17 January 2008

House prices could boost New Zealand immigration

Plans for New Zealand immigration may be boosted by the fact that house prices in the country fell last month. Median house prices in New Zealand have fallen by two per cent to 345,000 New Zealand dollars (approximately £140,000).

Figures from the Real Estate Institute for New Zealand revealed the fall in prices, and the organisation also said that the sales of houses in the country are expected to rise in February and March after people return from their summer holidays. Murray Cleland, president of the Real Estate Institute for New Zealand said: "It is unrealistic to expect the stellar increase in prices as seen over the past seven years to continue indefinitely with the market now entering a period of consolidation."

In May 2007 somebody interested in New Zealand immigration would have faced average house prices of around $347,000 (£136,100) for parts of Wellington and around $334,500 (£131,181) in parts of Auckland. The average house price in Greater London at the end of last year was £377,807.

Find out more about New Zealand visas and immigration.