Investing in New Zealand — Is the Grass Greener?

Property | international opportunities

Investing in New Zealand — is the grass greener?

40 Property | international opportunities

Investing in New Zealand — is the grass greener?

The advantages of investing in New Zealand are clear: no stamp duty, strong rental demand and enormous potential for capital growth. But how easy is it to buy property in New Zealand? And is it worth the hassle of managing a foreign property?

ew Zealand offers an attractive 1996). According to the New Zealand lifestyle, with clean air, close- Property Investors Federation, Nknit communities and thriving around 170,000 investors own 400,000 metropolitan centres set against a of these properties. backdrop of sprawling landscapes. Unemployment rates are steady With a growing population and at a low 3.8%, which, together with increasing rental demand, the country strong domestic demand and foreign is attracting Australian investors in investment, has been underpinning a droves; in regional areas, at least, strong economy. Australians are proving to be the The Reserve Bank of New Zealand is dominant force in the property market. increasing cash rates to try and dampen “We had a number of Australian growth – most recently, and largely investors, when the market was down unexpectedly, in June this year – but it six or seven months ago, coming into has had little effect so far. the market and buying in our provincial “I think it’s too early to see the effect towns,” says Murray Cleland, president of the interest rate rises we’ve had of the Real Estate Institute of New this year,” Cleland says. “The housing Zealand (REINZ). market in New Zealand traditionally “Now that values have shot up, that slows through the winter period, but activity has flattened off a bit, but I I think in the next month or two we imagine the investors that got in there will start to see the real effects of these earlier will be making some good interest rate rises.” capital gains if they chose to sell now.” Strong growth About New Zealand According to REINZ, median property Statistics NZ estimates that there are prices have more than doubled 4.18 million people living in New nationally in the last decade, climbing Zealand, in approximately 1.47 million steadily from just NZ$164,000 in May residential dwellings (up from 1.27m in 1997 to NZ$350,000 in May this year.

41 Property | international opportunities

In the 12 months to May 2007 Wellington prices have shot up by 13.3%

Cleland says that property values “We’re seeing in our figures that about Hamilton, a 90-minute drive south are on the increase across the board in 50% of markets are going up and 50% of Auckland, has shown very strong New Zealand, with national property are slightly decreasing,” says Cleland. growth of 11.8% and, on the South prices reaching a “milestone” median of However, Blue Hancock from Island, property values in Christchurch NZ$350,000 in May 2007. Quotable Value (QV), New Zealand’s and Dunedin have increased 12.4% and “The housing market is strong largest property valuer, says that despite 8.7% respectively. because we’ve high net immigration, some expectations that property prices In Wellington city, where property good job security, easy access to may level off, the overall market has prices have shot up by 13.3% in the 12 finance, and the costs of building new “continued to strengthen”. months to May 2007, “growth has been houses and acquiring the land for them “Sale prices in the main urban very strong,” says Cleland. have increased markedly in recent areas keep rising, driven by significant These upward trends are also years,” Cleland says. activity in the lower-value localities,” reflected in the provincial cities, with With property values rising, says Hancock. “Although immigration Wanganui (14.1%), Nelson (12.3%), Cleland believes that home ownership appears to be slowing, high levels of New Plymouth (11.3%) and Tauranga is becoming “an increasingly employment continue to contribute to (6.7%) all on the rise. remote prospect” for many “middle” sale price increases.” “But probably the star performer has New Zealanders. In May, QV reported growth in been the Southland region, where we’ve “The need for investors to invest national property values of 11.1% in seen huge increases of 36%,” Cleland in rental properties has never been the previous year, calculated over the says, referring to REINZ figures that greater,” Cleland says. three months ending May 2007, in reveal property values in the region comparison to the three-month period jumped from NZ$130,000 in May 2006 Hot spots ending May 2006. to NZ$177,000 in May 2007. ANZ monitors the supply-demand balance within the New Zealand property market by analysing the number “But probably the star performer has been of available properties and the number the Southland region, where we’ve seen of property sales in a region against the population growth of that area. huge increases of 36%” Statistics released by ANZ on May 27 reveal that Auckland and Wellington The residential property market has Cleland says the provincial and are currently the nation’s metropolitan remained buoyant in most of the main regional areas of New Zealand are hot spots, showing clear excess demand cities, with Auckland city’s property experiencing a period of strong relative to supply. They also reveal values up by 7.5%, QV reports, and, economic growth and development, that the majority of other regions according to Statistics NZ, the average and is now “leading the residential throughout the country are showing weekly rental was NZ$275 in 2006, house price growth tables”. early signs of a market that is set to – significantly above the national median Don Nicolussi, director of property move in favour of buyers. weekly rent of NZ$201 per week. investment strategist Cashflow

42 Property | international opportunities

Properties, says there are excellent investment opportunities available to those who are willing to look in Median property prices regional locations. have more than doubled “We try to focus on regions with nationally in the last decade! strong economic fundamentals,” says Nicolussi. “We live in Invercargill, and we’re surrounded by some great opportunities. Annualised capital growth for Invercargill was around 25% in the past 12 months and there’s no sign of a slow-down.”

Investing in Invercargill Invercargill, New Zealand’s southern- most town, is the commercial hub of the agricultural region Southland. In the growing regional city, population 50,000, investors can still access genuine cash-flow positive opportunities. “Even though there has been significant growth in property here in New Zealand, there’re still plenty of opportunities available, such as in Invercargill,” says Nicolussi. “Rental visitors to the city. “In the early 1990s, yields are a lot higher than in Australia Invercargill had the highest rate of Exchange rate at the moment.” population decline of any city in A two-bedroom unit in the city New Zealand or Australia,” says Tim The Australian dollar is currently centre is currently on the market for Shadbolt, Mayor of Invercargill. worth NZ$1.1043*, which NZ$95,000 and a three-bedroom house In the 1960s, Keith Richards of The effectively gives you a 10% in tidy condition is NZ$160,000. Just a Rolling Stones made the infamous discount when purchasing a 20-minute drive south of Invercargill, comment, when passing through property in New Zealand. Keep a three-bedroom house is asking Invercargill, that it was the “arsehole in mind, however, that your NZ$101,000, while a two-and-a-half- of the world”. Shadbolt, however, has investment is vulnerable to dollar bedroom house in nearby Bluff will set employed drastic measures to reverse fluctuations – so if the Kiwi dollar you back just NZ$86,000 – with a rental the negative view of the region. weakens, so does the effective assessment of NZ$140 per week. The combined coffers of the Property values in Invercargill are Invercargill City Council, the value of your property. Visit the sharply moving upwards after the town Invercargill Licensing Trust and the Reserve Bank of Australia website fought back from a declining population Community Trust of Southland (www.rba.gov.au) to access up-to- in the 1990s and transformed itself, unlocked an “unprecedented, date currency rates. using innovative ideas and community incredibly high level of community *Source: Reserve Bank of Australia as at 10 July, 2007 funding to attract residents and wealth”, Shadbolt says, and the $

43 Property | international opportunities

Acquisition expenses are much lower in New Zealand. There’s no establishment fee, no application fee and no mortgage stamp duty!

Mortgage rates unique, integrated structure of that he has seen reverse a negative Current loan interest rates are Invercargill’s “Big Three” has since population trend. comparatively unappealing, with been instrumental in “everything that’s And, according to Nicolussi, the several recent rate rises – the most happened in this city”. growth is set to continue. “A New recent in June – forcing variable The Southern Institute of Zealand company is currently drilling mortgage rates up around 10%. Technology (SIT) began offering free for oil just outside town, and the New Zealand’s Official Cash Rate tertiary education to New Zealand tenders for drilling rights in the south (OCR) of 8% is the highest in the citizens under their Zero Fees scheme sea basin just off the coast near Bluff are developed world. in 2001, boosting student numbers soon to be announced,” says Nicolussi. from around 1,400 in 2000 to 4,500 “The Invercargill property market has “Interest rates in NZ are really bad in 2004. It has been a huge drawcard just really started to boom.” at the moment – they’re the worst for Invercargill that, due to funding they’ve been in many, many years,” provided by the Big Three, no other The buying process says mortgage broker Mary O’Brien, education provider in New Zealand Although New Zealand is a foreign who specialises in New Zealand could match. country, similar legal, banking and lending. Because interest rates are “The zero-fee tertiary education regulatory environments allow generally more volatile in NZ than in scheme brings about 4,000 students Australians to invest in property Australia, O’Brien recommends that – and potential tenants – to the city each without too much trouble. people “fix the majority of their loan, year,” says Nicolussi. Most Australian financial institutions so they know where they stand”. With the city’s investment in top- are reluctant to let you borrow against notch facilities, such as the world-class a New Zealand property, although Current rates stand at: Splash Palace aquatic centre in 1997, there are some Australian lenders and Southland Stadium in 2000, the recent banks – particularly those with partner 1-year fixed 9.3% NZ$16m Civic Theatre upgrade companies in New Zealand – who may and completion of the final stage of be willing to finance your purchase. 2-year fixed 8.8% the NZ$9.5m Rugby Park expected However, it is relatively easy to this year, Invercargill now has more secure finance with one of the New 3-year fixed 8.15% resources and facilities than any other Zealand banks, says mortgage broker 4-year fixed 9.05% town of its size in the country. Mary O’Brien from New Zealand KPMG Australasian demographer Mortgage Solutions. 5-year fixed 8.9% Bernard Salt lauds Invercargill as a She warns that investors should protect unique success story, being the only themselves by finding a broker that Variable 9.9–10.4%

Australasian local authority area in his understands the state laws in Australia Source: NZ Mortgage Solutions – current as at 13 June 2007 27 years of tracking population trends and applicable New Zealand laws.

44 Bang for your buck Property | international opportunities

Auckland With 1.25 million residents in the greater Auckland area, it is the largest city in New Zealand. Auckland City Council reports that the population growth rate of 2.6% per year in Auckland is well ahead of the national average of 1.8%, making Auckland one of New Zealand’s fastest-growing cities. New Zealand valuation expert Quotable Value (QV) reports an average sale price for Auckland of $484,739 in April 2007, with average capital growth in the three months to April 9.5% higher than the same period last year. QV Auckland’s Glenda Whitehead says: “Our valuers report stronger growth within the newly established suburbs such as Dannemora and Flat Bush”. . $200,000 will buy a one-bedroom, one-bathroom city apartment with a car space . $500,000 will buy a four-bedroom, two-bathroom house at Addison, 30 mins south of Auckland CBD . $1m will buy a property that is close to the CBD and local schools, returning $800–950 per week in rent

Wellington According to QV, residential property values in New Zealand’s capital city region grew by 15.1% to an average of $423,940 in the past 12 months, calculated over the three months ending May 2007 and compared to the same period in 2006. Statistics NZ reports that the median weekly rent in Wellington in 2006 was $211. Max Meyers of QV Wellington says that although there are “some signs of a typical seasonal slow-down in the market”, with a lower sales volume and a slightly longer time to sell, property values and sale prices are still growing at a very healthy rate. “The residential market in Wellington remains buoyant, with annual growth recorded at higher levels than the national average and the Auckland region,” Meyers says.

. $200,000 will buy a city apartment with one or two bedrooms . $500,000 will buy a hillside home with views of the city . $1m will buy a house on a large block of land in one of Wellington’s best neighbourhoods

Area Median sale Property value growth Christchurch price ($NZ) 12 months to May 2007 Christchurch City Council estimated the city’s population at around 360,500 in National $372,552 + 11.3% 2006, up from 325,250 in 1996. This picturesque city, which, in 2002, officially declared itself a “Peace City” – to celebrate its historic links to the peace North Island movement – has experienced unprecedented growth in recent months. Auckland region $484,739 + 9.5% According to QV’s May 2007 statistics, property values in Christchurch city Hamilton $341,466 + 11.8% increased by 12.4% in 12 months (calculated over the three months ending May 2007 in comparison to the same period last year). The city’s average sale price for Tauranga $417,100 + 6.7% this period was $349,932. Rotorua $260,194 + 11.3% “May was the fifth consecutive month that the growth in property values has Palmerston North $288,644 + 11.3% been higher than the previous month,” says QV Christchurch’s Mark Dow. Napier $330,341 + 1.1% “The eastern suburbs within Christchurch have experienced the greatest annual Hastings $303,387 + 4.6% growth at 14.1%, and the lower priced properties are currently driving a lot of the Wellington region $423,940 + 15.1% activity. Well-priced properties and quality homes are still in demand,” he says.

South Island . $200,000 will buy a two-bedroom apartment, located minutes from the Nelson $352,438 + 12.3% Christchurch CBD Christchurch $349,932 + 12.4% . $500,000 will buy a solid four-bedroom Queenstown Lakes $616,026 + 9.9% house in good condition Dunedin $262,337 + 8.7% . $1m will buy a trendy hillside manor with Invercargill $177,637 + 24.2% views of Christchurch

45 Property | international opportunities

Capital growth for Invercargill in the past 12 months was around 25%

“In New Zealand, different laws long weekend to personally look at the The solicitor will also arrange for and rules apply. For example, you don’t properties,” O’Brien says. the preparation of a land information have to give comparison rates,” O’Brien “When you’re over there, you can memorandum (LIM), which is an explains, “but I always make sure I give then open a bank account and meet overview of the property from the local this to Australian buyers, anyway.” your bank manager, and it’s an easy council’s perspective. O’Brien says the New Zealand process from there on … Approvals can After lenders send the mortgage and lenders she deals with regularly will be very quick, even half a day, especially loan documents to the New Zealand lend up to 80% of the value of the if you’re an existing client.” solicitor, they then courier them to property and some will go up to 90%. Finding a reputable lawyer in New Australia. Once the Australian property “Once you’re pre-approved for Zealand is crucial, as the solicitor will buyer signs the documents, settlement finance and you’ve found the property manage the transfer of title process and can proceed as soon as the documents you’re interested in, I recommend remain largely involved throughout the have been sent back as, unlike in that clients fly to the location for a settlement process. Australia where property contracts have

“I’m a New Zealand citizen, and as I eventually want to settle back there, I decided that it was the best place for me to invest long term.” Katherine purchased a property in Sydney while living there in 2005, and used the equity created from renovations on this property to start her property investments in New Zealand. “I talked to my parents, who had invested in the North Island, and they were able to advise me on the purchasing process in New Zealand. “I went through a buyers agent, Cashflow Properties. The photos they provided were far better than anything a real estate agent would have done, as they looked at the house as a whole and not just the pretty bits.” Katherine went to purchase her first New Zealand property in Invercargill with a budget of up to NZ$100,000. The free study program available at the Real life Southland Institute of Technology, and the number of industries and large retail chains in the city were the driving factors behind her investment decision. Hooked on “I viewed my first New Zealand property on the day of settlement – I had to sign some legal documents that may have taken too long to get to me, so I cash flow decided to view the property and sign the documents in one trip,” she says. When tenants moved in, Katherine says they looked after the property, but Katherine Mitchell, 27, is a team manager for a London- would fall behind in their rent constantly and she only discovered this when based internet company. She owns two properties in the amount credited to her bank account seemed lower than normal. “Because I live on the other side of the world, the time differences for Invercargill, on the South Island of New Zealand. contacting people during business hours can be difficult. Luckily, I now have an excellent property manager,” says Katherine. Three-bedroom house with Two-bedroom, Due to the success of her first New Zealand property Katherine sleep-out on 350m2 land one-bathroom house Georgetown, Invercargill Strathern, Invercargill purchased a second property in the same city. “I have not yet decided Purchased: Dec 2006 Purchased: Jan 2006 what my next investment will be, but it will still be in Invercargill. I have two Paid: NZ$140,000 Paid: NZ$85,500 cash-flow positive properties that have also increased in capital value since Value: NZ$160,000 Value: NZ$116,000 purchasing them, and I aim to add another investment property each year.”

46 Real life Taking the plunge Jodene (27) and Neil (28) Young own a property in the trendy Auckland suburb of Onehunga. “We bought our place in June 2005 a fixed settlement date, the NZ solicitor the streets around them, and that gives and paid NZ$410,000. Lucky for us, the can settle the transaction “any time he buyers the confidence to go ahead.” previous owner was elderly and needed or she likes”, says O’Brien. a quick sale.” “The solicitor decides when you Property taxes The couple have family and friends settle – it can be within 24 hours,” According to New Zealand Inland living nearby. The area is close to One says O’Brien. “The average is about Revenue, no stamp duty is payable four weeks, but it depends on the – ever. And land tax was abolished in Tree Hill – with a large park and domain vendor. Many times I’ve had clients 1992. Capital gains tax doesn’t exist in – and the shopping area in Onehunga is with coastal properties that are being New Zealand; however, the Australian currently being upgraded. subdivided and it can be 12 months Tax Office requires all foreign income “The drive into the city, where we just for title transfer.” to be declared when you file your both work, only takes 20–30 minutes Australian tax return. on a busy day, and we are local to all Acquisition costs amenities,” says Jodene. Acquisition expenses are generally Depreciation After researching the property market much lower in New Zealand than in Depreciation in New Zealand is more casually for around six months, they Australia. “There’s no establishment generous than in Australia. Firstly, and began to get more serious about their fee, no application fee and no mortgage importantly, depreciation commences future investment decision. stamp duty, so the entry costs are usually on the date of purchase, not the date of “We decided to buy a property around NZ$1,000, including legal fees construction – as is the case in Australia because we wanted to get on the and title registrations,” O’Brien says. – meaning a 30-year-old property has “Often banks will even contribute the same depreciation values as a brand- property ladder... plus we were ready for towards the legal fees, if you’re a long- new house. that financial commitment,” she says. standing customer and you have a good You can also choose between the “At the time, we had recently returned relationship with the bank. I had a diminishing value (3% pa) and straight- from living in the UK and we had saved a loan approved for a client recently that line (2% pa) methods of depreciation. small deposit, but in order to save more, included NZ$400 towards legal costs.” The diminishing value method causes we lived with my parents until we had a An additional cost the client might the amount to decrease proportionally bigger chunk of money to play with.” face is a property valuation, which costs each year. So a NZ$100,000 asset will Since purchasing the place two years roughly NZ$350–450, O’Brien explains. depreciate NZ$2,985 the first year, ago, the Youngs have done work on the It is an expense that lenders generally NZ$2,895 the second year, down to garden, minor work to the interior, and cover in Australia; however, O’Brien NZ$1,623 in 20 years’ time, and just plan to give the kitchen and bathroom says that banks often don’t need a NZ$1,197 after 30 years. a freshen up within the next year. valuation on an 80% loan with a 20% Straight-line depreciation will allow “To date, we’ve spent approximately deposit. Even if the valuation is required, NZ$2,000 per year to be depreciated on O’Brien views this as a positive. a NZ$100,000 asset, regardless of how NZ$5,000 on materials and envisage at “It’s actually great, because the client long the property is owned, which can be least another NZ$10,000 before we could and I can see the valuation before I more suitable for buy-and-hold investors. put it back on the market. give it to the bank,” O’Brien says. “The Naomi Ferguson, deputy “We plan to stay here for at least client can then see the description of commissioner – service delivery of NZ another two years. Once we start a the property and comparison sales of all Inland Revenue, says that property family, we will look for a ‘family’ home.”

47 Invercargill is a city that is raining riches these days...

owners are also “able to depreciate chattels such as carpets, drapes, light fittings, whiteware and so on, as separate assets”, at a rate of 33% per year over three years. “There is also provision to depreciate separately items such as water heaters, clothes lines and other fittings that are not part of the building,” Ferguson says.

Double tax As a result of the Closer Economic Relations (CER) trade agreement struck between Australia and New Zealand in 1988, Australians can purchase property and enter into mortgages in New Finding solid investments Zealand without difficulty. Australia has a double tax agreement with New Zealand, in Invercargill meaning that Australians who earn In the last three years, property investor Randall Vlietstra has owned 19 properties in rental income from properties in New Zealand. The Sydney-based carpenter, who is originally from New Zealand, says New Zealand pay tax only once – in his property journey has been “a lot of fun”. Australia – but investors will still “I was working on a client’s property at Vaucluse [NSW] one day, overlooking the need to report to the New Zealand water with a mate, and I said: ‘How do people do this? How do they get wealthy?’ ” tax office, says Mary O’Brien. Originally from New Zealand, Randall had heard about opportunities to get positively “You must do a tax return on 31 geared properties and started his research into the New Zealand property market. March with the New Zealand Inland “Houses were on the market in Invercargill for NZ$30,000 and NZ$40,000, and Revenue department,” says O’Brien returning NZ$150 a week. I’d only been to the place twice in my life. Personally, and adds, “then you show that to your I wouldn’t live there because it’s too cold! But it has a good population, with Australian accountant. good infrastructure. “I recommend you get an accountant “The first property we bought there was in March 2004, and we paid NZ$40,000. in both New Zealand and Australia. It was returning NZ$130 a week. After that, I started looking at properties around Then the accountants can talk to each NZ$60–70,000, and I could always get a good rental yield at around 11% or 12%.” other and make sure everything is At one point, Randall had 19 properties in his portfolio but has been selling them running smoothly.” gradually. He aims to end up with nine properties, mortgage-free. “Basically, we want to keep them so we have their income for our retirement,” he says. Other tax issues As for leasing properties from abroad, Randall says that aside from one incident As in Australia, expenses related with a tenant, he has never had problems. to your New Zealand investment “We did have trouble getting a tenant on one property once, so after about two properties, such as interest incurred months, we jumped on a plane and flew over to see what was wrong. It turned out it on borrowings, council rates and was on a big, exposed block on a corner, and there was no privacy. “A quote for a fence came back at about NZ$4,000, so we went out and bought maintenance relating to the properties, about 50 NZ$5 pine trees and planted them around the perimeter. It rented out can be negatively geared against straightaway – in fact, the same tenant is still in there,” he says. income received. Randall says there are still opportunities for investors in Invercargill, but it’s with However, because your only income more value-add properties now, because the yields are not like they used to be. in New Zealand is rent, any losses “It’s still very affordable for Australians – you can still buy homes down there for will accumulate in New Zealand, as NZ$125,000 returning NZ$160 per week. So, you can still hunt out an 8% return and you are not able to negatively gear get the positive cash flow, but it’s really hard to get that 10% yield now. New Zealand property losses against “The top end of the market at NZ$300,000 and NZ$400,000 is not moving at all, Australian income. but the bottom end is still going up. Because so many people are buying now, On the plus side, keep in mind it’s got to the stage where it’s a bit frenzied. Every time I sell a house it only takes that visiting your investment property in about three or four days to sell. New Zealand could be a tax deduction “I think it might flatten out a little, but in saying that, because there’s a huge oil – check with your accountant. exploration going on in the southern basin, if it all comes off, they’ll be building a NZ$5bn refinery and an international airport. So we’ll see what comes of that. It will Source: New Zealand Inland Revenue keep ticking away quite nicely, regardless, because it’s a sustainable little area.” www.ird.govt.nz

48 Property | international opportunities

Real life Resources To search properties in New Zealand for sale online, go to: Buying the big blocks www.allrealestate.co.nz www.trademe.co.nz Simon Bruce is a 32-year-old Australian living in Japan. He works as a recruitment www.realestate.co.nz consultant and currently has investment properties in both New Zealand and Australia. The following industry websites

Three-bedroom house Three-bedroom house “With one of my houses, I’ve had will also give you a better Invercargill Invercargill trouble with rent not being paid, but understanding of the New Purchased: May 2006 Purchased: May 2006 this was sorted out with minimal hassle. Zealand property market: Paid: NZ$155,000 Paid: NZ$170,000 Rent: NZ$220 per week Rent: NZ$220 per week However, I’ve not been happy with the performance of the property manager Real Estate Institute of New “Initially, I decided to invest in property dealing with this property and I plan to Zealand (REINZ) in New Zealand because there was no change soon. Access market trends, news, facts stamp duty. Also, high interest rates “I don’t find it difficult to manage my and statistics direct from the equal high rents, and the relatively low property from a distance. I have property professional body for the real estate cost of purchasing properties was in Australia and New Zealand, but live industry in New Zealand also attractive.” in Japan. www.reinz.co.nz Simon found a property sourcing “I have very good contacts in both NZ Property Investors company online that pointed to locations and it is relatively easy. Federation (NZPIF) Invercargill. “They found me some “I still have plans to continue to expand The umbrella organisation for 20 properties, so I flew over to New Zealand my portfolio in New Zealand. My next local property investors’ associations to look at these and other properties. step would be to build on the back of my throughout New Zealand They were also kind enough to spend the existing blocks.” www.nzpif.org.nz entire weekend with me and show me Simon recommends being highly around town and teach me the good and selective when choosing property Quotable Value bad points of the area.” managers – because if you choose the Valuation services and online The high recommendation, affordable right one, he says owning property can reports, including sales history prices, growth potential and low vacancy be a very “hands off” investment. figures and demographic profiles, rates were all reasons why Simon decided “My biggest recommendation to for various New Zealand markets to invest there. investors who don’t live in the area is to www.qv.co.nz “I wanted something close to major choose your contacts carefully. There facilities with good road access, and are some very good property sourcing Property Council of New Zealand large blocks with houses located at companies that charge a reasonable fee.” Industry association focused on the the front or back of the block for future “I also strongly suggest that if you’re commercial property sector sub-dividing. I also wanted three to four buying in a new town, then fly over there www.propertynz.co.nz bedrooms so it would be suitable for the to check it out. You only have to do it average family.” once, but actually being there allows you Statistics NZ He bought two three-bedroom houses to get a true feel for the area – and will Economic and statistical information in May 2006 and paid NZ$155,000 for one leave you confident to buy there again www.statisticsNZ.govt.nz and NZ$170,000 for the other. and again.”