| ApartmentNewZealand .Com |
 |
| |
 |
| |
 |
| |
 |
| |
 |
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.
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.
> 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
F.A.Q. For Sales
> 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.
Useful Link
F.A.Q. For Rentals
> How can I find a suitable apartment?
(1) Search listings through website
(2) Visit local real estate company to
check their updated listings
(3) Contact or email rental agents for help
(1) Search listings through website
(2) Visit local real estate company to
check their updated listings
(3) Contact or email rental agents for help
> How much the rent roughly for normal
apartment?
We have seen the rent increased from
year 2006. Here are the rent indications
of Auckland City. It depends on size of
the unit, furnished or unfurnished,
location and views.
(1) Studio: $200 - $250 per week
(2) One bedroom: $270 - $320 per week
(3) Two bedroom: $350 - $420 per week
(4) Three bedroom: $480 - $600 per week
(5) carpark: $50 - $70 per week
apartment?
We have seen the rent increased from
year 2006. Here are the rent indications
of Auckland City. It depends on size of
the unit, furnished or unfurnished,
location and views.
(1) Studio: $200 - $250 per week
(2) One bedroom: $270 - $320 per week
(3) Two bedroom: $350 - $420 per week
(4) Three bedroom: $480 - $600 per week
(5) carpark: $50 - $70 per week
> How often do I pay the rent?
Weekly or fornightly.
Weekly or fornightly.
> How much the bond do I have to pay?
Normally three weeks bond. Sometimes
landlord charge two weeks or 4 weeks
bond.
Normally three weeks bond. Sometimes
landlord charge two weeks or 4 weeks
bond.
> How long do I have to give landlord
notice if I want to leave?
21 days normally, stated in the Tenancy
Agreement.
notice if I want to leave?
21 days normally, stated in the Tenancy
Agreement.
> How much the agent fee do I have to
pay if through rental agent?
One week rent, plus GST (12.5%).
pay if through rental agent?
One week rent, plus GST (12.5%).