Is New Zealand Real Estate Cheap?

Question

I know this depends on the area, but suppose if you want to build a mansion in a non-populated area.

Are the real estate in NZ generally cheaper than that of USA?

eg. there are cheap places in US such as Albany, can NZ counter this?

Also, could you please tell me the building code/rules in NZ? Does it take long time for approval or is there a lot of restrictions on different type of building you want?

Thanks.

Answer 1

Generally speaking a nice homestead is considered a quarter acre in NZ style hence the nickname "Quarter acre paradise". In the cities that is becoming increasingly difficult. The economic city of Auckland has a square acreage of the size of London (believe it or not) because of the pre-seventies need to own the one quarter acre house and garden. The sprawl is huge and now they are going upwards.

Commuting in this city is getting worse but the countryside still has a lot to offer.

For an overseas wealthy person to build out in the country their are certain restrictions if the property is anywhere near public reserve land of which NZ has a lot of (why it's so green).

There is no way to expedite housing plans quicker than the local councils. However if you do everything that they require you will not have any problems and the natural NZ'er trades people are very skilled and efficient.

One place I built there was on the edge of a bush watershed and very beautiful and also not far from Auckland city. I used pine and cedar with expensive woods inside for floors and staircases etc as the environment sort of decided for me to go that way in keeping with it. After installing european skylights in the slanting roofs the natural lighting was magnificent.

There are plenty of choices in natural timbers which is predominantly the materials used in countryside big homes although designer stucco and some other materials are cheaper.

Answer 2

Ok I am lazy and can't really be bothered checking too much but basically:

Yeah it really does depend on the are. There will be certain national laws etc that need to be followed obviously (like I dunno, you have to be a qualified electrician to connect electricity etc)  but there are also various restrictions based on the local area you live in. Your local city or regional council will have other laws based on things such as environmental restrictions, height restrictions, and also just rules on how big the property is, the closeness you can build to another property etc. Some councils approve things quickly, others take a while.

As for the cost of building a home? The sky is the limit. The average cost in NZ for a 3 bedroom home is about NZD350,000 home. Where I live this would probably buy a one bedroom apartment, so it obviously depends where you live.

To build a mansion? Again, skys the limit.

Answer 3

Building is comparitively cheap with 350-400k NZD buying a good home in most places. Building is easy and straight froward with limited regulation allowing freedom in form and type of construction.

Still gains to be made in building and sellign although it is thought to be ending a very long positive cycle