Home ownership made easy
Home ownership is a realistic and desirable goal for most New Zealanders – close to 70% own their own homes. Unlike many other countries, buying a home here can be quick and easy, a purchase often being completed within a matter of weeks.
Prices vary considerably around the country. The median price for a metropolitan Auckland property is $450k, according to the Real Estate Institute (REINZ) Monthly Housing Price Index for August 2009, though prices in sought-after suburbs are considerably more.
The median price in Wellington is $395,500 and in Christchurch $295k.
Most people buy houses by raising a mortgage through a financial institution or via a mortgage broker. There are a variety of products available, often very different from those available overseas. We recommend you seek help from a financial advisor or lawyer.
The Real Estate Institute of New Zealand
Over 90% of homes in New Zealand are bought and sold through a real estate agency, with the agent being paid a commission.
We recommend you use a member of the Real Estate Agents Authority (REAA). REAA agents have met the necessary educational qualifications set down by the Real Estates Agents Act 2008 and must abide by the Real Estate Institutes Code of Ethics and Rules.
The real estate agent’s office must maintain an independently audited (non-interest bearing) trust account for deposits received. The real estate industry maintains a fidelity fund that protects all deposits placed in trust accounts.
Your new home online
New Zealand has a single comprehensive property website www.realestate.co.nz that is owned by the industry and allows you to search for your future home, rental property, farm or business.
It is the largest source of New Zealand property for sale, with around 70,000 listings, and is one of the most visited real estate websites in New Zealand.
Useful tools
The site is updated regularly with hundreds of new properties added daily. Most properties feature extensive photographic showcases as well as location based maps, as well as detailed property information and contact details of the real estate agent.
It also includes a wealth of resources and information, including hints and tips for first time buyers, and an in-depth guide to ‘real estate speak’ in New Zealand.
My Property is an automatic property notification facility. When your My Property profile is filled out it automatically searches for properties that meet your criteria, and emails you when they are listed. Your profile remains active as long as you wish.
Further assistance
It is recommended that you also visit the Real Estate Institute website.
Each month the institute produces three reports:
- A Mortgage Interest Rate Survey for residential loans
(including a summary table of major financial lending institutions offerings) - A Rural Market Report
- A Market Conditions Report covering all of New Zealand
Good luck with your house hunt!
