The Government is taking extra steps to bolster the tax rules on property transactions - including those by overseas buyers - and to help Inland Revenue enforce them, Finance Minister Bill English and Revenue Minister Todd McClay say.
The Budget will include extra measures to ensure that people buying and selling residential property for profit - including overseas buyers - pay their fair share of tax, Prime Minister John Key says.
New Zealand’s largest real estate company, Harcourts believes that the new LVR restrictions will do little to solve housing issues in Auckland but that the changes should provide some benefit to the rest of the country.
The Property Council New Zealand/MSCI New Zealand All Property Index results released show a total return of 11.7% for the year ending March 2015. This result is the above annualised return to December 2014 of 11.3% and above the long-run average return of 10.6%.
In an attempt to slow house price growth in Auckland, the Reserve Bank are forcing rental property owners to have a 30% deposit when buying rental property.
Andrew King vice-president of the NZ Property Investors Federation told TV One’s Q+A programme, "if you are in a position or want to buy more rental property, that makes it hard."
The latest monthly QV Residential Price Movement Index shows that nationwide residential property values for April have increased 8.3% over the past year and 2.6% over the past three months. This means they are now 22.4% above the previous market peak of late 2007.
The New Zealand property market in April continued the trend of the last four consecutive months with yet another increase in average asking price, creating a new record of $521,729, an increase of 1.4% on the previous month.
Campbell Live last night showcased Bob Burnett Architecture’s 9 Star Homestar rated houses at Church Square, Christchurch.
New building consent figures released today by Statistics New Zealand confirm the strong progress being made in increasing housing supply, particularly in Auckland and Christchurch, Building and Housing Minister Dr Nick Smith says.
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