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The wallet burning cost of Auckland and wellington has been highlighted once again as they jointly ranked the 16th most expensive cities in the world to live in.
The Economist Intelligence Unit’s Worldwide cost of living survey covered 150 cities, with Wellington climbing 26 places since last year’s survey and Auckland jumped 22 places.
They now rank equal with Shanghai, China’s most expensive city , and just behind Sydney and Melbourne in 14th and 15th respectively.
“The rise of Australian and New Zealand cities up the ranking is to be expected, given that both countries currencies have appreciated in value in the last year or so ” survey editor Jon Copestake said.
“This movement is in sync with a number of other Asian cities, which have come to dominate at the top of the ranking”.
Auckland and Wellington’s dramatic jump up the rankings was behind only Brazil’s Sao Paulo and Rio De Janeiro, which jumped 29 and 27 rankings each.
While Brisbane and Adelaide also climbed higher up the list , Aussie rankings are still lower than five years ago when Sydney and Melbourne were among the world’s top 10 most expensive cities.
Singapore heads the list for the fourth year running , while Hong Kong and Zurich were the second and third most expensive cities.
Auckland and Wellington are swiftly becoming more and more expensive places to live.
10 Most Expensive cities to live are
1/ Singapore
2/ Hong Kong
3/ Zurich
4/ Tokyo
5/ Osaka
6/ Seoul
7/ Geneva
8/ Paris
9/ New York
10/ Copenhagen
10 Cheapest Cities to live in are
1/Almaty
2/Lagos
3/ Bangalore
4/ Karachi
5/ Algiers
6/ Chennai
7/ Mumbai
8/ Kiev
9/ Bucharest
10/ New Delhi
Seems New Zealand is becoming a highly attractive place to live and immigration into this country continues to grow meaning higher demand for housing.
www.nicolrenovationsltd.co.nz
Even though there is less activity in the market place house price growth continues to increase.
Latest reports show the average Auckland house price has now topped 1 million.
Quotable Value,s House Price Index revealed the Auckland region average values stood at $1,013,632.00 in August up 15.9 %on the previous year and 6.1% over the last 3 months.
Average value of a New Zealand home rose 15% from the previous year to $612,527.00 in August still slower than the 16 % gain in Auckland,
Values are 85.5% higher than their previous peak of 2007.
Record migration ,investor demand and low interest rates have bolstered this hugely and they still keep talking about affordable housing.
The cost of building is not coming down it is going up and will continue to do so with the current and future demands the industry has ahead.
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