Aussies moving on NZ property
Amid concerns that the Australian property market is overvalued, investors there are increasingly turning to New Zealand, to take advantage of its more favourable tax regime.
Sunday, December 11th 2005, 7:10AM
by The Landlord
New Zealand agents and market participants say there has been a surge of Australian interest in New Zealand property, particularly in the bigger cities, as well as holiday destinations."The apartment market in Auckland has been pretty closely followed by the Australians, as has Queenstown," says Howard Morley, president of the Real Estate Institute of New Zealand.
Mr Morley said some New Zealand developers were so keen to attract Australian investors they were marketing exclusively in Sydney and Melbourne.
The heightened interest in New Zealand property comes as an Organisation for Economic Cooperation and Development report found Australian property to be the most overvalued in the western world, in relation to rents.
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