Thursday 23 November 2017

New Zealand property prices compared worldwide

The Real Estate Institute of New Zealand reported that the median house price in Auckland in March this year was NZ$670,000 and the New Zealand Herald did some research to see what that would buy in 10 other big cities in the Western World.

New Zealand property prices compared worldwide

House for sale in Auckland, New Zealand

May 15, 2013

The Herald found that NZ$675,000 was the asking price for a large five-bedroom, three-bathroom home just under 10km from Auckland city centre. The two-storey house has an internal area of 458 m2 and sits on a plot of 708 m2.

By comparison, of the 10 other cities surveyed, only Canberra, Australia’s capital, had a freestanding house for sale at an equivalent price, but it was smaller than the Auckland example.

Among other cities, in New York the same money, equivalent to US$550,000, would buy 51 m2 apartment with one bedroom on 15th Street in Manhattan.

One-bedroom Manhattan apartment

In Paris, the equivalent EURO425,000 buys a studio apartment with a floor area of just 32.65 m2 in the 18th arrondisement, 4.1 km from the city centre.

The contrast is especially marked in London where a leasehold studio flat in South Kensington, 5.3 km from the city centre, would cost NZ$641,000 or £345,000.

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