Home transfers rise 12%
The latest property transfer statistics for the June quarter revealed a significant increase in property transfers across New Zealand, Stats NZ reported.
Based on land transfer tax statements, the data captures property transfers by both New Zealanders and overseas people, including details on citizenship, visa status, and tax residency.
Key facts and figures
In the June quarter, there were 39,225 property transfers, including 33,609 home transfers, marking a 12% increase from the same quarter in 2023.
Despite the increase, only 0.3% of these home transfers were to people without New Zealand citizenship or resident visas, a slight decrease from 0.4% in June 2023, Stats NZ reported.
Property transfers by buyer type
Of the 33,609 home transfers in the June quarter:
- 77% (25,989) were to at least one New Zealand citizen.
- 12% (3,978) were to at least one NZ-resident-visa holder (but no citizens).
- 11% (3,531) were to corporate entities only (which could have NZ or overseas owners).
- 0.3% (114) were to no NZ citizens or resident-visa holders.
In the year ending June 2024, there were 125,466 home transfers, up 7% from the previous year.
Geographic distribution and overseas buyers
Stats NZ data showed that the highest number of home transfers to people without New Zealand citizenship or resident visas were in Waitematā local board (78 home transfers), Christchurch city (66 home transfers), and Queenstown-Lakes district (39 home transfers).
Impact of Overseas Investment Amendment Act
The Overseas Investment Amendment Act 2018, which prevents most non-citizens and non-resident-visa holders from buying residential property in New Zealand, continues to limit the percentage of home transfers to this group to 0.6% or less since 2019.
Overseas tax residency
In the June quarter, 804 home transfers were to buyers who stated an overseas tax residency. Leading countries included:
- Australia with 306 home transfers.
- United States with 120.
- United Kingdom with 87.
- China with 48.
The Stats NZ data indicated that while the majority of property transfers involve New Zealand citizens, there remains a notable, albeit small, presence of overseas buyers.
For more detailed information, visit the Stats NZ website.
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