“We expected the announcement to have a flow-on effect to New Zealand, but the scale and speed of the shift have been striking,” Wood said.<\/p>\n
That interest isn’t just idle curiosity, either \u2013 unlike most overseas buyers, Australians face few legal barriers to acting on it: under the Overseas Investment Act 2005<\/a>, Australian citizens and permanent residents are exempt from the consent requirements that apply to most foreign purchasers of New Zealand residential property, and are treated similarly to New Zealand citizens for standard house, apartment and townhouse purchases. Early signs of this shift were already visible in June<\/a>, with buyers drawn by lower prices, no capital gains tax and no stamp duty.<\/p>\n Sydney leads the surge, but smaller cities are browsing harder<\/p>\n Sydney recorded the largest jump in users following the tax announcement, up 121.3%, while Brisbane and Perth grew more modestly at 41.5% and 40.8% respectively. However, users from those two cities are engaging more deeply once on-site, recording more sessions and saved properties per person than their Sydney counterparts \u2013 a distinction Wood said matters more than raw traffic.<\/p>\n “When people are coming back, saving properties and making enquiries, we’re seeing behaviour that goes beyond a passing curiosity about what their money might buy across the Tasman,” she said.<\/p>\n Auckland, Central Otago, and Canterbury drawing the most attention<\/p>\n Auckland, Central Otago, and Canterbury are attracting the most interest from Australian property hunters, with houses the overwhelming preference. All three regions also have plenty of stock on offer: Auckland’s property stock was up 11.5% year-on-year in August, while Central Otago\/Lakes District and Canterbury were among just four regions nationally to record new listing growth that month, up 1.9% and 3.6% respectively.<\/p>\n","protected":false},"excerpt":{"rendered":"“We expected the announcement to have a flow-on effect to New Zealand, but the scale and speed of…\n","protected":false},"author":2,"featured_media":604129,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[297777,297779,111,43,139,69,297778],"class_list":["post-604128","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-zealand","tag-australian-property-buyers","tag-capital-gains-tax-australia","tag-new-zealand","tag-news","tag-newzealand","tag-nz","tag-nz-property-market"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/604128","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=604128"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/604128\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/604129"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=604128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=604128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=604128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}