Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 

New property data consistent with last quarter

1 August 2016

New property data consistent with last quarter

New figures on property transfers and tax residency show similar levels of foreign tax resident property buyers as the previous quarter, says Land Information New Zealand (LINZ).

LINZ Deputy Chief Executive Russell Turner says that while the data is not a register of foreign ownership, it can add to the picture of what’s happening with property in New Zealand.

Overall transfers

“In this quarter we saw the number of all transfers in New Zealand increase by more than 12000, but with a similar split of foreign and New Zealand tax residents. This includes trusts and businesses as well as individuals.”

Between 1 April and 30 June 2016, 3 percent of those transfers involved buyers who indicated an overseas tax residency – the same percent as in the previous quarter. Similarly, 3 percent of transfers involved sellers with overseas tax residency – this compares to 2 percent in the previous quarter. Of the remaining transfers over this time:

• 60 percent of transfers involved buyers who have only New Zealand tax residency. This compares to 50 percent in the previous quarter.

• 37 percent involved buyers who did not need to provide tax information – the majority of these were New Zealand citizens or residents who were buying their main home. This is the same percentage as the previous quarter.

Previous quarters included a large percentage of transfers where information was not required because their sale and purchase agreement was signed before the law came into force. This has now dropped to less than 1 percent in April-June 2016.

Transfers involving a home on the land

Mr Turner says to help find out more about property transfers in New Zealand, buyers and sellers are also asked to provide information about their citizenship or visa status.

“This indicates that for properties where there’s a home on the land, 1695 transfers (3 percent) didn’t involve buyers who were New Zealand citizens or residents, 41694 (82 percent) indicated that they were citizens or residents, and 7521 (15 percent) involved trust companies or businesses.”

LINZ releases this data each quarter, with the next release planned for November 2016.

Read the report on property transfer and tax residency statistics on the LINZ website:http://www.linz.govt.nz/news/2016-08/new-property-data-consistent-last-quarter

Ends

Notes for editors

Key figures 2016

QuarterJan-Mar 2016Apr-Jun 2016


Overall number of Transfers



45,114


57,678


Number and

Percentage of transfers involving overseas tax resident buyers

(incl trusts, companies and businesses as well as individuals)



1158 (3 percent)


1749 (3 percent)


Number and percentage of transfers involving overseas tax resident sellers

(incl trusts, companies and businesses as well as individuals)



1062 (2 percent)


1560 (3 percent)


Number and percentage of Auckland transfers involving overseas tax resident buyers

(incl trusts, companies and businesses as well as individuals)



474 (4 percent)


900 (5 percent)


LINZ also gathered figures for the 1 Oct-31 Dec Quarter. However, this is not as useful for direct comparison as, over this time, a high number of buyers and sellers did not need to provide information about tax residency because their contract was signed before the legislation came into force.


ends

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Demise Of The Tokyo Olympics

As the Covid vaccines roll out around the world, the Tokyo Olympics are looming as a major test of when (and whether) something akin to global normality can return – to international travel, to global tourism, to professional sport and to mass gatherings of human beings. Currently though, it looks like a forlorn hope that Japan will be able to host the Olympics in late July. Herd immunity on any significant scale seems possible only by December 2021, at the earliest... More>>

 

Oranga Tamariki: Chief Executive Grainne Moss Steps Down

Controversial Oranga Tamariki chief executive Grainne Moss has decided to step down. More>>

ALSO:

USA: Prime Minister Congratulates President Joe Biden On His Inauguration

Prime Minister Jacinda Ardern has congratulated President Joe Biden on his inauguration as the 46th President of the United States of America. “I look forward to building a close relationship with President Biden and working with him on issues that matter ... More>>

ALSO:

New Zealand Government: Cook Islanders To Resume Travel To New Zealand

The Prime Minister of New Zealand Jacinda Ardern and the Prime Minister of the Cook Islands Mark Brown have announced passengers from the Cook Islands can resume quarantine-free travel into New Zealand from 21 January, enabling access to essential services such ... More>>

ALSO:

A New Year: No politicians at Rātana in 2021

Annual celebrations at Rātana pā will be different this year, amid a decision to hold an internal hui for church adherents only… More>>

ALSO:

Government: New Public Housing Plan Announced

RT HON JACINDA ARDERN HON DR MEGAN WOODS The Government has released its Public Housing Plan 2021-2024 which outlines the intention of where 8,000 additional public and transitional housing places announced in Budget 2020, will go. “The Government ... More>>

Government: Pre-Departure Testing Extended To All Passengers To New Zealand

To further protect New Zealand from COVID-19, the Government is extending pre-departure testing to all passengers to New Zealand except from Australia, Antarctica and most Pacific Islands, COVID-19 Response Minister Chris Hipkins said today. More>>

ALSO:

Covid: Border Exception for 1000 International Students

The Government has approved an exception class for 1000 international tertiary students, degree level and above, who began their study in New Zealand but were caught offshore when border restrictions began....More>>

ALSO:

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels