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Weekly Report

By on October 23, 2018

Welcome to this week’s property report.

More auctions  were held last Friday and some cracking properties viewed.  Last week has seen us chase our tails a bit, dealing with a late rush of international buyers because from the 22nd of October new legislation is in place which limits overseas ownership here in NZ.
This has been a political talking point so it will be interesting to see whether the new foreign buyer legislation will achieve the government’s objectives of reducing homelessness, cooling the property market, enabling more Kiwis to buy their own home and ensuring investments by foreigner buyers genuinely benefit the country.
We had Sarah Ogilvie from Aspiring Law speak with us this week talking through the ramifications of this law change. Her comments were as follows:
What’s important to note is that the new laws will not play to contracts entered before the new law comes in force. Nor will it stop those residents in New Zealand from buying residential property, provided that they can show they call New Zealand home, which means the person:
 
  • Holds a resident class visa
  • Has resided in New Zealand for the last 12 months
  • Has been physically present in New Zealand for 183 days of the 12 months period; and
  • Is a tax resident of New Zealand.
 
Australian and Singaporeans have slightly different rules due to fair trade agreements, and this means consent is not required for Australian or Singaporean citizens who are buying residential land. Those with Australian or Singaporean permanent resident visas do not require consent either, provided that they call New Zealand home and comply with the above bullet points.
In the auction room on Friday we had two properties up for auction:
First up was 10 Warbler Lane, a great family home in Albert Town this sold for $750,000 under the hammer with four active bidders.
Second up was a really interesting property on 4.5 Hectares in Kennels Lane lots of conditional interest but one bidder making the most of their unconditional position and secured this property for $1,950,000.
We viewed some great new properties coming onto the market:
  • First we viewed a large home with real wow factor at 34 Beacon Point Road. With 5 large bedrooms this Mason & Wales designed property is a stunner.
  • Second up was a really tidy 3 bedroom home on Plantation Road. Super close to town – there is lots to like with this perfect lock up and leave. A short marketing period so please get in quick.
  • We then headed to Lake Hawea to visit a beautiful lake front section on Flora Dora Parade. This is spectacular, well worth checking out. (Featured image).
  • The final property is a family home in Hawea with copious amounts of space, great location on top of the hill too.
If any of these properties are of interest please let me know.
My parents are arriving down from Taranaki tomorrow – these days it is not so much about me anymore but all about our two children, so the wife and I may get a welcome break!
If you’re in town and want to view something, please don’t hesitate to call.  I am around and very happy to help if you need anything.
Have a great week,

Mitch

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MITCH CAMPBELL

mitch campbell

Welcome to my property hub, a place designed to showcase the very best of premium property in Central Otago and provide you with everything you need to ensure that your journey of buying or selling in this beautiful region is as smooth as possible.

I wanted to create a platform to share insights and knowledge on everything property-based from the Wanaka region, but also feature outstanding design products, interviews with industry locals, interesting architectural work and new trends to help inspire you with your own plans.

If you're looking at either buying or selling in the Wanaka region, please get in touch and let me help you achieve those goals.

Email mitch.campbell@raywhite.com
Phone number: 021 2424 280