The argument will be made that Australian property is overpriced. That is true, but the strength in the economy and restrictions on urban development mean that those characteristics are going to be retained. Regional coastal areas however look more attractive. The influx of people from NZ will help, but I would suggest to you that the movement might just go both ways. i.e. The weak NZD relative to the AUD will attract NZ'ers to Australia to earn income, but it will also draw poorer Australians to NZ for retirement or holiday (houses). Deregulation of the airline industry between Australia and NZ is likely to aid that process.
In the short term, I would keep an eye on the number of homes for sale in rural places. i.e. Watch online listings in each rural city. The main cities tend to have more growth, so they are still expensive, and will not offer the attractive discounts, however rural areas like Wanganui, which suffer depopulation are likely to turn around at some point. This has already happened in the Southland area, an area that has good access from Queenstown. Wanganui is similarly well located between Auckland-Rotorua-Wellington, and is perhaps the nicest town in NZ, offering full services to retirees. Its weather is reasonable, though it is a little windier compared to other places. It has reasonable sunshine hours. There is less wind on the Bay of Plenty and East Coasts.
NZ Property Guide
Philippine Real Estate Guide
Foreclosed Japan Guide
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