During the housing boom from 2001 to 2007,
house prices rose 123% (87% in rea l terms),
including 24% in 2003, 12.5% in 2004, 14.5% in
2005, 9.6% in 2006, and 7.7% in 2007.
House prices started to fall in early 2008, as
the global crisis spread to New Zealand. During
2008, house prices fell 8.95% (-11.93% in real
terms). Then in 2009, house prices rebounded
by 5.42% (3.4% in real terms). However in 2010,
house prices fell by 1.65% (-5.45% in real terms).
In 2011, house prices recovered slightly, rising by
2.8% (0.93% in real terms).
New Zealand’s economy was projected to expand by
2.2% in 2011, and 3.1% in 2013, partly due to the
rebuilding plans in Canterbury, according to the IMF.
Non-residents are generally allowed to buy houses
in New Zealand. However, purchase of property
does not give the buyer the right to live permanently
in the country.
TEN FUN FACTS
ABOUT NEW ZEALAND:
New Zealand is the first place on earth
that receives the first ray of light. It
specifically glints first on the small town
of Rangitukia in North Island.
2
New Zealand established a state-run
tourism department in 1901 – the first
in the world.
3
The world’s smallest marine dolphin and
the rarest sea lion thrive only in New
Zealand’s waters.
4
The heights of Mount Everest were first
conquered by Sir Edmund Hillary, a New
Zealander.
5
The first Rugby World Cup in 1987 was
won by the New Zealand All Blacks.
6
Vineyards located in the southernmost
tip of the world belong to New
Zealand’s Central Otago region.
7
Wellington’s old Government Building
is the biggest wooden structure in the
southern hemisphere.
8
In 1893, New Zealand gave women the
right to vote. It was the first country to
do so.
9
Only three countries in the world
have two official national anthems –
Denmark, Croatia, and New Zealand.
10
The median days-to-sell of dwellings declined to 33
days in September 2012, from 37 days a year earlier,
and total dwellings sold increased by 8%, to 5356
units. Residential mortgage loans were up 3.2% y-oy, according to the Reserve Bank of New Zealand
(RBNZ). More than 58% of the total outstanding
residential mortgages had floating interest rates in
August 2012, up from just 12.36% in August 2007.
1
New Zealand has a ratio of 400 golf
courses for every four million people. It
has the greatest number of golf courses
in the world.
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