PROPERTY UPDATE PROPERTY UPDATE

Rob’s
p r op e r ty u p d at e
Rob Butler- 473 3822 or 027 4343 240
[email protected]
www.yourhometeam.co.nz
SEPTEMBER 2014
call
today
for
a
current
market
update
Housing and the election
First home buyer policy gets mixed response
A new National Government will help tens of thousands more first home buyers and
young families into a house of their own, and encourage the supply of more affordable
new housing, through KiwiSaver changes according to Mr Key at the recent National
Party’s Campaign Launch. The changes are projected to help about 90,000 lower and
middle income first home buyers over the next five years – 40,000 more than would
be helped under current policies.
“The policy will help tens of thousands more first home buyers achieve their dream of
home ownership,” says Mr Key. “It will get young families started building what for most
will be their biggest asset.” “First home buyers have always found it hard, and often
that first step is quite a stretch. That is why I believe the changes will be welcomed by
potential first home buyers,” says Mr Key.
THE THREE MAJOR CHANGES ANNOUNCED:
• Replacing the KiwiSaver first home deposit subsidy with a KiwiSaver HomeStart
Grant, doubling the support for buying a new home and increasing the house
price limits;
• Enabling larger KiwiSaver First Home Withdrawals by including the member’s
tax credit, meaning first home buyers will now be able to withdraw all of their
KiwiSaver savings except the $1000 kick-start;
• Expanding eligibility for Welcome Home Loans by aligning the house price caps
with the new KiwiSaver HomeStart Grant.
The new policy will cost $218 million over the next five years. The changes will take
effect from 1 April next year.
Win Deluxe High Tea for 4
at Logan Brown Restaurant
www.loganbrown.co.nz
To go in the draw:
Email your details to [email protected]
with Logan Brown as the subject and state the
name of your selected Leaders agent or Mail
your entry to: “Leaders High Tea Competition”
P.O. Box 24262, Manners Street, Wellington 6011
The winner of last month’s draw for dinner for
two was: A van Baarle of Lower Hutt.
POLICY NOT UNIVERSALLY ACCLAIMED
The Labour Party, whose policy includes restricting the ability of non-residents to
purchase New Zealand houses, as well as a plan to build 100,000 “affordable” homes
over the next 10 years, believe that National’s policy will only drive up prices.
Holding property in a partnership
Daryl and his two siblings set up a partnership and bought a rental property in
the partnership. The partnership took out a mortgage with a bank in order to
purchase the property.
Their lawyer at the time suggested that they enter into a partnership agreement
recording such things as what happened if one party wanted to sell their share
of the partnership, but they decided that they didn’t need one as “they were
family”.
After a time, Daryl wanted to move overseas and wanted to withdraw his share
of the partnership. He asked the other two if they would buy out his share or let
him sell it to someone else. Things turned sour as his siblings couldn’t afford to
buy him out and they couldn’t agree on any other arrangement.
There is specific law relating to partnerships (the Partnerships Act 1908), but it
didn’t provide Daryl with much assistance in this situation. If the partners had
put in place a written partnership agreement, then it could have provided a clear
process to deal with buying Daryl out.
Partnerships are not ‘legal’ entities, so partners are generally personally liable
for any matters relating to the partnership, including mortgage borrowings. This
liability is joint and several (separate) so Daryl would remain personally liable for
the mortgage until he is removed from the partnership. Partners hold property
on behalf of the partnership.
It pays to be aware of your obligations as a partner and to make sure you have
a written agreement with the partners in your partnership to avoid any disputes
down the track.
Claire Tyler (nee Coe) Rainey Collins Lawyers www.raineycollins.co.nz and follow us on
Twitter @RaineyCollins
Timely advice for borrowers
Name:
Tony Alexander, Chief Economist BNZ, in his latest update, gives this advice to borrowers
of mortgage finance. If he were a borrower right now he would continue to seek out
discounted fixed rates in the three to five year area and not place too much of his
debt at the two year rate where the lenders are currently competing the most fiercely.
http://tonyalexander.co.nz/
Address:
Phone:
My preferred Leaders agent:
WELLINGTON REGIONAL COMPARISON
SALES
SALES AREA
JUL 13
MEDIAN DAYS TO SELL
JUL 14
JUL 13
JUL 14
MEDIAN SALE PRICE
JUL 13
JUL 14
SALES AREA
SALES
JUL 13
MEDIAN DAYS TO SELL
JUL 14
JUL 13
JUL 14
MEDIAN SALE PRICE
JUL 13
000s
Wairarapa
Wellington Central
Wellington West
Wellington East
Wellington South
Wellington North
67
49
33
29
37
76
71
75
28
39
26
43
69
82
24
37
25
42
65
95
31
24
24
29
$257
$474
$620
$475
$515
$461
JUL 14
000s
$215
$442
$550
$560
$464
$427
Pukerua Bay/Tawa
Lower Hutt
Upper Hutt
Otaki/Paekakariki
Levin
74
102
55
94
29
78
100
70
89
25
38
41
45
49
64
48
42
41
50
99
$399
$317
$330
$362
$200
$411
$315
$324
$345
$218
Compiled from the Real Estate Institute of NZ statistics https://www.reinz.co.nz
Rob Butler- 473 3822 or 027 4343 240 [email protected] www.yourhometeam.co.nz
© Homenet Enterprises Ph: (04) 234 8006, E-mail: [email protected]
Disclaimer: All the information published in Property Update is true and accurate to the best of the publisher’s knowledge. No liability is assumed by Leaders in Real Estate, nor the publisher, for any losses suffered by any person or organisation relying directly or indirectly on this newsletter.
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Chris Ritchie
Barrister & Solicitor
In legal matters your choice of lawyer
matters
Beds
Personal and professional legal service at competitive rates.
Meet me at the office or if it’s more convenient
I can come to you.
Sovereign House, Level 8, 22-28 Willeston Street, Wellington
Phone 04 472 9711. Fax 04 472 9223.
[email protected] www.chrisritchielaw.co.nz
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