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Housing In New Zealand
Here we share some general information about Housing in New Zealand.
Housing
Buying a house in New Zealand is a relatively straightforward transaction.
Typically, you would find a suitable property, contact the agent representing the property, and make an offer to the vendor (seller) of the property. It is rare to negotiate directly with the seller.
In New Zealand, the commission on a house sale is paid entirely by the seller. Remember; no matter how friendly, the Agent acts on the seller’s behalf, not the buyer’s.
If you are new to the New Zealand property market, it will pay to talk to a lawyer and bank before you get started. Research the areas you like the look of and try to find out recent sale prices. It may pay to engage a valuer so you pay genuine market value and are not disappointed later. Some tips:
- Auctions have become an increasingly popular way of selling in a hot market.
- It is normal (and strongly recommended) to consult a lawyer to represent you in the contractual process, check the property title to avoid any hidden traps and supervise the settlement. You will be responsible for these fees.
- You would also be advised to obtain building reports from a registered builder and an independent valuation. Your real estate agent will be able to advise you on the process.
- You need to be a New Zealand resident in order to buy a house.
Useful Information
A big part of settling into New Zealand is owning your home. For some, this dream can become a reality, for others, the market prices will mean renting until savings build-up for a deposit. Housing ranges throughout New Zealand from stand-alone homes to townhouses, apartments and units. Most properties are freehold but in central cities, it is not unusual for a property to be on leasehold land. Take professional advice early on as this is likely your single biggest investment.
Real Estate Companies
Other Helpful Links
The Real Estate Institute of NZ
Housing Values
Auckland and Wellington are ranked among the most desirable cities in the world, and values have climbed above those in other cities and regions in New Zealand.
New Zealand housing is not always cheap. Renting and flatting can be seen as the most affordable option in main cities like Auckland and Wellington.
However, pricing and demand may not be in your favour. To reduce living costs, consider housing options in smaller cities.
General Comments
Some locals feel that lower living costs are a good reason to live outside Auckland, Wellington or Christchurch, but the attraction of a city that is absolutely buzzing remains very strong.
Is this a “bubble”? The result of speculation; of offshore buyers? We don’t know, but dealing with the phenomenon of living in one of the most desirable cities in the world is something new arrivals need to factor into their thinking
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