I viewed with great interest the information published in the NZ Herald today about the increase in the price of property in NZ over the last few years.
Over the past three years the economy has been riding the wave of a booming housing market so it says.
After going sideways for about four years, house prices on average rose about 47 per cent over 2002-04 and are still going up. I should have brought the property in Kingsland I liked in 2002 for $280,000......
The number of sales peaked in late 2003 but after falling steadily for most of last year got a second wind from a mortgage rate price war among the banks towards the end of the year. If the mortgage rates were as low in NZ as they are here in the USA the prices would be absolutly out of control. Rates are as low as 5.3% p.a here fixed for 30 years.....Lower even if you are in certain financial brackets.
I always have thought that property is one of the best investments available.
8 comments:
Location location location
homeowners will be happy with the way things are, developers less so.
Hello Pablo and Gary,
Good you got out of the developing I guess Aaron...... Gary.. MAybe you should have kept Omaha???
Hello Wowie, Great to hear from you.... I am doing good. LA is warming up...Summer is here....
Everyone is welcome Pablo
:-)
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