New figures show that average property values in Auckland have topped NZ$1 million for the first time.
The latest monthly Quotable Value House Price Index shows that Auckland property prices increased by 15.9 per cent year on year and 6.1 per cent over the past three months. Values in New Zealand’s largest city are now 85.5 per cent higher than they were at their previous peak in 2007.
The average value for the Auckland Region is now NZ$1,013,632.
Nationwide, residential property values for August increased by 14.6 per cent over the past year. Values rose by 6 per cent over the past three months and are now 47.8 per cent above the previous market peak of late 2007. The average property value nationwide is NZ$612,527.
Given the rising property prices throughout NZ, and the fact that so many newcomers to the country tend to settle in Auckland, it is vital that anyone moving to the country in the coming months starts their new life with the most money possible. And one way of maximising your cash-flow in NZ is making sure you get the best deal possible when exchanging your Pounds for New Zealand 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 sold your property in the UK three months ago and had £150,000 to spend. At the highest point in the last three months £1 was worth NZ$2.064 – or NZ$309,600 on a £150,000 exchange (22nd). However, largely as a result of the uncertainty sparked by the Brexit vote just a few days after, this value has since plummeted. As of Friday, £1 was worth just NZ$1.786, meaning that exchanging £150,000 would net you just NZ$267,900.
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 will once again 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 deal on the purchase your overseas property, visit www.halofinancial.com
Article published 12th September 2016