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Weekly Report

By on May 5, 2019

Welcome to this week’s property report.

A few points to cover off this week.  First up we have noticed a distinct change in buyer behaviour since the announcement that the Govt would not be proceeding with introducing CGT. Almost 65% of the properties I sell are holiday homes, so the tax implications CGT potentially posed had a direct bearing on future investing or selling property in Wanaka.

This week a hot topic among potential buyers has the use of your property for short term rental activity. Our understanding is the latest changes by QLDC have been largely driven by the shortage of long term rentals in the Queenstown market, as landlords sought higher yielding opportunities via the likes of Airbnb and Bookabach.

In short a quick summary of the new changes now in place.

  • The term ‘Holiday Home’ has been replaced with RVA or Residential Visitor Accommodation. The purpose of this is to better differentiate the way whole houses are used for short term letting from more traditional holiday homes, bachs or cribs.
  • A key difference is that every house located within the Lower Density Suburban Residential Zone, Medium Density Residential Zone that is proposed to be used for RVA purposes for up to 90 days per year will require a controlled activity resource consent.
  • In addition, the decisions require operators to keep up to date records of letting activities and introduce tiered consenting standards for different numbers of nights of letting activity. For example, if a whole house is let for between 91-180 nights in one of the zones mentioned above, a restricted discretionary activity resource consent will be required, while a non-complying activity resource consent will be required to let whole houses for more than 180 nights per year.
  • If you currently live in your home and wanted to rent out rooms, this is considers a ‘Homestay’ scenario. If this was for five and under guests, no consent is required.

Please click on the link provided for a full report from QLDC.  HERE

Next week I will be interviewing Jo Fyfe, who is a local Planner here in Wanaka. I will be asking her about the changes and things to look out for, and also about how property owners can utilise her services to submit an application for a RVA consent. If you wanted to front foot this and get in touch with Jo with your own queries, her details are Jo.Fyfe@jea.co.nz or 021 158 8509.

This week we viewed a raft of new properties:

  • 77 Meadowstone Drive was first up. A tidy rental property, situated in the very quiet and sleepy Meadowstone. Priced at $799,000.
  • 10B Anderson Road is quite possibly the cheapest home in Wanaka, currently on the market. A two bedroom cottage very close to town, it could be a good one to house staff.
  • 11 Bull Ridge is a large section at the very tip of Peninsula Bay, lots of mountain views and reserve outlook on offer. (Featured image)
  • 109 Infinity Drive is next, and my colleague is quoting it as the cheapest home in all of Peninsula Bay, with a CV of $730,000. It is a tidy holiday home or rental proposition.
  • 36a & b Mount Nicholas Avenue are two brand new 3 bedroom homes in upper Northlake. Some really nice touches on these new builds.
  • The final property is a very spacious family home at 4 Ryalls Way Lake Hawea. Plenty of volume with this home.

If any of these appeal, please let me know.

Under 6 soccer is back in Wanaka this weekend, so you may see me behind the BBQ at Kelly’s Flat on Sunday!

Have a great weekend

 

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