3% of NZ home transfers go to overseas people

by Krizzel Canlas30 Jul 2018

The number of home transfers to people who don’t hold New Zealand citizenship or resident visas has increased in the three months ended in June, according to new figures.

According to Statistics New Zealand, the number of transfers to overseas people increased to 1,116 in June from 1,083 in March.

The share of home transfers to overseas people fell from 3.3% last quarter to 2.8 percent this quarter. A further 8.0% of home transfers were to people who held a resident visa, meaning they were not New Zealand citizens but could live in New Zealand permanently, while 78% of home transfers were to New Zealand citizens.

The remaining 11% of transfers were to companies and other corporate entities. Stats NZ noted information on the ownership of these corporates (which could have New Zealand or overseas owners).

“We can say confidently that 2.8% of home transfers were to overseas people in the June quarter,” property statistics manager Melissa McKenzie said. “However, it is less clear how many corporate buyers might have had overseas owners.”

In Auckland, 1 in 5 inner city home transfers to overseas people (6.5%) and only 45% were to New Zealand citizens. In central Auckland (Waitemata), home transfers to people who didn’t hold NZ citizenship or a resident visa reached 22% (321 transfers) in the June 2018 quarter, up from 19% (225 transfers) in March.

The total number of home transfers across the country increased to 39,627 in June.

 

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