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The Way To Be Rich
| ApartmentNewZealand .Com |
| ApartmentNewZealand .Com |
| Copyright © 2007 Apartment New Zealand.com. All rights reserved. Terms |
| Market News and Stories |
| Auckland City Apartment Market Situation |
Auckland City Council has dramatically increased in charges in the CBD for a residential
unit. As developers would not be able to afford to build new apartments, they will get out of
the business. The supply of apartment will stop. The value of existing apartments would go
up.
There were 13,500 units in Auckland City by early 2006. Developers built a further 650
apartments in 2007. 2000 units were built in 2006. But they are planning only 150 units in
2008. Looking to the future, the supply of the apartment unit will dry up and the demand will
remain strong. Both apartment rent and capital value will rise.
unit. As developers would not be able to afford to build new apartments, they will get out of
the business. The supply of apartment will stop. The value of existing apartments would go
up.
There were 13,500 units in Auckland City by early 2006. Developers built a further 650
apartments in 2007. 2000 units were built in 2006. But they are planning only 150 units in
2008. Looking to the future, the supply of the apartment unit will dry up and the demand will
remain strong. Both apartment rent and capital value will rise.
> What are the outgoings I have to pay ?
There are three main outgoings to pay for
freehold apartment:
(1) Body Corp levy - charged by Body
Corporate Company annually, half yearly
or quarterly; The amount depends on
different body corp company's budget,
individual building, level of the apartment
and size of the unit. Higher level unit pays
higher levies. Bigger size costs more.
(2) City Council Rates - It depends floor
area. The bigger the size, the more the
cost.
(3) ARC - Auckland Regional Council
Rates - It's a small amount of cost.
Normally just a few hundred dollars.
For leasehold apartment, there is another
"Ground Rate" to pay annually.
There are three main outgoings to pay for
freehold apartment:
(1) Body Corp levy - charged by Body
Corporate Company annually, half yearly
or quarterly; The amount depends on
different body corp company's budget,
individual building, level of the apartment
and size of the unit. Higher level unit pays
higher levies. Bigger size costs more.
(2) City Council Rates - It depends floor
area. The bigger the size, the more the
cost.
(3) ARC - Auckland Regional Council
Rates - It's a small amount of cost.
Normally just a few hundred dollars.
For leasehold apartment, there is another
"Ground Rate" to pay annually.
> I am not New Zealand resident or
citizen. Can I buy New Zealand
Apartments?
Of course you can. There is not much
difference of buying property between
overseas people and New Zealander. We
have big percentage investors from
Australia, south east of Asia, Korea and
UK.
citizen. Can I buy New Zealand
Apartments?
Of course you can. There is not much
difference of buying property between
overseas people and New Zealander. We
have big percentage investors from
Australia, south east of Asia, Korea and
UK.
> Do you have property management to
help overseas' clients to manage the
properties?
Yes, they will find tenant, collect rent and
deal with all the management matters for
you. Normally the management fee is 7.5
- 8.5% plus GST (12.5%) of the rent. GST
means "Goods and Service Tax". It 's
12.5%.
help overseas' clients to manage the
properties?
Yes, they will find tenant, collect rent and
deal with all the management matters for
you. Normally the management fee is 7.5
- 8.5% plus GST (12.5%) of the rent. GST
means "Goods and Service Tax". It 's
12.5%.
> What is the process of purchase?
(1) Signing an offer
(2) Negotiation
(3) Finding a lawyer
(4) Organising your finance
(5) Settlement
(1) Signing an offer
(2) Negotiation
(3) Finding a lawyer
(4) Organising your finance
(5) Settlement
Frequent Asked Questions
> I am overseas investor, can I get loan
(mortgage) from New Zealand bank?
Yes, you can. The borrowing percentage
of loan depends on the size of the
apartment and your financial situation.
The range is 50 - 80% of purchase price.
There are 6 main banks which most of
people get mortgage from. They are:
Westpac, ASB, BNZ, National Bank, ANZ,
and HSBC (Hong Kong and Shanghai
Bank Corporation). Read more on
Mortgage.
(mortgage) from New Zealand bank?
Yes, you can. The borrowing percentage
of loan depends on the size of the
apartment and your financial situation.
The range is 50 - 80% of purchase price.
There are 6 main banks which most of
people get mortgage from. They are:
Westpac, ASB, BNZ, National Bank, ANZ,
and HSBC (Hong Kong and Shanghai
Bank Corporation). Read more on
Mortgage.
>Who can help me to get a loan? What's
their charge?
Mortgage broker. There is no charge to
help you get a loan normally. If you need
one, we can easily find one for you.
their charge?
Mortgage broker. There is no charge to
help you get a loan normally. If you need
one, we can easily find one for you.
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