despite the competitive market, NZ real estate is still generally affordable – buyers just need to know where to look.