The Residential Real Estate Transactions market in New Zealand has been experiencing significant growth in recent years.
Customer preferences: One of the key factors driving this growth is the increasing demand for residential properties in New Zealand. The country has seen a steady increase in population, with more people looking to buy or rent homes. Additionally, there is a growing trend of urbanization, with people moving to cities in search of better job opportunities and amenities. This has led to a surge in demand for housing in urban areas, driving up the number of residential real estate transactions.
Trends in the market: Another trend in the market is the rise of online real estate platforms. These platforms have made it easier for buyers and sellers to connect, resulting in a higher number of transactions. Buyers can now easily browse through listings, view photos and videos of properties, and even take virtual tours. This has streamlined the buying process and made it more convenient for both buyers and sellers.
Local special circumstances: New Zealand also has a unique housing market due to its geographical location and natural beauty. The country is known for its stunning landscapes and outdoor recreational opportunities, which has attracted both local and international buyers. The demand for properties in desirable locations such as coastal areas or near national parks has driven up prices and increased the number of transactions in these areas.
Underlying macroeconomic factors: Several macroeconomic factors have contributed to the growth of the residential real estate transactions market in New Zealand. The country has a stable economy with low unemployment rates and a strong housing market. Additionally, low interest rates have made it more affordable for people to borrow money and invest in real estate. This has fueled demand and increased the number of transactions. In conclusion, the Residential Real Estate Transactions market in New Zealand has been thriving due to increasing customer preferences, such as the demand for housing in urban areas and the rise of online real estate platforms. The country's unique geography and natural beauty have also contributed to the growth of the market. Furthermore, New Zealand's stable economy, low unemployment rates, and low interest rates have created a favorable environment for residential real estate transactions.
Data coverage:
Figures are based on total and average revenue of residential real estate transactions (sales).Modeling approach:
Market size is determined by a bottom-up approach. We use national statistics, international organizations, and industry associations to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country specific industry associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita.Forecasts:
We use a variety of forecasting techniques, depending on the behavior of the market, for instance, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.Additional Notes:
Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war considered at a country-specific level.
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