PHOTO: CALLUM MCGILLIVRAY/STUFF – Auckland is a key market for tourists, migrants and mainland Chinese property investors.
Mainland Chinese purchased $1.5 billion of residential real estate in New Zealand last year, according to a real estate website for Chinese investors.
Juwai.com said that was an increase of US$130 million (NZ$197.2m) on the year before, although there was a lack of reliable data in 2016.
Carrie Law, chief executive and director of Juwai.com said the $1.5b estimate was based on official data which showed mainland Chinese buyers made nearly 1600 purchases in New Zealand last year, not including corporations.
“CoreLogic reports that the average property price was about $622,000. That works out to nearly US$1 billion in total purchases,” she said.
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