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: In 2022 New Zealanders and Australians have experienced a very hard year financially with high inflation/cost of living, ongoing increased interest rates and unpredictable international issues. On the other hand with record low unemployment 3.3%, wage increases and median New Zealand house prices decreasing 7.5% annually then this is good for purchasers. We are still lucky to be residing "Downunder" compared to most of the world.

FINANCIAL NEWS INTEREST RATES Fixed Interest Rates began to rise in USA in July 2021 when inflation began to increase and they have continued to increase in NZ since then. Unfortunately the Reserve Bank of NZ raised Official Cash Rate (variable rate) several times in 2022 and are forecast further increases in 2023 until they get inflation reduced down (now 7.2%). They want everyone to be "tightening teir belts" which is hard with summer holidays etc...

THE BUYERS AND DAYS TO SELL: First Home Buyers are around 25% of the market and particularly like "New Builds", but recent tightening by Reserve Bank restricting banks to only 10% total lending over 80% finance has changed them. Real Estate Institute report sales down In November 22 by 34.7% and overall market value house price index dropped 10.9% annually, taking 44 days to sell a property.

PROPERTY MARKET - As at 1 December 2022 New Zealand average median house decreased in past 12 months -2.9% to $958,622, Auckland Region decreased -3.1% to $1,358,998, Tauranga decreased -3.7% to $1,073,558, Wellington Region decreased -15.9% to 937,870, Nelson decreased -4.1% to $812,282, Christchurch increased 4.9% to $754,780, Queenstown Lakes District increased 6.3% to $1,687,671, Dunedin decreased -7.0% to $647,273, Invercargill decreased -1.1% to $456,290. (Core Logic Stats 1 December 2022).

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.

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 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 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, Ex Pats moving back to New Zealand, Nonresidents particularly Australians and Kiwis residing in Australia and other countries all purchasing in NZ.

Contact Mary from New Zealand Mortgage Solutions Pty Ltd for a preapproval from a choice of 21 leading New Zealand banks/lenders.

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. It also reflects on the housing/finance market with many settlements at Christmas and new properties on the market late January. Great time to start househunting after your holiday. With interest rates at a record "low" and a "buyer's market," now is a good time to obtain a mortgage preapproval (valid 3 months) then seriously look at properties in New Zealand. Contact Mary before househunting to know where you stand!!!

SO MUCH IN NEW ZEALAND HAS OCCURRED IN 2019. First Fixed Interest Rates hit "rock bottom" record at 3.39% for the first time. First Home Buyers as a large percentage of home purchases on outskirts of cities. Investors recently purchasing again although bank LVR is 70%. 2019 has also been an extremely sad year for New Zealand firstly with the Christchurch mosque attack in March and White Island volcano exploding in December with a number of people who died and seriously injured. These sad instances showed how amazing New Zealanders "pulled together" and helped so much.

UNEMPLOYMENT RATE for Q3 September 2019 was 4.2%

PROPERTY MARKET - As at 1 November 2020 New Zealand average median house increased in the past 12 months 8% to $753,038, Auckland Region increased +6% to $1,093,405, Tauranga increased 6.1% to $803,447, Wellington Region increased 11.1% to $811,099, Nelson increased 6.7% to $675,280, Christchurch increased 5.2% to $526,062, Queenstown Lakes District decreased -4.3% to $1,202,463, Dunedin increased a huge 14% to $554,420, Invercargill increased 13.7% $362,380. The strongest NZ performer was Gisborne increased 25.5% to $475,128. Wellington remains strongest "growing market of main centres. A lack of supply of properties on the market has triggered the value increases.

FIRST HOME BUYERS - access to your deposit from your Kiwisaver Superannuation. Refer to Housing New Zealand website to see if you quality www.hnzc.co.nz. There are Regional/Location purchase price and personal income limits. Up to 90% finance (conditions apply)

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 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 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 legals to NZ solicitor to acquire a New Zealand property.

REFER TO MY "CASE STUDIES"on my website for many New Zealand residents, Ex Pats moving back to New Zealand, Nonresidents particularly Australians and Kiwis residing in Australia and other countries purchasing in NZ.

Contact Mary from New Zealand Mortgage Solutions Pty Ltd for a preapproval from a choice of 18 leading New Zealand banks/lenders.

SPRING IN NEW ZEALAND means thousands of lambs bouncing around lush evergreen fields, blooming flowers/trees, daylight saving with longer daylight "relaxed Kiwi lifestyle" hours and warmer days. Spring also is a househunting/finance season where vendors put their house on the market and purchasers are keen to settle before Christmas.

FINANCIAL NEWS - Since the middle of 2022 the house price "correction" market reflects continuous decreasing property prices all over New Zealand. Reasons are increased higher interest rates internationally (fixed rates) and the NZ Reserve Bank increasing the "Cash Rate" (Variable rate) several times which has also reflected on controlling inflation. Also Reserve Bank restrictions for investors borrowing maximum 65% (not new homes), a new changed law (Credit Contracts and Consumer Act) creating more strictness on lending assessments, first home buyers affordability, the phasing out of interest deductibility on rental income for any investment purchased from 27 March 21 and if property purchased before 27 March 2021 interest phased out over 4 years reducing by 25% per year from October 2021 so gone by 2025 (See Accountant newsletter/IRD attachments below,) Also Brightline Tax timeline increased to 10 years (except new builds). All of these as of September 2023 reflects on low demand purchasing properties plus the affordability because of the extreme high cost of living (annual food increase highest in 35 years) Inflation of 6%. BUT Change may be on the way with Elections on 14 October 2023, so New Zealanders are "sitting still" in anticipation of the change of Government which may reflect in changing all or some of the abovementioned.

UNEMPLOYMENT RATE for Q2 June 2023 was 3.6% slightly up from 3.4% Q1 2023.

PROPERTY MARKET - As at 1 September 2023 New Zealand average median house decreased in the past 12 months -8.7% to $905,466, Auckland Region decreased -10.7% to $1,254,950, Hamilton decreased -7.4% to $799,549, Tauranga decreased -10.6% to $1,019,075, Wellington Region decreased -10.7% to $1,018,564, Nelson decreased -7.9% to $777,089, Christchurch decreased -3.8% to $731,900, Queenstown Lakes District no change 0.0% $1,675,462, Dunedin decreased -7.1% to $609,767 and Invercargill decreased -2.4% to $458,642. All areas in New Zealand decreased in value in past 12 months except Queenstown Lakes which had no change (see attached Core Logic Price Index as of 30 August 2023).

FIRST HOME BUYERS - access to your deposit from your Kiwisaver Superannuation. Refer to Kainga Ora website to see if you qualify https://kaingaora.govt.nz/. Mary can assist you,There are Regional/Location purchase price and personal income limits. Normally 80% the Government allows the banks a small percentage of lending up to 95% finance (conditions apply)

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 new properties are acceptable.

INVESTORS "BRIGHT LINE TEST" now to 10 years (since March 2021) ownership of "existing" investment property (i.e. if you purchased investment property after October 2015, changed twice since 2015) See The Inland Revenue Department will require income tax to be paid on any gains and will be taxed at the seller's normal income tax rate. See IRD attachment dated March 2021. Also refer to "New Build" Investor New Law October 2021.

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 market change 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 legals to NZ solicitor to acquire a New Zealand property.

REFER TO MY "CASE STUDIES"on my website for many New Zealand residents, Ex Pats moving back to New Zealand, Nonresidents particularly Australians and Kiwis residing in Australia and other countries purchasing in NZ.

Contact Mary from New Zealand Mortgage Solutions for a preapproval from a choice of 21 leading New Zealand banks/lenders