New Zealand named most expensive country in the world to buy property
New Zealand is the most expensive country in the world to buy property on a price to income basis, a new report by Fitch ratings agency states.
New Zealand and Australia are expected to remain costly this year due to low interest rates that in turn elevate house prices.
New Zealand's expensive reputation is not only due to Auckland's exorbitant prices, as seen in results from a Quotable Value (QV) report.
Home values in Wellington rose 4.3 percent in the last three months, a record rate since 2007, according to QV.
Fitch also offered predictions for other markets, such as the United States, where homeownership is sitting at a 25-year low.
House prices in the US are 20 percent below peak levels but are expected to boast a 4 to 5 percent average price growth this year.
The three countries the agency expects to see a drop in prices are Brazil and South Africa, due to their struggling economies, and oversupply in the case of Singapore.