SUMMER IN NEW ZEALAND MEANS SUN,HOLIDAYS, SWIMMING AT THE BEACHES OR PICTURESQUE LAKES, BUSHWALKING (NO SNAKES OR DEADLY SPIDERS), BBQs at the beach or at your house and generally a very relaxing time for everyone. It also means daylight saving with nice long, warm, days.
NEW ZEALAND UPDATE: 2024 is arriving!!! 2023 was a challenging climatic change worldwide, particularly Auckland and the North Island experiencing worst cyclones and floods in New Zealand history. New Zealand, Australia and most countries financially experienced higher rents, continuous interest rate increases and most of all increased cost of living for everyone. On the other hand, inflation has reduced in most worldwide countries, including New Zealand down to 5.6%, and unemployment is 3.9%. We are still lucky to be residing "Downunder" compared to most of the world.
FINANCIAL NEWS INTEREST RATES Fixed Interest Rates were increasing worldwide (reflectant on USA ), Variable rates - the Reserve Bank has increased Cash Rate 4 times in past 12 months. On a positive note Inflation (5.6%) economists expect further decreases. Growth in the economy has been propped up by migration (just over 200,000 have arrived jon Work Visa since January 2023). Economists say statistics show New Zealanders' "purse strings" are very tight focussing on essentials and a little bit of travel. Hopefully everyone can have a nice Summer Holiday.
PROPERTY MARKET - As at 1 December 2023 Core Logic reports New Zealand Average Median House decreased in the past 12 months -4.5% to $915,448, Auckland Region decreased -6.5% to $1,270,138, Tauranga decreased -5.7% to $1,012,788, Wellington Region decreased -3.9% to $901,387, Nelson decreased -4.9% to $772,671, Christchurch decreased -1.1% to $746,506, Queenstown Lakes District increased +2.6% to $1,731,508, Dunedin decreased -3.1% to $627,329 and Invercargill increased +0.4% to $458,151 (Core Logic Statistics 1 December 2023).
FIRST HOME BUYERS - access to your deposit from your Kiwisaver Superannuation. Refer to Housing New Zealand website to see if you qualify www.hnzc.co.nz. There are Regional/Location purchase price and personal income limits. Policy changes very regularly.
REMEMBER 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 brand 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 capital growth or decline and/or rental returns that suit you pertaining to the New Zealand location you wish to purchase.
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 to $1,900 legals to NZ solicitor to acquire a New Zealand property.
REFER TO MY "CASE STUDIES"on my website for many New Zealand residents, including many Ex Pats who have moved back to New Zealand, Nonresidents particularly Australians and Kiwis residing in Australia or other countries all purchasing investment property in New Zealand.
Contact Mary from New Zealand Mortgage Solutions Ltd for a preapproval from a choice of 21 leading New Zealand banks/lenders
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