On 22 October 2018, New Zealand’s government introduced new rules for foreign ownership of New Zealand property.
Australian and Singapore investors in New Zealand property can continue to purchase urban property. Urban Property is property that is used for commercial, industrial, residential or lifestyle purposes; and is not used principally or exclusively for any type of farming.
Instances when an Australian or Singapore investor will need to seek consent from the Overseas Investment Office to acquire New Zealand property include :
- Lifestyle or farmland which exceeds 5 hectares (12 acres).
- Where the property exceeds 0.4 hectares (one acre) and adjoins sensitive property (for example, reserves and conservation, historic or heritage areas, etc.)
- Where the property exceeds 0.2 hectares (half an acre) and adjoins a foreshore
- Where the property is or forms part of an island.
- Further, the property must first have been on the open market for a period of no less than 20 days within the past 12 months.
All other overseas investors can generally continue to purchase New Zealand property which is used for commercial or industrial purposes, and in some cases, development land and apartments. They can not purchase standalone residential, lifestyle or farm property.
Snap-shot Chart - Investing in New Zealand Property
Snap-shot Facts/FAQ - Investing in New Zealand Property
More information on the Overseas Investment Office
More information on New Zealand Immigration