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Growth in the NZ Real Estate Market

Who hasn't dreamed of having a second home in beautiful New Zealand? It seems that you are not alone, as the New Zealand housing market is booming with a 50% increase since March of 2011 on the number of new homes being built. Most of the action is taking place on the North Island, with growth in Auckland, Wellington and Bay of Plenty Regions. Obviously the city has its pull and economy and Auckland continues to lead the growth.
Housing growth refers specifically to individual properties, not apartments. It's also necessary to build a New Zealand home with consideration of Earthquakes and other natural disaster issues that are common to the island. As the growth continues, prices continue to inflate as well. Average prices in Auckland for a new home are around 650,000 NZ dollars, this is primarily due to the buyer demand which has pushed prices up across all the sectors. As the market continues to grow it will be interesting to see how quickly it can recover from the housing crises that crippled most of the world. Is New Zealand the new frontier?