Last-chance life­style auc­tion

Bay of Plenty Times - - LOCAL NEWS -

find a prop­erty to house their fam­ily, or grow a crop to make an in­come, so that is our typ­i­cal buyer pro­file.”

Fig­ures from the Real Es­tate In­sti­tute of New Zealand showed the me­dian sales price of life­style prop­er­ties in Tau­ranga dis­trict jumped from $561,013 in 2014 to $990,000 in 2017.

An­der­son said there was huge de­mand from peo­ple who were at­tracted to the ru­ral life­style and were seek­ing small blocks in the coun­try with close ameni­ties like schools, su­per­mar­kets and sports fields.

“Tau­ranga has ben­e­fited from that de­sire over the last num­ber of years . . . and I see that con­tin­u­ing as a pos­i­tive trend. They want that touch of coun­try we have al­most lost for a gen­er­a­tion.”

Land In­for­ma­tion Over­seas In­vest­ment New Zealand group man­ager Vanessa Horne said, in gen­eral, peo­ple who did not have res­i­dence class visas and did not live in New Zealand would not be able to buy these prop­er­ties with­out con­sent from the Over­seas In­vest­ment Of­fice.

Peo­ple with tem­po­rary visas also would not be able to buy a home to live in, but there were some ex­cep­tions.

Horne said to get con­sent to buy a home to live in, over­seas peo­ple would need to hold a res­i­dence class visa, com­mit to live in New Zealand for at least 183 days in the next 12 months, and be or be­come a New Zealand tax res­i­dent.

On De­cem­ber 15 last year, the Gov­ern­ment also tight­ened up the rules on for­eign­ers buy­ing more than 5ha of land.

The PGG Wright­son Real Es­tate life­style auc­tion is at its Tau­ranga of­fice on Oc­to­ber 20 at 10am.

PHOTO / JOHN BORREN

An­drew Fowler, of PGG Wright­son Real Es­tate, at a re­sort-style, lux­ury life­style prop­erty in Whaka­ma­rama which is be­ing auc­tioned later this month.

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