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Property in New Zealand

Buying Property in New Zealand

Property values in New Zealand have increased substantially in recent years and it has become quite a popular place for international real estate investors. The process is fairly straightforward and there are few restrictions on international investment. If the investment is less then NZ $10 million or 5 hectares for agricultural property then no official clearance is needed. If it exceeds either amount, then authorization from the Oversees Investment Office is needed.

There is no stamp duty in New Zealand, normal capital gains taxes or inheritance taxes, so buying and owning property here is relatively inexpensive. Most buyers in the past have used estate agents, but many people now use the internet and avoid agent’s fees. The buyer has usually paid the agent’s fees, which can be up to 4.5% – 5% of the selling price, but that is negotiable.

As always when purchasing property abroad, it is a good idea to obtain the advice of a local lawyer. This person can help with the inspection and LIM and any other needs you might have.

Once you have found a property, make an offer with any and all contingencies in it. If this conditional offer is accepted then you pay a 10% deposit and perform the necessary inspections. Also, you should obtain an LIM, or Land Information Memorandum, from either the seller or the local council. If the seller does not provide a LIM, you will need to purchase one from the council and they can cost from NZ $100-400.

If everything checks out, then you move to an unconditional offer. Once all conditions are met then you and the seller are committed to the process. If they are not met, then you can renegotiate or you can get your deposit back and move on. After the contract is finalized, you have 3-4 weeks before closing. At closing the final money is exchanged and the seller must then submit the transaction to the Land Titles Office in person or online to register the new owner.