Friday, February 17, 2012

Strangely Familiar Story in New Zealand

School Boosts Home Values in an Auckland Neighborhood
The suburb, a real estate agent said, is popular with the wealthy Asian immigrants who have been coming to New Zealand in increasing numbers in recent years, and particularly with the Chinese.
Last December, Mr. Fong sold a luxurious, five-bedroom house in Epsom to a buyer from China. The residence, which was bought for 2.56 million New Zealand dollars, or about $2 million, covers 448 square meters, or about 4,800 square feet, on a 937-square-meter lot. It is larger than most properties in Epsom, but there are other homes of similar size.
Also, larger properties are considered more of a security risk, because neighbors are not nearby.

“The more privacy you have — for instance, if you’ve got trees all around and no one can see you — at the same time, it’s easier to get a burglar as well,” he said, explaining that a wife and children will often settle in New Zealand for schooling purposes while the husband is still working overseas, so security is important.

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