British expats: Expert explains the ‘great mystery’ about property in New Zealand

Martin Lewis says get travel insurance as soon as you book

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

New Zealand has some strict laws on non-residents buying homes, however expats with a residency visa will be able to purchase property. Express.co.uk spoke to Chris Nye, senior content editor at Property Guides, to find out how Britons can get the best deal.

Chris told Express.co.uk: “The great mystery for property buyers is why a country the size of the UK but with a population less than a 10th of the size has such expensive property.

“The average New Zealand property is now nearly NZ$950,000 (£473,000), not far off double the UK’s.

“That’s expensive, even with New Zealand’s higher earnings.

“Roughly speaking, the most expensive areas for buyers are the north of North Island – Auckland, the Bay of Plenty and Waikato – the south of the island and specifically Wellington, and the north of South Island such as Nelson and Tasman.”

However, Chris told Express.co.uk that it’s not all bad news when it comes to buying property.

He said: “The good news is that the pound is strong against the New Zealand dollar right now, very close to its highest rate since May 2020, at two New Zealand dollars per pound.

“For property buyers from the UK, the best thing about New Zealand properties is their size.

“The average house size in New Zealand is 156 metres square. In the UK the average is closer to 68 square metres.

“However, the New Zealand house is getting smaller, because as recently as 2010 the average was 200 square metres, three times bigger than your UK home.

“The traditional property dream for settlers in New Zealand also involved a good sized garden: ‘a quarter-acre plot’ with a spacious family home on it.”

Due to the strict laws, many British expats in New Zealand opt to rent first before buying in the country.

Chris said: “At Property Guides we find that many new emigrants to New Zealand rent first, then buy when they’re settled in.

“However, we also find that there is a market of Brits who have grown up kids living in New Zealand and they want a base there.

“So they buy a holiday home, rent it out for most of the year but have a place to stay that doesn’t impose on their kids.

“However, such an arrangement has got harder since New Zealand imposed tough rules on overseas buyers.”

When it comes to location there are a few areas that really stand out in New Zealand.

Chris said: “A few locations worth thinking about include Queenstown, in Otago, the adventure capital of the world, which combines lakes, mountains and lush countryside. “Kaikoura in the Canterbury region of South Island is a hip, beachside location with incredible wildlife to appreciate in the water, from penguins to whales.

“It’s pretty affordable too, average less than NZ$500,000 (£249,139).”

Chris added: “Wellington remains a wonderful place to live, the centre of the country’s creative industries and yet much cheaper than Auckland.

“If you can afford it, one suburb within Auckland worth investigating is Milford, set around a two-kilometre beach”.

Milford’s popular swimming beach is one of the main highlights of the suburb which is also close to Lake Pupuke.

British expats interested in moving to New Zealand can find more information at Property Guides. 

Source: Read Full Article