New zealand sales to double?

New Zealand property sales are predicted to increase by 50 per cent over the next two years, according to Zoodle, which combines information from the website realestate.co.nz and Terralink International...

The country's property market has been adversely affected by the global credit crunch over the past year or so, with only 56,000 home sales recorded in 2008, the lowest for two decades.

That was just 3.7 per cent of total dwellings in New Zealand, whereas the average per centage over the past decade has been around six per cent.

However, there are growing signs that New Zealand's housing market could be about to turn a corner, judging by the volume of websites which indicated there was a substantial number of prospective buyers out there, said Zoodle Managing Director Alistair Helm.

Helm says that subject to the right conditions, sales would begin to pick up with the per centage of sales returning towards the average.

"That should equate to around 90,000 sales, a 50 per cent increase on 2008."

"As house prices and interest rates fall, the market opens up more favourably for buyers."

Source: www.homesoverseas.co.uk/news