How high are realtors’ and lawyers’ fees in New Zealand? What about other property purchase costs?
|Registration Fee||NZD80 (US$53)||buyer|
|Conveyancer Fee||NZD1,500 (US$1,000)||buyer|
|Real Estate Agent´s Fee||3.5% - 4% (+ 15% GST)||seller|
|Costs paid by buyer||0.20%|
|Costs paid by seller||4.025% - 4.60%|
|ROUNDTRIP TRANSACTION COSTS||4.23% - 4.80%|
| See Footnotes
Source: Global Property Guide
Nonresidents are allowed to buy a house in New Zealand. It should be noted, however, that the purchase of property does not give the buyer any right to live permanently in New Zealand.
If the investment involves less than NZD10 million (US$6,666,667), no official clearance is needed; otherwise, authorization from the Overseas Investment Office is required if a non-resident wants to acquire sensitive areas such as agricultural land exceeding 5 hectares in area, or exceeding NZD 10 million (US$6,666,667) in value. Authorization is also needed for the acquisition of islands, or land containing or adjoining reserves or heritage areas, and foreshores or lakes in excess of 0.4 hectares.
The round trip transaction costs include all costs of buying and then re-selling a property – lawyers’ fees, notaries’ fees, registration fees, taxes, agents’ fees, etc.
Registration fee is NZD80 (US$53) for every transfer of property.
#1 JAMES LIVINGSTON | March 01, 2013
My company is interested in purchasing up to 100 rental properties in the Auckland region.
These would be preferably in the lower end of the market. Any advice from readers??
#3 DAN PONG | September 29, 2013
definitely able and keen to help you, how do i get in touch with you though? @James Livingston
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