According to the newest report from REINZ, the Auckland median price raised up to 25.4% compared to last year. This can be regarded as a result against the new law started in October. As well as the requirements of 30% deposit, the government started obligation of IRD Number system to every resident. I want to think about the property market from now including of the details.

The new rule of NZ property sales in terms of tax from 1^st October 2015

We need these following documents.

• Tax statement
• IRD number and Bank account in NZ
• If you pay tax in another country, you need documents to prove the tax number.

At the same time, we need 30% deposit from October, which showed us some calmness at the actual market in September as people had a look the market carefully before the new changes. (There are some time rugs because properties sold in September will be delivered in October or November.) Actually we only heard that the property market has been calm by any agents. Within 2015, it will be likely that the market keeps quiet in addition to the annual tendency of quiet market around the end of the year.

If I would say it from view of property investment, to purchase a little bit different property from usual one such as a property which is hard to get IRD number or one that wants to sell immediately because of the change of 30% deposit will be good.

Now actually we are interested in a property that the owner wants to sell but don’t have IRD number. The delivery date is unsure and the owner lives in overseas and will come to NZ in one month, which makes the negotiation slower. By completion of sales, they need to clear land issues, open a bank account and obtain IRD number. It will highly happen that we have to wait for next year to complete sales.

Since these matters are been in charge by lawyer/ conveyancer, we recommend you to have consultations with them in advance.