Investing In New Zealand

Hi Martin,
The Major Australian Banks will not except NZ property as security against finance,
I have access to a few NZ Lending Institutions who will lend to non-NZ residents allowing the proposed NZ property purchase as security,

The appointment of a NZ Power of Attorney is a requirement of some NZ lending Institutions, However not all NZ solicitors are prepared to do this, so you may want to keep that in mind when selecting a solicitor in New Zealand,

Regards
Steven
Mortgage Broker

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:1800 820 500
VICTORIA

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

If you follow Muppet’s link to the PropertyTalk forum, you’ll see them all listed there.

And for areas in Auckland, consider buying this book:

http://www.goodreturns.co.nz/books/product_info.php?products_id=194

I think it’s about a year old now, so still pretty recent.

GP

RE: “But as an Australian resident you’ll normally pay CGT in Australia on gains made in NZ.”

— This is correct. However, if you plan to invest in New Zealand for the longer term – buy and sell multiple properties, by avoiding capital gains tax and other fees you have more capital to leverage further investment than you would buying and selling property in Australia – all factors being equal.

RE: “And NZ losses are quarantined there. By my understanding you can’t offset them against other Australian income or capital gains.”

— speak with a qualified accountant.

RE: “I would like to know which banks in Australia you would go to to organise finance to purchase in NZ.”

— Most banks in Australia will lend funds for acquiring property in New Zealand, if you retain sufficient assets in Australia to secure the loan.

RE: “I’m looking at Auckland”

— Dependent upon specific location, property, etc, Auckland is not recommended at this time. There are far more/better investment opportunities, offering higher short-medium term capital gains/lower risk, in other regions of New Zealand – primarily the south island.

RE: “What is the current interest rate for the major institutions in New Zealand?”

— Search for this information on the Internet – it is readily available. If you prefer to use a major institutional – such as a bank, I recommend ASB Bank [www.asbbank.co.nz] who I have had dealings with in the past and are known to be competitive – I personally work with Bank of New Zealand [www.bnz.co.nz] which can be the better option for larger or complicated transactions.

— Michael

http://www.realenz.co.nz

about 40000 properties listed.

Mini
I really thought your conparison of NZ suburbs to Sydney suburbs was really good. Do you or anyone else have the same comparisson for the Wellington Area

Thanks
[biggrin]Ayse

yeah, manic, do it.
I reckon Sydney is to Auckland as Melbourne is to Wellington, anyway.

I think Greville St Prahran is like Cuba St, Wellington….

Wellington is a fabulous place. OK, I’ll try to compare to Sydney, though it’s really hard…cause most of Wellington has great views but Australia is so flat that you basically have to be quite near the sea to have great views.

Nah, *chews pencil* can’t do it. Can describe, though…

Oriental Bay is the dress circle. One by one the little original San Francisco colourful wooden houses on the beachfront are going, and being replaced by blocks of multi-million dollar apartments of the would-be Ivana Trump slightly too bling bling for my likin variety. right on the harbour right by the city. walk to the fun end of town.

Mt Victoria is a fabulous suburb too. Closest thing would be paddington, but with larger freestanding houses instead of terraces. In NZ they don’t really ‘do’ terrace housing, or if so, it’s a new version. Up above oriental bay you get great views, and on the other side you’re so close to town you’re probably in town. One of the desirable places to live if you’re a student. i.e. hip, and close to everything.

Kelburn. Ditto. desirable as has the best views in wellington. Quite Woolahra-ish, Toorak-ish.
Also you catch the cable car up to Kelburn from the city. The University is in Kelburn so students love living there too, though they probably can’t afford it.

Students are more likely to be found in Aro St, or the Aro valley area. Quite close to town still and close to the uni (though a hell hill to walk up) it also has a lot of the original weatherboard old picturesque houses left. up the top of Aro St are fragments of the remaining hippies, but the hippies are all being priced out.

Seatoun I think is the loveliest suburb of wellington with it’s adjoining bays worser bay, scorching bay. Sheltered in a southerly, wellington’s prevailing wind, it has become more and more desirable as the years go by and 7k from the city doesn’t seem that far any more. It’s close to the airport, but doesn’t get any of the noise as it’s on the other side of the Miramar Peninsula.

miramar is up and coming i suppose, but you don’t get the views and you get airport noise. Still, a lot of the ugly ex-state type houses trendy up quite well if you whack a deck on the front and stick some nikau palms in terracotta pots to accessorise it a bit. Very first home-owners. Ditto Strathmore. Ditto Vogeltown. Newtown is a bit like Newtown in Sydney but with more of a pacific flavour. Berhampore is the poorman’s newtown, and Island Bay is up and coming, as is Breaker Bay, and Lyall Bay, even though they have terribly icy winds that feel polar as they’re facing the ‘wrong way’ (south) the coast is rough and exciting rather than the other bays mentioned before. Still, it’s like Alaska, but 8 ks from the city! I shouldn’t knock Lyall Bay, it’s the closest thing to a surf beach that wellington has! Up and coming area as not only it has a beach, but there is a mega shopping centre going in and it’s right by the airport.

Karori – boring suburb with nothing going for it except views of itself, colder than the rest of wellington as it’s in a valley, and where you buy if you have pretensions but can’t afford Kelburn. Some new homes there and some of those English style white ones with the panes in the window. But also a lot of middle-management. Middle class middle of the road, with an absense of stylishness. More stylish is Wadestown, and more expensive, cause of the views. Wadestown would be in between kelburn and Karori as far as prestige goes, I reckon. Then there’s Wilton which is a cross between Karori and Wadestown. But seems a bit more remote.

thorndon is fabulous, or probably was, before they carved into it with a motorway, ruining it. The best part of Thorndon is the Tinakori Rd area, and the hobson St area, and the area just above Parliament. Lots of Embassies in Thorndon.

Hataitai is when you can’t afford Roseneath, the next one out from Mt Victoria. Part of roseneath faces north (the harbour, the good way) and half faces the not so good way, then you’re into hataitai, which is a poorman’s version of Mt Victoria, minus the views. Evans bay is OK, and some of the houses have one-man cable cars to get up to their perches at the top of the cliff, but the planes fly past there all day which somewhat ruins it I reckon.

shelley bay, one of the best spots in Wellington in my opinion, was hogged by an army base for ages, but I think they are selling and developing it like they did in Seatoun, but more apartments i think. Which should lift Miramar considerably.

Above it is Maupuia, spoilt by the planes much like Evans Bay, and the fact that the prison is there. the houses are newer, but mostly nothing to write home about.

seatoun heights is fantastic as you could imagine… going out of wellington, you get johnsonville, first home owner kind of place, but then it gets more and more suburban, with places like Tawa where my mother swears she got suburban neurosis when we rented their while our house was being built when I was a kid.

You just get further and further out through all these suburbs, meanwhile the hutt valley divides off and does the same thing – burbs and a train line.

but then suddenly, going direction hutt valley, you are in the country and desirable wine growing holiday home farmlet countryside in the wairarapa.

After the suburbs inland on the other main highway north out of wellington (you can’t go south in wellington other than across water) you suddenly hit the sea again and it starts to get lovely. Pukerua Bay, Paekakariki, Plimmerton, Titahi Bay, even Porirua are all up and coming like mad. Then the Kapiti Coast is just nuts now. So pretty. Raumati is the best spot I reckon.

OK I bet you’re all bored now, let’s change the subject…

joy to the world

Hi Guys

There is a feature in the latest issue(Aug) of the KPI Magazine on Hutt City, Upper Hutt City and Porirua City which are all Wellington’s satellite areas.

Regards

Hi Ayse

You asked

Well it is like a football stadium. You have corporate boxes and you have the terraces.Hence the difference in prices.

One for the massess and one for those who want a view of the sea.

Paraparaumu is about 50kms from Wellington. The road runs along the sea in many places and carries an awful lot of traffic at peak times.

The whole Kapiti Coast appears to be booming.

A RE from Harveys in Lower Hutt says that the area appears to be going the same way as Mount Maunganui.

Regards