Financenews.com.au

Aussie homebuyers jump ship to one country

Australian searches for New Zealand property jumped 190 per cent after the May budget, with buyers drawn by falling NZ prices, a favourable exchange rate and better tax treatment.

Australian interest in New Zealand’s property market has almost tripled since sweeping tax reforms were announced in the May budget, according to a major Kiwi property website.

The Long Sip
What happened

Australian interest in New Zealand property has nearly tripled since tax reforms were announced in the May budget, according to realestate.co.nz.

The detail

Auckland, Central Otago and Canterbury are the top regions attracting Aussie attention, with Sydney buyers leading the search surge.

What it means

NZ prices are entering a sixth consecutive year of decline and the exchange rate gives Australian buyers an automatic discount, making the Tasman crossing look appealing.

For you

At the current exchange rate of A$1 to NZD$1.24, an Auckland property listed at NZD$800,000 costs an Australian buyer roughly A$643,000.

Full story at news.com.au

What readers are saying

ProserpineGregs
The real story here is the five million dollar threshold for most foreign buyers. Since Australians are exempt from that limit it gives us a massive advantage in a market where prices have already dropped thirty per cent.
Laz
Potential buyers should watch the November election results closely. The Kiwi Labor Party is planning to introduce a twenty eight per cent capital gains tax which would change the math for investors.
davo63
Exchange rate makes those Auckland prices look a lot better.
UncleKel
The 190 percent jump in searches lines up exactly with the May budget changes.

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