Immigrants not all good news for market
While New Zealand real estate agents are looking to the immigration wave to resolve the downturn in housing sales, the global situation is putting a dampener on their hopes.
Accidental landlords from the UK, South Africa and Canada are fleeing their home countries to become reluctant tenants in New Zealand.
They can't sell in their own countries, says Richard Evans from Rotorua Rentals, so they can't afford to buy here. "All the unsold stock is being rented by reluctant landlords to reluctant tenants. But that's very much at the middle and upper ends of the market. Vacancies at the lower end are high and rents are not what they were two years ago."
The same thing is happening in Auckland. Dave Collett from Ray White Glenfield recalls a couple of years ago when South African and British immigrants were keeping the market buoyant. Now he says, those people would love to live here but can't because they can't sell their homes.
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