New Zealand's property market subdued
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New Zealand’s property prices are only 5.7% below peak levels seen in late 2007, having dropped 1.6% during the year to end-May 2011, according to Quotable Value Ltd. The national housing median price index was NZ$350,000 (US$293,419) in May 2011, according to Real Estate Institute of New Zealand (REINZ).
Aside from the devastation of Christchurch, the country’s second biggest city, by earthquakes, the country’s economy rebounded in 2010, recording an annual real GDP growth rate of 2.2%, after a two-year slump due to the adverse impact of the global crisis.
Positives for the market include:
Negatives are:
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