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44,000 Reasons Not to Buy Property in Haste in New Zealand
Not only is the government keen to crack down on tax breaks in New Zealand to make property investing less attractive, tens of thousands of homes in the country are leaking as a result of poor construction methods and materials
Published in: Property in New Zealand - Thu, December 03, 2009
The buy-to-let offerings in New Zealand can seem pretty attractive: when you factor in relatively strong demand in most urban areas, healthy rental yields and plenty of tax perks you can get upwards of a consistent 8% on your investment at the moment. Which, when your savings account is probably only offering you 1% at best at the moment, can seem highly attractive.
However, the Finance Minister has been talking tough about those who’re getting rich off the back of buy-to-lets in New Zealand and threatening tax reforms, which may make it less attractive to be a property investor in New Zealand going forward.
You can then add to that the fact that apparently 44,000 homes newly constructed over the past 10 years all leak because of poor building standards and the incorrect use of what are unsuitable materials in New Zealand, and you have at least 44,000 reasons not to buy any property in haste in New Zealand at the moment.
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