investing in New Zealand

hi all
as you can tell this is my first post as i have just join this forum recently after reading steves book.(wat a graet book best read ever.) anyway i am from new zealand (christchurch) but now living in sunny qld. i dont know any web sites or contacts in nz as im only 24 and very new to this but i may be able to give some insight into areas of nz. try nelson in the south island semi rural but growing. thanks for all the info.
i own my own home and are now ready to purchase my first ip can any one suggest somewhere close to the gold coast (2hr radius or abouts) to gold coast were i can start looking
thanks simon

Chandara

We don’t yet have data available like the home price guide but there will be some more in depth data available via the internet soon.
In the meantime for Median prices try the Real Estate Institute’s website at
http://www.reinz.org.nz/marketfacts/index.htm

It’s pretty average data but about all we have at the moment.

“Make sure you can survive the downside, and the upside will take care of itself!” Donald Trump

Both ANZ and Westpac (don’t know about the others) offer telegraphic transfers via internet banking. The fees are generally less than going into a branch. Westpac has a limit of $5K per day for personal customers and $25K for business accounts (this has to be set up, default limits are $1500). ANZ’s personal accounts can be set up to a limit of $10K, don’t know about their business accounts.
The transfers I’ve done to NZ have gone through by the next day.

Rod.

Im not very happy with richmastery. I was looking at a property of theirs, granted it was in WA not NZ where they probably know the market better. I got some contacts to check it out and their summation of it was that it was a “shocker”. And it was, location was wrong, purch price over inflated, sold for more years before, etc etc etc. List goes on. Im happy with my own methods now and I just delete the ESC email when I get it now. I did their 3 day event too and just hated it. That was the last seminar I will ever do, Im over it.

hey bjaw,

unfortunately I’ve been asked not to refer anyone else to him.

FYI, this is what he said:

“Following up on our conversation the other day – I am finding other persons referred to me are not working in the smooth manner that you and I progressed matters. For that reason I must decline to accept any more referrals. I have not made this decision lightly and for your information (without referring to any person or specific situation) give the following examples:

Contact is difficult as they may not be at a regular number, do not have a fax, or are travelling etc.
I am willing to contribute time to their education – recently, however, I was challenged on a bill for $100 to assist in all the pre-settlement work (4.9 hours) and the settlement fee for services of $150. Sorry, but that does not cover my secretarial time.
Contact is expected out of regular working hours – weekends, evenings, etc.
Money is advanced for reports and then not reimbursed when billed.
Toll bills are challenged – and they don’t even cover the total costs of tolls and faxes.

This decision does not mean that I will not continue to do work for you if you wish – I have never had any of those problems with you.”

so….bummer eh.
I heard from a local real estate agent (completely by acciden) that he was ‘completely snowed under and not taking on any new clients’. however if this changes i will let you know.

In the meantime I would say just ask the RE agent to recommend a good lawyer local to your first property. if you like them then you can use them even if you buy elsewhere in NZ no problem. You get the advantage of someone else with local knowledge ‘on your team’.

cheers-
mini

PS As well as the sites that Rod C and KtKiwi posted, this one is useful too.

http://www.minhousing.govt.nz/tenancy/index.html

There is a tab on the right called ‘market rent information’ which gives you info about the current rent prices in each area in NZ based on recently lodged bonds.

totally. Anyway, this lawyer only charges $55 an hour NZ, which I find incredibe value anyway, especially as my lawyers in Sydney cost $400 and $280 per hour.

An “overseas person” must obtain consent under the regulations to acquire or take “control” of “significant” assets in New Zealand. The significant assets relate to:

> Businesses or property worth more than $10 million
> land over 5 ha or worth more than $10 million
> certain sensitive land over 0.4 ha (e.g. on islands; containing or next to reserves, historic or heritage areas, the foreshore or lakes).

Control is generally associated with an overseas person obtaining a 25% ownership or control interest in an asset.

The regulations are divided into parts. One part deals with significant non-land investment while a second deals with land investments.

“So does that means if the investment properties are valued below those numbers, u don’t need consent from the government?”…

Yes. Approval is not required if the property valuation, area and location parameters do not exceed these stipulations.

Hi Mini Mogul

Thanks for the links to the Rich Mastery sites. They were great. Not something I would do – I’d prefer to invest the finders fee by going to NZ for a month and looking for myself, but it’s a great idea.

Kat []

Just some info i thought might be of interest to people looking in NZ . yeilds = Students x rough on house divided by good demand for rentals = hmmm[?]

The six urban areas in which New Zealand’s universities are located – Auckland, Hamilton, Palmerston North, Wellington, Christchurch and Dunedin – contain between them 63.9 percent of the country’s 20 to 25-year-olds and 60.0 percent of all 16 to 19-year-olds. This compares to 55.1 percent of the total population and illustrates the impact of tertiary education and employment opportunities offered by large cities. A total of 28.3 percent of the country’s young people live in Auckland, with a further 9.7 percent living in Wellington and 9.6 percent in Christchurch