Real Estate History in Auckland – New Zealand’s Super City

Since the arrival of Europeans into the New Zealand, Auckland has been the largest, most sought after space in the country for property, business and employment. The population sits close to 1.4 million people, accounting for over a quarter of the country’s residents, and is considered the top city in New Zealand, frequently rating on lists of the world’s most liveable cities.

As one of the later established European colonies, New Zealand’s history in economy and industry is a shorter than other countries, but Auckland stands at its centre. After the Treaty of Waitangi was signed in 1840, the land that Auckland resides on was gifted to the recently arrived Europeans by the local iwi, Ngai Whatua, who hoped to encourage growth with the building of a city. Popularity for real estate in Auckland boomed early and the city responded well to growth, quickly building infrastructure – roads and tramways facilitated and shaped the city during the beginning of the 20th century. Its position near the top of the country made it the arrival point for many; this influx of people led to many businesses establishing themselves in the city.

With so much going on, Auckland had quickly constructed itself into the hub of New Zealand’s economic activity – a position it maintains today. Because of its higher population and the opportunities the city offers, the housing market is the most lucrative in the country. Real estate companies quickly established themselves, some of the earliest still active opened their doors before 1900. Low density housing has long been the norm for Auckland.

This trend has been the lead contributor in the wide, urban-sprawl that public transport hasn’t been able to keep up with, resulting in a heavy reliance on motor vehicles. It’s easy to see the upwards trend of home prices in the Auckland market. In the past ten years, the cost of homes has nearly doubled. While requiring more capital for investment and being harder for families looking to buy, there is less risk of a home’s value bottoming out as property is always sought after in the city. Even after suffering losses during 2008, like most parts of the country, the housing market in Auckland has quickly bounced back to be stronger than ever. Housing in the country’s main centres have always been strong points for investment, with the best job markets, the best opportunities for business and the best incomes being in urban areas. Auckland has shown the greatest growth, better than Christchurch and the nation’s capital Wellington, in not only recent years, but since land in the country has been sold.

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