Property price growth in Auckland is starting to slow, yet prices in the rest of the country are rising rapidly, new figures show.
The latest data from the Real Institute of New Zealand (REINZ) shows that Auckland’s median house price increased by 2.5 per cent in the year to June 2017, while the rest of the country (excluding Auckland) showed growth of 11.4 per cent.
Auckland’s median price is now NZ$850,500 (up from NZ$830,000 in June 2016) and the national median excluding Auckland increased to NZ$431,000 (up from NZ$387,000).
“While median prices in Auckland have increased slightly year-on-year, the City of Sails had the second lowest rate of growth in the country in comparison to the 8 per cent seen in June 2016 and 27.1 per cent increase seen in June 2015,” said Bindi Norwell, CEO of the REINZ.
“However, most regions across the rest of the country experienced double-digit (or close to it) growth and record median prices have been seen in three regions this month – Bay of Plenty ($555,000), again in Manawatu/Wanganui ($280,000) and Tasman ($581,000). This highlights the buoyancy across the rest of the country and the normal property cycle where regions are typically behind Auckland in terms of the growth curve,” Norwell added.
With property prices in some regions of New Zealand reaching all-time highs, it is essential that anyone moving to the country starts their new life with the largest amount of NZ Dollars they can.
One simple way you can make a substantial gain is to get the best exchange rate possible when the time comes to change Pounds into NZ Dollars.
Put simply, when exchanging large lump sums, only small fluctuations in exchange rates can have a huge impact on how much money you’ll end up with.
For example, imagine you managed to sell your property in the UK three months ago, and had £150,000 to spend. If you had exchanged immediately, then on 14th April you would have received NZ$1.802 for every £1 exchanged – making a total of NZ$270,300. However, if you had waited just a few weeks to exchange, then by 12th May the exchange rate was £1=1.888. On an exchange of £150,000 this equates to NZ$12,900 more in your pocket.
However, had you waited even longer, hoping the rate would continue to climb, then you would have been disappointed. As of 13th July, the rate had slumped down to £1=NZ$1.770.
Of course, there is no guarantee of choosing the absolute best time to exchange. But taking expert advice from a specialist currency exchange firm like Halo Financial can certainly help.
Foreign exchange companies understand why the exchange rates are moving and just what impact this has on your currency transaction so can give you at least some indication of when the market could move favourably. What’s more, they can also provide you with a range of options on when you should consider exchanging, and how much you should exchange at a time.
To find out how you can make sure you can take advantage of positive fluctuations in the market and exchange your currency at the right time to get the best possible, visit www.halofinancial.com
Article published 13th July 2017