New Zealand’s property rules have changed recently, making it harder to buy property to live in if you are not a New Zealand resident or citizen.
These changes make it easier for New Zealand residents to secure property, removing the added competition from overseas buyers. However, there are still options for overseas investors when it comes to investment options, as well as for purchasing property to live in.
Auckland poses a notoriously tough challenge for those looking to buy in the city, with a shortage of houses leading to low-quality homes going for top dollar, as buyers attempt to secure their place in the New Zealand property market.
Once you’ve figured out your eligibility using the tool above, use our guide below to find out exactly how to buy a house in Auckland’s property market:
As with any major investment, a lot of thought needs to go into investing in a new home, taking into account long term goals, the cost of the investment, as well as the process involved in buying or building a new home.
Once the decision is made and you’ve spotted your ideal home, there are many boxes to tick before signing on the dotted line; things like LIM reports and title searches, not to mention thoroughly checking the property to ensure it’s up to standard.
However, there are options available to help you ensure you are purchasing a home which is water-tight, well insulated, and importantly, both stylish and functional, and they don’t all come with an out-of-reach price tag.
As a result of the Auckland Unitary Plan, David Reid Homes Auckland Central has put careful planning into how available land can be maximised to produce quality housing within the city and its surrounding suburbs.
Director Brett Christie and his team are currently in the process of building a townhouse development in Howick, providing a high-quality compact living in Auckland at a reasonable price.
Once completed, it will consist of seven townhouses, three of which have already sold.
The compact houses are a great option for home seekers and investors alike to secure their place in the Auckland property market and ensure they’ll receive a high-quality home in a sought after area, which is close to public transport.
We’ve answered a few frequently asked questions about buying property in Auckland below:
When is a good time to buy a house in Auckland?
Finding the right time to buy property in Auckland depends on a range of factors, including your own financial situation and your ideal home. David Reid Homes Auckland currently has a range of homes available at reasonable prices, either off the plan, or as a house and land package or already completed, brand new home.
What is the average cost of real estate in New Zealand?
The median house price in New Zealand as at June $585,000. The median house price for Auckland at the same time was $850,000. David Reid Homes has a brand new house and land packages available in Auckland starting at $778,000.
Can a foreigner buy property in New Zealand?
Foreigners can buy property in New Zealand, provided they meet a range of guidelines and requirements. The guidelines are laid out in this report.
What is the minimum price for a rental flat in Auckland, NZ?
Depending on the area, rental homes start at around $350 per week for one to two-bedroom home in Auckland. The average rental price in Auckland for a three-bedroom home is $552 per week.
Can a work visa holder buy a house in New Zealand?
A work visa holder cannot buy a house to live in New Zealand. In order to do this, they require a residence class visa and meet a range of criteria. Work visa holders can buy property for commercial or purposes other than living in, however a range of conditions apply.
Is the housing market crashing in Auckland, NZ?
At this stage, it is unlikely that there will be a market crash in Auckland, according to property analyst CoreLogic.