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Property Bayleys was founded in 1973 by Graham Bayley and his sons John and David, both of whom still work in the business at the coal-face. Bayleys is franchised throughout New Zealand with hands-on directors involved with each of our regional businesses ensuring our standards remain high. While now a large national organisation Bayleys has a strong ethos of excellent client service. Click here for more information on Bayleys. What’s the process for buying property in New Zealand? Many international purchasers are surprised when first buying property in New Zealand how easy the process actually is. New Zealand operates a centralised register system which ensures a smooth and simple process for transferring property ownership. The government also guarantees title on every property in New Zealand. There is no gazumping, chain of contracts and all interests registered on the property (such as a mortgage or caveat) are easily searchable and identifiable on the centralised register. Once you have agreed the conditions of the sale with the seller (such as price, time frame etc), this is drawn up in a contract. A contract may have a few conditions to be met (eg. you may need to get a valuation to get a mortgage, or get solicitor's approval of the title). Once these conditions are met (typically within 10 to 15 working days) the contract goes unconditional. A deposit is payable (generally 10% of the purchase price) and both parties are committed to the sale. Once the agreed ‘settlement date’ is reached and following a pre-settlement inspection of the property, the purchase ‘settles’ (ie. you pay the remainder of the purchase price and in return receive the keys for your new property!). It really can be as simple as that! Obviously in transacting farms the process can be more complicated with plant & buildings and stock to take into account and other due diligence matters to consider. Rest assured we are very experienced and skilled in managing the process and we can help you through it. The Pricing of Property in New Zealand. Often we get asked the question ‘why isn’t all property in New Zealand marked with a price?’. The answer is based on the fact that in New Zealand there can be significant variations in property value from one property to another depending on location, value of improvements and profitability. For this reason it can be difficult to put a set price on a property, and therefore often agents and sellers would rather let the market decide what the property is worth. Many properties are therefore marketed without a set-price, through a method such as auction, tender or expressions of interest. Don’t be put off if you see a property you like that doesn’t have a price – simply email or phone the agent marketing the property and ask them for a ‘price indication’ for the property. They will typically quote 2 or 3 other properties that have recently sold that are comparable that will give you an indication of the market value of the property. If you want to proceed further you can then get a registered valuation which will give you a more concrete indication of property value to ensure that you pay fair market value. The price of rural land in particular traditionally reflects the quality of the land and the return able to be sustained from it. Prices for quality land in various regions in New Zealand are detailed on the table below:
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If you don’t have a set time-frame yet … use the Bayleys website to get a feel for the sort of properties on the market and what they are worth. Have you visited New Zealand yet and do you know where you would want to live? When you visit New Zealand we can arrange inspections of property for you so that you can get a feel for the market and the respective areas. The web is also a great source of information on New Zealand generally – healthcare, education etc. You should also go on our mailing list to receive NZ Property updates on email each month including research information on property prices and the latest properties as they come on the market. Click here if you’d like to register now. If you’re within one year of arriving in New Zealand …now is really the time to start doing some homework and getting a good feel for the market. Time is still on your side. If you’re within a few months of arriving in New Zealand … contact our representatives below. The team will answer any specific questions you have, help you start to identify specific property that you can inspect when you arrive in New Zealand. We’re here to help, so please feel comfortable giving us a call!
It should be noted that there are no costs for buying property through Bayleys. Our fees are paid by our vendors. Given the large amount of the time, effort and resource we put into the Farming NZ programme, when we commit to helping a UK purchaser through the process we do appreciate a bit of loyalty (Given we’re doing a good job of course!). If we don’t have exactly the type of farm you want, then let us know and we’ll source it for you. We enjoy coming to the UK and working with UK-based purchasers and we’d like to do business with you – we hope you feel the same. |
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