Rural property boom reflected in NZ
Wednesday 22 September 2004
It looks as if the big money being paid for rural property in Australia is being reflected across the Tasman.
By The LandlordA so-called fishing and hunting 'ranch' on New Zealand's North Island is on the market for US $40 million.
The 6,000 hectare estate is a holiday destination for Hollywood stars and world leaders, who pay US $900 a night to stay there.
But the owner's representative, Andrew Johnson, says there haven't been any Australian bids yet.
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Global ratings agency Standards & Poors is the latest to join the chorus of predictions around potential house price falls in New Zealand – and they’re picking a 10% drop.
Auckland ’s long-term future is sound as well situated residential developments will always sell and demand for affordable housing remains strong, a leading non-bank property financier says.
New mortgage borrowing rose by roughly $1.6 billion in May as the property market showed signs of recovery from the Covid-19 lockdown.