PHOTO: FILE
Grandparents and individuals whose nests have recently emptied are joining the trend of selling their long-time homes to relocate closer to family members already settled across the Tasman Sea.
According to real estate agents speaking to OneRoof, there’s been another surge in the number of people making the move to Australia, either to reunite with family or due to the perceived lower cost of living.
Presently, there are over 200 properties listed on OneRoof mentioning Australia, with a quarter of them located in Auckland.
Aaron Davis, an auctioneer from Harcourts, noted a continuous momentum of people migrating to Australia, primarily to Sydney, Melbourne, Perth, or Brisbane.
Around one-third of the homeowners he encounters are either following family or seeking a more affordable lifestyle, Davis explained. The notion of a cheaper cost of living and higher wages across the ditch is enticing for many.
However, Davis pointed out that some individuals making the move for financial reasons find themselves with little equity due to buying at the peak of the market, leading to frustration in the current housing climate.
Harsh Kathuria, another Harcourts agent focusing on South Auckland, estimates that approximately 40% of the properties he’s selling are due to owners relocating to Australia.
Despite expectations for a change in government to alter this trend, Kathuria observed a steady flow of people looking to make the move.
For example, the owners of a four-bedroom home in Otara are heading to Perth after 29 years, joining their children already settled there. Similarly, a family in Clover Park is selling their home of 16 years to reunite with their children in Brisbane.
Kapil Rana from Barfoot & Thompson has been tasked with selling properties for several homeowners who have already moved to Australia.
Monika Maynard of Ray White echoes the sentiment, stating that rising interest rates and the cost of living in New Zealand are prompting many to believe the grass is greener on the Australian side.
Maynard is currently selling a unit in Papatoetoe for a young couple set on relocating for better wages and living standards.
David Ding, also of Harcourts, who previously spoke about this trend, now sees it as the “new norm,” with more people opting for the Australian lifestyle.