Property in NZ
Buying and selling property in New Zealand is a surprisingly simple and cheap process. The vast majority of houses in New Zealand are sold through real estate agents. A good agent will work with the buyer to find the right property for you - taking you through the process in a professional manner.
Bayleys can guide you smoothly through that process. Bayleys is New Zealand’s largest privately owned full-service real estate agency. With more than 60 offices throughout New Zealand, Bayleys can help you find the home of your dreams in New Zealand, or a commercial investment property.
Commonly asked questions:
What is the property purchase process in New Zealand?
Many international purchasers are surprised when first buying property in New Zealand how easy the process actually is. You don’t even have to be a resident to buy a home.
Once you have agreed the conditions of the sale with the seller (such as price, and time frame), this is drawn up in a contract. Once any conditions are met (typically within five -ten working days), the contract goes unconditional.
A deposit is then payable (generally 10 per cent of the purchase price) and both parties are committed to the sale. Once the agreed ‘settlement date’ is reached and the respective solicitors confirm all terms have been met, and that there is clear title, the property ‘settles’ (when the buyer pays the remainder of the purchase price and in return receives the keys for their new property).
How long does it take to buy a property in New Zealand?
Once you find the home you would like to purchase, a sale can typically be transacted and you can be living in the property within four to six weeks. Many people who move to New Zealand choose to take short term accommodation such as a serviced apartment or short-term lease to give them time to have a good look around before they buy.
Alternatively, you can visit New Zealand, find a home you wish to live in, purchase the property with a long settlement date of perhaps three or four months, then return to the South Africa to pack up and relocate to New Zealand.
How much should I expect to pay for a home in New Zealand?
As with any country, prices vary considerably around New Zealand – from major metropolitan city to regional or provincial city, from beachside suburb to entry-level housing. You can find latest residential research reports on our website, www.bayleys.co.nz/Research as well as a selection of recent sales to give you an indication of what New Zealand property is worth.
How do I find a property in New Zealand?
The web is a great place to start your search process: www.bayleysnz.co.uk lists more than 5,000 New Zealand properties. You can use the site’s search function to narrow down your selection criteria and find your dream home. You can then contact the agent marketing the home for additional information. Agents are here to help you with the process. As a purchaser, there are no fees payable to agents for this help – estate agent commissions in New Zealand are typically paid by the seller.
Are prices clearly indicated on all property for sale in New Zealand?
There can be significant variations in property values from one house to another within the same street, let alone within the same suburb, town or city. For this reason it can be difficult to put a set price on a property. Indicative prices are shown in this book. However because of the various sale processes operating in the New Zealand real estate market – such as auction, tender, or expression of interest - it is commonplace that prices may not feature on other listings.
How do I apply for a mortgage in New Zealand?
Banks and financial services organisations in New Zealand offer a wide range of mortgage options and combinations which can be tailored to your individual requirements.
Bank processing of mortgage applications is highly efficient, and mortgage finance can be arranged within as little as 24 hours - with most major banks even providing ‘mobile lending managers’ who will come out to visit you in your place of work or residence (in New Zealand that is).
The value of your mortgage and rates of payment are dependent on your financial circumstances - such as savings, earnings, existing assets, and outgoings. As a guideline, mortgages are usually capped at 95 per cent of the property’s sale price. New Zealand’s mortgage market is highly competitive and it is well worth shopping around for the best deal, as banks will offer a range of added-value incentives to secure your custom.
Can I rent a property when I arrive New Zealand?
Absolutely! Just like the real estate market, there are all types of rental property available in all locations – from inner city apartments in the major metropolitan centres, through to beachside mansions and even rural properties deep in the countryside. Prices vary accordingly – taking into account such primary factors as location and size.
As New Zealand’s largest full-service real estate company, Bayleys can offer nationwide expertise and access to thousands of homes for rent. Factors such as proximity to transport, shops and schools, as well as the general feel of the neighbourhood, also need to be taken into account.
Most rental properties are unfurnished apart from an oven, laundry facilities and basic chattels such as curtains and carpet. However, there are fully furnished properties on the market and your rental agent can access these on your behalf.
Demand for good quality rentals is always high. It may take some time to find a suitable property and as a result it is best to make your moving decision quickly.
As a result, agents and sellers often prefer to let the market decide what the property is worth. Many properties are marketed without a set-price, through methods such as auctions, tenders or expressions of interest. Agents and registered independent valuers can give you a fairly accurate ‘price indication’ for a property they are marketing.
