Aug
17

Weak NZ Dollar Makes Auckland Property Cheap for Foreigners Despite Price Rise

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Auckland home prices are up more than 20 percent in the past year. If you’re a buyer from China or the U.S., they’re not.

The slump in New Zealand’s currency has made properties in the country’s largest city a bargain for foreigners, creating a headache for central bank Governor Graeme Wheeler, who has been trying to put a lid on the country’s overheated property market.

“Five years ago I would have estimated two or three percent of Auckland properties were bought from overseas,” said Peter Thompson, managing director of Barfoot & Thompson, which says it sells one-in-three homes in the so-called City of Sails. “These days it’s 10 or 12 percent.”…

Weak NZ Dollar Makes Auckland Property Cheap for Foreigners Despite Price Rise

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