With home prices out of control, mother of three Dimity Pascoe made the call to buy property out of Australia, and found New Zealand to be where she could get value for her money.
Ms Pascoe’s was able to get the family 2ha of land in Central Otago, for less than Brisbane’s median one-bedroom unit price of $555,000.
“It was far less than what you’d buy a one-bedroom Brisbane apartment for,” she said.
“It’s beautiful. It’s surrounded by cherry farms and wineries … it’s just an investment in our future.”
Dimity Pascoe managed to find land in a top New Zealand hotspot, for less than the price of a one-room unit in Brisbane City.
New research by money.com.au found nearly a third of Queenslanders were considering a move overseas, with the Sunshine State most likely to favour New Zealand as their first choice abroad.
Ms Pascoe is the director of DP Advisory Group and a principal economist for Urban Advisory, and said she felt investing overseas made sense for her family both financially and personally.
“The Australian property market has become somewhat irrational for buyers seeking value,” she said.
Money.com.au research found 30 per cent of Queenslanders were considering buying property overseas, and were the most likely to pick New Zealand as their destination. Picture: iStock
“In Southeast Queensland, given the length of the current property boom, history suggests that we are likely towards the top of the market.
“While many believe that there is still capital growth to be had, there is a risk of buying at the top of the market.”
Ms Pascoe’s said there were many positives to buying in New Zealand.
“The trans-Tasman relationship means the practical barriers, including property ownership rights for Australians, are lower than buying in most other countries,” she said.
Australia’s skyrocketing property market has made some international markets seem more financially appealing – though experts warn buyers to do their research first. Picture: iStock
“New Zealand’s national property values are down 17.6 per cent from their early 2022 peak, while Australian values have continued climbing.”
Ms Pascoe said she felt it was important to give her family access to a calmer climate – both in terms of expenses and weather.
“It’s far removed from the bushfire and cyclone risk profiles that increasingly affect Queensland properties and their insurance costs,” she said.
“The land and the opportunity was great, and so we’re working on exactly how we’re going to use it in the future.”
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