Whether you are living permanently or living in New Zealand on a temporary visa it is possible to purchase a property there. The maximum amount of home or land that can be bought is restricted to five hectares. In areas that are classed as ‘sensitive’, such as islands or reserves, the amount of land that can be obtained by overseas buyers is limited to less than 0.4 hectares.
In October 2013 – the rules regarding mortgage lending in New Zealand changed. In an attempt to cool the overzealous Auckland and Christchurch markets the majority of buyers have to put down a 20% deposit. Only 10% of a bank’s new residential mortgage loans can be allocated to deposits of less than 10%. Values of properties in New Zealand vary greatly. The North Island overall tends to be more expensive than the South. Average house prices in Auckland are over NZ$800,000 (£449,772) whilst in Christchurch the average house price is NZ$425,000 (£238,941).
