Property Market

SO this is the very latest news on the property front. Despite many reports to the contrary the market doesn't seem to have crashed. It may have slowed but Auckland property values increased by 9.5% over the past year and the region has a whopping average sale price of $484,739. The North Shore showed even stronger growth whttp://www.blogger.com/img/gl.link.gifith a 11.6% increase. However, The Real Estate Institute of New Zealand (REINZ) recently reported that the average number of days it takes to sell has increased from 28 to 30. This could indicate that the winter blues are here.

Have a look at the table below from Trade Me Property. there is no doubt that the property market in New Zealand has made quite a few people very wealthy indeed. I'd say the market is cooling off and with mortgages at over 7 times earnings the regular home owner has got problems. If the market really falls the negative equity problem will be huge.