NZ versus Australia

PHOTO: NZ versus Australia. ONEROOF

1. Australia has “got very, very low listings, which haven’t really increased over the last couple of years whereas NZ’s have.
2. Sydney’s tight rental market could be contributing to demand because sometimes mortgage payments are cheaper than rent.
3. The Reserve Bank of of New Zealand has lifted the cash more aggressively than the RBA has lifted its cash rate.
4. Australia has a broader range of property types, too, which means there’s more accessible entry points for any type of buyer, and there are also affordability differences between the countries.
5. Australia has had a strong bounce back and the return of overseas migration since we reopened our borders in February last year. “Net overseas migration for this financial year is forecast to be 400,000 and historically our pre-Covid decade average was quoted at 215,000.

Sydney harbour. Kiwis may be tempted by Australian wages and house prices but before they make the move they need to crunch the numbers. Photo / Getty Images

Ray White chief economist Nerida Conisbee: “Even moving within Australia to Sydney is an epic challenge for a lot of people because the cost of housing is so expensive.” Photo / Supplied

NZ versus Australia
SOURCE: ONEROOF
MISSING: summary MISSING: current-rows.
Australia$733,858$484,196
Sydney$1,557,340$848,896
Melbourne$1,055,176$620,415
Brisbane$844,955$506,927
Perth$673,451$445,311
Adelaide$709,289$457,749
Canberra$1,072,115$606,724
Hobart$757,460$565,110
Darwin$602,142$383,879
How do you think the NZ property market will change over the next few months? Please leave your comments below

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