New Zealand residents have probably heard of lifestyles properties, rural properties and residential properties. Lifestyle properties in particular have grown exponentially in popularity within the country from the beginning of the global pandemic in 2020. These types of properties offer more bang for your buck, more time with family and in nature and the chance to enjoy the slower pace of life. As city-goers and farmers both move towards lifestyle properties, the demand for this type of real estate all around the country is not predicted to slow. Here at Mortgage Masters, as a leading investment property mortgage broker in Auckland, we understand the property market and the trends towards lifestyle properties. So, is a lifestyle property for you and what are some of the advantages?
What is a Lifestyle Property vs. a Rural Property in NZ?
The common rule of thumb between types of properties here in New Zealand is how you mow the lawn. If you are mowing your lawn with a handheld mower, you are in a residential or urban property. If you’re on a ride-on mower, you may have just invested in a lifestyle property. Rural properties, on the other hand, are mown with tractors. Basically, rural properties and farms are huge expanses of land whilst a lifestyle property is usually somewhere in the middle, at about 10 acres or 4 hectares.
Some Perks of Lifestyle Properties
Lifestyle properties are becoming highly in demand, as the cost of city living continues to grow and some cash in their capital growth to move to a slower pace of life. As well as this, farmers are also downgrading to properties with less maintenance time, either to retire or just to spend more time with family. In a lifestyle property, you have the room to breathe and the space to move. If you’re in a growing family or you have more than one pet, this may be the type of lifestyle you’re looking for. Those in Auckland, Queenstown and Wellington are realising how much more they can get for their money when they move further out, and many lifestyle block communities are still only 30 minutes away from civilisation. Think fresh air, open skies, large gardens and more quality time with the people, things and animals that you love.
Property Market Forecasts in Auckland
There are areas around New Zealand that have had an impact on the growth of the lifestyle property market. The “golden triangle” that encompasses Auckland, Hamilton and Tauranga is one of those areas. With rising housing costs, homeowners are seeing the value and the space that their money can get them, in lifestyle properties that lie outside of the main city centres. With property prices surging, many are continuing to make the move towards lifestyle living and this trend isn’t expected to slow. As demand continues to grow and supply running out, ensure that you jump on the bandwagon in time!