Australians Purchasing Property In Queenstown or Wanaka

For any Aussie looking to purchase a site to build your dream home and live in New Zealand long-term, or to invest in a property or seasonal Bach, you might wonder if it's permitted or what the process involves. We assist numerous Australian clients who develop their dream homes right from the comfort of their house in Australia. Below, we'll answer your questions and more, helping you determine if your dream of owning property in New Zealand is achievable.

Can Australians Buy Property or Sections and Build in New Zealand?

Yes, Australian citizens and residents can purchase residential or 'lifestyle' properties in New Zealand. Australian citizens can buy properties with almost no restrictions and without needing consent from the Overseas Investment Office, whereas Australian residents may need to meet certain conditions to purchase.

Reciprocity in Property Purchases

Reciprocity Agreements facilitate property purchases between two countries, ensuring mutual benefits and protections. Although no formal agreement exists specifically for property between Australia and New Zealand, the Trans-Tasman Travel agreement allows citizens of both countries to move, live, work, and buy property freely across the borders without visas, benefiting from minimal restrictions.

Residential Property and Development Prices Across New Zealand

Property prices vary significantly across New Zealand. While apartments are typically concentrated in larger cities, houses are available nationwide. Many Australian clients we work with are purchasing and developing sections in Queenstown and Wanaka due to the proximity to Queenstown International Airport with direct flights from Australia. There are also more affordable areas in Central Otago that still offer access to the mountains for winter skiing and amazing glacier lakes.

Finding Subdivisions in Queenstown and Wanaka

The process is straightforward and follows similar regulatory practices as in Australia, ensuring buyers can find reliable property listings and reputable selling agents easily. Property websites such as Realestate.co.nz (www.realestate.co.nz) and Trademe (www.trademe.co.nz) are good starting points for nationwide listings.

We have listed a few of our favourite residential subdivisions in Queenstown and Wanaka. We are very familiar with these subdivisions and can offer additional advice on the superior sections.

Mortgages for Australians in New Zealand

Australians can easily secure mortgages in New Zealand thanks to the Trans-Tasman relationship, typically needing a 20% deposit. We can put you in touch with local overseas mortgage specialists that can assist with this.

Documents, Legal Requirements and Tax Implications for Property Purchase in New Zealand.

This is far from an exhaustive list of the actual requirements, but Australians will need to provide specific documentation such as an IRD number, their Australian TFN, and possibly complete an IR1101 form if buying as an offshore person. The absence of stamp duty does however reduce the overall purchasing costs compared to Australia. We would recommend talking to a local Australian Tax accountant for full details on the above.

Building a home in Queenstown or Wanaka – Where to start

At Nala Studios we are very familiar with the Central Otago region and the numerous residential subdivisions that are in progress. We would love to assist you with finding the perfect site to build your dream home from the comfort of Australia. We have strong relationships with local real estate agents, builders and other consultants to make the process of building a home in New Zealand much more straightforward.

Please don’t hesitate to contact the team for further information.