America’s recovering housing market is starting to attract interest from around the world – including from New Zealand.
The National Association of Realtors in America stated recently that overseas investors made up 7 per cent of house buyers in the year ended March 2014.
Chinese buyers accounted for a major part, snapping up property worth $22 billion in the time period – a 19 per cent spike on a year-over-year basis.
It is not just Chinese investors eyeing up property in the US. The NAR sourced data from Realtor.com’s traffic index that recorded a searcher’s location and region they were looking at housing in.
The analysis found that the highest interest in the US property market online came from Canada, UK and Australia. Los Angeles, Miami, and Las Vegas were the most searched for cities in the US. Houston was the seventh most searched for city.
The study showed interest in US housing coming from around the globe with Brazil, Germany and Japan all in the top ten. New Zealand was at number 18.
With housing markets around the world showing signs of overheating the US market is looking increasingly more attractive to investors. Interest rates remain low and the economy is recovering from the effects of the global financial crisis. House prices in the US have risen for 28 straight months to June 2014 according to the CoreLogic Home Price Index.