New Zealand proudly boasts one of the highest home ownership rates in the world. Housing in New Zealand is very affordable compared to numerous other countries however the amount you should expect to pay for a house depends where in New Zealand you choose to settle.
Migrants to New Zealand considering living in Auckland may discover that the average house price is approximately NZ$499,500 however another new immigrant who is thinking of purchasing a property in Southland may discover the average price is only approximately NZ$349,500.
The New Zealand housing lifestyle is diverse ranging from urban old style villa homes to new suburban townhouses and the increasing trend of inner city apartment living. Most people who buy or build their own home borrow some money from their bank – this is referred to as a mortgage. Some New Zealand banks may let you borrow up to 95% of the valuation price of a property, however this depends on the individual banks’ criteria, your credit history, amount you can afford for mortgage repayments and how much deposit you have.
The majority of NZ property is sold through real estate agents who work for the vendor (person who is selling property). The agent charges the vendor a fee based on a proportion of the selling price of the property.
Most new migrants choose to rent a home in New Zealand until they have decided exactly where they would like to settle. Where you choose to buy a home may depend on factors such as schooling areas, job opportunities, what type of neighbourhood environment you enjoy and also the cost of houses for sale in different areas. Rental prices are higher in larger cities or where there is a shortage of rental properties, the average rental price in Auckland is a lot higher than any other city in New Zealand.