NEW ZEALAND AUTUMN MEANS lovely moderate temperatures where people are still getting away for long weekends. At the same time colours changing outdoors with really picturesque landscapes, particularly in the South Island in Queenstown and Wanaka.
NEW ZEALAND UPDATE: 2024 in New Zealand so far is a very "slow" market in many ways. Property values are slightly higher (as at March 2024) on average annually for the first time since August 2022. Financially, like most countries, rents and cost of living have risen. On the other hand, inflation has reduced in most worldwide countries, including New Zealand down to 4.7%, and unemployment is 4%. We are still lucky to be residing "Downunder" compared to most of the world.
FINANCIAL NEWS INTEREST RATES Fixed Rates - Great News - USA have been decreasing rates which has already been reflecting New Zealand's all fixed rates gradually decreasing a few times. Variable rates - the Reserve Bank have not increased Cash Rate since May 2023. On a positive note Inflation (4.7%) economists expect very slowly further decreases. 1 July 2024 for Investors are big favourable changes (Brightline Tax 10 to 2 years, favourable Interest Deductibility) - read attached news. Economic growth is flat, although the economy has been propped up by migration with large numbers arriving in New Zealand. Economists say statistics show New Zealanders' "purse strings" are very tight focussing on essentials and a little bit of travel.
PROPERTY MARKET - As at 1 March 2024 Core Logic Statistics for New Zealand average median house decreased in the past 12 months by -10.8% $930,495. In the last 12 months Auckland Region decreased -15% to $1,291.999, Tauranga decreased -12.3% to $1,039,689, Wellington Region decreased -19.6%% to $915,174, Nelson decreased -10.3% to $783,165, Christchurch decreased -3.2% to $758,452, Queenstown Lakes District increased 0.9%% to $1,798,059, Dunedin decreased -11.0% to $636,373, Invercargill decreased -3.6% to $464,753. See Core Logic reports attached in QV Price Index attachment.
FIRST HOME BUYERS - access your Kiwisaver Superannuation. First speak to Mary re finance then contact your Kiwisaver provider to see if you qualify for a grant and withdraw of Kiwisaver.
ALL NONRESIDENTS MUST HAVE A NZ TAX FILE NUMBER BEFORE THEY SETTLE ANY NEW ZEALAND PROPERTY and must provide their overseas tax file number.,
NONRESIDENTS PURCHASING PROPERTY IN NZ - There is a ban of nonresidents purchasing "existing residential properties" - with the exception of New Zealand, Australian and Singaporean citizens). Nonresidents purchasing new properties are acceptable.
RENTAL AND VALUES: When you look at such a diversified value in New Zealand and look at rental return on the Government website (outlined on this website "Useful Links"), you will see the rental returns that suit you pertaining to the New Zealand location you wish to purchase.
DEPOSIT - REMEMBER THERE IS NO STAMP DUTY AND NO LAND TAX in New Zealand. You normally require your deposit for the property plus approximately NZ$1,500 legals/registration to NZ solicitor to acquire a New Zealand property.
Refer to my "CASE STUDIES"on my website with great client comments and stories, i.e. New Zealand residents, Ex Pats moving back to New Zealand, Nonresidents residing overseas particularly Australians and Kiwis residing in Australia and other countries purchasing in New Zealand.
Contact Mary from New Zealand Mortgage Solutions Ltd for a preapproval from a choice of 22 leading New Zealand banks/lenders. Helping clients for 25 years.
Content on this website is general in nature and is not a recommendation, opinion or guidance to any individuals in relation to acquiring or disposing of a financial product. Readers should not rely on this content and should always seek specific financial advice appropriate to their own individual circumstances.
Mary O’Brien
New Zealand Financial Adviser
Financial Services Provider Register No. 43497
Professional Investments Limited New Zealand
Financial Services Provider No. 768358
Trading as New Zealand Mortgage Solutions Limited New Zealand
Trading as New Zealand Mortgage Solutions Australia
ABN 42 154 883 672