Back to the Future
Emerging from six months of global unrest following Brexit, the United States presidential election and a little closer to home - the delayed appearance of warmer spring weather - this year the New Zealand property sector has impressed showing strength and resilience, says Bayleys national residential manager Daniel Coulson.
Largely unaffected by economic threats abroad, New Zealand’s primary industries of dairy, education and tourism have shown muscle in previous months, powering the New Zealand commodity base and as an off-shoot, our confidence to invest in our own housing market.
While the prosperity of the economy relies on the strength of our international trade, we have confidence that New Zealand is in a good position to move forward. Despite news that the Trans-Pacific Partnership has been stopped in its tracks, the underlying factors driving strong economic growth – agriculture, tourism and low interest rates have entered a more mature cycle with momentum set to continue past the new year.
As immigration came under increased scrutiny earlier this year it is interesting to note that Statistics New Zealand reported approximately a quarter of those migrants as expatriate New Zealander’s returning home – illustrating that perhaps the grass may no longer be greener abroad. For Kiwi’s currently in the country, the number of those heading off-shore almost halved for the first time since 2012, meaning more New Zealander’s are fuelling the housing market in search of first-homes, investments and properties to rent.
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