IP’s in Wellington, NZ

heya crazy, I’m a wellingtonian from way back, too

for CF+ve try
naenae
hutt valley
wainuiomata
if not then try the wairarapa…

or you could go the other coast….

porirua
titahi bay

kinda areas perhaps still have opportunities, certainly CG is strong in porirua, I remember reading

Great Job Crazy Cat!

I wish you all the best in your future in Property Investing.

For all the other NZ Investors… What are the implications in buying properties in NZ if you are from another country…. like Australia?

“What are the implications in buying properties in NZ if you are from another country…. like Australia?
“

from
http://www.oic.govt.nz
overseas investment commission of NZ

SUMMARY

1. New Zealand welcomes and encourages overseas investment from all countries. This is reflected by the facilitative nature of the Government’s overseas investment policies.

2. However, a minimal level of controls over “significant” overseas investment are maintained:

(a)Ê to ensure investment inconsistent with government criteria is discouraged, particularly in relation to certain land; and

(b)Ê for statistical purposes.

3. The Overseas Investment Commission (the Commission) administers the Overseas Investment Regulations 1995 (the Regulations). Under the Regulations an “overseas person” must obtain consent to acquire or take “control” of 25 percent or more of New Zealand:

(a)Ê businesses or property worth more than $50 million;

(b)Ê land over 5 hectares and/or worth more than $10 million;

(c)Ê land on most off-shore islands; and

(d)Ê land over 0.4 hectares that includes or adjoins “sensitive” land over 0.4 hectares (e.g. on specified islands, containing or next to reserves, historic or heritage areas, or lakes); and

(e)Êland over 0.2 hectares that includes or adjoins the foreshore.

4. While 100 percent overseas ownership can be approved in all industry sectors some New Zealand based companies have restrictions relating to foreign ownership.

Consent is required under the Overseas Investment Regulations 1995 for an “overseas person” to acquire a “lifestyle property” in New Zealand where the land exceeds 5 hectares or where the land exceeds 0.4 hectares and involves certain sensitive land over 0.4 hectares (e.g. on islands, containing or next to reserves, historic of heritage areas, or lakes) or where the land exceeds 0.2 hectares and includes or adjoins the foreshore.

2. There are no definitive characteristics constituting a lifestyle block – it is a general term and one that will be determined on a case by case basis. However, generally speaking they are acquisitions that involve overseas persons acquiring land larger in size than any ordinary residential allotment, where the principal use of the land is non-economic in the traditional farming sense, where the values are in excess of value of comparable farmland, and where the overseas person intends to, either permanently or occasionally, live on the land. There are two kinds of purchases by “overseas persons” of lifestyle blocks either as a holiday home or as a home for residency.

3. In general terms, lifestyle applications will normally be viewed favourably, in terms of the national interest test (sections 14D or 14E of the Overseas Investment Act 1973), where the applicant:

a. intends to undertake significant developments on the property and convert it from a lifestyle block into a viable investment property. Such developments (which need to be more than just the erection of a dwelling on the property) include development for forestry, tourist related ventures, etc; or

b. has or is proposing to make other significant investments in New Zealand.

4. If the above factors are not present, lifestyle applications will normally be viewed favourably only when the applicant:

a. has an intention to reside permanently in New Zealand

5. In relation to homes for residency, this intention will normally be demonstrated by the applicant having been granted permanent residency status. With regard to holiday homes, this intention will usually require permanent residency status and an intention to eventually reside permanently in New Zealand.

6. For both kinds of lifestyle blocks, if permanent residency status and an intention to reside in New Zealand are present, and that matter is the deciding factor in approving the application, then it will normally be a condition of the consent that the Applicant reside permanently in New Zealand and cease to be an overseas person within 12 months of the date of any consent being granted and thereafter continue not to be an overseas person.Ê If, after ceasing to be an overseas person, the Applicant subsequently returns to being an overseas person, the Applicant must dispose of the property within such period as stipulated by the Commission of resuming his/her status as an overseas person.Ê

7. Overseas persons wishing to purchase lifestyle blocks who are unlikely to satisfy the national interest test above, are advised that they may still purchase land for lifestyle purposes if the land is less than five hectares in area and it does not include nor adjoin sensitive land (e.g. an island, the foreshore or lake, or reserve etc over 0.4 hectares in area).

8. If you would like to be added to an e-mail mailing list for regular updates about OIC issues, please forward a request to [email protected].

Peter Hill
Assistant Secretary

morvyn,
how interesting,
oh that guy is welcome to it!!
wainui is probably THE suckiest suburb in wellington. I mean, it’s locked in a valley, not on the way to anywhere (except wainui), it’s a hideous place really. I looked there earlier this year and I decided that there must be opportunities out there without me having to buy in Wainui. The returns were’nt’ even that fantastic and i thought the places were a bit overpriced. I think naenae would be a much better bet along the same lines but without the air of desperation. Naenae will do something before Wainui does. Wainui people move ‘over the hill’ to the hutt valley to move up in the world. On the other side of the hill, you have the paint factory, it’s near petone, it’s on the way up the hutt valley…

hello all wellingtonians
i am an eastern suburbs chick too, grew up in Seatoun