NEW ZEALAND IMMIGRATION CHANGE WORK AND RESIDENCY VISAS
Recently in the news are that house prices are on the way up. You would think I was talking about the UK where a shortage in supply is making property hotspots. Not so; according to recent data the average house price in NZ has risen from NZD $400,000 in 2011 to NZD $525,000 in July 2015. Hotspots are in Auckland where householders are now actively spreading their search to buy in Tauranga, Hamilton and the Western Bay of Plenty. Values in Wellington, Christchurch and Dunedin continue to rise but a slower steady rate.
So this leads me to a question I am often asked. What are the advantages of Residency over a Temporary Visa if you not sure if you are going to stay in New Zealand in the long-term? I have just been chatting to a past Client settled in the South Island. The possibility of a new member of the family is making them rethink their Visa options because they really would like to buy a house. Their recent research has found that mortgages are available to non-Residents but it will be with different conditions. One of these could be a higher deposit, between 20-50% of the house value whereas as a Resident you can think of the lower number. By my calculation this will more than compensate for the higher application fees to apply for Residency.
Something to think about.
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New Zealand’s real estate industry has been growing for years, and there is no wonder why the house prices in the country is increasing. What you have to make sure as a buyer is that you are getting the right value with the property that you wan to buy.