Whether you’ve been away for a year or a decade, returning home can be full of surprises - both big and small. To make your transition as smooth as possible, Kea’s property partner Barfoot & Thompson has five top property tips to consider when moving back to New Zealand.
1. Infrastructure changes
While you’ve been out of the country, Kiwis have been busy making our cities more accessible through some big infrastructure projects. In Auckland, the Waterview Tunnel, Western Ring Route, City Rail Link, and SkyPath are just a few of the new projects either underway or in the pipeline. Do your research and consider what impact these projects might have on the suburbs you’re looking at. Improvements to transport infrastructure can have a significant impact on commute times and make a suburb more desirable.
The strength of the New Zealand housing market (and Auckland in particular) over the last couple of years has meant that the property buying and selling landscape has changed. More than ever, auctions are the preferred method of selling property.
3. School zones
For families with children, school zones are a significant consideration when choosing a suburb. It’s important to remember that school zone boundaries may have shifted since you were last in the country. Property listings on Barfoot.co.nz show school zones as a guide, but it’s best to confirm the boundaries with the schools you are interested in.
4. LVR restrictions
From 1 October 2016, two new nationwide ‘speed limits’ for owner occupier and investor lending went into effect. Banks are permitted to make no more than 10 percent of their residential mortgage lending to high-LVR (less than 20 percent deposit) borrowers who are owner occupiers, and no more than 5 percent of residential mortgage lending to high-LVR (less than 40 percent deposit) borrowers who are investors. If you’re planning on buying before you come home, make sure you check how these rules affect you as an overseas borrower. Talk to a bank or mortgage broker for the latest advice.
5. Find a great salesperson
A great salesperson can be an incredible resource when finding your perfect property back home. Tap into their local knowledge, statistics, prices, data and other information to ease your transition and fill you in on what’s been happening in the area while you’ve been away.
With over 1,700 salespeople across Auckland and Northland and over 93 years of experience, real estate is Barfoot & Thompson’s area of expertise. Whether you’re buying or selling, get in touch for area-specific advice to best suit your needs.